Petroleum Africa
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Thursday, May 10, 2007
London, 8 May 2007 – In a News Release on 30 April, 2007, Equator Exploration Limited (‘Equator’ or the ‘Company’) announced that it was continuing negotiations with Peak Petroleum Industries Nigeria Limited (‘Peak’) with respect to the commercial terms on which Peak will may remedy its default of its outstanding financial obligations under the Finance and Service Agreement.
The Company announces today that it has granted Peak a further extension to the payment date to end by 18:00 hours on Friday, 11 May (the ‘extended remedy period’). In the event that Peak is unable to organise finance and agree terms to remedy its default by the extended remedy period then Equator will assume 80 per cent. of the available profit hydrocarbons from the Bilabri field as opposed to its existing approximately 56 per cent entitlement to profit oil and 40 per cent entitlement to gas, from the field.
Enquiries:
Equator Exploration +44 (0)207 235-2555
Philip Dimmock
Chief Operating Officer
Philip Rand
Chief Financial Officer
KBC Peel Hunt Ltd (Nominated Adviser) +44(0)207 418 8900
Jonathan Marren
Richard Kauffer
Buchanan Communications +44 (0) 207 466 5000
Bobby Morse/Ben Willey
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