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Study optimistic about deepwater Nigeria blocks

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Offshore staff

A study by consultant Horizon Energy Partners BV estimates "significant prospective resources" in deepwater blocks OPL 323 and 321 offshore Nigeria.

Equator, Korean National Oil Co., NJ Exploration Ltd., and Tulip Energy Resources Nigeria Ltd. are partners in the blocks.

Equator has a budget of $83 million to fund its agreement obligations. Equator has also funded its share of the signature bonus and work program obligation for Block 2 in the Joint Development Zone (JDZ) between Sao Tome & Principe and Nigeria which is adjacent to the recently announced Chevron and Exxon discovery in Block 1 JDZ.

"Equator and its partners, the Korea National Oil Co., ONGC Videsh and Sinopec are aggressively negotiating to secure drilling rigs to commence exploration activities on OPL 323, OPL 321 and Block 2 JDZ," said Wade Cherwayko, Equator CEO.

6/20/06

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