EEL Equator Exp.

    RNS Number : 8277X
  Equator Exploration Limited
  30 June 2008
   


    FOR IMMEDIATE RELEASE - 30 June 2008 
    FOR: EQUATOR EXPLORATION LIMITED 
    ("Equator"or  the "Company")
    SUBJECT: Update on 2007 Annual Report and Accounts 

    London, 30 June 2008 - Equator  hereby makes the following announcement to provide an update on the status of the Company's 2007 Annual
Report and Financial Accounts.

    During 2006, 2007, and 2008, the Company entered into a number of loans which were equity-related through the use of warrants and share
appreciation rights issued to the lenders. Equator subsequently entered into a series of complex transactions late in 2007 and early 2008
resulting in re-pricing of warrants which had previously been issued, the deferral of repayment dates of certain loans, and also the issue
of warrants to replace share appreciation rights granted to certain lenders under loans drawn down in 2006.  As a result of these
transactions, the application of IFRS 2 and IAS 39 to the accounts has been under review with our auditors.

    A condition of AIM Listing is that the accounts must be finalized within six months of the financial year end.  The Company has been in
continued contact with its auditors, but we have not yet finalized the appropriate accounting treatment for these transactions. As a result,
we will not be able to comply with the deadline of 30 June 2008 for production of the 2007 financial accounts. Because of this
non-compliance, the Company's shares will be suspended from trading on AIM with immediate effect until the accounts are published.

    We are working closely with our auditors on these technical questions. The Company expects to resolve the outstanding issues shortly, at
which point the accounts will be issued and trading will resume.

    Enquiries:

 Equator                                                   +44 (0)207 235 2555
 Philip Rand
 Chief Executive Officer

 Beaumont Cornish Limited (Nominated Adviser to Equator)   +44 (0)207 628 3396
 Roland Cornish

 Fox-Davies Capital Limited (Nominated Broker to Equator)  +44 (0)207 936 5234
 Richard Hail

 Buchanan Communications                                   +44 (0)207 466 5000
 Bobby Morse/Ben Willey




    Information on Equator

    Equator Exploration Limited engages in the exploration and development of oil and gas projects in highly prospective West Africa.
Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company has
exploration interests in the territorial waters of Nigeria and of S Tome Prcipe as well as in the Joint Development Zone between the two
countries.


    Additional information regarding the Company can be obtained from the Company's website at www.equatorexploration.com.


This information is provided by RNS
The company news service from the London Stock Exchange
 
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