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Thursday, March 08, 2007 8:09:25 AM
Block 2 was awarded to Equator and
the other participants in March 2006. Subsequent to a farm-in to the interest of
another participant, A & Hatman, Equator has a 9% interest, of which 0.25% is
allocated to another partner. The other participants are Sinopec, ERHC Energy
and Addax Petroleum, who together have 65%, ONGC (13.5%), A & Hatman (2.5%),
Amber Petroleum (5%) and Foby Engineering (5%). In its News Release of 11
January 2007, the Company reported the Best Estimate Prospective Resources for
its net interest as prepared by Netherland, Sewell & Associates Inc. On an
un-risked basis net to Equator they are 121 million barrels of oil and 168
billion standard cubic feet of gas, while on a risked basis they are 32 million
barrels of oil and 50 billion standard cubic feet of gas.
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