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E QUATOR E XPLORATION L IMITED E QUATOR E XPLORATION L IMITED Exploring West African Waters Exploring West African Waters Investor Presentation - June 2005 Investor Presentation - June 2005 E QUATOR CORPORATE PROFILE E QUATOR CORPORATE PROFILE

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EQUATOR EXPLORATION LIMITED EQUATOR EXPLORATION LIMITED

Exploring West African Waters Exploring West African Waters

Investor Presentation - June 2005 Investor Presentation - June 2005

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SLIDE 2

EQUATOR CORPORATE PROFILE EQUATOR CORPORATE PROFILE

A BVI corporation established in December 2000. Listed on AIM in December 2004. Raised £30 million pre-IPO and £60 million at IPO. Explores for and develops oil and gas projects in the

Gulf of Guinea.

Objective is to build a diversified portfolio of

exploration, appraisal and production assets in West Africa.

A BVI corporation established in December 2000. Listed on AIM in December 2004. Raised £30 million pre-IPO and £60 million at IPO. Explores for and develops oil and gas projects in the

Gulf of Guinea.

Objective is to build a diversified portfolio of

exploration, appraisal and production assets in West Africa.

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SLIDE 3

EQUATOR CORPORATE PROFILE EQUATOR CORPORATE PROFILE

Equator initially plans to focus its efforts in West

Africa.

In particular, the territorial waters of São Tomé and

Príncipe and the Joint Development Zone (JDZ).

Equator has been active in this area since 2001. Evaluating additional opportunities in Nigeria,

Equatorial Guinea and Congo.

Equator initially plans to focus its efforts in West

Africa.

In particular, the territorial waters of São Tomé and

Príncipe and the Joint Development Zone (JDZ).

Equator has been active in this area since 2001. Evaluating additional opportunities in Nigeria,

Equatorial Guinea and Congo.

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EQUATOR CORPORATE STRUCTURE EQUATOR CORPORATE STRUCTURE

Option Block 1

EQUATOR (listed on AIM)

Option Block 2

Aqua Exploration Limited (São Tomé and Príncipe)

Option on 15% Participating Interest in Government Back-in Option

Nigeria Opportunities

Equator Exploration OML 122

Equatorial Guinea Opportunities

Equator Exploration Nigeria Equator Exploration JDZ

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São Tomé and Príncipe Location Map São Tomé and Príncipe Location Map

EQUATOR REGIONAL OVERVIEW EQUATOR REGIONAL OVERVIEW

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EQUATOR REGIONAL OVERVIEW EQUATOR REGIONAL OVERVIEW

In 2001, the governments of São Tomé and Príncipe

and Nigeria established the Joint Development Zone (JDZ).

The rest of the territorial waters of São Tomé and

Príncipe is known as the Exclusive Economic Zone (EEZ).

Seismic data indicates widespread prospectivity. Close proximity to the proven hydrocarbon systems in

the adjacent countries of Nigeria, Cameroon, Equatorial Guinea and Gabon.

In 2001, the governments of São Tomé and Príncipe

and Nigeria established the Joint Development Zone (JDZ).

The rest of the territorial waters of São Tomé and

Príncipe is known as the Exclusive Economic Zone (EEZ).

Seismic data indicates widespread prospectivity. Close proximity to the proven hydrocarbon systems in

the adjacent countries of Nigeria, Cameroon, Equatorial Guinea and Gabon.

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EQUATOR CORPORATE PROFILE EQUATOR CORPORATE PROFILE EQUATOR REGIONAL OVERVIEW EQUATOR REGIONAL OVERVIEW

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EQUATOR REGIONAL EXPLORATION EQUATOR REGIONAL EXPLORATION

West Africa is recognized as a world leader in

deepwater exploration and production activities.

According to PFC Energy, the reserve base of

deepwater fields projected to come on-stream in West Africa over the next five years is seven times that of deepwater fields which came on-stream over the previous five years.

Recent deepwater discoveries in Equatorial Guinea

and Nigeria, coupled with hydrocarbon finds offshore Gabon, suggest geological extensions into the JDZ and EEZ.

West Africa is recognized as a world leader in

deepwater exploration and production activities.

According to PFC Energy, the reserve base of

deepwater fields projected to come on-stream in West Africa over the next five years is seven times that of deepwater fields which came on-stream over the previous five years.

Recent deepwater discoveries in Equatorial Guinea

and Nigeria, coupled with hydrocarbon finds offshore Gabon, suggest geological extensions into the JDZ and EEZ.

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EQUATOR REGIONAL EXPLORATION EQUATOR REGIONAL EXPLORATION

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Owns the right to acquire a 100% working interest in

two blocks of its choice in the EEZ.

Has the option to participate with the Government, up

to 15%, in any Government participating interest

  • ptions in the EEZ.

Plans to select its two blocks and begin negotiations on

PSCs with the Government by year-end.

Once the PSCs are finalised, a 3D seismic programme

will be undertaken on each block prior to farm-out and drilling.

Owns the right to acquire a 100% working interest in

two blocks of its choice in the EEZ.

Has the option to participate with the Government, up

to 15%, in any Government participating interest

  • ptions in the EEZ.

Plans to select its two blocks and begin negotiations on

PSCs with the Government by year-end.

Once the PSCs are finalised, a 3D seismic programme

will be undertaken on each block prior to farm-out and drilling.

EQUATOR’S INTERESTS IN THE EEZ EQUATOR’S INTERESTS IN THE EEZ

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5,100 km of seismic acquired with PGS Exploration

(UK) Limited (PGS) in 2001 and 2002.

Equator and PGS have recently completed a 5,500 km

infill 2D seismic acquisition programme.

Seismic data shows widespread prospectivity and

hydrocarbon potential similar to deepwater blocks in Nigeria and Equatorial Guinea.

Four play types have been identified with the presence

  • f a number of leads and prospects.

Oil seeps on São Tomé and Príncipe. 5,100 km of seismic acquired with PGS Exploration

(UK) Limited (PGS) in 2001 and 2002.

Equator and PGS have recently completed a 5,500 km

infill 2D seismic acquisition programme.

Seismic data shows widespread prospectivity and

hydrocarbon potential similar to deepwater blocks in Nigeria and Equatorial Guinea.

Four play types have been identified with the presence

  • f a number of leads and prospects.

Oil seeps on São Tomé and Príncipe.

SEISMIC DATA ON THE EEZ SEISMIC DATA ON THE EEZ

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SEISMIC DATA ON THE EEZ MC2D SEISMIC DATA ON THE EEZ MC2D

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SEISMIC EXAMPLE OF MIOCENE TOE-THRUST SEISMIC EXAMPLE OF MIOCENE TOE-THRUST

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EXAMPLE OF LOWER TERTIARY DRAPE OVER BASEMENT HIGH EXAMPLE OF LOWER TERTIARY DRAPE OVER BASEMENT HIGH

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EEZ - UPPER TERTIARY TURBIDITE COMPLEXES EEZ - UPPER TERTIARY TURBIDITE COMPLEXES

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EQUATOR’S INTEREST IN SEISMIC DATA EQUATOR EQUATOR’ ’S INTEREST IN S INTEREST IN SEISMIC DATA SEISMIC DATA

Equator also generates revenue from the marketing

and sale of seismic data that it has acquired jointly with PGS in the JDZ and EEZ.

Equator is entitled to a share of licensing fees from the

sale of seismic data funded by PGS and Equator.

It is expected that this revenue sharing arrangement

will continue for further seismic data acquired by Equator and PGS in the EEZ.

Equator also generates revenue from the marketing

and sale of seismic data that it has acquired jointly with PGS in the JDZ and EEZ.

Equator is entitled to a share of licensing fees from the

sale of seismic data funded by PGS and Equator.

It is expected that this revenue sharing arrangement

will continue for further seismic data acquired by Equator and PGS in the EEZ.

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SLIDE 17

Equator jointly bid with ONGC Videsh Limited (OVL)

in the 2004 JDZ Licensing Round.

OVL is the international exploration arm of the Oil

and Natural Gas Corporation (ONGC) of India.

There were 5 blocks (Blocks 2, 3, 4, 5 and 6) on offer,

with Block 1 having previously been allocated for a signature bonus of $123 million.

The OVL/Equator Venture submitted bids for Blocks

2 and 4.

Equator jointly bid with ONGC Videsh Limited (OVL)

in the 2004 JDZ Licensing Round.

OVL is the international exploration arm of the Oil

and Natural Gas Corporation (ONGC) of India.

There were 5 blocks (Blocks 2, 3, 4, 5 and 6) on offer,

with Block 1 having previously been allocated for a signature bonus of $123 million.

The OVL/Equator Venture submitted bids for Blocks

2 and 4.

EQUATOR’S INTERESTS IN THE JDZ EQUATOR’S INTERESTS IN THE JDZ

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JDZ BLOCK 2 JDZ BLOCK 2

In May 2005, a 15% interest in JDZ Block 2 was

awarded to the OVL/Equator Venture.

JDZ Block 2 is adjacent to Nigerian Block OPL 246,

hosting the 800 million barrel Akpo field and another series of discoveries totalling some 600 million barrels.

A consortium was awarded a 65% interest in the block

and will act as operator.

Equator has a net 6% participation interest in JDZ

Block 2.

In May 2005, a 15% interest in JDZ Block 2 was

awarded to the OVL/Equator Venture.

JDZ Block 2 is adjacent to Nigerian Block OPL 246,

hosting the 800 million barrel Akpo field and another series of discoveries totalling some 600 million barrels.

A consortium was awarded a 65% interest in the block

and will act as operator.

Equator has a net 6% participation interest in JDZ

Block 2.

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JDZ BLOCK 2 JDZ BLOCK 2

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DISCOVERIES IN ADJOINING BLOCKS DISCOVERIES IN ADJOINING BLOCKS

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VERY LOW RISK VERY LOW RISK

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BEST STRUCTURES BEST STRUCTURES

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NORTHERN JDZ STRUCTURAL ZONES NORTHERN JDZ STRUCTURAL ZONES

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DISCOVERY VALUE DISCOVERY VALUE

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Agreement with Peak Petroleum Industries Nigeria

Limited (Peak) to develop two oil and gas discoveries and drill a significant exploration prospect in Oil Mining Lease (OML) 122, offshore Nigeria.

OML 122 is located 25-60 km offshore in water depths

  • f 40-300 metres and covers an area of 1,295 sq. km.

OML 122 is east of Shell’s giant Bonga Field

(estimated 1.4 billion barrels) on OML 118 and southwest of Shell’s EA Field on OML 79.

Agreement with Peak Petroleum Industries Nigeria

Limited (Peak) to develop two oil and gas discoveries and drill a significant exploration prospect in Oil Mining Lease (OML) 122, offshore Nigeria.

OML 122 is located 25-60 km offshore in water depths

  • f 40-300 metres and covers an area of 1,295 sq. km.

OML 122 is east of Shell’s giant Bonga Field

(estimated 1.4 billion barrels) on OML 118 and southwest of Shell’s EA Field on OML 79.

EQUATOR’S INTERESTS IN OML 122 EQUATOR’S INTERESTS IN OML 122

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OPL135 OPL910 OPL228 OML95 OML49 OML40 OML38 OPL283 OPL207 OML41 OPL280 OML43 OML57 OML124 OML42 OML34 OML60 OML20 OPL240 OML109 OML30 OML64 OML90 OML53 OML26 OML91 OPL277 OML120 OML61 OML65 OPL208 OML21 OML89 OML35 OML45 OML62 OPL281 OML16 OPL234 O OML58 OML28 OML27 OPL458 OML46 OML121 OPL279 OML17 OPL287 OML22 OML63 OPL282 OPL248 OPL211 OML11 OML32 OML54 OML36 OML18 OML23 OML118 OML29 OML88 OML122 OML59 OML55 OPL471 OML51 OML33 OML24 OML25 OPL233 OML OML86 OPL278 OML52 OPL249 OPL229 OPL213 OML66 OML117 OML72 OPL285 OML99 OPL286 OPL214 OPL467 OML85 OPL284 OPL250 OML116 OPL90 OML104 OPL225 OML119 OML83 OPL288 OPL238 OPL217 OPL220 OPL221 OPL222 O OPL242 OPL216 OML108 OPL239 OML79 OPL227 OPL215 OPL226 OPL209 OML125 OML110 OPL289 OPL263 L323 5 OPL340 OPL252 OPL251 00 1 2000

2

Akarino-1 Bilabri-1 Orobiri-1 Omega/Owanare Ikubio-1 Forupa-1 Aziama-1 Ajamabri-1 Bilabri-2

OML 122

Coastline OML 122 Allocated blocks Offered block: Bidding round 2005 Open Blocks

OML 122 (OFFSHORE NIGERIA) OML 122 (OFFSHORE NIGERIA)

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Two suspended oil and gas discoveries drilled in the

1970s:

– Bilabri with estimated hydrocarbon volumes of 25-

45 MMbbls STOIIP and 1.2 TCF, GIIP

– Orobiri with estimated hydrocarbon volumes of 25-

35 MMbbls STOIIP and 0.3 TCF, GIIP

The Owanare prospect remains un-drilled and has

estimated hydrocarbon volumes of 1.3 TCF, GIIP and 350 MMbbls STOIIP of high quality light crude.

Additional “deepwater playtype” exploration potential

not tested to date.

  • Two suspended oil and gas discoveries drilled in the

Two suspended oil and gas discoveries drilled in the 1970s: 1970s:

– – Bilabri with estimated hydrocarbon volumes of 25

Bilabri with estimated hydrocarbon volumes of 25-

  • 45 MMbbls STOIIP and 1.2 TCF, GIIP

45 MMbbls STOIIP and 1.2 TCF, GIIP

– – Orobiri with estimated hydrocarbon volumes of 25

Orobiri with estimated hydrocarbon volumes of 25-

  • 35 MMbbls STOIIP and 0.3 TCF, GIIP

35 MMbbls STOIIP and 0.3 TCF, GIIP

  • The Owanare prospect remains un

The Owanare prospect remains un-

  • drilled and has

drilled and has estimated hydrocarbon volumes of 1.3 TCF, GIIP and estimated hydrocarbon volumes of 1.3 TCF, GIIP and 350 MMbbls STOIIP of high quality light crude. 350 MMbbls STOIIP of high quality light crude.

  • Additional

Additional “ “deepwater playtype deepwater playtype” ” exploration potential exploration potential not tested to date. not tested to date.

OML 122 (OFFSHORE NIGERIA) OML 122 (OFFSHORE NIGERIA)

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SEISMIC MAP OF OML 122 SEISMIC MAP OF OML 122

Akarino-1 Bilabri-1 Bilabri-2 Orobiri-1 Omega prospect Ikubio-1 Forupa-1 Aziama-1 Ajamabri-1

Covered by Seismic Investigated Seismic cube Block Boundary OPL 122

Akarino-1 Bilabri-1 Bilabri-2 Orobiri-1 Omega prospect Ikubio-1 Forupa-1 Aziama-1 Ajamabri-1

Covered by Seismic Investigated Seismic cube Block Boundary OPL 122

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Bilabri-DX1 Bilabri-1

3D CROSS-SECTION IMAGE 3D CROSS-SECTION IMAGE

Bilabri-DX1 Bilabri-1

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UGS MGS OS DP LGS DWS

Fault Zone High amplitudes

UGS MGS OS DP LGS DWS

Fault Zone High amplitudes

SEISMIC LINE ACROSS BILABRI SEISMIC LINE ACROSS BILABRI

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Bilabri-1 Kick of point: 1500 m X: 731054, Y: 514480 Exploration Objective Fault: 1413 ± 25 m tvdss 350m TD: 3810 tvdss, 4200 along hole X: 730868 , Y: 513181 UGS MGS OS LGS DWS_a DWS_b EO Survey location: X: 731054 , Y: 514480 Bilabri-DX1 Oil Gas Possible Gas Exploration

DEPTH SECTION DEPTH SECTION

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PETREL MODEL: DEEPER HORIZON PETREL MODEL: DEEPER HORIZON

Block Boundary OML122

569 Bcf

OML 458 Assuming 2800 scuf/bls as condensate ratio gives 200 MMbls

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NE SW

Well trajectory has not been defined

SEISMIC LINE ACROSS OMEGA PROSPECT SEISMIC LINE ACROSS OMEGA PROSPECT

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CONCLUSIONS ON OML 122 CONCLUSIONS ON OML 122

area Gas prone with condensate and oil-rim potential. Presence of gas can be mapped from seismic – low

exploration risk.

Water depth between 80 - 150 m. Total identified potential volumes in place:

  • Gas: 1920 Bcf
  • Oil: 200 MMbls
  • Condensate: 200 MMbls
  • area Gas prone with condensate and oil

area Gas prone with condensate and oil-

  • rim potential.

rim potential.

  • Presence of gas can be mapped from seismic

Presence of gas can be mapped from seismic – – low low exploration risk. exploration risk.

  • Water depth between 80

Water depth between 80 -

  • 150 m.

150 m.

  • Total identified potential volumes in place:

Total identified potential volumes in place:

  • Gas: 1920 Bcf

Gas: 1920 Bcf

  • Oil: 200 MMbls

Oil: 200 MMbls

  • Condensate: 200 MMbls

Condensate: 200 MMbls

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PROGRAMME FOR OML 122 PROGRAMME FOR OML 122

Equator plans to drill 2-3 wells on OML 122 in late

2005 or early 2006, subject to drilling rig availability.

The estimated costs to Equator are $30-40 million

including seismic license fees, G&A costs and the drilling of 2-3 wells.

Following drilling of the wells, Equator will assess the

technical and economic parameters of its interest in the project and design a field development programme.

  • Equator plans to drill 2

Equator plans to drill 2-

  • 3 wells on OML 122 in late

3 wells on OML 122 in late 2005 or early 2006, subject to drilling rig availability. 2005 or early 2006, subject to drilling rig availability.

  • The estimated costs to Equator are $30

The estimated costs to Equator are $30-

  • 40 million

40 million including seismic license fees, G&A costs and the including seismic license fees, G&A costs and the drilling of 2 drilling of 2-

  • 3 wells.

3 wells.

  • Following drilling of the wells, Equator will assess the

Following drilling of the wells, Equator will assess the technical and economic parameters of its interest in the technical and economic parameters of its interest in the project and design a field development programme. project and design a field development programme.

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NIGERIAN 2005 LICENSE ROUND NIGERIAN 2005 LICENSE ROUND

Equator has signed a joint bidding agreement with

OVL for the 2005 Nigeria Bid Round.

63 offshore and onshore blocks will be on offer. The OVL/Equator Venture is interested in the 12

deepwater offshore blocks on offer.

The bid round is expected to commence in June 2005

with allocations expected to be announced in August 2005.

Any awards will be shared between OVL and Equator

  • n a 65:35 basis.
  • Equator has signed a joint bidding agreement with

Equator has signed a joint bidding agreement with OVL for the 2005 Nigeria Bid Round. OVL for the 2005 Nigeria Bid Round.

  • 63 offshore and onshore blocks will be on offer.

63 offshore and onshore blocks will be on offer.

  • The OVL/Equator Venture is interested in the 12

The OVL/Equator Venture is interested in the 12 deepwater offshore blocks on offer. deepwater offshore blocks on offer.

  • The bid round is expected to commence in June 2005

The bid round is expected to commence in June 2005 with allocations expected to be announced in August with allocations expected to be announced in August 2005. 2005.

  • Any awards will be shared between OVL and Equator

Any awards will be shared between OVL and Equator

  • n a 65:35 basis.
  • n a 65:35 basis.
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MANAGEMENT’S STRATEGY MANAGEMENT’S STRATEGY

Leverage our experience and contacts to identify

possible acquisition and investment opportunities.

Apply disciplined financial management in the areas of

acquisition evaluation and capital spending.

Acquire minority working interests in high reward

exploration opportunities alongside major oil companies.

Minimize investment and exploration risk on high

working interest blocks through farm-outs.

  • Leverage our experience and contacts to identify

Leverage our experience and contacts to identify possible acquisition and investment opportunities. possible acquisition and investment opportunities.

  • Apply disciplined financial management in the areas of

Apply disciplined financial management in the areas of acquisition evaluation and capital spending. acquisition evaluation and capital spending.

  • Acquire minority working interests in high reward

Acquire minority working interests in high reward exploration opportunities alongside major oil exploration opportunities alongside major oil companies. companies.

  • Minimize investment and exploration risk on high

Minimize investment and exploration risk on high working interest blocks through farm working interest blocks through farm-

  • outs.
  • uts.
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Correspondence Office Equator Exploration Limited 3rd Floor, 192 Sloane Street London SW1X 9QX United Kingdom Tel: +44 (0)20 7235 2555 Fax: +44 (0)20 7235 2224 Email: info@equatorexploration.com www.equatorexploration.com Nominated Adviser

Nabarro Wells & Co. Limited Saddlers House Gutter Lane London EC2V 6HS United Kingdom

Accountants

Chantrey Vellacott DFK Russell Square House London WC1B 5LF United Kingdom

Public Relations Consultants

Buchanan Communications Ltd 107 Cheapside London EC2V 6DN United Kingdom

Broker

ODL Securities Limited Salisbury House, 6th Floor London Wall London EC2M 5QQ United Kingdom

CORPORATE DIRECTORY CORPORATE DIRECTORY