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Equator Exploration signs FSA with Peak Petroleum

1st September, 2007

hexgear

EEL signed a Finance and Service Agreement with Peak Petroleum in exchange for 5% of oil & 12% of gas production

In September 2007, Equator agreed terms with Peak by entering into the Bilabri Settlement Agreement (‘BSA’) for Peak to take responsibility for operations and to fund the remainder of the Bilabri oil development. Peak also assumed the existing and future project liabilities and an obligation to make an upfront payment to Equator. In return, Equator’s interest in Bilabri and Owanare was reduced to a carried interest of 5% in the oil project and a paying interest of 12.5% in any gas development.

Peak Pet (95% oil interests, 88% gas interests)
Oando (5% oil interests, 12% gas interests)

Asset: OML 122 Source: http://www.equatorexploration....

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