EEL Equator Exp.

RNS Number:5633H
Equator Exploration Limited
12 November 2007



FOR IMMEDIATE RELEASE - 12 November 2007

FOR: EQUATOR EXPLORATION LIMITED

SUBJECT: Issue of Options



London, 12 November 2007 - Equator Exploration Limited ("Equator" or the
"Company") today announces a grant of share options to Philip Rand as a result
of his appointment as Chief Financial Officer on 13 March 2007.


Executive Director     Position     Number of new options     Total options


Philip Rand             CFO             350,000                 500,000


Under the rules of the Company's share option scheme, the board of directors
approved the grant of the new options on 5 April 2007, at its first meeting
after the appointment of Mr. Rand. Ordinarily, they would have been issued on
the same day. However, at the time there was a close period for transactions by
directors in the Company's shares and subsequently the shares were suspended
from trading. Following the resumption of the trading of shares on 24 October
2007, the board has approved the issue of the options to Mr. Rand on the same
basis as if they were issued on 5 April 2007. The exercise price of the options
of 44 pence per share, has therefore been calculated from the average of the
closing prices during the 30 trading days prior to 5 April 2007. The options
vest semi-annually over a two year period from 5 April 2007 and are exercisable
within five years from 5 April 2007 in accordance with the terms of the
Company's share option scheme.


Following the new issue of these options, Equator will have 175,165,590 shares
in issue and 62,483,344 warrants and 12,852,750 options outstanding, including
the warrants due to be priced during the first 15 days of trading following the
ending of the suspension. The total number of share options and warrants
outstanding represents, if fully exercised, 30% of the enlarged share capital of
the Company.



Enquiries:

Equator                                                      +44 (0)207 235 2555
Philip Dimmock, Chief Operating Officer
Philip Rand, Chief Financial Officer

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

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

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



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




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

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