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PRNewswire: Energy Equity Resources is Growing

LONDON, April 3 /PRNewswire/ — The international oil and gas company, Energy Equity Resources Limited (EER), continues to grow: company assets have more than doubled in the past 12 months. Its operational base is in a new office block at 35 Portman Square, near London’s Marble Arch.

The company has strengthened its management team with several eminent individuals from the industry. Among the early board appointments was Dr. Phil Vingoe, a well-known industry figure, who was Chief Geophysicist, General Manager Global Exploration and Technology Director, at BP’s Exploration division. In 1995 he left to launch Australian independent, Novus Petroleum. He became MD of Sasol Petroleum International in 2000, the upstream arm of South Africa’s oil, gas and chemicals group, Sasol Ltd. Dr. Vingoe’s MSc and PhD in Geophysics were obtained from Birmingham University and he studied at Harvard Business School.

His Royal Majesty, Nnaemeka Alfred Achebe, Obi of Onitsha, is the Traditional Ruler of Onitsha in Nigeria and joined EER’s board as a non-executive director in February 2007. Obi Achebe’s career of over 30 years in the energy industry was spent chiefly with the Royal Dutch Shell companies in Nigeria, the UK, the Netherlands and elsewhere in West Africa in a broad range of roles and disciplines. He is currently Chairman of Diamond Bank Plc and OMAK-Eidesvik Maritime Limited, Nigeria, and a director of Unilever Nigeria Plc and several other Nigerian companies. He is also Chairman of the Committee on Environmental and Natural Resources Management Reforms in that country. He studied Chemistry at Stanford University, California, took an MBA at Columbia University, New York and was a pioneer of the Nigerian Institute for Policy and Strategic Studies, Kuru, Nigeria. He was conferred with the Nigerian national honour of Commander of the Order of the Federal Republic (CFR) in 2004.

Marten Lunde, President and CEO of Fred. Olsen Production has also recently joined EER as a non-executive director. He currently also provides administrative services to Norwegian stock-listed companies, Ganger Rolf ASA and Bonheur ASA, whose interests include energy, offshore services, shipping, transportation and leisure industries. Earlier, Lunde was Finance Director at Petroleum Geo Services (PGS) and then worked as an independent consultant. He is a graduate of the Norwegian School of Business and Economics.

Olav Eimstad, Chairman and CEO, commented that the past 12 months have been “hectic but successful, producing growth on every front”. He added: “Our portfolio of assets in Africa, the region we are focused on, looks stronger every quarter. In fact, our assets have more than doubled in the past 12 months”.

He also underlined that his board takes its social responsibilities seriously. It has developed what may be a ground-breaking involvement with local communities, wherever the company operates. “It is an important aspect of corporate policy”, Eimstad stressed. “We believe our vision of a community-oriented corporate philosophy is among the best — perhaps even unique, in our industry.”

“Responsible stewardship of the land and those whose livelihoods depend on it, goes hand-in-hand with our outlook”, he said. “Our aim is to go that extra mile, so that we achieve results beyond expectations, for everyone.”

“This outlook is something we try to bring to all our areas of operation”, Eimstad explained. “The company brings people from different backgrounds and skills to find flexible and innovatory solutions. Solutions that set not only green standards”, he added, “but solutions in technical areas such as exploration and in our cultural and professional relationships in each country. These values are central to how we do business”.

EER has set up a trust fund to support and guide a range of innovative local and regional community projects. Early priorities being considered include housing, roads and educational scholarships, although needs are expected to vary from one locality to another. Management and choice of projects is always shared with people on the ground. One of EER’s first projects may be in Nigeria’s controversial Niger Delta.

The company has a new website (www.eeras.com), which includes information on board members, a company profile, current properties and their technical details.

EER is involved in North Africa and West Africa (Libya, Mauritania and Nigeria-Sao Tome Joint Development Zone – see website for details), although further sites are under discussion elsewhere, onshore and offshore.

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