EQUATORIAL RESOURCES LIMITED — Capital/Financing Update 2007

Sep 26, 2007

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ASX Release

Update on Proposed Coal Transaction.

27 September 2007: The Board of Directors of EQiTX Limited (ASX:EQX) today advise that initial legal due diligence into the ownership of the Indonesian coal permits covered under the Term Sheet announced to shareholders on 23 July 2007 has yet to be completed. As a result the Company has not been able to move into the planned detailed exploration program that is intended to verify the prospectivity of the permits.

This delay in completion of the initial due diligence will result in an overall delay to the timetable that was outlined in the July 23 announcement. It is therefore unlikely that the Company will be able to put the resolutions associated with a change of direction of the Company to the Annual General Meeting that will be held in November 2007. Instead, a General Meeting will be convened at the appropriate time to consider the resolutions associated with the proposed change of direction.

This delay has led the Board to consider other Indonesian coal opportunities and Directors are confident that an appropriate transaction will be completed in due course but that it may or may not be the specific opportunity outlined in the July 23 announcement.

It is still intended that the General Meeting scheduled for October 4 2007 proceeds. At this meeting approval will be sought to give the Board the ability to raise up to $1 million in additional working capital to assist in the funding of the necessary due diligence associated with a transaction.

Any questions relating to this announcement should be directed to Geoff Gander, Executive Chairman, on 0417 914 137.

ENDS

EQiTX Limited

Level 34, Exchange Plaza 2 The Esplanade Perth WA 6000 Phone (+61 8) 9421 2111 Fax: (+61 8) 9421 2100

Email: info@eqitx.com www.eqitx.com

ABN: 50 009 188 694