Asset Summary:

Oman Block 31 (50% Indago, 50% RAK Petroleum)
Jebel Hafit: estimated at 1 billion boe. Al-Jariyal-1 presently being drilled - originally due to complete in 160 days (9 July). Drill problems and raised costs announced 11 July. 21 Sept announced that drilling had reached 3600m (target depth 5900m) and was expected to penetrate the objective reservoirs towards the end of Q4 2007. Drilling problems and delays to cost additional $2M. 2D seismic results "encouraging". 28 Dec announced that drilling progressing slower than expected and costs increased to $25M for Indago alone. Now expected to hit target depth in Feb and test by end of April 2008. 4 Feb - Announced that well had reached 5131m, then encountered high-pressure, high-temperature salt water, disabling drill string. Assessing damage.

Oman Block 47 (50% Indago, 50% RAK Petroleum)
Hawamel-1: Estimated 61 million boe. Gas shows during drilling. Currently suspended pending horizontal wellbore testing (unlikely that standard testing procedures would achieve a commercial flowrate). New 2D seismic results "encouraging". Zad - 1 on the Adam prospect will be drilled after Al-Jariya with same rig. Evaluating seismic with a view to refining the prospect inventory.

Oman Block 43a (50% Indago, 50% RAK Petroleum)
Evaluating seismic with a view to refining the prospect inventory.

Cash
$54 million at 30 June 2007

After sale of many assets to RAK Petroleum, Indago is now an exploration company.


Click to enlarge work programme


Useful Links:
Indago Portfolio Overview
Sep 06 : Investor Presentation
Sep 06 : Interview with Peter Sadler, CEO of Indago Petroleum
27 Sep 06 : Interim Results RNS
8 Nov 06 : West Bukha-2 secondary target success RNS
21 Nov 06 : West Bukha-2 primary target success RNS
5 Jan 07 : Conclusion of West Bukha testing, Hawamel-1a exploration
10 Jan 07 : Oil Barrel Article - Indago Petroleum Enjoys Further Success On Block 8 Offshore The Sultanate Of Oman In The Middle East
Feb 07 : Al-Jariyal-1 spudded and "encouraging" seismic progress
13 Feb 07 : Oil Barrel Article - Indago Petroleum Goes For A High Impact Exploration Well Onshore The Sultanate Of Oman
Mar 07 : West Bukha info from Heritage Oil
7 Mar 07 : Potential Transaction RNS
11 Mar 07 : Oil Barrel - Little Fish In A Big Pond: AIM Juniors Finding Their Feet In The Middle East
14 Mar 07 : RNS - Disposal Of Assets (special dividend, share consolidation)
15 Mar 07 : Indago Presentation On RAK Petroleum Deal
1 May 07 : RNS - Indago response to rapid share price movement, plus drilling progress update
11 July 07 : RNS - Drill problems, $8.2 million cost increase and delays to reach target depth
21 Sept 07 : RNS - Interim Results
28 Dec 07 : RNS - Slow Progress And Increased Costs At Jebel Hafit
4 Feb 08 : RNS - Jebel Hafit update - Salt water encountered, drill string stuck

Thanks for posting this one. Amazing that this has been missed by one & all.
Now on my watch list & will hop in on a small bounce (hopefully.)
Presumably the downtrend is due to the original drilling & subsequent duster?

There was a duster last year (it may have been early this year) and one exploration asset was surrendered. They also produced more condensate than they sold, but have reversed that trend this year (supply vs demand).

Today's RNS is for a particularly important asset (W Bukha) which is planned to link into the existing main Bukha pipelines. The main Bukha asset is producing several thousand barrels per day but is due to reach the end of its life in 2010. W Bukha will enable Indago to maintain production levels for the foreseeable future. IPL hadn't included the asset which is flowing at 4000 barrels per day in any resource estimates. They have 40% interest in the Bukha assets.

In their recent presentation, Indago make a good point that the valuation of the company when it entered the market above 70p per share was based on income per barrel of around $30, where in fact they've been getting between $63 and $70 per barrel due to high oil prices. Looks very good value.

Presently they are drilling a shallow well Hamwell-1, targetting gas of 61million boe, and this is due to reach target dept on 24 Nov. Testing will then take place. Once complete, the rig will move to the deeper Al Jariya-1 well, which is targetting 1 billion boe. IPL have 100% of that asset. Al Jariya-1 will take 5 months to complete.

The only problem is that production at WB2 may be as far off as early 2008, which is probably too far off to interest the masses.

Production at Bukha is going on right now and the company has been profitable during 1st half of this year from this income.

For short term growth, WB2 testing will provide changes in the declared reserves which will lead to higher valuation of the company and consequently higher SP.

Plus there are ongoing activities at the other assets.

Did you get in Harrycat?

Well, I thought I would do my usual trick of waiting for a bounce, but as usual the sp has continued it's upward march without me!
Still watching & keen to get in. Sub 55p if possible.

I don't think 55p is on the cards as the current buying pressure continues to push the price up. Very few sells going through since last RNS. Lack of press comment has meant that number of buy trades is not huge, but with upcoming news on further test results from West Bukha, that means now is a good time to get in.

Nice coverage on OilBarrel.com.

Yep, good write-up & looking good. Got in last week (+ persuaded a friend also) as was keen not to miss the boat! Am pretty heavy in oil stocks, so decided not to put the house on this one, but have enough to worry my bank manager. :o)

Joined the party today, the prospects look very interesting.

Welcome to the party, PapalPower.

Thanks ValueMax, the volume today was impressive, and littered with MM buys and large T buys.

Very good signs imo :)

Two things are due soon, one being the testing of the PRIMARY target of the West Buhka 2 well (so far the secondary target has flowed as per the RNS 8th Nov), and also the Hawamel-1 well which spudded on the 2nd of October (RNS 3rd Oct) and due for approx 52 days to completion, is now due for news anytime.

Great primary test results. RNS out this morning.

Excellent news today, and so much more to come :)

http://www.investegate.co.uk/Article.aspx?id=200611210701074068M


Indago Petroleum Limited
21 November 2006


Successful Testing of West Bukha-2 Primary Target, Offshore the Sultanate of Oman

Highlights

O Initial tests suggest a significant oil and gas project to be developed at West Bukha-2

O Oil flowrates, of up to 7600 bbls/d, on the primary target (Mishrif/Mauddud) of the West Bukha-2 well.

O Incremental to 4392 bbls/d testing of the secondary target (Thamama) announced on 8th November

O West Bukha-2 adjacent to existing oil and gas infrastructure

Indago Petroleum ('the Company'), the oil and gas exploration and production company operating in Oman and the UAE, is pleased to announce that Indago Oman Limited ('IOL') (a wholly owned subsidiary of Indago Petroleum Limited), as operator of Block 8, along with our partners, Eagle Energy (Oman) Limited (10%) and LG International (50%), has successfully flowed hydrocarbons from the Mishrif formation, the primary target of West Bukha-2A (WB2A) well.

The flowing test was being carried out over a perforated interval of 60m spanning a depth from 4005m to 4127.5m (MDRKB). After acidisation and an initial clean-up period the well flowed at a average rate over 5 hours of 6000 bbls/d of 41.5o API oil and 16.9 mmscf/d of gas on a choke size of 48/64' and flowing tubing pressure of 2980 psia. On increasing the choke size to 60/64' the rates increased to approximately 7600 bbls/d and 20.5 mmscf/d with a flowing tubing pressure of around 2450 psia. We are currently pulling the out the test equipment from the well, and depending on analysis of the results, including the downhole pressure data, the Joint Venture will decide whether to carry out further testing.

The main objective in drilling this well was to prove the commerciality of the Mishrif-Mauddud reservoir in the West Bukha field, which had been assigned a 2P reserve base of 320 Bscf plus 33 million bbls of associated liquid hydrocarbons by an independent auditor. Indago are now planning to commission a revised reserve audit incorporating the results of this latest well.

Peter Sadler, CEO of Indago Petroleum commented
'We are delighted to have achieved such a strong oil and gas flow from our primary objective and this is a credit to our technical and operational team.
These flows when combined with the 4392 bbbl/s from the secondary target, lead us to be very confident that a significant resource is being established by the
results of this well.'

The next well due for completion (any time now) is Hawamel-1 ref to RNS on 3rd October :

http://www.investegate.co.uk/Article.aspx?id=200610030753528451J

****Indago Petroleum Limited 03 October 2006
Indago Petroleum Limited ('Indago' or the 'Company')
Commencement of Exploration Drilling Programme Onshore Sultanate of Oman and
Operations Update

Highlights
Indago spuds Hawamel-1, the first well of a three well, high impact
exploration drilling programme.
Three well programme includes Hawamel - 1, Al Jariya-1 and Zad-1
prospects; rig has been contracted for the entire programme
......

Indago is pleased to announce that it commenced drilling the Hawamel-1
exploration well on the Izz prospect, in Block 47 onshore the Sultanate of Oman
(Indago 100%), at 0000 hrs on 2nd October.
The well, drilling to approximately 2500m, is targeting the Natih and Shuaiba
formations which are proven producers of both oil and gas in adjacent blocks,
such the large Fahud and Natih fields in Block 6 or the smaller, Hamrat Duru and Hafar gas discoveries in Block 30. Hawamel-1 is targeting a mean, gas reserve base of 367 Bscf (approximately 61 million boe) and is expected to take 52 days.
The second well in the programme will be Al Jariya-1, on the Jebel Hafit
prospect in Block 31 onshore the Sultanate of Oman (Indago 100%) which targets
mean reserves of approximately 1 billion boe. Timing of commencement of drilling will depend on the extent of testing required at Hawamel-1 however spud is likely to take place before the end of the year and take approximately five months, drilling to around 5800 metres...............*******

Nice end to the day :) Looks good.

I'm getting confused here (which is probably not difficult some would say).
West Bukha reported on the 21st Nov.
Hawamel started drilling on the 2nd oct & anticipated 52 days for results to be forthcoming. 52 days from 2nd Oct is 23rd Nov. So are we expecting rns on thursday? Pretty unusual for double whammy so close together, imo, but could be coincidence or have I got it wrong?

Harrycat, you have it correct.

The news today is on the primary target of West Bukha, the secondary was reported earlier this month, both have been excellent flows.

Hawamel-1 is due for completion very soon, and then we will get testing news after that, but not perhaps as early as Thursday, might be a week or so before the next news, or maybe not.

06th Sept 2006 Interview with Peter Sadler, CEO of Indago Petroleum -

Listen with Windows Media, link below :
http://www.wallstreetreporter.com/uploaded_files/2006/September/06/wma/IndagoPetroleumLimited.wma

Listen with Real Player, link below :
http://www.wallstreetreporter.com/uploaded_files/2006/September/06/ram/IndagoPetroleumLimited.ram

I've added the interview to the useful links. Thanks for posting it.

Good rise today, hopefully some press coverage tomorrow. Was really positive news for Indago.

The order of the well testing was unusual. Original plans were to test the primary target first, which is why Kharaib was plugged. However, the surprise open hole flow from Shuaiba meant that the top tier of the secondary target produced the first test results. Yesterday's RNS was for the cased primary target. The Kharaib section of the secondary target therefore still awaits testing.

Cheers for that. It is a bit confusing compared to other testing (GOO, EME etc) but the sp continues upwards, so happy to hold for the foreseeable future.

Yesterday's RNS states: "We are currently pulling the out the test
equipment from the well, and depending on analysis of the results, including the
downhole pressure data, the Joint Venture will decide whether to carry out
further testing."

So its not yet 100% certain that the lower section will be tested, however if I was running the well, I'd want comprehensive testing on all the levels before developing the asset further.

Protected 60K buy at 2p over the offer price today. Nice sign.

Today's the day that Hamwell-1 is due to reach its target depth. I expect an update next week, hopefully to confirm this progress.

I see the excitables have hit the ADVFN board. Usually a sign that interest is building. Fingers crossed we can avoid the hype and trade on the facts here.

LG International (and Indago) to begin oil production in Oman in 2008 (West Bukha)

12000 barrels per day.

Good news :)

Looks like news might be coming for H-1 well ?? Its due anytime now..

Drilling now (Testing?) now is Hawamel-1 which is targeting a mean, gas reserve base of 367 Bscf (approximately 61 million boe).

Next up is a 1 billion boe target, Al Jariya - 1.

After that comes a 140 million boe target Zad-1.


Some exciting times ahead, thats for sure, especially after the wonderful results on the last drill West Bukha - 2.

510K of X trades at mid-price

http://www.investegate.co.uk/Article.aspx?id=200701050718430349P

All in all good news, especially on West Bukha-2 with those flow rates. Hawamel-1A also has hit gas but requires a small workover.

And now on to the big billion boe Al Jariya well which will spud the end of this month.

I've updated the header with a summary of Indago's assets.

Good news about increase of West Bukha flowrates. When that comes online in 12 months time, Indago will be in a mighty good position financially.

H-1a... not the news I was hoping for. I'm skeptical about Indago's chances there. I'd give them a 1 in 10 chance of getting that one flowing commercially.

Very positive article on OilBarrel: Indago Petroleum Enjoys Further Success On Block 8 Offshore The Sultanate Of Oman In The Middle East

I've added to the header.

Interesting article, but block 47 is presumably the reason why the sp is not on the move & won't be until they sort the difficulties there.

Well, the billion bopd well is spudding end of this month. Its going to take a time to drill, but I am sure the speculative money will be in well before TD, its a very good chance, billion bopd well, so, will be plenty of interest.

Indago get a paragraph in the oil and gas section of today's Shares Magazine. No new info to report, but recaps last RNS to a wider audience.

Energy Intelligence: Oman Explorer Indago Targets Bukha Field, Mountain Fault Line

Needs a subscription (free trial) to view full article. It's a mix of research plus interview with Peter Sadler.

Key points from the article:
1) Jabel Hafit estimated to contain 1 billion barrels of oil PLUS 7 TRILLION cu ft of gas!
2) Indago planning at least four appraisal wells at Jabel Hafit.
3) Zad expected to contain 36 million barrels of oil plus 650 billion cu ft of gas. Gas may double if structure is similar to nearby Omani fields.
4) West Bukha 2 to cost $60 million to bring into production
5) West Bukha 2 condensate volumes 75% higher than anticipated per million cu ft of gas. (350 barrels vs 200 barrels in previous estimate)

Thanks for that VM

Thank google alerts, not me :-)

RNS today. I'll update the top post after work.


Indago Petroleum Limited
06 February 2007



6th February 2007

Indago Petroleum Limited ('Indago' or the 'Company')

Commencement of Drilling on the 'Jebel Hafit' Prospect, Onshore Sultanate of
Oman and Operations Update

Highlights

Indago spuds Al Jariyal-1 on Jebel Hafit, a high impact exploration
prospect.

2D seismic acquired over leads in Blocks 31 and 47 onshore Oman

Indago is pleased to announce that it commenced drilling the Al Jariya-1
exploration well on the Jebel Hafit prospect, in Block 31 onshore the Sultanate
of Oman (Indago 100%). At 0600 hrs on 6th February 2007 the well was drilling
ahead in 26' hole at a depth of 103m, having already set 30' casing.

The well, drilling to approximately 5900m, is targeting the Natih and Thamama
formations which are proven producers of both gas and condensate in analogue
structures such as Shams (operated by PTTEP), Saj'aa (BP) and Margham (DME).

Al Jariya-1 is targeting a mean, gas and condensate reserve base of
approximately 1 billion boe and is expected to take between 125 and 160 days to
drill.

Additionally, as part of our strategy to create further, high impact drilling
opportunities, Indago has been acquiring 2D seismic over its leads in Blocks 31
and 47 onshore Oman. Currently the Company have shot around 100 km of new
seismic, with encouraging results. The programme is expected to continue until
March 2007, possibly encompassing incremental leads identified in Block 43A, a
new Block in our portfolio which was announced to the market in June last year.

John Hurst, Exploration Director of Indago Petroleum commented

'Jebel Hafit is a high impact exploration prospect and it has taken five years
from originally identifying the potential and defining the prospect, to finally
starting drilling. It is incredibly exciting to be at this point, as prospects
with such large upside potential are rare.'

REVIEW BY QUALIFIED PERSON

The technical information and opinions contained in this announcement have been
reviewed by Peter Sadler, CEO of Indago Petroleum, who is a qualified Petroleum
Engineer (MSc Imperial College, London, 1982) and has been a member of the
Society of Petroleum Engineers since 1981.

Indago Petroleum Limited

Peter Sadler, Chief Executive +971 4 332 5444
Martin Groak, Finance Director +44 20 7494 6085

College Hill +44 20 7457 2020
Paddy Blewer
Nick Elwes

Nabarro Wells (NOMAD) +44 20 7710 7406
Marc Cramsie

Website:

www.indagopetroleum.com





Notes to Editors

Indago Petroleum:

Indago Petroleum plc is an oil and gas exploration and production company which
listed on the AIM market of the London Stock Exchange in December 2005. Indago
is geographically focused in the Middle East and is the operator of six licences
in the Sultanate of Oman and the United Arab Emirates. The assets include Bukha,
a producing gas-condensate field and West Bukha, an approved gas-condensate
development. Both fields are located offshore Oman.

Indago is also an active explorer and has commenced an exploration drilling
campaign comprising three onshore wells targeting gas-condensate bearing
structures. This programme is planned to be completed by mid 2007.

Indago aims to become a leading producer of gas, condensate and LPG in Oman and
the United Arab Emirates. This will be achieved through active exploration,
development of the existing portfolio and acquisition of related acreage and
undeveloped resources in the region.

Indago's technical and commercial expertise is focused on a tightly defined
geographical area of politically stable countries with proven hydrocarbon
reserves and an active gas market. The Company's competitive advantage lies in
its strong acreage position near existing infrastructure and a small
professional team with long-term experience in the region.






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

And so what is likely the potential largest single drill of any AIM junior (going in to what could be 1 Billion BOE and 7 TCF) begins :)

I've added a new link to the header and updated some of the asset info.

Modest volumes today considering the news. Everything seems to be on schedule against the plan. I'm impressed with the management, in particular timekeeping. Just compare the management of work by Indago to that by other AIM oilers.

A good post from TGG over at AFN, and shows the size of the next drill, 443p of unrisked upside..............



thegreatgeraldo - 9 Feb'07 - 09:30 - 334 of 334

Mirabaud suggested this week...

"the key well in a three well exploration programme has just spudded on the massive Jebel Hafit structure. At the current share price investors are effectively paying 16p of option value for 443p of unrisked upside, if Jebel Hafit comes in."

their risked valuation is summarised,

"We have a risked core valuation of 35p per share for Indagos producing and development assets and a further 151p per share of risked exploration upside for the three well programme currently underway onshore Oman."

... so current well offers decent upside, I think it's fair to say ;-#))

Excellent

http://www.oilbarrel.com/news/article.html?body=1&key=oilbarrel_en:1171332013&feed=oilbarrel_en

13.02.2007

Indago Petroleum Goes For A High Impact Exploration Well Onshore The Sultanate Of Oman

We recently reported how Indago Petroleum, which floated on Londons AIM in December 2005 raising a substantial sum of money (US$120 million) to drill an array of prospects, had a success with a gas condensate development with one of its prospects. Now it is having a stab at a high impact exploration well which could give it a huge step up.

Indago is the operator of six licences in the Sultanate of Oman and the United Arab Emirates (UAE). The company has some production. This comes from the Burkha gas condensate field in Block 8, offshore Oman. The field has been producing since 1994 and has proved plus probable remaining reserves of 54 billion cubic feet of gas with 3.7 million barrels of condensate. In 2005 Burkhas gross production averaged more than 2,000 bpd of condensate and 30 million cf/d. This fell a bit in 2006 when output was 1,726 bpd and 25 million cubic feet of gas per day. Indago has 40 per cent of this production.

Then late in 2006 the company enjoyed a success with the West Burkha development well, also on Block 8. West Burkha successfully tested significant flows of over 4,000 bpd from the secondary target (Thamama). The original well bore, West Burkha-2, which penetrated the Shuaiba and Kharaib reservoir last August, was sidetracked after the drill string parted while drilling. The well, renamed WB-2A, was drilled to a depth of 4,529 metres. After various tests, the choke was opened to 50/64 inches and the flow rate increased to 4,392 bpd of 42 degree API oil and 1.4 million cubic feet of gas a day (cf/d).

Both the primary reservoir (Mishrif Mauddud) and the secondary target (Thamama) were encountered high to prognosis, resulting in a longer than expected hydrocarbon bearing interval in the Thamama.

But the point was the primary zone, the Mishrif Mauddud, though penetrated, was not fully examined. Flow rates of up to 13.6 million cf/d and 2,910 barrels of condensate were obtained in the Mishrif which lies above the Thamama, in the 1976 discovery well. Indago and its partners Eagle Energy (10 per cent) and LG International (50 per cent) planned to revist this zone.

This they did with pleasing results The final results early this year in the West Burkha-2A demonstrated a flow rate from the Mishrif Mauddud zone of approximately 25 million cubic feet a day and 8,364 bpd. These flow rates were additional to those reported for the Thamama, so the combined rate from these two separate zones was 12,756 bpd and 26.3 million cubic feet of gas a day.

These are substantial flows by any standard and will in due course move Indago closer to significant production. However, the company has announced it wants to be a leading producer of gas condensate and LPG in Oman and the UAE. It has therefore announced that it has started drilling the Al Jariya-1 exploration well on the Jebel Hafit prospect, in Block 31 onshore the Sultanate of Oman (Indago 100 per cent). The well, drilling to approximately 5,900 metres, is targeting the Naith and Thamama formations which are proven producers of both gas and condensate in analogue structures such as Shams (operated by PTTEP), Sajaa (BP) and Margham (DME). Al Jariya-1 is targeting a mean gas and condensate reserve base of approximately 1 billion boe and is expected to take between 125 and 160 days to drill.

You can understand what Indago Finance Director Martin Groak means when he says: This is the big one. If the well comes in, the discovery would be company making. But it may not be all there is to come. The company has said that as part of its strategy to create further, high impact drilling opportunities, Indago has been acquiring 2D seismic over its leads in Blocks 31 and 47 onshore Oman. So far Indago has shot around 100 km of new seismic with encouraging results, it said.

Meanwhile Indagos Exploration Director John Hurst said: Jebel Hafit is a high impact exploration prospect and it has taken five years from originally identifying the potential and defining the prospect, to finally start drilling. It is incredibly exciting to be at this point as prospects with such large upside potential are rare. Indeed, this is one to watch.

Thanks, Papalpower - I've added a link in the header.

Progress update:

Phase I of the West Bukha development has commenced and comprises design, fabrication and installation of the wellhead platform and pipeline with a tie into the Bukha facilities. Gross production of 30 mmscf/d of gas and associated condensate is targeted for early 2008.

An agreement to sell the gas from the West Bukha field has been entered into.

Gross project reserves for West Bukha were estimated at 320 bcf of gas and 33 MMBOE of condensate and LPG prior to the drilling of West Bukha-2, but a reserves upgrade is expected.

Yep...thanks for that VM

Here's my post elsewhere :

Interesting post and link from AFN. Rumours are doing the rounds that an operations update is due soon, which will give a much upgraded resource value for West Bukha-2. Rumours also are that the AJ drill is going well, and might, might that is, be complete in around 4 months. DYOR !!



"Rodspotty - 6 Mar'07 - 23:04 - 375 of 375


Interesting link...

http://www.heritageoilcorp.com/oman.htm

Quote from above link...''Gross project reserves for West Bukha were estimated at 320 bcf of gas and 33 MMBOE of condensate and LPG prior to the drilling of West Bukha-2, but a reserves up-grade is expected''

Rodders"

IPL has been "leaky" in the past, and the sudden increased buying would therefore suggest that some news is not far away from being released imo.

L2 moving up and lots of blue, now 1 v 5 @47/50 after the last move up


On Line Limits looking positive now :

BUY 35K @ 49.63p

SELL 52.5K @ 47.48p

There are never any small trades in Indago, 95% of them are in the 10s of thousands.

I feel crestfallen! That makes my 3500 shares which I bought ages ago look pretty embarrasing! :o)

If only there were more people buying smaller amounts we could get this message board a bit more lively.

I think there will be, IPL is the only AIM junior that has decent production coming on line and is also presently drilling a 1 billion boe prospect..........I would imagine a lot of PI interest will come around late May, early June.

I'll be adding well before then ;)

Lets not forget the potential here. A decent upgrade of West Bukha would add to the values below as well.



Mirabaud said in their report early Feb 2007 :

"the key well in a three well exploration programme has just spudded on the massive Jebel Hafit structure. At the current share price investors are effectively paying 16p of option value for 443p of unrisked upside, if Jebel Hafit comes in."

The Mirabaud risked valuation is summarised ;

"We have a risked core valuation of 35p per share for Indagos producing and development assets and a further 151p per share of risked exploration upside for the three well programme currently underway onshore Oman."

Nor should we forget the seismic survey work which has already been described as "encouraging"

Well PP. Up 20% now, Bid 55p Offer 57p, so hope you haven't missed the boat!

Indago Petroleum Limited
07 March 2007



Indago Petroleum Limited

('Indago' or the 'Company')



Potential transaction



Indago, the oil and gas exploration and production company, announces that it
has received a proposal which may lead to the sale of a material proportion of
the Company's assets for a cash consideration in excess of the current market
capitalisation of the Company. Indago's Directors would like to stress that
there can be no certainty that a transaction will be forthcoming.



A further announcement will be made as and when appropriate.

7 March 2007

Terrific!

Current mcap is around 130million.

My guess would be a bid for a portion of West Bukha. I'd like to see Indago retain at least 20% of that asset.

Well, sale of some of the assets, for cash, in excess of the current market cap.........I would guess its West Bukha.......jolly good........if its West Bukha then it will be a big lump of cash, and also their present cash in the bank is not needed to be used to develop West Buhka....they are going to be sat on a lot of money, and perhaps still some big potential plays.


Indago Petroleum Potential Transaction

RNS Number:5023S
Indago Petroleum Limited
07 March 2007

Indago Petroleum Limited
("Indago" or the "Company")

Potential transaction

Indago, the oil and gas exploration and production company, announces that it has received a proposal which may lead to the sale of a material proportion of the Company's assets for a cash consideration in excess of the current market capitalisation of the Company. Indago's Directors would like to stress that there can be no certainty that a transaction will be forthcoming.

A further announcement will be made as and when appropriate.

Found some info on Tibat when researching Heritage. Summary added to header.

Plagiarism spotted on the ADVFN site!!! ;-)

LOL....... ;)

Do you think possibly someone in the know is making a bid including Jebel Hafit............eg get in now before the drill reveals all ???? If JH is included with West Bukha and Bukha, then the price could be seriously much higher than where we are now.

That would be a hell of a gamble. A-J-1 well has about a 29% chance of success. I'm happy to take that chance given the restricted downside provided to the SP by West Bukha. Jebel Hafit is currently factored into the SP at around 16p, so why anyone would pay 50p plus, I don't know.

My guess would be that the proposal concerns block 8 and block 17 only.

Having said that, if someone offered 50p+ for Jebel Hafit, I'd bite their hand off.

Current cash is worth 11p per share. The SP at the time of the RNS was about 55p.

If the bid came in at just 56p and included ALL of Indago's assets, they would be left with cash worth 67p per share, about 10% upside from current position. This would be worst case scenario (lowest possible bid, no assets left). To state the obvious, if Indago get a higher offer than that or if the offer leaves the company with some remaining assets, the mcap will be more than 10% greater than at present.

A good investment :-)

LG International is the 50% partner in West Bukha, they will also have access to the classified information on the reserves upgrade......being the 50% partner, so they know what its worth.........we do not until that data is made public. This may be why LG (if its them) are making the offer now, ahead of the information being made public.

http://www.lgicorp.com/eng/main_eng.jsp

If that is the case, they would most probably also make an offer to Heritage. Will be interesting to see if they release any news today.

Not always, they may be happy to raise their stake from 50% to 90% at the moment, they are the in effect, in full control.

A good post on AFN, and I would add, from the asset portfolio that the "material" part refers, IMV, to the production assets in the most. As VM said, the offer most likely refers only to Blocks 8 and 17 in Oman, however, potentially someone could be taking those plus the others.

IMV the offer price for "some of the assets" refers to the market cap at RNS release, however, lets take it as market open anyway. The calcs are quick and dirty "back of the fag packet" but shows were the land lies................



"tonudiki - 7 Mar'07 - 15:12 - 433 of 471

Given

1) that yesterdays closing market cap was 124 million with 266.6m shares in issue. (For the purposes of todays announcement I'm assuming they are working on yesterdays market cap rather than today's noon value)

2) there is about 39 million in the bank

3) The proposal offer is for a material part of IPL's assets for more than yesterdays market cap..let's be conservative and say 130 million

4) 130+39 million= 169 million divided by 266.6m shares = 63.4p per share cash PLUS whatever assets are retained by IPL.

A share purchase at 63p or less is a bargain if the asset sale deal goes through at 130 million as you get the remaining projects/assets for free.

Suppose the proposal is for a purchase of 150 million or 180 million? We don't actually know how much in excess of the yesterdays market cap we are talking about do we?

http://news.independent.co.uk/business/analysis_and_features/article2338474.ece


On AIM, Indago Petroleum pleased investors by announcing it is in negotiations to sell a "material" slice of its assets for more than yesterday's opening market capitalisation. The word is that the assets will sell for 70p per share, with the remainder of the company to go on the block at a later date. The shares surged 14.25p to 60.75p.

In this mornings Independent Newspaper....

''On AIM, Indago Petroleum pleased investors by announcing it is in negotiations to sell a "material" slice of its assets for more than yesterday's opening market capitalisation. The word is that the assets will sell for 70p per share, with the remainder of the company to go on the block at a later date. The shares surged 14.25p to 60.75p.''

Rodders

Bingo...lol

Rodders

Great minds....and all that :)

Well, with an offer for some of the assets at 70p ps cash, add on the present cash in bank........and then the potential for Jebel Hafit with its 1 billion boe potential, as well as Zad and others.

Your looking at well over 70p per share cash in the bank, with some big potential prospects all being well.

"No brainer" springs to mind if it goes ahead.

From today's FT:

*Indago Petroleum gained 30.6 per cent to 60p as the Middle East-focused exploration group received a takeover proposal for one of its main assets. Dealers said the asset was likely to be the highly-rated Jebel Hafit well in Oman, where drilling began last month."

I want more than 70p for Jebel-Hafit. There is as much oil condensate in there allegedly, value-wise, as there is Gas. Let's wait for the update. I assume this will be out before any cursory offer is accepted at this stage.
Nice to have a winner though!

VM, very interesting FT link. You wonder what the ongoing drill has turned up already...................

Jebel offers over 450p per share of potential upside........

On line limits :

BUY 25K @ 62.96p

SELL 35K @ 62.64p



L2 is very blue and now 1 v 2 @ 62.5/63 after the last moves up

Well, valentine has been near spot on with posts of late, so I am hoping this one is as well :

"valentine - 8 Mar'07 - 09:27 - 499 of 499

I think JH is very commercial and I further suggest that drilling is further ahead than expected at this stage. I believe seismics indicated a thicker shell above the dome than actually is there and means the remainder is more capacity quite simply than was projected. A considerable amount of that chamber is condensate which has got a few people more than a little interested. Previously it was gas targeted at local regional consumption. Now they have an internationally saleable commodity! OIL!"

If it is indeed for JH, it may not be for 100% of the asset. Indago may wish to retain a portion of it.

MM buy at 63p shot it up a little there.

Nice 500K X trade there at 65p, someone wants them and see's a decent profit from 65p :)

A few more big buy trades, and a few smaller sells filling them, so it appears that the PI's are willing to take profits, and someone is hoovering this up in the odd large buy here and there.

Bodes well, and the next leg up should be soon....all being well.. :)

Speculation from Energy Intelligence that the bidder is RAK Petroleum. RAK are a UAE-based company who are looking to increase their assets before their IPO.

Indago's UAE-based assets are Saleh and RAK-B, both in the same area as West Bukha.

Indago Petroleum Limited
09 March 2007

Indago Petroleum Limited
(the 'Company' or 'Indago')

Appointment of financial adviser and corporate broker

The Board of Indago Petroleum Limited (the 'Company' or 'Indago') is pleased to
announce the appointment of JPMorgan Cazenove Limited as the Company's financial
adviser and corporate broker with immediate effect.

Nabarro Wells & Co. Limited remains the nominated adviser to the Company.

Good news about JPC being taken on !

RAK also is interesting, and they are not short of cash...........

And a nice 200K buy at 66p.........highest price for a large buy as yet.

Good stuff.
I wonder how many years guaranteed supply of O&G is in the West bukha and A-Jarilya formations?
It's all a bit reminiscent of the North Sea back in late 70's.
RAK obviously want to corner the market in local resources for the foreseeable future.
Might get one of those little islands in shape of countries world off Abu Dhabi out of the profits! lol..well a bit of one.

More big buys around.

Looking at it in basic terms, the rumoured 70p is for some of the assets. No doubt this is an initial cheeky offer, and we can expect the final offer to be higher.

But, for now, lets say its 70p a share.

So we have 70p a share.
We have cash in bank of around 30m, or 11p a share.
We have leftover assets that will not be sold off.

Therefore, just taking potential cash position, and ignoring the upside of a higher offer, and ignoring all other retained assets, we have 81p cash in the bank, and everything else in for free at that price, should the offer for some of the assets come through at 70p.

Seems a no brainer at under 80p imo, all being well with the offer.

The large buys going through might also suggest this initial offer for some assets, might spark into an offer for the whole company....who knows.

So RAK have a present fighting fund, fully paid up, of 3 Billion AED, and that will go up to 5 Billion AED when they go public.

3 Billion AED is 423 million pounds.

5 Billion AED is 705 million pounds.


So, they certainly are not short of cash.


http://www.emiratesinternational.net/index.cfm?fuseaction=News.ListNews&pagename=News&newsId=280

http://www.ameinfo.com/97708.html



.

I have had a line of thinking that perhaps RAK might want to buy all of IPL, and gain the London listing in the process (we know they are looking at London to IPO, but I do not know Full or Aim)

Now, to go with this line of thinking, we have seen a lot of big buys going through of late.

We have seen an announcement for "purchase of some assets" and we have seen the big buying continue.

What is the difference between buying a "material part of the assets" and buying "the company"..........well that would be EPT disclosures which would give the game away.

I suggest therefore that the "material part" purchase might be purely a guise by RAK, and in fact they may want the whole company, but want to be able to purchase as much as they can from the market ahead of declaring a fully blown takeover bid.

If the 70p bid for "some assets" goes ahead we work out there will be cash in the bank of 81p + all the leftover assets. It would therefore make sense for RAK to as much as possible over a period of time up to 81p.....and then announce a change from "material part" to "whole company".

Perhaps, its a different way of looking at it.

Interesting article....

http://www.oilbarrel.com/home.html

Quote ''AIM-listed Indago Petroleum ( which may nowe be oin play in some form o r other) is unusual in a sense in that it is purely focused on the Middle East with half a dozen licences in Oman and the United Arab Emirates (UAE). The assets include Bukha, a producing gas condensate field, and West Bukha, an approved gas condensate development, where a successful testing programme has recently been completed. Both fields are located offshore Oman. The West Bukha 2A well demonstrated a combined flow rate from two test zones of approximately 12,750 bopd and 26 MMscf/d. Peter Sadler, Indagos chief executive, says the test results underline the commercial viability of the project and bring future production a step closer. Indago is the operator of the Block 8 project with a 40 per cent ownership.''

Rodders

I've added a link to that article in the header. Thanks, rodspotty, nice find.

The large block buying contines, with a 262k @ 66p yesterday.

I notice the comment on "could take up to four months to drill".......which is now quicker than the original "4 to 5". News early/mid June perhaps on Jebel Hafit ?



http://www.oilbarrel.com/feature/article.html?body=1&key=oilbarrel_features_en:1173641724&feed=oilbarrel_en

11.03.2007

Little Fish In A Big Pond: AIM Juniors Finding Their Feet In The Middle East

".............AIM-listed Indago Petroleum ( which may now be in play in some form or other) is unusual in a sense in that it is purely focused on the Middle East with half a dozen licences in Oman and the United Arab Emirates (UAE). The assets include Bukha, a producing gas condensate field, and West Bukha, an approved gas condensate development, where a successful testing programme has recently been completed. Both fields are located offshore Oman. The West Bukha 2A well demonstrated a combined flow rate from two test zones of approximately 12,750 bopd and 26 MMscf/d. Peter Sadler, Indagos chief executive, says the test results underline the commercial viability of the project and bring future production a step closer. Indago is the operator of the Block 8 project with a 40 per cent ownership.

The company also recently launched into a three well exploratory drilling programme across three separate blocks in Oman. The first well, Hawamel-1A, onshore Block 47, encountered its target formations and is likely to be gas bearing, Indago said in January, though the structure appears complicated. The latest well, Al Jariya-1, is targeting the Jebel Hafit prospect onshore Block 31, which Indago says has a mean gas and condensate reserve base of up to 1 billion boe. It is the culmination of a five year journey for the company, from originally identifying the potential and defining the prospect. John Hurst, exploration director says: It is incredibly exciting to be at this point, as prospects with such large upside potential are rare. The well could take up to four months to drill. A third well, Zad-1, later this year will target the Adam prospect in Block 47. It is a defining time for Indago which holds 100 per cent in each of these wells, with any major discovery likely to unlock big things........... "

Four months from now.

can anyone give an accuarate mkt cap? @65p. tia.

Shares in issue 266,220,000 x .65 = 173m. Mkt cap.

Rodders

many thanks rodders.

Nice big buy again..........

Indago Petroleum Limited
14 March 2007



Indago Petroleum Limited ('Indago' or the 'Company')


Proposed Disposal of 100 per cent. of the Group's Production and Development
Assets and of approximately 50 per cent. of the Group's Exploration Assets to
RAK Petroleum Public Company Limited ('RAK Petroleum') for a price of
194,235,267

Return of Capital of 60 pence per Ordinary Share

1 for 5 Share Consolidation of Ordinary Shares



Indago, the oil and gas exploration and production company, announces today:

The Proposed Disposal of 100 per cent. of its Production & Development
Assets (principally consisting of Blocks 8 and 30, located off-shore and
on-shore the Sultanate of Oman respectively); and

the Proposed Disposal of approximately 50 per cent. of its Exploration
Assets (consisting of Blocks 31, 43A and 47, located on-shore the Sultanate of
Oman) to RAK Petroleum for a total consideration of 194,235,267 to be satisfied
in cash on Completion.

Indago (through several wholly owned subsidiaries) and RAK Petroleum
have entered into Joint Operating Agreements in relation to their ongoing
participation in the Exploration Assets.

The Disposal Proceeds (before transaction costs) are equivalent to
72.5 pence per Ordinary Share on a fully diluted basis, representing a 55.9 per
cent. premium to the Company's share price of 46.5 pence per share at the close
of business on 6 March 2007 (being the last business day prior to the Company's
announcement that it had received a proposal which may lead to the sale of a
material proportion of its assets for cash).

The intended Return of Capital of approximately 160 million, or 60
pence per Ordinary Share, to the Company's Shareholders by way of a Special
Dividend. The Special Dividend is expected to be paid on 18 April 2007 to
Shareholders on the register on 13 April 2007. The Return of Capital is to be
facilitated by a Court approved cancellation of the Company's share premium
account.

Indago intends to consolidate its existing share capital on the basis
of 1 (one) New Ordinary Share for every 5 (five) existing Ordinary Shares.

In addition, Indago and RAK Petroleum have entered into an area of
mutual interest agreement covering the UAE and Oman.

Peter Sadler (Chief Executive Officer) and John Hurst (Exploration
Director) intend to step down from the Board of Indago and intend to transfer,
together with the employees of the Disposal Group, to RAK Petroleum. Martin
Groak (Chief Financial Officer) will act as interim Chief Executive Officer of
Indago post Completion.

Following Completion of the Proposed Disposal Indago will:

be a pure oil and gas exploration company;

retain its geographical focus by continuing to explore opportunities
in the Sultanate of Oman and the UAE, being politically stable countries with
proven hydrocarbon reserves and an active gas market; and

continue, jointly with RAK Petroleum, to pursue its programme of
actively converting its current portfolio of leads into drillable prospects, as
well as identify and seek other suitable resource projects with which to grow
the business.

Under Rule 15 of the AIM Rules, the Proposed Disposal is deemed to constitute a
fundamental change of business of the Company and consequently requires the
prior approval of Shareholders. The Company also intends to cancel its share
premium account to allow the Return of Capital and this also requires
shareholder consent. A Circular providing details of the Proposed Disposal, the
Return of Capital and the Share Consolidation will be sent to Shareholders
today, convening an Extraordinary General Meeting of the Company, which will be
held on 3 April 2007 at 11.00 a.m at the Sheraton Hotel, Charles de Gaulle
Airport, Paris. At the meeting, resolutions will be proposed to approve the
Proposed Disposal, the cancellation of the Company's share premium account in
the context of the Return of Capital and the Share Consolidation.

Tim Eggar, Chairman of Indago, said:

'We are delighted with the substantial cash value that we are receiving and
delivering to shareholders immediately. We are also giving them the opportunity
to retain exposure to the large potential upside of Indago's attractive
Exploration Assets. Shareholders will continue to be invested in the same
exploration programme as before the disposal, with the same operating team, and
have the added advantage of a well connected and well funded partner.'

Abdul Aziz Al Ghurair, Chairman of RAK Petroleum, commented:

'We are delighted to have reached agreement on such a compelling and logical
acquisition for our shareholders and other stakeholders. These Indago assets in
UAE and Oman offer a mix of current reserves and exploration upside and are
hugely complimentary to RAK Petroleum's regional ambitions, relationships and
financial capacity. We are also delighted to welcome Peter Sadler and John
Hurst into the RAK Petroleum team.'


An investor presentation will be held today at 10.00a.m. at the offices of
College Hill Associates, 78 Cannon Street, London EC4N 6HH. The presentation
will also be posted on the Company's website (

www.indagopetroleum.com

) today.

:)

Do we have any idea what the value of the new shares will be & what date they will be issued? Presumably once they go ex-divi that will be the 1-5 re-issue date.

HARRYCAT - The new shares will have a value of circa 1 on cash in the bank, the exploration assetts are thrown in for free. In other words the present value on cash alone is circa 80p.

Rodders

Just added 5K @69.45p, as I see it I am buying the new Indago at 50% discount to the cash of 20p, plus I have the exploration assetts thrown in for free. DYOR

Rodders

Correction to my previous post, allowing for tax I have bought the new Indago at 15% discount to net cash.

Rodders

Acting CEO, Martin Groak said to Reuters: "Our interest in Al Jariya (located in northern Oman) could be 500 million barrels -- equivalent to about two pounds a share. That would be a company changer, and would open up a number of strategies."

He added that the cash that would be generated from such a discovery could be used to buy other firms -- both in the Middle East and elsewhere.

"There are some companies that got funding for exploration when it was easy, who are now struggling to keep their programme moving forward," he said. "Anyone with money can expect to look at the market and pick up deals."

ValueMax, good find, thanks.

Rodders

Thanks rod, but what is to stop people taking the divi & then immediately selling their current shares. That way they get the current market value (70 - 80p?) of the shares plus the 60p divi & then be in a position to buy the new shares which surely must be cheaper pro-rata.?
Apologies for being a bit thick, but on that basis this is too good to be true. There must be a downside???

Dividend payment will reduce the value of the company by the amount of the dividend.

So for instance, if the SP is 70p before dividend and the payment is 60p, the SP theoretically immediately drops to 10p.

But this is a special divi of 60p! If the value of the shares is reduced proportionally then the exploration assets are not thrown in for free!

HARRYCAT - Watch the share price and the where the big money is being placed.

Rodders

There is also the the 1 for 5 consolidation.

So should the SP be say 80p at the time of the div payment and consolidation then the SP drops to imaginary 20p, but then 1 for 5, so the new SP is 100p (1 new share being issued for 5 old shares so 5 x 20p) with 1 fifth of the present shares in issue.

Lets not forget, IPL also still have 50% of AJ-1........so there is 200p of upside there (400p divided by 2 as its now 50% RAK owned)

Yep, I understand all that, but do we know if the 1 for 5 consolidation will be at the same time as the ex-divi date (i.e. 13th Apr) ? I would rather take 60p per share + cash in my holding at 80p+, but I bet they won't allow that!
Also, having lost out slightly with the GTL consolidation, I am always a bit sceptical that we always seem to lose out a little.

I would imagine its all at the same time.

Also one should bear in mind the 200p upside is on the unconsolidated price, so when consolidated, the upside is up to 10 per share, if the 1 billion barrel reservoir is confirmed by the drill, worth the risk IMO.

Rodders

From UK-Analyst.com

Indago Petroleum (IPL) announced plans to sell its Production & Development together with around 50% of its Exploration assets to RAK Petroleum Public in a 194.24 million pounds deal. The group said it planned to return 160 million pounds to shareholders via a special dividend of 60p per share. The news came as Indago announced the appointment of chief financial officer Martin Groak as interim chief executive. The news sent the shares 5.5p higher to 70.75p.

Rodders

http://www.oilbarrel.com/email_index.html?page=/news/article.html?body=1&key=oilbarrel_en:1173924004&feed=oilbarrel_en

15.03.2007

Indago Petroleum Returns Cash To Shareholders As It Regroups As A Pure Exploration Play

Its no secret that a fair number of E&Ps come to market with a plan to move their starter assets through the value chain and then engineer a timely, profitable sale. Its a plan, however, that is harder to execute than first imagined given its reliance on (a) success with the drillbit and (b) other companies finding those reserves deserving of a suitable premium.

Yet it seems Indago Petroleum, which came to Londons Alternative Investment Market in December 2005, has succeeded in negotiating a sale of the bulk of its assets to RAK Petroleum, a UAE-based company established in late 2005, for 194 million in cash. Shares in the company jumped 6.5 per cent in morning trading to stand at 69.5 pence as investors welcomed news of the sale.

RAKs offer works out at 72.5 pence per share, a 55.9 per cent premium on Indagos share price of last week, when the company announced it had received a proposal to buy its production and development assets. This good news was enhanced by the fact that Indago, in an unusual move for an E&P, plans to return around 160 million of the proceeds to shareholders by way of special dividend, to be paid on April 18.

The sale includes all of Indagos production and development assets, which consist of Blocks 8 and 30 in Oman, and 50 per cent of its exploration portfolio (Blocks 31, 43A and 47 onshore Oman). Indagos chief executive Peter Sadler and exploration director John Hurst will transfer to RAK Petroleum, with chief financial officer Martin Groak taking on the role of interim CEO of the slimmed down Indago Petroleum.

Indago and RAK will partner up to jointly explore the exploration assets and will together look for additional exploration opportunities in the United Arab Emirates and Oman. Indago will have cash balances of 31 million to build its pure exploration business. Chairman Tim Eggar said this arrangement meant shareholders would continue to be invested in the same exploration programme as before the disposal, with the same operating team, and have the added advantage of a well connected and well funded partner.

The sale means the AIM company is saying goodbye to mature producing assets and a collection of development properties, which offered the potential for future cash flows but also future cash calls to bring those reserves onstream. These include Indagos 40 per cent interest in Block 8 offshore Oman, home to the producing Bukha gas-condensate field, where output is in natural decline, and the West Bukha development, due onstream next year. It is also losing its 100 per cent ownership of a collection of fields in Block 30, which are reckoned to hold around 300 bcf of gas, and its 40 per cent stakes in the producing but swift depleting Saleh field and the undeveloped RAK B field in the UAE.

The new look Indago Petroleum will be a pure exploration company. It is fitting, therefore, that it has a number of wells lined up for the coming months, including results from the Al Jariya-1 well on the Jebel Hafit prospect in Block 31 onshore Oman. This well is targeting a large gas and condensate structure that could hold the equivalent of 1 billion barrels of oil equivalent and lies within 25 km of a major gas pipeline. This has the potential to deliver an immediate big bang for the explorer - if successful.

The company will also participate in the drilling of the Adam prospect in Block 47 onshore Oman. This well, named Zad, will be drilled in the third quarter and will test Cambrian age sandstones at a depth of 4,200 metres, which could hold 655 bcf of gas and 35 million barrels of condensate. Depending on the drilling results, this could be followed up by possible appraisal wells. There are also plans to acquire seismic over additional prospects in Blocks 43A and 47 in order to generate further prospects for drilling in 2008 and 2009.

Still going well :)

A good presentation is now available on the deal and the future of IPL :

http://www.indagopetroleum.com/images/maps/indagowebsitepresentation_final.pdf



.

I've updated the header with info and links regarding the RAK deal.

I should also say that I've sold my holding here for tax reasons, but retain an interest in the company. I'll endeavor to keep the header info updated.

Many poeple seem to selling this stock ahead of the deadline of both 5th april & the 13th april. I am over my cgt limit, so resent giving part of my profit to the exchequer.
I still can't decide what to do, but am tempted to hang on for the special divi & see how IPL does in the following months.

Harry, SpreadBet rollover day is now today 20th...........this is where the selling is coming from IMO, and why the bid is going down a little.

Once these people are sorted, then I would expect it to get strong again.

Harry, it depends on the level of tax you'd be paying on the dividend versus the level of tax you'd be paying on sold shares.

For me, it is better to sell now before the dividend. I'll be looking at the opportunity to reinvest following the dividend and consolidation as I'm still keen on Jebel Hafit.

Pardon my ignorance, PP, but what is a "spreadbet rollover day"?

March spread bets expire today, the 20th of March. People must either sell them, or roll them over to June 20th...

O.K. I don't get involved in spreadbetting, so not familiar with what goes on there.
Am I right in assuming that the spreadbetting community will have no interest at all in the divi/allocation change and will therefore get out now & get back in again after the dust has settled?

Likely, yes.

EGM today. I expect all items to be approved. Likely get a RNS later on.

...and as if by magic...

Indago Petroleum Limited
03 April 2007



Indago Petroleum Limited



RESULTS OF EXTRAORDINARY GENERAL MEETING


Indago announces that at the Extraordinary General Meeting held today for the
purposes of passing Resolutions relating to the disposal of the Disposal Group,
to the Share Consolidation and to the cancellation of the Company's share
premium account, the Resolutions put to the meeting were duly passed without
amendment.

The cancellation of the Company's share premium account remains subject to Court
approval, which is expected to be granted on 13 April 2007. It is intended that
the Special Dividend will be paid on 18 April 2007 to Shareholders on the
register at close of business on 13 April 2007.

Application for admission to trading on AIM will be made and it is anticipated
that the Share Consolidation will become effective and that admission of the New
Ordinary Shares (ISIN number GG00B1VJHB24) will take place and that trading on
the AIM market of the London Stock Exchange will commence at 8.00 a.m. on 16
April 2007. CREST accounts will be credited with the New Ordinary Shares on 16
April 2007.

Terms used in this announcement shall have the same meanings as set out in the
shareholder circular dated 14 March 2007.

Have you already sold, VM, or are you holding for the divi? I have decided hold & see what IPL can do in the future.
Very efficient update from IPL. Good to see all approved.

I already sold but still interested in Indago.

The only thing we don't know, which is pretty crucial, is what the final closing price will be. Assuming the sp will drop by 60p, the remaining stock could be of little value. Still, that's the risk!!!

The remaining assets would be excellent value at 11p.

Any ideas why IPL is is on the up?????

Rodders

All the trades since midday seem to be buys, so presumably this is a last surge to register for the special divi on the 13th Apr. No news that I can find to account for the rise.

Likely to be going up so that the last few can get onto the register before the dividend is paid.

RNS on Friday confirming the number of shares in Indago on Monday will be 53,333,333.

I think the closing price was 74p, so presumably the new ex-divi price will be 14p on monday, followed by a 5 - 1 consolidation?

14-15p

Updated the header with new asset status following RAK sale.

Re-invested my divi and topped up @47.2p. I look at this company now, as a new AIM listed co floated today, with the ongong exploration, kindly listed in the header by ValueMax and with 25m in cash raised, 53m shares in issue and circa 47p in cash per share. DYOR

Rodders

Good luck Rod. I'm not in at the moment, having sold prior to dividend.

By the way, the gantt chart in the header showing plans for the coming year is still showing the old assets. It's tied into Indago's own graphic from their site, so hopefully it will get updated with latest info in the next week.

ValueMax - thanks.

Rodders

Without wishing to appear dense, how did the sp ever become 47p?
If the revalued shares became 14/15p and they were consolidated at 5 for 1, the sp would have still remained about the 70p level.
I saw on the Selftrade chart that at the start of trading today they were 45p, but immediately went up to 73p.
Am I missing the obvious???

HARRYCAT - prior to open this morning, the mms were a little confused over whether to consolidate or not, at least 1mm was on 17p prior to open and another on 75p, mid price being 46p, I know because I tried to buy pre-market, however this was sorted by the open. DYOR

Rodders

So can you now sell your 47.2p stock at 73p or have they revalued it prior to issuing you with a contract note?

I thought it was a typo of 74.2p

HARRYCAT - if you mean the 10K I bought @47.1p on 5/3/07, well I sold 5K @72.56p on 16/3/07 and the remaining 5K @71.635p on 19/3/07. I then decided to buy back my 10K stake @70.5p on 21/3/07 ( the reason being being my broker had told me previously that I would pay 10% tax on the divi so would only get 54p per share not 60p, however after I sold he said sorry, his mistake, I would get the full 60p as this was regarded as a return of capital and not income). So today I started with 2K shares after consolidation, that cost me 52.5p per share, plus another 3K I bought in the market @74.2p, so I now have a total of 5K shares.

Rodders

I misunderstood your post #142. You said you topped up at 47.2p, which i thought meant that you had managed to buy this morning at 47.2p.
As Valuemax said, looks like a typo!!!
Shame, I thought you had managed to make a 70% profit this morning because of a broker error!!! No such luck :o)

HARRYCAT - Just noticed....lol....reversal of digits......nice price, I wish....74.2p, not 47.2p.

Rodders

Exploration timeplan has been updated on Indago website. See graphic in thread header.

IPL - on the move, has it been tipped in the IC today??????

Rodders

Zooming up now.........as the speculative money ahead of the AJ-1 drill result comes in.

THE INSIDE LEG - Indago Petroleum 30th April 2007

Posted by: The Insider, in Market whispers

Talk doing the rounds of a very bullish broker circular that suggests the shares could be worth 10-15 based on what is rumoured to be under its Oman fields. We will get a better idea in June. The downside if they come dry is a valuation of 40p.
One house in particular seems to be piling clients into the stock on the back of the note.
Looking at the chart, the stock has almost doubled in value in the last six weeks.

It doubled in value because of the sale of the assets, so that comment is a bit unfair!

50% downside vs say 200% upside (conservatively) - possible to take a profitable position nomatter the outcome at JH.

Of course, its not going to go up 200% in a day (or to 10-15 from that circular), so plenty of potential even if you wait for the drill results.

Downside is 37p according to the note but the 10-15 upside is assuming RAK, or similar, do not jump in well before that and take them out as they did before. It is devil and deep blue based on huge optimism or massive dispair. They already have had a delay due to technical hitch. Who's to say with a 4.5ml deep drill they may not encounter another hitch or three in the next two months?
Not being a damper here. If they can get it out it will be an enormous coup.

Lovely :) Zoom Zoom Zooming up.

Yes, IPL flying. Unfortunately did sell after the special dividend but back in now eventually! Anyone having a guess where this will finish for the day..?

Certainly no delays on the buying side. Amazing stuff.
If RAK are interested then it can only go higher.
Target depth is nearly two months away, allegedly!

Didn't take long for that bubble to burst. Loads of small shareholders join the throng anxious to be in on a major o&g strike. Great buffer for the larger holders if it does not happen.
Oh well another one for the organiser. Set your diary alarm for late June.

Indago Petroleum Limited
01 May 2007

Indago Petroleum Limited
('Indago' or the 'Company')

SHARE PRICE MOVEMENT

The Board of Indago, the oil and gas exploration company, notes the recent
movements of the Company's share price. The Board believes that the share price
movement is a result of positive press reports following earlier comments made
by research analysts in relation to the Company's outlook and the Jebel Hafit
prospect in particular. The Company owns, amongst others, an approximate 50%
interest in the Jebel Hafit prospect.

The Al Jariya well on the Jebel Hafit prospect is currently being drilled,
targeting a mean 1 billion boe in Block 31, onshore the Sultanate of Oman. This
is a deep well which is expected to reach a depth of 5,900 metres, with an
expected high degree of technical difficulty encountering high pressures and
temperatures. Although gas has been detected during the drilling operations,
this is in accordance with the Company's expectations as the drilling is
occurring in a known oil and gas province. Whilst this is encouraging, it must
be stressed that the gas shows have not come from the reservoir formations,
which are expected to be encountered from approximately 5,400 metres onwards.

The well is currently at around 2,000 metres and is scheduled to reach reservoir
depth during the month of June, with drilling results from the well expected at
the end of July at the earliest.

I hope Indago's logo doesn't represent the share price.

For all the apparent price weakness, its very difficult to buy any amount of stock.

No chance of 10K at 111p thats for sure.

Been picking up bits and bobs at 105.5p of late, finished yesterday and the timing looks good.

Any dips below 105.5p and I'll have a few more. My speculative holding is around 10K now, which means it will turn into 4K on failure of JH-1, or 100K on success.

Even if it turns into 4K, there are two more fully funded drills to come, which between them could turn that 4K back into 50K, or turn the 100K into 150K, or turn the 4K into 0K.

Thats the fun of a speculative punt :) Roll on August. IMO, this is the best speculative punt available in the coming months, but buy real shares, not margin (simply as the downside to 40p on JH-1 failure could later become upside back to 500p with the other 2 drills)


(JH-1 is worth 1000p if good, the othe two drills are worth 500p if good. Total upside potential is 1500p, however, should JH-1 fail then it would fall back to 40p, before the other two drills could give up to 500p upside in total between them).

IPL made me money first time around, and my 10K holding now contains some free riding shares after top slicing.

DYOR !!

If they drop to 90p tomorrow, is it worth getting in?

April 2007 Interview with Martin Groak

http://www.wallst.net/audio/audio.asp?ticker=AIM:IPL&id=3300

****************************************************

I have also put in a web archive folder up with information in.

This contains broker updates etc....

http://www.esnips.com/web/IndagoInformation


*******************************************

My view :

AJ-1 drill is ongoing, testing is expected in August 2007. This drill represents unrisked upside potential of 1000p a share. The other two fully funded drills to come later represent up to 400p a share potential upside. This is a high risk punt, make no mistake, however, the prospects (AJ-1 is relatively low risk on an industry scale) are massive, the upside is massive and there is no other play with this potential on AIM imo.I strongly suggest you read the broker notes in the archive folder link in this header, and listen to the Martin Groak interview from April 2007.

*** Note, I do hold IPL, however its made me significant profits already from the takeover news and rise, and my holding is now mostly "free". Therefore, I am holding all the way through regardless of results of drills. I would strongly suggest against holding margin positions like spread bets. The shear scale of upside will mean that this share will undergo, imv, big movements down and up ahead of news to shake margin positions out. Its far better, if you are going to buy, to buy the real shares and hold them. The advantage is that if AJ-1 well fails and the price falls, there is still 400p of unrisked upside from the other two drills, so all is not lost on AJ-1 failure alone, should that happen.Its high risk, so be careful and always DYOR !!

Asset Summary:

Oman Block 31 (50% Indago, 50% RAK Petroleum)
Jebel Hafit: The target is estimated at 1 billion boe on the Omani side (with another 1 billion boe on the Abu Dhabi side). Al-Jariya-1 presently being drilled. Completion and testing in Q3. Classed as low risk.

Oman Block 43a (50% Indago, 50% RAK Petroleum)
Adam prospect (Zad well to be drilled after Al Jariya -1 well is complete and the rig is released). The estimated target is 140 million boe recoverable

Oman Block 47 (50% Indago, 50% RAK Petroleum)
Izz prospect (Hawamel well drilled end 2006 with gas interpreted as being in place, but in a tight formation. IPL are contemplating a horizontal section to produce the well at a later date). The target is estimated at 60 million boe recoverable.

This link gives a good summary, as well as the interview. The summary details make a good read :


http://www.wallst.net/superstocks/superstocks_profile.asp?ticker=aim:ipl


.

"Work at Al Jariya has been delayed by over a month, mainly because of mechanical problems, which Groak assured had already been completely resolved.

The hole is now over 2,000 metres deep, still far from the target depth of 5,900 metres.

'It is a very deep well. We should be reaching the reservoir on July 20. Additional drilling will take another three weeks,' Groak said.

'August is the likely time we will be testing the well,' he added."

IMO it is a bit early to be getting back in, but looks like the sp is already building up for the news, which is now about a month away.

http://www.pipelinedubai.com/press/2007/pr_07_0313.html

Indago upbeat Posted: 11 June 2007

Dubai-based, London-list Indago Petroleum is upbeat about the prospects of its oil exploration projects, particularly in Oman , after unveiling narrowing losses in 2006.

The group's annual pre-tax loss eased to $3.5 million from $16.5 million after turnover jumped to $14 million from $3.8 million. Production averaged 1,833 barrel per day, over 12% ahead of budget.

Indago became a pure exploration business after it sold the oil production and development unit, plus half of the exploration assets, to RAK Petroleum for over 194 million pounds sterling in March.

The deal allowed Indago to pay 160 million pounds in special dividends and maintain a cash balance of $55 million - more than enough to finance the company's exploration programme over the next two years.



The Jebel Hafit gas prospect in Oman is the potential moneyspinner. The field, in which Indago owns a 50% stake, is believed to be holding over one billion barrels of oil equivalent.

The wells target depth is 5,900 metres. It is a very deep well. We should be reaching the reservoir on July 20, said interim chief executive Martin Groak. Additional drilling will take another three weeks. August is the likely time we will be testing the well.

Is anyone planning to go to the AGM in Paris next week?

Not me.


One theory I am toying with is that if JH-1 strikes, then RAK (the 50% partner) will buy out the other 50% held by IPL for around 1000p a share equivalent. This will leave IPL with tonnes of cash and looking for new ventures. When RAK purchased all the production assets and 50% of the explorations assets they said then "buying 50% with a view to purchasing more later".

I would expect the JH-1 well to be nearing the target zone around late July, we might find out more from the AGM statement.


http://www.zawya.com/Story.cfm/sidZAWYA20070708045338/secIndustries/pagOil%20&%20Gas


RAK Petroleum ready to invest $400m

08 July 2007

Dubai: UAE-based energy firm RAK PetroleumRAK Petroleum said it has $400 million ready for acquisitions and is hunting for oil and gas assets in the Arab region and neighbouring countries.

The company, owned by UAE and Saudi investors, could not spend that money when its deal for acquiring Gulf Keystone Petro-leum Limited in April failed to materialise.

"With that deal falling away, we have started looking at new ones. We are looking at two transactions at the moment," said Peter Sadler, RAK PetroleumRAK Petroleum's new chief executive officer.

The company can potentially spend much more than $400 million if it found producing oil or gas fields, he told Gulf News in an interview.

"We can access more money through borrowings. We are looking for acquisitions between $300 million and $800 million over the next 12 months," said Sadler, who joined RAK from Indago Petroleum Limited, which was purchased by the UAE firm in March for $370 million.

Sadler said the company's focus will remain on finding energy businesses.

"We have an upstream focus, predominantly gas if it is in the Arab world. Gas requires a bit more commercial and political knowledge of the region. With oil you can move a little bit further from your borders," Sadler said.

Iraq, Pakistan, Syria, Egypt, Algeria, Yemen and the Caspian region are among the areas of interest to RAK.

Down 12% already this morning on the back of the RNS:

LONDON (Thomson Financial) - "Indago Petroleum Ltd said it expects drilling costs at its Al Jariya-1 well, adjacent to the border with Abu Dhabi, to increase by 8.2 mln usd due to relatively slow progress as the well has proved to be technically very difficult.
The oil and gas exploration company said it has the funds to complete this well and the rest of the planned work programme.

The Al Jariya-1 well is located on the Jebel Hafit prospect in Block 31."

A little disappointing in terms of at least another 3 months before results, but the positive is it will not effect their fully funded 3 well drilling campaign, and also the geologic findings are as prognosis pre-drill.

As PapalPower says, it's disappointing news. Given the slow progress to date, I'd say that 91 days is an ambitious estimate. Still, may turn out to be a nice Christmas present for holders, but I still hold no shares here at present.

I've updated the header.

I'll own up, been adding a few here and there during the recent fall. Did not want to buy too much, so as the MM's would not mark it up.

Been very low volume sells has dropped the price, so I have added in small amounts too.

Seems like today a few others have decided to add some more.

Do you not think that this is likely to drift off further as the results date is now 2+ months away.
I will get back in, but sub 80p is likely, imo.

Looking at the 1 yr chart, resistance looks to be at around 74p, supported by the 200 DMA also at 74/75p.

The 200 DMA will run over the share split and sale of the assets, so need to be careful with analysis of it.

The drift depends on the sellers.......it needs sellers to sustain drift.

The selling volume appears to be drying up.

I am a buyer and I will hold through all three drills, so it does not really matter to me, drill one has upside of 1000p, and drills 2 and 3 together can give anywhere between 300p and 500p upside.

1500p potential upside you can buy for 80p - downside being 0p.

Thats nice odds for me for a speculative punt, and the money I am dribbling in here I do not care if its lost.

Point taken, PP.
I agree in principle that the potential is good, hence I will be getting back in.
I would qualify your last statement, though. Does it matter if I lose the money? No.
Do I care if I lose the money? Yes.

The time is getting near now, with Peter Saddler saying we will know something by end of Q3, and in fact, if the drilling went well, they could be into the reservoir zone first week of September, it it went to "nominal" target, then they will be into the reservoir zone mid Sept.


This is my post today on TMF, for a CQ, that being IPL from 59.5p mid price.


"This is a re-entry, after drilling problems caused a delay to the programme, which caused a fall and the stop loss being hit. The present market is confused and overlooking IPL imv, however, I believe the potential is very much still on, and a lot closer to fruition than people think.

According to a 19th July interview with Peter Saddler (CEO of RAK) the drilling would recommence latest 21st July.

The target was between 40 to 50 days to drill to potential reservoir zome, and between 30 to 40 days to drill through the reservoir.

This means best case 70 days to completion to TD (40 days to having first info coming back from the potential reservoir zone).

Nominal is 90 days to completion (50 days to having first info back from the potential reservoir).

Peter Saddler said that they should know something by at least end of Septmeber latest (the inclination being potentially sooner).

From the schedule and utilsing 21st of July as drilling starting again :

All being well they will be into the reservoir first week to mid September.

The risk is further drilling problems will further delay the drill, or cause it to be abandoned, however Saddler was confident that the problems in the initial stage do not take away anything from being able to complete the drill. He is ex-Schlumberger, so he should have as good a feel as anyone.

The fall from 105p down has been on very minimal volume ( http://bigcharts.marketwatch.com/charts/big.chart?symb=uk%3Aipl&compidx=aaaaa%3A0&ma=0&maval=9&uf=16&lf=2&lf2=4&lf3=1&type=64&size=3&state=11&sid=2639653&style=350&time=7&freq=1&comp=NO%5FSYMBOL%5FCHOSEN&nosettings=1&rand=5389&mocktick=1 ) and given that and the recent market wobbles, I am sure it will move back up very quickly once a few buyers come back.





Indago Petroleum

EPIC : IPL

Current mid price : 59.5p

Target price: Open ended for the duration due to the potential.

Potential unrisked price on AJ-1 drill success over 1000p a share

Downside potential on AJ-1 failure fall to around 35p a share imv (however have two further fully funded drills in place with upside potential of anything up to 400p a share)

**********************************

NMS : 2000
Can buy/sell over NMS normally with no problem.

*********************************

Reason for 20% (or lots more) gain:

Recently sold all their production assets to RAK Petroleum, returned 60p a share to investors and retained lots of cash and some exploration licenses, jointly held now 50/50 with RAK. Indago are not the operator.
Their ongoing drill is also their biggest, it's a very deep well targeting a 2 Billion BOE reservoir which sits half on the Omani side and half on the Ahu Dhabi side, therefore the target is 1 Billion potential for IPL/RAK or therefore 500 million for IPL.
Unrisked upside of this well is 1000p (yes a tenner per share). Downside on failure would see around a 35p a share price, based on the 2 remaining drills to come (fully funded, cash in bank and assets)


*********************************

Mcap: 31.73m

*********************************

Company website: http://www.indagopetroleum.com/

My esnips web folder of information is located at : http://www.esnips.com/web/IndagoInformation

Interview with Martin Groak April 2007 : http://www.wallst.net/audio/audio.asp?ticker=AIM:IPL&id=3300

It's a higher risk punt in all effect, but I know of no share that has the upside potential on a single event to potentially 10 times the current SP on success, but also offer some limit to the downside (as potentially their other 2 planned drills could be worth up to 400p a share later so the initial sell off on any bad news could potentially be recovered with a decent profit with later events).

Should easily see a 20% gain in the build up to results, could potentially give a 1000% gain if the AJ-1 drill comes in good, or an initial 50% loss (at the present SP if not.)


Asset Summary:

Oman Block 31 (50% Indago, 50% RAK Petroleum)
Jebel Hafit: The target is estimated at 1 billion boe on the Omani side (with another 1 billion boe on the Abu Dhabi side). Al-Jariya-1 presently being drilled. Completion and testing in Q3. Classed as low risk on an industry scale of drilling prospects (this still means high risk to me and you)

Oman Block 43a (50% Indago, 50% RAK Petroleum)
Adam prospect (Zad well to be drilled after Al Jariya -1 well is complete and the rig is released). The estimated target is 140 million boe recoverable

Oman Block 47 (50% Indago, 50% RAK Petroleum)
Izz prospect (Hawamel well drilled end 2006 with gas interpreted as being in place, but in a tight formation. IPL are contemplating a horizontal section to produce the well at a later date). The target is estimated at 60 million boe recoverable.

Further detail at : http://www.indagopetroleum.com/overview.asp


************* Note, I do hold IPL, however its made me significant profits already from the takeover news and rise, and my holding is now mostly "free". Therefore, I am holding all the way through regardless of results of drills. I would strongly suggest against holding margin positions like spread bets. The massive scale of the upside will mean that this share will undergo, imv, big movements down and up ahead of news to shake margin positions out. Its far better, if you are going to buy, to buy the real shares and hold them. The advantage is that if AJ-1 well fails and the price falls, there is still up to 400p of unrisked upside from the other two drills, so all is not lost on AJ-1 failure alone, should that happen.Its high risk, so be careful and always DYOR !!

It sailed past the 70/75p support level, so next support is at 50p.
With news still a few weeks away & the markets still falling I think there is still further downside for the IPL sp. But, as you say, the sp should blip up just on the approach of news.
High risk! Yes, for sure, but that's the buzz!!!

http://www.zawya.com/Story.cfm/sidDN20070719004025/SecProjects/pagNews/chnProjects%20News/objB5CA3253-195D-437A-832DF68D2587A1D7/


Thursday, Jul 19, 2007

By Ayesha Daya

Of DOW JONES NEWSWIRES

DUBAI (Dow Jones)--RAK PetroleumRAK Petroleum, an oil and gas exploration and production company based in the U.A.E. emirate of Ras Al Khaimah, is to review the company's strategy towards the end of the year, the company's new chief executive said.

Appointed a month ago to replace Philip Turberville, Peter Sadler, who previously ran the company's exploration and production arm, told Dow Jones Newswires in an interview that he will meet the board in the next quarter to define future direction and targets.

"In the next quarter I will meet with the board to review our strategy, including our output target," Sadler said in a phone interview. "We will see if we need to continue as we are, or if we change tack."

For the rest of 2007, the company will continue to focus on its core area, exploration in its Omani and Ras Al Khaimah acreage.

"This year we've been quite active operationally," he said.

Current net output is 2,000 barrels of oil equivalent a day, Sadler said.

Owned by a number of local investors, including the Ras Al Khaimah government, RAKRAK is one of several companies established in the Gulf in recent years keen to enter the international oil and gas arena.

Sadler used to head Indago PetroleumIndago Petroleum (IPL.LN), the London Alternative Investment Market-listed energy firm. He moved to RAKRAK in April when it acquired all of Indago's exploration and production assets for GBP194.2 million.

RAKRAK continues to share exploration assets in Oman with Indago, including Block 31, Jebel Hafit, a 104-square-kilometer mountain area estimated to hold 1 billion barrels of oil equivalent on the Omani side. The other side of the mountain is in Abu Dhabi, which hasn't been drilled.

Indago recently announced that drilling in the Jebel Hafit well would cost a further $8.2 million owing to problems with drilling in a high pressure environment.

"The cost has been $21 million to date. It is going to cost some $40 million by the time we have finished," Sadler said.

Results, previously expected in June, will now be known by the end of September.

For the past two weeks, operations have been shut down to prepare for the next phase of drilling, which will commence later Thursday or Friday, Sadler said.

"It will take 40 to 50 days to get into the reservoir, and a further 30 to 40 days once inside it to evaluate reserves," Sadler said. "By the end of the third quarter, we should have an idea."

After Jebel Hafit, the company is targeting the Zad-1 wildcat in Block 47 in Oman.

West Bukha, an oil prospect offshore Oman, is scheduled to produce between 10,000 to 15,000 barrels a day of oil from May 2008, Sadler said.

New acquisitions of assets and companies in the Middle East and North Africa are always on the cards for RAKRAK, Sadler said. "Our strategy is to acquire to expand in gas and oil," he said. "The MENA region is an area where we think we can work."

The company's offer in April for Algeria-focused Gulf Keystone Petroleum Ltd. (GKP.LN) failed to materialize.

"Gulf Keystone was a $400 million bid. That money is no longer committed, but there is no point rushing to get rid of it," he said.

Sadler said that a proposed initial public offering of RAKRAK had "no definite timing."

-By Ayesha Daya, Dow Jones Newswires; +971 4 3644962; ayesha.daya@dowjones.com

Copyright (c) 2007 Dow Jones & Company, Inc.

(END) Dow Jones Newswires

July 19, 2007 05:51 ET (09:51 GMT)

60p is a key level for me for IPL, simply because after the 60p special dividend and then the 5 for 1, there is really no trading history below this level.

The volume says it all imv, no volume, just small PI's getting fidgety, panicky with the markets or getting margin calls and being forced to sell.

A few decent buys coming in, and it will soon start to move back up.

With the potential for a news leak in the coming 2 to 6 weeks (given the new drilling schedule according to RAK), its also the time soon that speculative money will start coming back.




.

Shares in Issue is now : 53,333,311

At 55p mid price the market cap is just 29.33m now.

With around 20m in the bank imv, thats just 9.33m EV for potential of 1500p a share upside.

Its getting very cheap now imv, high risk and big potential reward play.

Whether this is cheap will depend on how much of that 20m is left at present. Too little and more money will be needed to allow development of the other assets once JH completes. For me, there is still no compelling reason to buy at present. I await the next update on JH.

VM, I am taking off expenditure already (which knocks off around 9m) to give a present today value of 20m cash.

On completion of JH-1 they will have enough for Zad-1, and should be enough for the sidetrack on Hawamel-1 too.

JH-1 is the most expensive of the three, followed by Zad-1 and with the final sidetrack at H-1 being the cheapest.

They stated in their last update that the increased costs of JH-1 will not compromise their allocated funding for the next two wells, so all in all, their last statement was that they can complete all three wells with no further funding requirement.

L2 on the up today as some buyers come in, all is blue so far, and now 2 v 1 @55/58

25K MM buy there, which means a larger trade is to be reported later (for which the MM buy helped fill).

Nice to see some movement, now L2 is 1 v 1 @61/65

On Line Limits getting stronger now :

BUY 1.5K at 68.76p

SELL 15K @ 66.2p

A decent day overall, lets hope more of the same today.

Surely that was because of a big buy that went through, as you said.
Only 3000 shares traded today so far & I would expect the sp to drift a little.

Well, some buying interest today.

We should know something by the end of this month latest, as interims are due on or before 30th Sept, so that will be the latest date of any update.

EVO presently on their own on the offer.

For reference.

Its said that EVO (Evolution) are going to stop being MM's across a few smaller oil stocks, and so its no surprise they are on their own on the offer.

Is this becoming the time to start getting interested in IPL again? A Progress Report must be imminent and as far as I could find out a few weeks ago they were finding the going easier - although slower because of the greater depth now reached and the need to sleeve the hole

Interims out today, all appears well, if delayed somewhat. Now expecting to hit target zone late in Q4. Encouraging given that mean potential reserves are worth 1000p should we get to them and they are there :) High risk and massive potential reward.......ideal for gamblers.....like me :)

This little extract from the interims :

"Chairman's report

Introduction

Since I last updated you at the time of our Preliminary results we have made just one operational announcement on progress at the Al Jariya-1 well on the Jebel Hafit prospect, as the Company's primary focus has been this well. At that time, an 11 3/4' liner had been set between 2,000 and 2,600 metres in order to stabilize the well, which was being adversely affected by tectonic movements.
The decision to do so appears to have been vindicated, as progress, although slow, has been steady since then. A consequence of inserting the liner has been the need for a two-stage drilling process, whereby an 8 1/2' pilot hole is
drilled initially, followed by a reaming operation, opening out the hole to 12 1/4'. This maintains the operational capability to set 9 5/8' casing before drilling into the reservoir in 8 1/2' hole. This would ultimately permit a
conventional testing programme to be run in the event that hydrocarbons are encountered. However, this two-stage drilling operation has led, inevitably, to slower progress. The operator has advised a further uplift in cost (Indago share expected to be circa $2 million) since our last announcement. The additional cost has been fully recognised in our forecasts and we are fully funded for our
foreseeable programme.

.

Interesting, it appears you can open up a pilot hole by up to 75% of the initial hole size with todays technology. All about bi-centred drills and underreaming. Interesting subject to read up on if your bored.

Lets estimate they continue at an average of 17m a day.

We should expect them to enter the first (upper) reservoir in late Q4.

They should complete to TD around early Feb 2008, and finish testing in late Feb or early March 2008.

Based on that, I think people should have a fairly good guesstimate of when to expect news and action.

PP think that the current est'd timetable is pessimistic from my contacts. early November seems very possible and may explain the director buys over the last two days.

Would be nice Sharesure, but I will remain with very cautious timelines for now :)



I would say the past few days director buying would mean they are fairly confident they will reach TD now, and so they, like us, feel its worth a little flutter now, given what is massive potential upside on success.

10K punt = possibly 100K back with mean success on JH-1.......or if JH-1 fails then that 10K punt could be worth up to 25K to 30K based on the next two drills.

Not bad odds at all.

Anyway, nice to see them all have a little dabble and buy some shares :)

For those interested :


L2 is blue, and a 1 v 2 @ 63/65 with LAND and EVO on the offer at 65p.

On Line Limits are certainly much stronger today than of late :

BUY 5K @ 65p (recently was 35K size at just above mid price)

SELL 7.5K @ 63.2p (recently was 1.5K at bid price)

Header updated with interim results.

Think the 75000 today is a buy

Yep.

75K buy at mid price (as was at trade time, its in the sell column due to 1 hour delayed reporting), appears to have cleared up a lump of overhang.

Would expect the buying interest to come in more and more now. IPL are potentially 8 weeks or maybe a little more or indeed less, away from entering the first potential reservoir.

1000p a share potential upside on this well (on median estimates) and backed up by 140p a share potential (median estimates) on the next drill, and 60p a share potential (median estimates) on the third well of the fully funded three well campaign - quite an exciting speculative play for those who like risk/reward scenario's.

Paypal
Thanks for that ,I could not agree more , have been buying for the last 3 months and can see this could be very exciting.
Currently holding 50k

50K could make you a cool half million or more............and me too ;) Lets hope we are both half a million up on this one in a few months time :)

I assume you will both be voting Conservative at the next election then, in anticipation of relaxed Capital Gains Tax!!! :o)
Will join you when some cash becomes available, but maintaining a watching brief.

ok I'm in as well, gonna wait with you this few months :)

are we gonna get any good news this week? :)

I think we will have to wait a month before the news , this goes along with there current drilling schedule
I have 50k holding

well 700202, I don't have so much, but hoping as you for good news:)

Re #202 Apparently the substrate being drilled at the present time is very hard going; progress from here depends upon how thick that layer is and TD ranges from end Nov. to end Dec.

I would still go with them entering the first potential reservoir section late in December, and perhaps TD late in January - testing results by end February.

We should get some update when (and if) they manage to get into the first reserovir in December. That should either be the kick start or the kick down.......hopefully it will be a kick start into the 200p arena.....and from there, who knows........ :)

However, remember, getting into the first reseroivr is still an issue, so its still very high risk !!

It looks like some of investors are not very patient....

buyers still building the stakes, looks like they just use opportunity - low price, lets have some more too :)

Indago Petroleum Limited
19 November 2007

Indago Petroleum Limited

(the "Company" or "Indago")





Appointment of Dr David Bremner as Chief Executive Officer



Indago is delighted to announce the appointment of Dr David Bremner as Chief
Executive Officer with immediate effect. David, (54), has been a non executive
director of the Company since October 2005 and has over 30 years experience in
the industry.



David joined BP in 1977, where he worked with their international staff in the
UK and the USA and in 1984 he joined Merlin Petroleum, a start-up exploration
company based in San Francisco, as Exploration Manager. After the sale of
Merlin Petroleum in 1989 and a successful role in international petroleum
consultancy, he joined Monument Oil & Gas in 1995 as Exploration Manager. In
1997 David was appointed Exploration Director for Monument, a position he held
until that company was sold in 1999. Since that time he has been engaged in
international petroleum consultancy. David holds a BSc honours degree and a PhD
in geology from the University of Glasgow.



As part of Mr Bremner's employment arrangements with the Company, he has been
awarded options over 400,000 Ordinary Shares of $0.0005 each at an option price
of 57.5 pence per share. The options vest in three equal instalments between six
and 12 months, 24 months and 36 months respectively after the date of
employment, being 16th November 2007.



Martin Groak, who has been acting Chief Executive, will revert to his former
position as Chief Financial Officer.





Tim Eggar, Chairman of Indago commented:



"We are delighted that David has agreed to become Chief Executive. He has been
an invaluable member of the Board and his wealth of knowledge about Indago, our
objectives and our strategy as well as his global experience will undoubtedly
help take the company forward into its next stage of development.



I would also like to take this opportunity to thank Martin Groak for his
tireless work as interim CEO over the last few months."





David Bremner, said:



"Having worked closely with Indago since the time of the IPO two years ago, I am
well acquainted with the Company's assets, partners, shareholders, staff and
directors. I very much look forward to delivering the remainder of the drilling
programme on the Company's existing Omani portfolio and working with the team to
develop new and material opportunities for the future."



19 November 2007

any news regarding Indago's drilling ??

Bit of interest coming back to IPL today.

PalPower , I'm afraid without news and update from Indago it is expect something, but I hope vision of drilling results end of December will start to move price to 65-70p even before any update.

May be time to take a closer look at Indago - I am expecting there to be news soon that they have reached the target area and if that is the case then that will have removed one of the two main remaining risks - the other being whether what is down there according to the seismic is oil/gas. Big risk still but gas shows on the way down are comforting if nothing else. If the company's hopes are even half right then by New Year this might be a multi bagger.All speculation but worth a look nevertheless.

Right now, I would say that AMER is a much better bet.

Blackdown - either is a good bet - just do not know which will pop first - so I'm backing both. But getting tired of waiting!!!!!

After today's more jam tomorrow from Amerisur it looks like IPL will beat them to producing some good sp advancing news; I am expecting an RNS saying something like they have reached target zone and have/will have reamed out the narrow end of the shaft ready to puncture the structure. That stage being reached would remove some of the risk (ie of not getting to the target area at all) leaving only (!!!!) the risk of their seismic having misled them.

hey, that is going to be really interesting week or two for IPL indeed, and lets hope that we will get some nice news

I wouldn't hold out too much hope for reaching target depth by end of the year. I'd expect some kind of progress update and slippage of TD to perhaps February.

The tectonic movements worry me.

Positive news from the next door neighbours:

2007-12-06 10:17:28

TETHYS OIL: OPERATIONAL UPDATE OMAN – SAMPLING AND TEST PROGRAMME COMPLETED

A comprehensive programme of flow tests and collection of gas and oil samples has been conducted in the Jebel Aswad well on Block 15 onshore Oman. A higher condensate gas ratio (up to 25% higher) was measured during this test. The data confirm the production results obtained in June earlier this year. Pressure gauges have also been installed at the bottom for a 45 day extended pressure test.


...

"We are pleased that the more fit for purpose test equipment used during this test measured a higher true condensate gas yield. This will have a positive impact on the overall field development economics," says Magnus Nordin, Managing Director of Tethys Oil AB.

On testing of the Jebel Aswad re-entry well in June 2007 the well flowed 11.03 mmscfpd of natural gas and 793 bpd of 57API condensate (total of 2,626 boepd). Tethys Oil is the Operator of Block 15 with a 40 per cent interest with Danish company Odin Energi holding the rest.
-----------------------------------------------------------------------------------------------------------------

... block 15 is adjacent to block 47 (Hawamel-1) and block 31 (Al Jariya-1)

Thanks ValueMax, so you think the date end of December was to optimistic??

I would reckon that first news potential (ie into the first reservoir) is potentially late January, and then TD around March, testing then taking a month or so.

For anyone trading shorter term, perhaps now is the time to purchase some June expiry positions, that should cover the full term of this well, all being well.

For anyone buying in for this and the coming 2 wells after, then any time is a good time to start buying, but perhaps now at Dec margin positions expiry is perhaps the best (margin positions expire next Tuesday and so the present weakness on many stocks as rollover day approches)

PP I think that your info on two wells following on is incorrect. I understand there is only one more planned and then refinement of info on the rest of the portfolio. Hopefully all academic since I think that if they are successful on the current drilling, a deal to sell either the asset or the company will follow quite fast.
As for timing I stick by what I posted earlier - an update to say that reaming out the lower section has commenced/completed prior to puncturing the structure over the next 2/3 weeks.

There are 2 further wells planned, the first is the Izz prospect (Zad), and then the further work on H-1 (a sidetrack).

As was stated at the last notice, they are fully funded to complete their forward drilling programme, which is JH-1, then Zad-1, then the H-1 recompletion.

OK - just differs from what I managed to pick up - and that was from someone who I thought would be likely to know. Whatever, this looks like the closing stages of a long wait.

Not wishing to miss out on the action & IPL was very good to me when they sold off their last venture, I have bought back in. High risk but high rewards!
Sp may drift a little before news but around 50p seems to be the support level, so hopefully that will not be breached.

At last count they were backed by 37p/share in cash - gives a reasonable safety net at the current price.

Nice to see a rise, it must be Christmas ;)

No....with some news now potentially just weeks away, its not surprising to see some interest come in. Very high risk, but what do you expect with 1000p of potential upside, maybe more.....presently available to buy in at 60p. Each day that goes past now, is potentially a little bit more risk removed if that drill goes a little deeper each time.

An announcement that they the drilling has reached the structure must be imminent- it was expected just prior to xmas

L2 is all blue, 3 v 1 @ 60/63

On Line Limits are :


BUY 1K @ 63p (yes, just 1000 shares at full offer price)

SELL 15K @ 61.1p

P/P there had been a seller in the wings over previous weeks; hopefully now finished as there is also rumoured to be a buyer wishing to accumulate a stake If that is also true then they have pretty good nerves to have waited this long before making their move.

looks promising, still holding 50k perhaps the news we have been waiting for is coming, fingers and legs crossed

Good day for holders. It would seem a bit rash to buy in now following this rise. Safer to await the upcoming news, which should come by end of December, although not guaranteed.

If the news is bad, today has been a good day for the MMs, with tight shorts getting closed and new longs being opened.

I still don't think there will be any conclusive news on JH for at least a couple of months.

ValueMax - the next news is likely to be that they have commenced entry into the structure - that removes a considerable risk from the equation - there are still others. A bounce in the sp should greet that annoncement. From then on it depends upon what they hit (or don't???!!!) and how soon. There are apparently two structures to aim at in the next phase.

At present that considerable risk is still in place.

Life,s a risk, postive thinking didn,t do anyone any harm

Good news in the RNS (even if its scared away some momentum traders), I was expecting first reservoir puncture come late January, and that looks about correct (given estimated TD given in the RNS). There are two potential reservoirs.

Also good to see confirmation that they are fully funded, despite increased costs, for this drill, the next drill (Zad-1) and also the H-1 recompletion, which is their forward exploration programme as noted many months ago.

This RNS may have been taken badly at first glance but is actually stating that the sleeving work is within 50m of being finished. The diameter of the drill hole is being/has been reamed from 8.5" up to 12.5" - not an operation that is done unless you have quite a lot of confidence that the capacity will be required. Once the last 50m of sleeving is finished the drilling gets interesting as the bit goes the last 1300m through two structures either one of which may produce the goods. Just hope for wet gas or oil as these two have the most value. If yestterday's sp hike was an expectation that the next news was going to be a discovery then that was premature. That will be the next one - today's was merely a confirmation of progress and process.
Yesterday's sp move shows how readily this will now respond to a strike although I am led to believe that the chance of catching the shares in any quantity once that happens will be slim.

Going to get very exciting now, with first reservoir being hit in around 3 weeks time, and they will get "signs" from that, the second reservoir to be hit around 5 weeks time, again with signs being available as they drill through.

Therefore there is very good potential for some initial news in around 4 weeks time, eg the initial shows whilst drilling through the first reservoir section.

The drop back has allowed me to add some, and have just taken some additional June positions now, based on the fact they have casing to 4600m in place now, this greatly derisks the potential to get to TD imv :)

I find it amazing and also in a way terribly disappointing that news reporters cannot be bothered to check facts and come up with terrible misleading headlines.

If you take IPL.

The initial drill estimate was 12m$ to IPL cost.

As per RNS July 07 http://www.investegate.co.uk/Article.aspx?id=200707110700380210A this was uplifted by 8.2m$.

New total from July 07 was circa 20.2m $.

As per interims 21st Sept http://www.investegate.co.uk/Article.aspx?id=200709210701392344E this was uplifted by another 2m$.

New total from Sept 07 was circa 22.2m $.

The RNS today estimates a new figure of around 25.2m$


Therefore the only news today is of a circa 3m$ rise in the drill costs due to the now expected TD in mid-Feb 08. However, read some of the write ups of today's RNS and you'd get to think suddenly a massive amount of new money was needed..............

I've updated the header with today's info.

Disappointing news for holders. Not unexpected, as has been discussed on here in the past.

Good couple of days for the MMs. Hope some of you made a few bob on it too.

Have been reading some of the irrationally exuberant postings on advfn from yesterday and this morning. Glad we've got more sensible posters on here.

A few posts on AFN were quite informative for those wanting to know a little more to aid their research. So they are copied below for reference info :


Sharesure - 28 Dec'07 - 11:47 - 1162 of 1175

The Nomad forced the RNS because of the sp movement. The reaming & sleeving has apparently been completed. Next is the forward seismic ie at the drill bit.(2-3 days work) That might prompt another RNS next week if leaks in info from Oman prompt more sp movement. After that the next RNS - 5-20 days - is on finding, or not finding, any oil or gas.
As for some posters that think supporters of IPL are trying to spin on 'bad news,' push off elsewhere, there are plenty of other stocks.

*********************

sandlab - 28 Dec'07 - 16:55 - 1168 of 1175

I have been out most of the day so now catching up on posts. FWIW, my take on events so far.
- Whether the RNS is good news or bad depends on your starting position. More delays and more cost is hardly good news but it was flagged here so not unexpected. BTW, I have an estimated day rate for the rig of about $160k (split between the partners). It is a great pity we do not get weekly updates as one sees with most ASX shares. If investors had known that the well was only at 4650m the speculative excess of the last 24 hours would/should have been avoided, except that is for those who really have no interest in the technical details.
- The Nabors crew have done well to get to this depth when other rigs in the general area have failed under similar, shallower, conditions. Chert stringers can be a bitch to drill through. Having said that, they still have 20% of the target depth to drill and a lot can go wrong at these extreme depths and conditions. In fact, the major problems should come in the last 20%, not the first section! The reservoir seal is the Fiqa formation so chert may continue to present a problem for some time yet.
- I am a bit disappointed that gas shows did not trigger off yesterday's rise. The jebel is seeping gas and condensate at several locations so I would have expected some mention of gas shows at depth, just as almost every other well drilled along the mountain front has found. There was no mention of gas in this morning's RNS. That may have been deliberate but they did mention gas at shallower depths in an earlier RNS. Seems odd to me.
- What was it that kicked off the sharp rise yesterday? If there are any more of these I might finally take a position here and sell into the momentum spikes. Crazy herd mentality.
My main information source in the area, who confirmed last night that there was nothing in the UAE rumour mill, is leaving the area in January. It is going to get more tricky for me to separate fact from fiction from now on :-(

********************

Sharesure - 28 Dec'07 - 18:25 - 1169 of 1175

sandlab, they have apparently had gas kicks all the way down and did break off drilling to fit a blow out preventer. Yesterday's rise was apparently because of some loose talk in Oman which made the AIM authorities compel IPL to issue today's RNS otherwise they were not going to say anything yet. Although some seem to think that the next 1300m is still very difficult I don't think the company share that view. They have finished reaming and sleeving and from this depth on it is a question of doing drill bit depth seismic over the next couple of days and then working out where to aim in the structure. All of this is general knowledge to anyone who cares to ring the company (in my case it cost me a lunch!) although it is probably not too wise to distract them from doing the day job.
From now on it is a case of waiting - we either halve our money very quickly if there is a dry well or the sp goes up very fast. I believe the company view is there is no middle ground.

*************************

muffinhead - 28 Dec'07 - 19:04 - 1170 of 1175

Sandlab my source in Abu Dhabi advised recent work has focused on setting the casing to the current depth which is a major achievement and safety first issue.

RAK now can push on for the final leg to resevoir depth.

The gas shows referred to at shallower depths are still there, its just that we are at deeper depths at this late stage. Mentioning gas shows in todays statement would have only fueled already raised expectations.

If RAK has been setting casing to this level, further seismic testing has confirmed resevoir issues ( which may explain part of the recent delay) but as you rightly point out RAK still has to get there and the rns advised it will be a few weeks.

*****************

muffinhead - 28 Dec'07 - 19:32 - 1171 of 1175

"In all regards, the geological aspects of the well remain consistent with the pre-drill prognosis"

Strange thing to say at this stage with 1300metres to go and 4600metres completed

Pre drill prognosis was for an earlier finish

Maybe now comfirmation of geology after further seismic tests and the prognosis refers to the resevoir structure.

*****************************

muffinhead - 28 Dec'07 - 19:42 - 1172 of 1175

"Current estimates suggest the well should be at total depth before
mid-February 2008"

So drill rate approx 10metre/day for last 6 weeks from 4300 to 4600

New drill rate 40metre/day for next 6 weeks from 4600 to 5900 TD

Statement from new CEO seems to imply they are expecting rapid progress now that cemented casing is in place and the geology is confirmed.

**********************

sandlab - 28 Dec'07 - 22:19 - 1173 of 1175

muffinhead, Sharesure - don't go away, you're hired.

OK, what did you mean by "forward seismic" and "drill bit depth seismic". To me forward seismic would involve creating a synthetic seismogram, or do you mean a sonic and/or a VSP? "drill bit depth seismic" - are they shooting a look ahead VSP at this level or some sort of simple uphole/downhole/check-shot type of well-shoot. Seems a bit too early for that unless they are trying to tie poor seismic into the geology above 4650m? Still, a look ahead VSP would make sense if they don't have a really tight fix on seismic depths. They do have poor seismic above the reservoir...hmmm...maybe they are...maybe the "geological aspects of the well remain consistent with the pre-drill prognosis" is just hot air.

As for the rest...Now I think I see why moderately heavy buying has continued after the RNS. I'm going to check with another contact I still have in Oman.

EDIT: Thinking about this, if they are shooting check shots or VSP they are unsure of the velocities and they may have the migration velocities wrong (did they do migration, probably not with such bad data) but anyway they may be unsure about the time to depth conversion. Or maybe they just want to clean up the seismic picture with a good VSP stack - that would make sense. I guess my money is on an offset VSP.

**************************

PapalPower - 29 Dec'07 - 02:34 - 1176 of 1176

Some good discussion there. From the very rough info there is, as below - you can open the link in a new window or tab and the picture will come, we can expect the first reservoir to commence around 5050m to 5100m, which means they have to drill about 400m to hopefully get into the first potential reservoir.

http://miranda.hemscott.com/ir/ipl/images/media/images/geological_drawings/Jebel_Hafit_Al_Jariya-1_well.jpg

If they are to start drilling again say 2nd Jan (allowing time for further down hole seismic and deliberation, you'd expect them to be into the first reserovir at best by 12th Jan, at worst by 22nd Jan, IMHO.

Done a lot of reading just then, and it appears that the Upper Fiqa is indeed highlighted as rich in chert bearing intervals, due to the rapid process under which it was formed. The Lower Fiqa (Lower Shargi) is not mentioned as chert rich, and was formed at a slower rate than the Upper Shargi and Upper Fiqa it so seems. Owing to this slower process at which is was formed there is much less chance of any chert. The Natih target zone is beneath the Fiqa, and with the Upper Fiqa now drilled through, apart from the HPHT (High Pressure High Temperature) aspects of the drill, it would appear the Lower Fiqa is going to be much easier to drill than what they have been drilling for the past 6 weeks. This may explain why the company is confident now of a quickened drilling rate, and reaching TD before mid-February.

Many of the posters on advfn read a RNS like their daily horoscope, picking out hidden meanings to suit their own positions and past arguments. Many posts are misleading and swamp the few decent posters. I much prefer this site.

The "Mean" estimate for the targets at AJ-1 is 1 Billion BOE (1 BBOE) recoverable which is nett to IPL of some 500 MMBOE (500 "million barrels of equivalent" as we are talking gas condensate here, the nett figure being 50% of the total, due to IPL having 50% of this prospect).

There is considerable upside potential on that, hence the mean recoverable estimate is 1 BBOE, and hence you get the WbD estimate of between 10 to 15 a share for IPL (being their take is between 500MMBOE to 750MMBOE based on mean 1BBOE and high figure of 1.5BBOE.)

There is of course still serious risk, the drill might not get to TD, and the reservoirs might not flow, or might contain nothing, so the downside is still very much present until good news flows.

WdB comment in Q1 07

"Following the sale of its production assets, the company has just paid a 60p dividend and consolidated the shares on a 1-for-5 basis. It has a 50% interest (partner RAK Industries) in three blocks in Oman and UAE. The company is currently drilling the Jebel Hafit prospect with mean unrisked potential of one billion boe. This is a very deep well which spudded on 29th January and should reach target depth at the end of June. The company currently has US$56m of which $26m is committed to its projects. A failure at Jebel Hafit would probably see the shares fall to around 37p but a success could produce upside of between 10 and 15 per share. We expect to see the shares rise prior to the results of the current drilling because the risk/reward is so compelling."

You can view the WbD comment here :

http://www.esnips.com/nsdoc/e9d8cfa2-94c2-49e5-ae39-ebadb213bd95

***********************************

Mirabaud are more conservative with the "unrisked" potential, going only for 330MMBOE and unrisked upside of 1244p (12.44) from AJ-1, however again, both the WdB note and the Mirabaud notes were written before the recent big spike in oil prices.........

You can view the Mirabaud note here :

http://www.esnips.com/nsdoc/79db2b13-7142-4b2c-af7a-a745f1f567b2


If you want to feed in the latest oil prices, and top of the range estimates, you'll have the potential to go well over 20 a share, but thats getting a little too much into the realsm of dreaming for now. Success on the first drill would likely mean a further 3 drills to be done, to really get maximum recoverable from this potential, however, IMHO, IPL would not be part of that, as RAK would more than likely snap up the 50% of AJ-1 for 1000p a share equivalent and do it themselves, as the potential final upside is more that double that figure. IPL, with massive cash balances, can then go about further exploration. However, rather than running off too far, lets get back to reality and hope the drill bit continues its movement downwards smoothly, and strikes some large commercial reservoirs.

Just two more snippets - 100m/day progress is believed to be likely from now on provided no further unexpected hard sub-strata is encountered.
As for sp predictions - I won't make any as others have already highlighted the massive potential, other than to add that if this well does flow in the way IPL hopes, they also expect that they could receive an approach either to buy their stake in it (possibly from RAQ) or for the whole company - and for that there would seem to be a number of potential predators. The next fortnight should be really interesting - at last.

Thanks Sharesure.

Still some people appear confused over the 1 for 5, and how many shares are in issue in IPL now.

Everyone should note that now there are just 53.33 million shares in issue, after the 1 for 5 consolidation. Some feeds still incorrectly show the old figure of 266.65 million.

http://www.indagopetroleum.com/investinfo.asp

(If your content provider is still incorrectly showing 266m shares in issue for IPL, please contact them and inform them that their information is incorrect as there was a 1 for 5 consolidation earlier in 2007)



Why 10 a share on one drill ? Lets calculate using some figures :

Most such structures produce around 70% Gas and 30% Condensate.

Condensate would sell around Crude prices, Gas substantially lower.

Assuming 500mboe net to IPL and Gas $2, Condensate $10 in the ground

Value = (350m * $2) + (150m * $10) = $700m + $1500m = $2.2b

So success here after appraisals would be worth around 1.1 billion

Shares in issue now is just 53.33 million, so a pre-development price should be around 20 a share, so therefore on a basis of find only, 10 should be easily supported.

Now, if I really want to blow your mind away with valuations, try this :

In this report below, and I have not read it, however its content on this issue was described as such, that the Jebel Hafit structure does not, as per the earlier calculations, contain 500 MMBOE net to IPL which is then split down into 70%/30% for gas condensate, but in the article in the link below it says JH contains :

7 TcF of gas AND 1MMBOE total.

A valuation therefore is 3.5 Tcf Gas x 2$ and 500MMBOE x 10$ as the net share for IPL for their 50% stake.

Thats just too big for me to compute and it gets silly, so lets stick with the earlier one of 1000p a share on find, 2000p a share post appraisal pre development, and keep those fingers crossed that the drill finishes well and commercial flowing hydrocarbons are down there.


************************************


Energy Intelligence: Oman Explorer Indago Targets Bukha Field, Mountain Fault Line

http://www.energyintel.com/DocumentDetail.asp?Try=Yes&document_id=194708&publication_id=31

*************************************************************

Thanks for ValueMax for the info on this :

ValueMax - 30 Jan 2007 08:23 - 39 of 257

Energy Intelligence: Oman Explorer Indago Targets Bukha Field, Mountain Fault Line

Needs a subscription (free trial) to view full article. It's a mix of research plus interview with Peter Sadler.

Key points from the article:
1) Jabel Hafit estimated to contain 1 billion barrels of oil PLUS 7 TRILLION cu ft of gas!
2) Indago planning at least four appraisal wells at Jabel Hafit.
3) Zad expected to contain 36 million barrels of oil plus 650 billion cu ft of gas. Gas may double if structure is similar to nearby Omani fields.
4) West Bukha 2 to cost $60 million to bring into production
5) West Bukha 2 condensate volumes 75% higher than anticipated per million cu ft of gas. (350 barrels vs 200 barrels in previous estimate)

Just bought in today the reward was too great for me to let this one slip.
Some truly excellent posts on here, it's been a pleasure to read them
Thanks to you all and best wishers for the New Year
Keith

Good luck Keith. The reward is great, well, potentially massive, but also so is the risk, and that must not be forgotten, for even at this stage the drill could have problems, or even if that is ok, then there may be no commerical hydrocarbons down there.......

Nicely blue, with L2 now at 6 v 4 @ 68/73

Nice start to the new year, the spread just widening a little on the offer, maybe trying to slow the buying in the hope they get some sells
Its getting interesting now

Moving up nicely again, lets hope it continues :)

Just as a matter of interest, PP, what is your strategy if the news turns out to be bad? I know these have been a fovourite of yours for a long while, but a 'duster' is going to hit the sp pretty hard, imo.

Could be a fall to high 20p levels, but not worried at all, as the next two drills have upside of over 200p.........

They are fully funded already, so even if this one is a duster, it will not be long before Zad-1 is drilled, and that alone could deliver over 140p of upside.

So on a drop to 20p or 30p you suddenly then have potential upside to 140p and over........

Most of my shares are now "free ride" after the last rise and the special div, so I am not in any rush to sell, and will be happy to ride over any rough news.

Out of interest :

L2 is now 1 v 1 @ 74/78


On Line Limits are :

BUY 10K @ 76.67p

SELL 15K @ 74.55p

It's risen quite well over the last few days and although i have made a small profit i know it may be difficult to buy back in later, so with the small amount of shares i have it's worth the risk for me to stay in,
Thanks PapalPower

I agree with PP about the drop to high 20s if well is not commercial. This risk of that happening is still greater than the chances of a commercial well, so IPL is by no means a dead cert. Stoploss, or ideally guaranteed stoploss, is a good idea.

Upside potential remains good, risk remains high.

I think the good thing here is that most people still cannot compute the upside, and are perhaps thinking it can go to 100p or 150p on success, they really do not understand the potential here or the fact that on proving up, if they do, the mean potential figures for this well, that it will be worth very much more than that.

If the well is a success and there are commercial flows, and lets not forget the odds are still firmly stacked against it then truly on the mean figures estimated, the upside here is 2000p a share to IPL, after appraisal wells. A normalised figure post appraisal but on confirmation of commercial flow and estiamted size should be half that, and so this is why you get the 1000p upside on this one drill.

The thing with IPL is its well worth buying shares (real ones and not CFD or Spread Bet positions), as they are fully funded for two further drills.

This being Zad-1 with mean estimates of 140MMBOE, thats worth around 140p a share potential to IPL, and then the H-1 horizontal completion which at 60MMBOE is worth around 60p a share potential upside on mean figures. Zad-1 is a strong prospect, and H-1 is confirmed as gas bearing.

Therefore by holding real shares, if the ongoing AJ-1 well does fail and the SP does drop down short term to the high 20's, you still have around 200p potential upside from the other two drills, and Zad-1 will spud as soon as the rig is free from AJ-1.

Those with real shares will be able to hold through any volatility if AJ-1 fails, and then will be in a few months time exposed to the Zad-1 drill result and potential 140p upside.

This is why real shares are much more of a "safer bet" if you are going to speculate on IPL and the big AJ-1 drill. Those with margin positions by CFD or Spread Bet will not have the luxury of waiting a few months for more big upside, but will be hit with big margin calls.

Some people will try to talk this one down if AJ-1 fails, but you have to remember that Zad-1 is worth potentially 140p a share to IPL, and that the people talking this down will be wanting to buy in cheap ahead of Zad-1, which most people see as a very good chance of being successful.

There are others who want to buy in for AJ-1, however they are, unlike others, unwilling to risk their cash, and so are trying to wait for the RNS of any good news, and then rush to buy in. They are also trying to talk down IPL as obviously the more it rises pre AJ-1 RNS, it means on good news there is less and less gain for them.

Interesting this one, but I do feel, and in a ways its lucky, that most people really are unable to appreciate the potential of this big AJ-1 drill and what it could possibly mean for IPL on good news.

The chances of failure are still higher than success and that must not be forgotten, but for those willing to flirt with risk, and willing to be patient and hold through any rough times on the AJ-1 drill, and wait for the Zad-1 drill following, then buying a few real shares of IPL is worth a punt imv.

I disagree with your statement that real shares are better than spreads on this company. A long position with a guaranteed stoploss in place will restrict any downside from a non-commercial AJ-1. If an investor is interested in the potential of Zad, new long positions can be taken at a later date once the share price hits a lower value.

Additionally, spreads are better tax-wise than real shares, and this could significantly improve an individuals finances once their interest in IPL is complete.

ValueMax, a lot will depend on any wild swings before news, if the MM's attempt to take out long and short stop loss positions by swinging wildly before any news, then they can quite easily, if you're on margin you might be forced to make calls or close, before the news comes out..........a lot will depend on how the MM's play this now.

The way I see it, real shares are just that, no pressure to sell, no margin to pay, sit and wait patiently, if AJ-1 fails, then just wait for Zad-1.

However, each to their own, variety is the spice of life.

In it's former guise as Novus Petroleum, Indago entered into a deal with Darcy Exploration whereby Darcy would introduce potential assets to Novus/Indago in return for the option to take a 25% stake in any asset which Novus/Indago purchased over the next two years (2003 - 2005). Darcy took up their 25% option in several assets. Today, those assets belong in part to Leed Petroleum, an AIM company. This morning they announced that their present drill has produced "compelling evidence that the primary target sand will be commercially productive and should exceed pre-drill expectations."

Sadly, Indago did not retain any interest in those assets following the hostile takeover of Novus in 2005, so I've created a new thread specifically for Leed Petroleum if anyone is interested.

Tricky to pick a %age stop loss which is going to be effective.
Down 5% today which may have been enough to trigger a tight stop.
If bad news comes then I can't see a non-guaranteed stop being good enough.

hmmmm obviously ValueMax coment is not the reason of this 5% drop today, HARRYCAT I am far from selling yet, even if there is some bad news, it might be some delay, they still didn't reach deep enough to say ifs something there or not...

Not long to go now until the first reservoir gets penetrated, lets see if they can keep a lid on the rumour mill......or not.

One Broker seems to think that the first target is going to be reached today. Might make monday/tuesday interesting.

If they do hit oil, is their strategy to then sell the field & move on? I seem to remember them saying that they preferred to stiick to what they were best at, which was exploration, not producing. If they sell, we should be in to the same scenario as last time with a special divi being paid, followed by a proportionate reduction in the share price.

If they don't?

See post #265 to the answer to that one, blackdown.

Interesting to see people talking about 'upsides' with specific sps prior to the issue of drilling results. How can they possibly know. Outcome might be no oil, some oil, or a lot of oil.

of course you are right, but you can assess the potential depending on 'none', 'some' or 'lots'. But as you say, no one knows for sure.

Is this a case of bad news travels fast - ie shareholders would have to be told if this was a duster; therefore the lack of news means there is something to test but this time they are managing to prevent any news leaking out?

that is weird to me as well , good or bad but is always some leak :) maybe they're just slower than they expected again...

Sharesure and last time I just gave them a call, to be honest i got nice update, of course nothing illegal :):)

Fernandesb, Think that from what I can find out, w/c 28/1 should be the most likely timing of getting into the structure provided there are no setbacks on the drilling equipment.

but isn't that normal that you get some news before? some forecasts, leaks about gas in the structure etc?

I don't think that there has been any secret about gas kicks on the way down hence the inclusion of a blow out preventer late last year. It would be unlikely that if next week the return mud starts showing oil or gas condensate that that could or would be kept quiet. The drilling team are bound to give that away.

I'd concur there, it seems like its sometime next week for getting into the structure.

Lively this morning.......

12%up at the moment, PapalPower is that the leak?? :):):)

I would just guess its a few people taking an educated guess that this is the week that the first potential reservoir will be penetrated......nothing more than that.....imv.

Any further movement and the LSE will require a statement as per last time there was a 20% one day rise. Always reckon someone knows more and who better than the drilling team to start by chatting in the local pub or wherever else they go out there in Oman

hehehehehehe Sharesure i wish to know which pub is that:)

So do I. Regardless of what the latest RNS states something started a concerted rise in the sp this morning. Events during this week should prompt the need for another RNS in my view particularly if they are making 100m/day progress and get no further setbacks.

LONDON (Thomson Financial) - "Indago Petroleum Ltd said drilling at its Al Jariya well on the Jebel Hafit prospect in the Sultanate of Oman is still in progress, but it has no further information about the future results of the well.

The oil and gas exploration company said the recent movement in its share price might have resulted from speculation regarding the drilling of the Al Jariya well.

Indago Petroleum owns about a 50 pct stake in Block 31, which contains the Jebel Hafit prospect."

A local source reckoned that last week they tried to put a rubber collar on the business end of the drill to prevent wear to the sides of the shaft as they drill at an angle. The rubber shattered and caused a bit of delay as taking the bit out at that depth is a 30 hour job. That was all sorted early last week and since then on some days 100m a day has been achieved, other days far less. All in all, it does look imminent if there are no further problems - but I reckon locals will spill the beans quicker than IPL will announce anything.

:) Sharesure indeed :)

Out of interest, on line limits presently are :

BUY 1K @ 80.2p

SELL 25K @ 79p


L2 is presently 1 v 2 @ 77/81 with LAND and EVO on the offer at 81p

Wonder if they need to save money now for an extended testing programme at the ongoing JH-1 ??

Given the statements of being fully funded for the completion of the current exploration programme, what could have happened that they suddenly don't care too much about the next drill, and seem to require additional funds......

Don't ask me, I have rose tinted specs, so I'll happily be deluded to the positive and say they have perhaps got something exciting on JH-1, and now are aware of the need to pay for extensive testing......perhaps, fingers crossed, tempting fate etc......... ;) LOL



http://www.zawya.com/Story.cfm/sidZAWYA20080201084647/SecMain/pagHomepage/chnAll%20Regional%20News/obj2A17E941-F5E0-11D4-867D00D0B74A0D7C/


Indago opens block door

01 February 2008

UK-listed Indago Petroleum is inviting companies to acquire an equity interest in Block 47 onshore Oman in exchange for funding 100% of its costs of a well on the Adam prospect.

The block is operated by RAK Petroleum, which is owned by the government of Ras al-Khaimah, one of the seven emirates making up the United Arab Emirates. Rak and Indago equally share the block where they have shot extensive 2D seismic.

There will be a data room available in London to allow potential investors to make a more detailed assessment of the opportunity.

The data room opened on 28 January, with offers invited by 15 March.

My thoughts on IPL are that the offer of a farm in on the next prospect is a strategic move to ensure that if Raq was tempted to try to spin out the current drilling in order to make a then cash strapped IPL an easy target for buying the other 50% of the current drill prospect on the cheap, then IPL would be able to use its cash reserves allocated for that second prospect as a means of resisting any such move. Only my thoughts, but on the positive side you are never likely to find two arabs fighting over the ownership of a three legged camel with no hump!

Also, what better way of attracting interest in all of your assets by having them look you over for investment. I feel pretty sure that once the current drilling is finished, and hopefully successful, IPL will very quickly wish to sell either the block or the whole company. Raq would be an obvious contender but the current farm in process may mean that there are others equally keen to get involved - a bit of competition would do us no harm.

Oops!! Closed me small T last week! Chickenshit but....

http://www.investegate.co.uk/Article.aspx?id=200802040701261801N
cyril

Looks like some more delays ahead, got to get the drill string freed up. Worst case might have to come back to where casing ends and do a sidetrack.

But thats the fun of HPHTdrills...

A few more weeks delays then.

Ok so we have good signs ( gas&carbon dioxide) and bad sign salt water. Could anyone who knows more about drilling process tell what are possible scenarios ??

almost 50% down already, is that means that nobody believes that they can achieve anything from Block 31???

glad I only had a little punt on this one and closed my s/bet in profit.

won't be looking to punt them again, as they don't seem able to deliver
these are the risks with these exploration tiddlers, I guess.

The important thing to remember is they do not know where this water has come from.

a/ Has it come from a fracture higher up away from the drill head ? As in the High Pressure has caused a fault in the wellbore in the area from where casing was set to, to where the drill bit was when this happened ? The pressure is such that this can happen.

b/ Has it come from the a stringer in the Lower Fiqa formation ?

c/ Has it come from the target Natih Formation carbonates ?


Until this is clear, they cannot deduce anything. If its a or b then the integrity of the target is still good, and drilling ahead can take place once the problems are resolved.

If its c then potentially the first target formation is a duffer, the second deeper could still hold good, they will not know that until they drill further down to TD.

Mr Bolton using spread bedts? ..... surely not? ...... that's playing with derivatives and Mr B always claims to be a long term investor with all his holdings ..... if he thought this was a good little company, surely his investement logic would dictate to stay with it and ride out the bad times - see CRA thread!

Anyone think the drop in SP overdone?

See post #265.
I think the worst has been asssumed & therefore this level was forecast to be the outcome.

ah, mr clever dick he can spell names backwards cynic, what a bright chappie he is, obviously can't put the wool over this fellas eyes, he is on the ball, yessireeee!!!

Ever heard of investment and a bet on the side? obviously not!

I've no idea if IPL was or is a good little company or not, and I have never pretended to know.
But it seemed a reasonable bet, is that ok with you?

That situation is completely different to , for example, CRA, where you post such rubbish as 'certain plateau' with your five minute attention span.

Which ever way you look at it - it's a duffer!

Bad news today. I've updated the header.

I tried to buy late on but MMs weren't offering any online which seemed strange as you could buy 50000 for most of the day. I feel this has been overdone, it's not their only well and they have a half share. I'll dip my toe in in the morning as i feel there may be a decent bounce back. Suspect the 2 big trades around 4pm were buys as this was about the time MMs stopped any online buying.

closing market summary:

"Dog of the day belonged to Indago petroleum (LSE:IPL) which saw its shares plunge after it announced one of its project wells in which it has a 50% interest had encountered problems and needed further testing. The shares lost 65% of their value with some traders questioning whether the news warranted such a large fall given the company has several other promising projects"

Valuemax, so that iis the reason tthat tthhey arre llooking for investors for otther assets, they just affraid that this 54m cash from june is not enough, ???

Not in this one, but it seems that with this market : it only needs a little bit of doubt for stocks to tumble, VAN, this one and ITM !

So i presume this has fallen well below cash value? How many can one usually buy on a normal day? Will be interesting to see how many shares are available for trade. Don't understand why they wouldn't allow any buying near the end, it's unfair imo to drop a stock so much and then not allow punters to nip in. Pity it's not on SETS as DMA traders could have bought.

We the smaller investors are possibly pawns (or shall I say prawns) in a big man's game !

Give it two more days, our emotional newly found posters will have gone, and normal dicussions can resume.

Well, estimates of a fall to the high 20's on bad news were correct, so that was proven to be correct.

As far as the well goes, after remedial action with the drill string is done, it then remains to try to work out what was the cause of the salt water influx. A "stringer" would be good news in some respects, as at least the target Natih formation would be viable, just its going to be a little more difficult to get to TD.

I have not bothered to sell, given most of my holding is "free riding", there is no point given the potential upside from Zad-1 and H-1

Makes IPL an even more interesting bet now.

If its just a stringer, then at 30p, if they continue on to target and get a result, you'll have over 30 times upside.

If its the Natih thats producing the water, and they decide to P&A, you've still got Zad-1 and H-1. Zad-1 is 140p unrisked upside, and 47p risked.

One would suspect the farm down of Zad-1 is therefore to gaind the funds needed for the H-1 horizontal recompletion.

Their present cash pile will be reducing all the time, and you have to assume that once the Zad-1 well is drilled, on top of this ongoing well, then funds would be insufficient to drill the H-1 recompletion and have enough for day to day running.

The Times reported the cash position today as around 31p/share. The current problem of the salt water could be that the drill encountered a blister in some limestone above the first target or that it was in the target itself; as has already been posted if it is the former it then remains to try to free the drill bit by putting a charge around it. More important is whether after Rak has assessed the situation they have the stomach to carry on, with the risk of more costs and setbacks.
As for the farm in on the drill prospect which is planned after this being looked at, apparently if IPL could acheive a carried interest there are other opportunities for drilling after that.

Either cut your sustantial losses or go for broke!

I'm staying put.

This has all the making of another VOG situation, could go either way !

Perhaps I should change the thread title to something more appropriate

AJ-1 is now valued as a dry well. SP of mid 20s covers cash position plus remaining assets. However, wrong time to buy here until sentiment changes.

Not yet - this drill bit may yet be freed and then after evaluating the cause the difficult decision of whether to go on or abandon. A safe solution if it was available is a smaller but fully carried interest for IPL from here on but maybe Rak would not agree to that.

no stopping this although it has fallen best part of 70% last few days, could be a quick 25% in this.

Whilst the risk of JH-1 being a write off has increased from high risk, to extreme high risk, people are forgetting that Hamawel-1 has struck proven hydrocarbons, and a horizontal should free them.

And that Zad-1 is potentially worth near 50p a share risked, and up to 140p a share unrisked (as it stands now with no farm out).

For those who like a gamble its sure offers an exciting ride. imv.

My apologies for mistakes earlier, I had said the first target starts at 5200m, this is not the case.

Actually their first target starts at 5400m, it was the Natih Formation that starts at 5200m.

Their first target is in the Natih, the second is in the Shuaiba formation.


The seal formation is "Kf" this is the Fiqa.

The first target is in the Natih "Kn"

Next down is the Nahr Umr Formation "Knu"

The second target is the Shuaiba Formation "Ksk"









.

Looks to be well on the move today,,,,,,,, some news perhaps

Anyone know if the drill bit has been freed and that that is behind this regaining of composure in the sp or is it just correction of an oversold position or anticipation of a resolution?

Bottom fishing, hoping for a bounce maybe?

Dead cat variety?

The suggestion on the Advfn board that IPL have to cut the string to the drill bit and then do a sidetrack drilling to make progress is a last resort measure. It is much more likely that a small explosive charge would be use to free drill bit prior to an evaluation of how to proceed (or not). The odds must be in favour of proceeding with the drilling since it seems unlikely that the structure that had the high pressure salt water was the shallower of the two structures that they are aiming at because a) it was shallower than the targetted depth and also the water pressure was apparently not sustained.

Thanks Sharesure for the update, lets hope they can correct the problem and recommence drilling

sharesure,,i picked up 30k today.

trots,well well...

Oh dear, hermana is here.......this can only be a bad sign going forward...... :(

Papa,was here! Turned this one last week before the salty RNS.

The stuck drill bit evaluation process seems to be taking longer than might be expected to sort out but is indicative that at some stage not too far off drilling will resume on this prospect. Not a share for traders with those indeterminate timescales but for everyone else prepared to wait (and at these levels, add!) this still represents a worthwhile prospect.

Bit of life in the old dog then today.

The volume doesn't suggest anything too much just yet; pretty certain that there will be an announcement on the resolution (or otherwise) of the stuck drill bit and where Rak goes from here within a couple of weeks - unless they wish to surprise everyone?

I think they just cant free this drill as fast as we all want to see

Hoping that next week might produce an update on how the drill programme will be resumed.

Perking up today.

Don't think anything in it myself, I am still expecting a P&A announcement, however, I have not sold any and do not plan too, so anything other than a P&A will be a most welcome surprise :)

PP you might see the sp dip if we do resume drilling this prospect unless there are some really soothing words concerning further risks, timing and cost.

Sharesure, I think if we get news that they hit just a "stringer" (which is possible, very possible), and they will soon be drilling ahead to target, you'll see a big jump up in the SP.

Only time will tell.

I am expecting this to be P&A, so any positive now is all to the "nice surprise side" :)

Not sold any, and no plan to.

PP, nor me. Just bought 30k more yesterday

hmmmm any news here ??

Think that they are still working out what to do

damn, I was thinking that other people are not patient, but now I'm wondering why it's taking so long.... they could just say anything about the situation... one month after drill stuck and we still don't know nothing...

From a post on iii, which appears to be a response from Martin Groak to a private investor. DYOR :


"We are still in the process of amassing information to determine the best course of action with the well. This involves taking readings under very difficult operating conditions using highly specialised equipment that had to be brought in from the USA. Sourcing this equipment meant we got off to a slow start and the challenging conditions meant a very cautious approach to gathering the data.

We are very conscious of shareholders desire and right to know what is going on. Please be assured that we have moved forward in terms of building up the jigsaw of information required to make sense of the situation, and we will be issuing an announcement in due course. We cannot be specific on timing, however.

You will understand that I cannot go further into detail at this point"

Thanks for that PaPalPower, so it looks like mot everything is lost there...

Key Dates Alert: Indago Petroleum Ltd will be releasing its Financial
Results in 13 days time - 31/3/2008

Results due 30.03, do you think they can attach some drilling update???

Might be some news next week then ?

I still expect delays and a P&A on JH-1, but who knows......maybe some good news in there, if the prelims are out on forecast date.


http://www.indagopetroleum.com/investinfo.asp

Forecast Key Dates

_______Event_______________________Date

Next prelim announcement ===== 31 - Mar - 2008
Next annual report due ======= 09 - May - 2008
Next AGM ===================== 09 - Jun - 2008
Next interim announcement ==== 30 - Sep - 2008

I think news on the drilling position may come sooner than next week - the prelim. results would be likely to be dealt with separately next week.

The "Rumours" Post for IPL :

To summarise the latest rumours (and ONLY TAKE THEM AS RUMOURS), which must be taken with a very large pinch of salt until some further official news is released. They could be completely and utterly wrong. I am expecting P&A on JH-1, so there you go, maybe a nice surprise is coming, but I am expecting nothing.

-The "Blowout" was caused by an accident (drill rig operator ?) and as such is covered by "Blowout Insurance" that was taken out.
-US experts are on site, and progress is being made, although very slowely its being done so as to avoid any more "accidents".
-This JH-1 drill will drill ahead through a sidetrack and its not P&A as yet.


DYOR !!!!!!!

Good news.

The targets are all in place, the well is not P&A, looks like a stinger it was, and so onwards we go :)

http://www.investegate.co.uk/Article.aspx?id=200803280701109724Q

Indago Petroleum Limited
28 March 2008

Drilling Update

Indago Petroleum Limited has been advised that RAK Petroleum PCL today released the following statement regarding the Al Jariya-1 well in Block 31, Oman of which it is the operator.

'RAK Petroleum PCL, through its wholly owned subsidiary, RAK Petroleum Oman Limited, is operator of Block 31, onshore the Sultanate of Oman, where we are drilling the high impact exploration ....................................

Well finally, PalPower at lease we know that they are not planning any P&A as yet and the target stays as before:)

I just don't understand reaction of sp....

The reaction is probably because the market didn't quite appreciate the potential for the last part of the RNS, namely insurance monies. Maybe most never read that far. Boots and Coots are not likely to have been cheap but the fact that they were on site when this problem happenned potentially gives the insurers an independent view of events and should make the settlement of a claim more speedy and easier in my view. Plus their costs since the incident should be recoverable too in any claim.

"we are intending to carry out surveys to ascertain the current status of the open section of hole and then formulate a plan to ensure that the problematic zone is isolated in the well."

"The source of the formation fluids which flowed to surface is uncertain."

"In order to drill deeper than the current level we will, at the least, have to abandon the existing section of open hole below 4591 metres and sidetrack from inside the existing casing."

"However it is likely that specialist equipment (expandable casing) will be required and that consideration, plus allowing time for over pressure to dissipate, may result in moving the rig and drilling the next exploration well before returning to complete operations at Al Jariya."

How could the market possibly interpret these comments as positive??? There is absolutely nothing in their RNS today to give shareholders better value for money, imo. The insurers are on site which merely means that the liablity question is going to be easier to sort out. In the short term the sp has done exactly what I would expect.

Quite simply everyone had written this off as P&A........and now its not.

And the Natih formation, target zone 1, appears to not even been drilled into yet.

Its looks very much like an isolated stringer in the Fiqa formation.

The very fact its not P&A and both targets are still in play, is very exciting imv, and good news.

Worth a read over at TMF :


http://boards.fool.co.uk/Message.asp?mid=10987945&sort=whole

Actually i know why sp moved like that, and I'm not surprised if some shares website and services are calling recent drilling update as "more troubles for Indago" . In fact drilling update doesn't say nothing new, cause nothing new happened

A few seem to have forgotten that IPL were asking for farm in bids to cover 100% of IPL's drilling costs for the second prospect (apparently to leave the existing funds free for acquiring further prospects). Seems a sensible move as far as de-risking goes. Those farm in offers were required by 31/3/08. So expect some comment when the interims come out next week.
As far as last week's RNS is concerned the existence of valid blow out insurance offers up all sorts of possibilities since that type of cover is generally for more than 100% of the cost to allow for the fact that re-drilling will probably be more costly. If there was a decision to P&A the hole (not convinced that that will be the decision from what has been said) then a % deal with the insurer would be a likely move. All of that means IPL either ends up with more cash in the bank or additional drilling funded by the insurer.
Not such a bad position to be in really!

Given results should be out soon, it will be interesting to hear news on the Block 47 farm out.

If IPL have managed to farm down their 50% to say 25% and got back costs and free carry on the drill through to testing completion, that will be nice. If they are pushing ahead with Zad-1, you would have to assume they must be close to farm out of it.

Everything has gone backwards but Zad-1 on the Adam prospect in block 47 was initially described as such in 2005 :


"ADAM

Adam is 40 km from the PDO Cambrian discovery at Kauther-1 which
flowed at 49 MMscfd/4,000 bpd.

This prospect is a Cambrian closure beneath small Cretaceous gas pool.
The reservoir target is Cambrian Amin sandstone formation at circa
4,200 m depth.

Indago expects to spud a US$ 11.4 m well, including testing, at Adam
in May 2006."

"Drilling and testing will take 4 months"

***********

This was the earlier news (and do not forget Izz (Hamawel-1) is also part of block 47 along with Adam (Zad-1). Hamawel-1 is still in play, pending a possible horizontal completion.

http://www.zawya.com/Story.cfm/sidZAWYA20080201084647/SecMain/pagHomepage/chnAll%20Regional%20News/obj2A17E941-F5E0-11D4-867D00D0B74A0D7C/

Indago opens block door

01 February 2008

is inviting companies to acquire an equity interest in Block 47 onshore Oman in exchange for funding 100% of its costs of a well on the Adam prospect.

The block is operated by RAK PetroleumRAK Petroleum, which is owned by the government of Ras al-Khaimah, one of the seven emirates making up the United Arab Emirates. Rak and IndagoIndago equally share the block where they have shot extensive 2D seismic.

There will be a data room available in London to allow potential investors to make a more detailed assessment of the opportunity.

The data room opened on 28 January, with offers invited by 15 March.

******************

http://www.menafn.com/qn_news_story_s.asp?StoryId=1093190723

RAK Petroleum Oman provides update on Block 31 progress

Khaleej Times - 29/03/2008

(MENAFN - Khaleej Times) RAK Petroleum Oman Limited, the wholly-owned subsidiary of RAK Petroleum PCL, yesterday provided an update on operations at the Al Jariya-1 well, located on the Jebel Hafit prospect in Block 31, adjacent to the border with Abu Dhabi.

RAK Petroleum is 'The Operator' of Block 31 holding 50 per cent, in partnership with Indago Petroleum Limited, which holds the other 50 per cent interest, the company said in a statement.

"Despite some serious complications in early February, which we believe resulted in an underground blowout, we are confident that we have not compromised the main target, Shuaiba reserves, and that the Natih reserves also remain prospective," commented Peter Sadler, CEO, RAK Petroleum. "We have been working closely with the Ministry of Oil and Gas, in Muscat, and our partners Indago to assess our options, which include executing a sidetrack."

Whilst exploring the causes of the high pressure water and gas release, the team examined rock cuttings from the formation encountered close to the bottom of the hole, to estimate approximate age. It was discovered that drilling has reached a limestone unit of Campanian age, which is some 7 million years younger than the first target 'the Natih formation' which is of Cenomanian age.

"This information clearly indicates that the Natih, which represents around 20 per cent of targeted reserves, still lies between 20m and 180m deeper than the furthest point currently reached," continued Sadler. "With the bulk of the targeted reserves lying a few hundred metres deeper in the Shuaiba formation, under the Nahr Umr shale, a regional seal."

RAK Petroleum is currently finalising plans based on these recent findings, in conjunction with the Ministry and Indago, and will provide an update once agreement is reached.

Results out.

http://www.investegate.co.uk/Article.aspx?id=200804100701000283S


We are off to Zad-1 in May, and will complete that and do the completion to AJ-1 by end Q4. All is looking fine, cash is ok through to 2009. A very positive statement, and AJ-1 will proceed, and even if the Natih formation is suspect, the main target area much lower (being 80% of the potential 1 billion boe) is still intact and very prospective :)

One must not miss the importance of the insurance for the AJ-1 drill....

"................Discussions are continuing but it appears likely
that at least a significant portion of the cost of the well control and
remediation will be covered by the joint venture's well control insurance."



Well control AND remediation.

One must not miss the importance of the insurance for the AJ-1 drill....

"................Discussions are continuing but it appears likely
that at least a significant portion of the cost of the well control and
remediation will be covered by the joint venture's well control insurance."



Well control AND remediation.

I hope it looks so good in reality ....

Blow-out insurance generally allows for more than 100% of costs of reinstatement (typically 125%) to reflect that it will likely cost more to get back to the same position. Other than delay, in some ways it would be good to come back to AJ-1 later since I think it is believed that the Zad-! prospect is more straightforward to drill (ie not into an underground mountain still in the formative stage!) and the target strata is at a shallower depth.

Seems sensible to await the outcome of the insurance claim before deciding to continue drilling.

Just playing with some figures for fun, they could well be wrong and so any suggestions welcome.



The companies cash position at 30th June 2007 was 54m US$. The companies cash position at 31st Dec 2007 was 41m US$.

Therefore the company overheads and drilling costs for 6 months of AJ-1 was 13m US$.

Thats a handy figure to know.

This works out to be therefore 2.16m US$ a month whilst drilling, so inflation etc.. lets say 2.5m for 2008.

Admin alone is circa 550K US$ a month in 2007 so lets say 600K US$ in 2008

Company was drilling only for 1 month in 2008 before blowout. All costs for blowout and also later remedial work coming from insurance.


Cash position :

1st Jan 2008 = 41,000,000 US$

Take off 1 months (Jan) admin while drilling = 38,500,000 US$

Take off 3 months (Feb/Mar/Apr) admin only = 36,700,000 US$

Take off 4 months (May/Jun/Jul/Aug) admin while drilling = 26,700,000 US$

Take off 2 months admin (Sep/Oct) = 25,500,000 US$

Take off 2 months admin while drilling = 20,500,000 US$

Take off 5m US $ as contingency for Zad-1 into production.

End of 2008 year should be circa 15.5m US$ cash balance with a producing asset coming on line (fingers crossed) - and hopefully, toes crossed as well, AJ-1 finished and the answer known as to whether there is a massive gas and condensate reservoir under Jebel Hafit.

Thats interesting figures PapalPower thanks

Indago Petroleum Ltd - Drilling update
RNS Number:2004T
Indago Petroleum Limited
28 April 2008


Indago Petroleum Limited
(AIM: IPL)


Drilling Update


Indago Petroleum Limited ('Indago' or 'the Company'), the oil and gas
exploration company exploring onshore the Sultanate of Oman, announces a
drilling update for the Al Jariya-1 well, located on the Jebel Hafit prospect in
Block 31, adjacent to the border with Abu Dhabi.


Following press releases made by the Company and by the Operator RAK Petroleum
PCL on March 28th 2008 regarding the status of the subject well, work has
continued on the attempt to remediate the well and prepare it for a possible
sidetrack. A cement plug was set across the open-hole section below 4591m as
planned. The operation proceeded using free-point logs which identified 2668m as
the point below which the drillstring was stuck. Subsequent recovery of drill
pipe could only be achieved from above this depth. This situation precludes any
sidetrack operation from below this 2668m level and a sidetrack from above this
level is considered to be neither safe nor technically feasible. Consequently,
there is no alternative other than to plug and abandon the Al Jariya well. This
operation has been approved by the Oman Ministry of Oil and Gas and should be
completed during the next few days.


Following consultation between the joint venture partners and the Ministry, and
in accordance with the previously announced plans, the intention is to now move
the Nabors 103 rig to the Zad location on the Adam prospect, on the adjacent
Block 47, and to drill that well starting in late May 2008. Whilst that well is
drilling, the joint venture will progress its insurance claim for the loss of
the Al Jariya well and fully evaluate the practicality and cost effectiveness of
re-drilling the Jebel Hafit prospect. It is likely that the order time required
for long lead items will preclude the possibility of drilling a new Jebel Hafit
well immediately following the Zad well and, therefore, such a re-drill would
probably not commence before 2009.


As described in the Operator's press release of March 28th 2008, technical work
indicates that the prospectivity of the Jebel Hafit structure remains
substantially undiminished, most certainly at the deeper Shuaiba (Thamama) level
which is estimated to hold the majority of the prospective resources.


David Bremner, CEO, commenting on today's announcement said:


'Clearly the loss of the Al Jariya well is a huge disappointment for the
company and our shareholders. We intend to pursue vigorously all avenues open to
us to get Jebel Hafit re-drilled in as short a time frame as possible. In the
meantime we believe that the imminent drilling of the Zad well on the Adam
prospect should hold considerable interest for our shareholders. Adam is a
moderate risk prospect targeting significant gas and gas condensate reserves in
close proximity to existing infrastructure. The target reservoir in the Zad well
is shallower than that in the Al Jariya well and, as the hole will be vertical
as opposed to deviated, our hope is that it will be drilled without significant
problems. The well is programmed to take around 100 days from time of spud.
Irrespective of the insurance claim and despite the cost overruns associated
with Al Jariya, Indago is well funded to drill Zad which is the final well in
the originally planned three well exploration programme.'


Indago holds an approximate 50% interest in Oman Blocks 31 and 47. The Operator,
RAK Petroleum PCL, holds the balance of the interest in each case.

Oh dear.

Only really 'oh dear' if the insurance claim does not succeed. Provided it does that would make this just another delay - not unusual in the oil business. Disappointing though - waiting until 2009 seems a long time.

From what I can glean this is more a matter of a delay provided the insurance policy answers up on all counts - and there should not be any reason it doesn't as it was a typical blow out insurance and this was a blow out. Any redrilling would likely cost less than the $55m of the first drill through better knowledge and this time rather than retro-sleeve it would make more sense to use that experience of the first drilling and drill a larger bore from the start so that it would cut out the need to drill and ream. That would be significantly cheaper and faster because it would be a single operation - 2/3rds the cost maybe?
The ZAD prospect is reckoned to be a more straightforward vertical drill so hopefully it will be relatively easier and quicker to re-gain some of the lost ground.

.

Something afoot ?????

As an aside, I think the MM's are a little short of stock, thats why the late reported sub 23p trades are coming through, give the impression of some selling........LOL :)


On line limits are :


BUY 1K @ 24.88p

SELL 25K @ 23.66p



L2 is 4 v 2 @ 23/25 with just CAZR and LAND on the offer.

Maybe the insurance issues have been sorted?

http://boards.fool.co.uk/Message.asp?mid=11048441

Paul's write up of IPL over at TMF. Worth a read for his opinion, and some details on the potential insurance claim values.

very interesting, I was thinking also to increase a bit.....

Well, you cannot knock the guy, according to the RNS of late yesterday he has also purchased over 3% of the company. Thats as they say, putting your money where your mouth is.


Evil (SC) has been buying too.

It appears in the t1ps.com diary entry according to a post on another site.

"I am also advised that Indago Petroleum (IPL) is a buy. I could only get 75,000 at 24p yesterday. But, on a betting perspective, anything below 40p is a good punt for 2008."

With reference to the talk of ADNOC ( [url=http://www.adnoc.ae]http://www.adnoc.ae[/url] ) who have the other half of the potential Jebel Hafit structure on the Abu Dhabi side it would seem to us layman the ideal way forward now is a farm in.

(Background : The structures under Jebel Hafit, first target Natih circa 20% of potential 2 billion boe, second deeper target Shuaiba circa 80% of potential 2 billion boe extend across the international border between Oman and Abu Dhabi. It has therefore been assumed that 1 billion boe is on the AD side, and 1 billion on the Oman side - RAK/IPL own the license for the Oman side)

Given the knowledge gained from the AJ-1 drill, it would make sense for all three parties to now work together (ADNOC and RAK/IPL).

An easy way might be for ADNOC to farm in 50% of the Oman side, and RAK/IPL farm in for 50% of the Abu Dhabi side on simple swap basis. They all share success if that happens, and retain their present percentages. If the drill fails they all fail, but only need to drill one well between them all to find out.

This would allow IPL to test this structure but only pay 25% of the costs via the first drill of perhaps only one drill in the event of failure. Seems to be win-win all round, now that more knowledge is there after the AJ-1 failure.

According to information elsehwere, ADNOC wanted to farm in on the first drill, however wanted it to be on the AD side (as in IPL/RAK farm in to their drill), but IPL had to drill on the Oman side to comply with the license terms. Given the requirements to start drilling in Oman, this farm in did not take place.

Now that IPL/RAK have so much geological data from the drill, know what is needed to get to over 5000m, and have so much more information on the Oman side, perhaps ADNOC will now farm in to a drill on the Oman side, it will be a very cheap way for them to test the formation.

So yes, perhaps that might be one way in which testing this structure is done in 2009.

well I'm not surprised, You knew and many others that this company is still showing great future for investors, I'll try on Monday:)

Being a holder, I would dearly love to see Indago hit a commercial find at Zad-1, not only for the obvious, but perhaps then we will see what appears to me to be the business case for IPL coming through for all to see.

As far as I see it, RAK want to be developing proven finds on their own, but are happy to be exploring with reduced risk (eg the 50/50) with Indago. Indago now is a pure exploration play, with no desire to go about developing finds and putting them into production.

As was seen with West Buhka, it was sold to RAK, and RAK develop it. IPL have since that transaction said many times they are going to be focussed on exploration.

I think too many people have been exposed to too many far flung middle of nowhere type of explorations, where it takes years to put them into production and there is nobody else going to do it.

In this situation here I would hope we will again see, on a commercial find, RAK buying out the remaining 50% that IPL own, giving IPL instant cash, and allowing RAK to be the ones who develop the asset 100% on their own.

Those who think that IPL is going to develop the asset, I think they are mistaken, and you will see RAK buy the 50% out of IPL for the Adam prospect in the event of a commercial find.

This benefits RAK as their "exploration de-risking partner" then goes forward to test more and more prospects, which RAK can buy up on success, or write of just 50% costs on failure.

IPL was grossly undervalued in the past, prior West Bukha-2 testing, when I first started buying - and it paid back handsomely with the RAK purchase of those assets.

My comment would be do not think of IPL as a developer of assets, they should be, imv, a finder and seller, quickly realizing cash for their finds from their partner, and remaining exploration only.

For reference :


L2 is 2 v 3 @ 30/32 (SCAP/EVO and AMBR on the offer)



On Line Limits are :

BUY 15K @ 31.7p

SELL 25K @ 30.61p

Few changes :


For reference :


L2 is 2 v 1 @ 31/32.5 (AMBR on the offer)



On Line Limits are :

BUY 1.5K @ 32.5p (yes just 1500 at full offer)

SELL 25K @ 31p

Indago Petroleum Ltd - Posting of Accounts
RNS Number : 1734U
Indago Petroleum Limited
11 May 2008


Indago Petroleum Limited
('the Company')

Posting of Accounts

Indago Petroleum Limited (AiM: IPL) confirms that the 2007 Annual Report and Accounts and Notice of Annual General Meeting were posted to shareholders on 9 May 2008.

A pdf file of the Annual Report and a link to order a printed copy is available from the Investor Information section of the Company's website, at www.indagopetroleum.com, where the Notice of Annual General Meeting of the Company, taking place in
Guernsey on 9 June 2008, can also be found.

A copy of the Annual Report can also be obtained through the Financial Times Annual Report service.

12 May 2008

L2 is solid blue.

Just 1 MM unchanged today.


Now 1 v 1 @31/32.5 with just AMBR on the offer.

RNS Number : 0236V
Indago Petroleum Limited
22 May 2008

Commencement of Drilling

Indago Petroleum Limited ('Indago' or 'the Company'), the oil and gas exploration company exploring onshore the Sultanate of Oman, is pleased to announce the commencement of drilling of the Company's Zad well on the Adam Prospect ('Adam') in Block 47.

The well, which spudded on 20th May, is forecast to take around 100 days to drill and is targeting the Cambrian Amin Sandstone reservoir at a depth of around 4,250 metres.

Adam is estimated by the Company to have gross mean prospective resources of about a half trillion cubic feet of gas and substantial associated condensate. The Kauther Field, operated by PDO, is an analogue for Adam. Kauther lies some 45 kilometres to the south of Adam and came on-stream in October 2007 producing gas and gas condensate from the same Amin Sandstone reservoir.

The proximity of a major pipeline which runs through Block 47 to Muscat, the capital and largest population centre in Oman, is a factor that the Company believes enhances the chance of a discovery at Adam being a commercial success.

David Bremner, CEO, commenting on today's announcement said:

'We are excited to get the Zad well underway and expect a more straightforward operation than we had with our recent Al Jariya well. Whilst Adam is considerably smaller than the Jebel Hafit prospect, a discovery would be highly significant for Indago. It could also help achieve a critical mass for the development of other existing and future discoveries in the immediate area.'


Indago holds an approximate 50% interest in Oman Block 47. The Operator, RAK Petroleum PCL, holds the balance of the interest.

22 May 2008

Enquiries:
Indago Petroleum Limited
David Bremner, CEO + 1 805 708 4892
Martin Groak, CFO +44 7949 209 301
Tim Eggar, Chairman +44 7771 597 499

JPMorgan Cazenove Limited +44 20 7588 2828
Barry Weir
Neil Haycock

Nabarro Wells +44 207 634 4705
Marc Cramsie

College Hill Associates +44 20 7457 2020
Nick Elwes
Paddy Blewer

Website: www.Indagopetroleum.com

Notes to Editors:

Indago Petroleum

Indago Petroleum Limited is an oil and gas exploration company listed on the AIM market of the London Stock Exchange. The Company is geographically focused in the Middle East, currently exploring in the Sultanate of Oman, a politically stable country with proven hydrocarbon reserves and an active gas market.

Following the disposal of its production and development assets and just over 50% of its exploration assets to RAK Petroleum PCL ('RAK Petroleum' or 'the Operator') in April 2007, Indago currently has an approximate 50% stake in three exploration blocks onshore Oman (Blocks 31, 47 & 43A) operated by RAK Petroleum.

Review by Qualified person:
The technical information and opinions contained in this press release have been reviewed by Don Scott, a qualified Geoscientist (BSc (Hons) Geology - Southampton 1963, MSc Applied Geophysics - Birmingham 1964) and a Fellow of the Geological Society of London since 1964.

Finally:):) I hope it will pay off for being patient:) PapalPower what was your estimate of this well if they got it right ?

Upside on a good result it its worth 140p to 200p, perhaps a big more even to IPL.

Key Dates Alert: Indago Petroleum Ltd will be having its AGM in 13 days time - 9/6/2008

In case anyone misses the post on TMF :


http://boards.fool.co.uk/Message.asp?mid=11088580

................................. benefit considerably from the high oil price ??

Just to add a bit of interest for those who may not have any small company oil stocks but would like to meet management or get up closer to research or understand them I have just the event and you will be surrounded by like minded Fools. The next Mello evening with a company presentation and dinner is Monday 16th June and the guest speaker will be Martin Groak who is the FD at Indago Petroleum (IPL) and the company has been well discussed and covered over on the oil boards. A good thread for starters is here...

http://boards.fool.co.uk/Message.asp?mid=11048441&sort=whole...

The share price was 27p when it was flagged up about a month ago and the SP did run up to about 35p but it has slipped back recently which often happens after buying sprees and there will have been some selling as investors reduce their individual risk as this company is at the sharp end of exploration and has been as low as 17p and also had a high well over a pound in the last year. This is a high risk situation but there could be spectacular gains. The SP is back at 28p now so a reasonable chance of taking a position at the level where it was recently flagged and you also have the opportunity to question the FD to see if all the assunptions made in the recent posts have reasonable backing and confirmation from management.

Worth a look especially with the future potential gains being so tangibly higher valued almost daily by the markets and the likelihood that most of the oil sector will be moving upwards at least tomorrow. If you would like to join us at Mello just email me using the reply to post facility below. The majority of the posters on the thread highlighted above are likely to be there and we usually have about 50 Fools at each event. The presentation will be in the upstairs meeting room from 7.15pm or you can meet in the bar from 6.30 for drinks. We will sit down for the meal at 8.15pm and Martin will be available for questions all evening. There are three other directors joining us on the evening and Roger Cagle of SOCO has an open invitation to join us once the latest drilling news has been released and is in the public domain for general discussion. For those who want to book in early the July Mello on Monday the 21st will be another oilfest with Brian Hall from Aminex coming back for a second time and another company to be agreed closer to the date dependant on drilling news. I have already had 32 replies confirming attendance next month having posted on the Aminex company board last week so these are very popular speakers and of course it does help that Fools actually own about 20% of Aminex and that probably around 15% ownership of the company will be in the restaurant if you include Brian. ( Any potential bidders please note....the evening is not available for liquid sponsorship and I will spot any newcomers who have links to large oil companies in the audience !!)

The Mello website is here ...www.mello.uk.com but remember to email me so that I can be reasonably accurate on numbers. You should also note that the month of August is a Mello free month but we will be back again to meet up in September on the third Monday as usual. Do contact me if you have any thoughts on a great speaker for us to invite along or a company that you think will be about to break some wonderful news that requires our attention and directors will be able to come along to a future Mello................

my to favorite companies :):) Indago and Aminex:)

I would suggest contacting Dave then and going along to both of the dinners, if you can that is.

that is what I'm thinking just now Papalpower :):)

Good to see the insurance claim is going well, as is the latest drill !!!


RNS Number : 3065W
Indago Petroleum Limited
09 June 2008


Indago Petroleum Limited (AIM: IPL)


Operational Update and Result of AGM


Indago Petroleum Limited ("Indago" or "the Company"), the oil and gas exploration company exploring onshore the Sultanate of Oman, is
pleased to provide the following update on operations.

The Zad well on the Adam prospect in Oman Block 47 was spudded on 20th May and is making satisfactory progress. The well was forecast to
take around 100 days to drill and is targeting the Cambrian Amin Sandstone reservoir at a depth of around 4,250 metres.

Indago holds an approximate 50% interest in Oman Block 47. The Operator, RAK Petroleum Oman Ltd., holds the balance of the interest.

Indago is also pleased to announce that the insurance claim relating to the Al-Jariya 1 well-control incident in Block 31 is progressing satisfactorily with the first interim payment having been received. Further updates on this claim will be provided as appropriate

Result of AGM

At the Company's Annual General Meeting held earlier today all resolutions were passed by shareholders.

yes, I've seen it yesterday afternoon, I was very pleased, I think sp had no time yesterday to show the real reaction for this news:):)

If news that someone is drilling a hole in the ground pleases you, then you must be easily pleased.

Its the news that payments have been started to be made on the insurance claim. This is in effect confirmation that the insurance company deem the blowout to be covered by the terms of the policy.

This means that IPL should be getting back all the well control costs, and also the remedial costs too...........thats worth between 15p to 30p a share cash back to IPL imo.

blackdown:

PapalPower [Send an email to PapalPower] [View PapalPower's profile] - 11 Jun 2008 12:26 - 406 of 406
Its the news that payments have been started to be made on the insurance claim. This is in effect confirmation that the insurance company deem the blowout to be covered by the terms of the policy.

that is what is making me happy and with all the struggling with block 31 I'm happy that drilling is on schedule.

Write up on TMF of meeting with TMF's and Martin Groak (not Croak)....


http://boards.fool.co.uk/Message.asp?mid=11128211



.

"Indago Petroleum Limited ('Indago' or 'the Company'), the oil and gas exploration company exploring onshore the Sultanate of Oman, announces that drilling operations have been discontinued at the Company's Zad well on the Adam Prospect ('Adam') in Block 47.


The well, which spudded on 20th May, had been forecast to take around 100 days to drill to the Cambrian Amin Sandstone reservoir objective at a depth of around 4,250 metres.


Initially, progress on the well was relatively routine and 20 inch casing was set and cemented at 450 meters. Since that time, drilling in 17.5 inch hole, the drillstring became stuck in two separate incidents resulting in the loss of the bottomhole assembly and the initiation of a sidetrack on each occasion. Following problems initiating the second sidetrack attempt, the Operator has concluded that, due to tectonic instability in and around the wellbore at between 600 and 800 meters depth, it is inadvisable to drill ahead. The Joint Venture will review options for redrilling the well at a later date."

Hmmmmm...........very quiet here, as I went for holiday as I'm still rookie I decided to leave this stock without setting stop loss :) I learned my lesson again, you can't be sure nothing and never, but what is the future here now? Any opinions?

Exercise of Options



Indago Petroleum Limited ("the Company") announces that options in respect of 8,571 ordinary shares in the Company have been exercised. Accordingly, these shares were duly issued and allotted on 24th July 2008.


Application has been made to the London Stock Exchange for these ordinary shares to be admitted to trading on AIM on 6th August 2008.


Following the share consolidation announced on 14th March 2007, 22 more shares were admitted to trading on AIM than were issued. Therefore, following this option exercise, the total number of the Company's shares currently in issue is 53,341,882.


In addition, there are 4,581,556 options which remain outstanding.

Dominic, Indago is currently valued just shy of 9million. They still have some good assets despite recent setbacks. I have not held since the RAK deal last year because I thought the AJ1 well was too risky and the share price didn't reflect that level of risk. Now, I reckon it is fairly priced but not cheap.

I think it is probable that fundraising will be required. LDP recently raised 15mil and were oversubscribed, so the money is there if the business case is good enough. Dilution is more likely than an increase in debt.

On the positive side, the insurance from AJ1 may provide a valuable bonus for the company. Once that is finalised, it may be time to reinvest.

So in short, it's gone down a lot and there are better options out there at present, however if you were to stick with it, in my opinion it won't drop much further.

Tanks ValueMax, I'd really like to hear from them now what is the plan and where they are going to move from here...

Operational
- Exploration wells on Jebel Hafit and Adam prospects curtailed following operational problems.
- New data indicate that the Al Jariya-1 well at Jebel Hafit penetrated the shallower Natih objective, which was water-bearing.
- Deeper Shuaiba objective at Jebel Hafit remains untested.
- Data from recent wells on Jebel Hafit and Adam still being evaluated.
- Indago and its partner, RAK Petroleum, have entered into new 3-year exploration term for Block 31.


Financial
- Indago and RAK insured for the underground blow out on Al Jariya-1 well.
- Underwriters made payment on account in respect of the costs of controlling Al Jariya-1 well.
- Around $25 million plus insurance contribution towards new well on Jebel Hafit anticipated to be available for future drilling campaign.


Outlook
- Indago's exploration portfolio remains prospective.
- Current exploration activities are focused on the deeper objective at Jebel Hafit and on Adam.
- New wells unlikely before mid 2009.
- Indago to consider asset or corporate transactions in order to diversify the Company's value proposition.

Interim Results RNS

ValueMax you're still here? :) So what do you thin so far? Did you get the impression that probably they may have someone with extra cash to help already or in advanced talk ?

Still here only to maintain the thread every once in a while. I've not held any since the RAK deal but have been keeping an eye on things to see how AJ-1 etc progressed.

I've no reason to think they've got anyone in particular lined up to invest but I think it is sensible to share the risk.

I also think we'll start seeing some takeovers in the oil industry in general over the last 3 months of the year. There are a lot of companies who've benefitted from the high oil prices and, with share prices now much lower than 3 months ago, there are some bargains to be had.