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

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.