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

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)