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

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.