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

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.