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 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.