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

Is this a case of bad news travels fast - ie shareholders would have to be told if this was a duster; therefore the lack of news means there is something to test but this time they are managing to prevent any news leaking out?

that is weird to me as well , good or bad but is always some leak :) maybe they're just slower than they expected again...

Sharesure and last time I just gave them a call, to be honest i got nice update, of course nothing illegal :):)

Fernandesb, Think that from what I can find out, w/c 28/1 should be the most likely timing of getting into the structure provided there are no setbacks on the drilling equipment.

but isn't that normal that you get some news before? some forecasts, leaks about gas in the structure etc?

I don't think that there has been any secret about gas kicks on the way down hence the inclusion of a blow out preventer late last year. It would be unlikely that if next week the return mud starts showing oil or gas condensate that that could or would be kept quiet. The drilling team are bound to give that away.

I'd concur there, it seems like its sometime next week for getting into the structure.

Lively this morning.......

12%up at the moment, PapalPower is that the leak?? :):):)

I would just guess its a few people taking an educated guess that this is the week that the first potential reservoir will be penetrated......nothing more than that.....imv.

Any further movement and the LSE will require a statement as per last time there was a 20% one day rise. Always reckon someone knows more and who better than the drilling team to start by chatting in the local pub or wherever else they go out there in Oman

hehehehehehe Sharesure i wish to know which pub is that:)

So do I. Regardless of what the latest RNS states something started a concerted rise in the sp this morning. Events during this week should prompt the need for another RNS in my view particularly if they are making 100m/day progress and get no further setbacks.

LONDON (Thomson Financial) - "Indago Petroleum Ltd said drilling at its Al Jariya well on the Jebel Hafit prospect in the Sultanate of Oman is still in progress, but it has no further information about the future results of the well.

The oil and gas exploration company said the recent movement in its share price might have resulted from speculation regarding the drilling of the Al Jariya well.

Indago Petroleum owns about a 50 pct stake in Block 31, which contains the Jebel Hafit prospect."

A local source reckoned that last week they tried to put a rubber collar on the business end of the drill to prevent wear to the sides of the shaft as they drill at an angle. The rubber shattered and caused a bit of delay as taking the bit out at that depth is a 30 hour job. That was all sorted early last week and since then on some days 100m a day has been achieved, other days far less. All in all, it does look imminent if there are no further problems - but I reckon locals will spill the beans quicker than IPL will announce anything.

:) Sharesure indeed :)

Out of interest, on line limits presently are :

BUY 1K @ 80.2p

SELL 25K @ 79p


L2 is presently 1 v 2 @ 77/81 with LAND and EVO on the offer at 81p

Wonder if they need to save money now for an extended testing programme at the ongoing JH-1 ??

Given the statements of being fully funded for the completion of the current exploration programme, what could have happened that they suddenly don't care too much about the next drill, and seem to require additional funds......

Don't ask me, I have rose tinted specs, so I'll happily be deluded to the positive and say they have perhaps got something exciting on JH-1, and now are aware of the need to pay for extensive testing......perhaps, fingers crossed, tempting fate etc......... ;) LOL



http://www.zawya.com/Story.cfm/sidZAWYA20080201084647/SecMain/pagHomepage/chnAll%20Regional%20News/obj2A17E941-F5E0-11D4-867D00D0B74A0D7C/


Indago opens block door

01 February 2008

UK-listed Indago Petroleum is inviting companies to acquire an equity interest in Block 47 onshore Oman in exchange for funding 100% of its costs of a well on the Adam prospect.

The block is operated by RAK Petroleum, which is owned by the government of Ras al-Khaimah, one of the seven emirates making up the United Arab Emirates. Rak and Indago equally share the block where they have shot extensive 2D seismic.

There will be a data room available in London to allow potential investors to make a more detailed assessment of the opportunity.

The data room opened on 28 January, with offers invited by 15 March.

My thoughts on IPL are that the offer of a farm in on the next prospect is a strategic move to ensure that if Raq was tempted to try to spin out the current drilling in order to make a then cash strapped IPL an easy target for buying the other 50% of the current drill prospect on the cheap, then IPL would be able to use its cash reserves allocated for that second prospect as a means of resisting any such move. Only my thoughts, but on the positive side you are never likely to find two arabs fighting over the ownership of a three legged camel with no hump!

Also, what better way of attracting interest in all of your assets by having them look you over for investment. I feel pretty sure that once the current drilling is finished, and hopefully successful, IPL will very quickly wish to sell either the block or the whole company. Raq would be an obvious contender but the current farm in process may mean that there are others equally keen to get involved - a bit of competition would do us no harm.