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

Sharesure, I think if we get news that they hit just a "stringer" (which is possible, very possible), and they will soon be drilling ahead to target, you'll see a big jump up in the SP.

Only time will tell.

I am expecting this to be P&A, so any positive now is all to the "nice surprise side" :)

Not sold any, and no plan to.

PP, nor me. Just bought 30k more yesterday

hmmmm any news here ??

Think that they are still working out what to do

damn, I was thinking that other people are not patient, but now I'm wondering why it's taking so long.... they could just say anything about the situation... one month after drill stuck and we still don't know nothing...

From a post on iii, which appears to be a response from Martin Groak to a private investor. DYOR :


"We are still in the process of amassing information to determine the best course of action with the well. This involves taking readings under very difficult operating conditions using highly specialised equipment that had to be brought in from the USA. Sourcing this equipment meant we got off to a slow start and the challenging conditions meant a very cautious approach to gathering the data.

We are very conscious of shareholders desire and right to know what is going on. Please be assured that we have moved forward in terms of building up the jigsaw of information required to make sense of the situation, and we will be issuing an announcement in due course. We cannot be specific on timing, however.

You will understand that I cannot go further into detail at this point"

Thanks for that PaPalPower, so it looks like mot everything is lost there...

Key Dates Alert: Indago Petroleum Ltd will be releasing its Financial
Results in 13 days time - 31/3/2008

Results due 30.03, do you think they can attach some drilling update???

Might be some news next week then ?

I still expect delays and a P&A on JH-1, but who knows......maybe some good news in there, if the prelims are out on forecast date.


http://www.indagopetroleum.com/investinfo.asp

Forecast Key Dates

_______Event_______________________Date

Next prelim announcement ===== 31 - Mar - 2008
Next annual report due ======= 09 - May - 2008
Next AGM ===================== 09 - Jun - 2008
Next interim announcement ==== 30 - Sep - 2008

I think news on the drilling position may come sooner than next week - the prelim. results would be likely to be dealt with separately next week.

The "Rumours" Post for IPL :

To summarise the latest rumours (and ONLY TAKE THEM AS RUMOURS), which must be taken with a very large pinch of salt until some further official news is released. They could be completely and utterly wrong. I am expecting P&A on JH-1, so there you go, maybe a nice surprise is coming, but I am expecting nothing.

-The "Blowout" was caused by an accident (drill rig operator ?) and as such is covered by "Blowout Insurance" that was taken out.
-US experts are on site, and progress is being made, although very slowely its being done so as to avoid any more "accidents".
-This JH-1 drill will drill ahead through a sidetrack and its not P&A as yet.


DYOR !!!!!!!

Good news.

The targets are all in place, the well is not P&A, looks like a stinger it was, and so onwards we go :)

http://www.investegate.co.uk/Article.aspx?id=200803280701109724Q

Indago Petroleum Limited
28 March 2008

Drilling Update

Indago Petroleum Limited has been advised that RAK Petroleum PCL today released the following statement regarding the Al Jariya-1 well in Block 31, Oman of which it is the operator.

'RAK Petroleum PCL, through its wholly owned subsidiary, RAK Petroleum Oman Limited, is operator of Block 31, onshore the Sultanate of Oman, where we are drilling the high impact exploration ....................................

Well finally, PalPower at lease we know that they are not planning any P&A as yet and the target stays as before:)

I just don't understand reaction of sp....

The reaction is probably because the market didn't quite appreciate the potential for the last part of the RNS, namely insurance monies. Maybe most never read that far. Boots and Coots are not likely to have been cheap but the fact that they were on site when this problem happenned potentially gives the insurers an independent view of events and should make the settlement of a claim more speedy and easier in my view. Plus their costs since the incident should be recoverable too in any claim.

"we are intending to carry out surveys to ascertain the current status of the open section of hole and then formulate a plan to ensure that the problematic zone is isolated in the well."

"The source of the formation fluids which flowed to surface is uncertain."

"In order to drill deeper than the current level we will, at the least, have to abandon the existing section of open hole below 4591 metres and sidetrack from inside the existing casing."

"However it is likely that specialist equipment (expandable casing) will be required and that consideration, plus allowing time for over pressure to dissipate, may result in moving the rig and drilling the next exploration well before returning to complete operations at Al Jariya."

How could the market possibly interpret these comments as positive??? There is absolutely nothing in their RNS today to give shareholders better value for money, imo. The insurers are on site which merely means that the liablity question is going to be easier to sort out. In the short term the sp has done exactly what I would expect.

Quite simply everyone had written this off as P&A........and now its not.

And the Natih formation, target zone 1, appears to not even been drilled into yet.

Its looks very much like an isolated stringer in the Fiqa formation.

The very fact its not P&A and both targets are still in play, is very exciting imv, and good news.

Worth a read over at TMF :


http://boards.fool.co.uk/Message.asp?mid=10987945&sort=whole

Actually i know why sp moved like that, and I'm not surprised if some shares website and services are calling recent drilling update as "more troubles for Indago" . In fact drilling update doesn't say nothing new, cause nothing new happened