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

very interesting, I was thinking also to increase a bit.....

Well, you cannot knock the guy, according to the RNS of late yesterday he has also purchased over 3% of the company. Thats as they say, putting your money where your mouth is.


Evil (SC) has been buying too.

It appears in the t1ps.com diary entry according to a post on another site.

"I am also advised that Indago Petroleum (IPL) is a buy. I could only get 75,000 at 24p yesterday. But, on a betting perspective, anything below 40p is a good punt for 2008."

With reference to the talk of ADNOC ( [url=http://www.adnoc.ae]http://www.adnoc.ae[/url] ) who have the other half of the potential Jebel Hafit structure on the Abu Dhabi side it would seem to us layman the ideal way forward now is a farm in.

(Background : The structures under Jebel Hafit, first target Natih circa 20% of potential 2 billion boe, second deeper target Shuaiba circa 80% of potential 2 billion boe extend across the international border between Oman and Abu Dhabi. It has therefore been assumed that 1 billion boe is on the AD side, and 1 billion on the Oman side - RAK/IPL own the license for the Oman side)

Given the knowledge gained from the AJ-1 drill, it would make sense for all three parties to now work together (ADNOC and RAK/IPL).

An easy way might be for ADNOC to farm in 50% of the Oman side, and RAK/IPL farm in for 50% of the Abu Dhabi side on simple swap basis. They all share success if that happens, and retain their present percentages. If the drill fails they all fail, but only need to drill one well between them all to find out.

This would allow IPL to test this structure but only pay 25% of the costs via the first drill of perhaps only one drill in the event of failure. Seems to be win-win all round, now that more knowledge is there after the AJ-1 failure.

According to information elsehwere, ADNOC wanted to farm in on the first drill, however wanted it to be on the AD side (as in IPL/RAK farm in to their drill), but IPL had to drill on the Oman side to comply with the license terms. Given the requirements to start drilling in Oman, this farm in did not take place.

Now that IPL/RAK have so much geological data from the drill, know what is needed to get to over 5000m, and have so much more information on the Oman side, perhaps ADNOC will now farm in to a drill on the Oman side, it will be a very cheap way for them to test the formation.

So yes, perhaps that might be one way in which testing this structure is done in 2009.

well I'm not surprised, You knew and many others that this company is still showing great future for investors, I'll try on Monday:)

Being a holder, I would dearly love to see Indago hit a commercial find at Zad-1, not only for the obvious, but perhaps then we will see what appears to me to be the business case for IPL coming through for all to see.

As far as I see it, RAK want to be developing proven finds on their own, but are happy to be exploring with reduced risk (eg the 50/50) with Indago. Indago now is a pure exploration play, with no desire to go about developing finds and putting them into production.

As was seen with West Buhka, it was sold to RAK, and RAK develop it. IPL have since that transaction said many times they are going to be focussed on exploration.

I think too many people have been exposed to too many far flung middle of nowhere type of explorations, where it takes years to put them into production and there is nobody else going to do it.

In this situation here I would hope we will again see, on a commercial find, RAK buying out the remaining 50% that IPL own, giving IPL instant cash, and allowing RAK to be the ones who develop the asset 100% on their own.

Those who think that IPL is going to develop the asset, I think they are mistaken, and you will see RAK buy the 50% out of IPL for the Adam prospect in the event of a commercial find.

This benefits RAK as their "exploration de-risking partner" then goes forward to test more and more prospects, which RAK can buy up on success, or write of just 50% costs on failure.

IPL was grossly undervalued in the past, prior West Bukha-2 testing, when I first started buying - and it paid back handsomely with the RAK purchase of those assets.

My comment would be do not think of IPL as a developer of assets, they should be, imv, a finder and seller, quickly realizing cash for their finds from their partner, and remaining exploration only.

For reference :


L2 is 2 v 3 @ 30/32 (SCAP/EVO and AMBR on the offer)



On Line Limits are :

BUY 15K @ 31.7p

SELL 25K @ 30.61p

Few changes :


For reference :


L2 is 2 v 1 @ 31/32.5 (AMBR on the offer)



On Line Limits are :

BUY 1.5K @ 32.5p (yes just 1500 at full offer)

SELL 25K @ 31p

Indago Petroleum Ltd - Posting of Accounts
RNS Number : 1734U
Indago Petroleum Limited
11 May 2008


Indago Petroleum Limited
('the Company')

Posting of Accounts

Indago Petroleum Limited (AiM: IPL) confirms that the 2007 Annual Report and Accounts and Notice of Annual General Meeting were posted to shareholders on 9 May 2008.

A pdf file of the Annual Report and a link to order a printed copy is available from the Investor Information section of the Company's website, at www.indagopetroleum.com, where the Notice of Annual General Meeting of the Company, taking place in
Guernsey on 9 June 2008, can also be found.

A copy of the Annual Report can also be obtained through the Financial Times Annual Report service.

12 May 2008

L2 is solid blue.

Just 1 MM unchanged today.


Now 1 v 1 @31/32.5 with just AMBR on the offer.

RNS Number : 0236V
Indago Petroleum Limited
22 May 2008

Commencement of Drilling

Indago Petroleum Limited ('Indago' or 'the Company'), the oil and gas exploration company exploring onshore the Sultanate of Oman, is pleased to announce the commencement of drilling of the Company's Zad well on the Adam Prospect ('Adam') in Block 47.

The well, which spudded on 20th May, is forecast to take around 100 days to drill and is targeting the Cambrian Amin Sandstone reservoir at a depth of around 4,250 metres.

Adam is estimated by the Company to have gross mean prospective resources of about a half trillion cubic feet of gas and substantial associated condensate. The Kauther Field, operated by PDO, is an analogue for Adam. Kauther lies some 45 kilometres to the south of Adam and came on-stream in October 2007 producing gas and gas condensate from the same Amin Sandstone reservoir.

The proximity of a major pipeline which runs through Block 47 to Muscat, the capital and largest population centre in Oman, is a factor that the Company believes enhances the chance of a discovery at Adam being a commercial success.

David Bremner, CEO, commenting on today's announcement said:

'We are excited to get the Zad well underway and expect a more straightforward operation than we had with our recent Al Jariya well. Whilst Adam is considerably smaller than the Jebel Hafit prospect, a discovery would be highly significant for Indago. It could also help achieve a critical mass for the development of other existing and future discoveries in the immediate area.'


Indago holds an approximate 50% interest in Oman Block 47. The Operator, RAK Petroleum PCL, holds the balance of the interest.

22 May 2008

Enquiries:
Indago Petroleum Limited
David Bremner, CEO + 1 805 708 4892
Martin Groak, CFO +44 7949 209 301
Tim Eggar, Chairman +44 7771 597 499

JPMorgan Cazenove Limited +44 20 7588 2828
Barry Weir
Neil Haycock

Nabarro Wells +44 207 634 4705
Marc Cramsie

College Hill Associates +44 20 7457 2020
Nick Elwes
Paddy Blewer

Website: www.Indagopetroleum.com

Notes to Editors:

Indago Petroleum

Indago Petroleum Limited is an oil and gas exploration company listed on the AIM market of the London Stock Exchange. The Company is geographically focused in the Middle East, currently exploring in the Sultanate of Oman, a politically stable country with proven hydrocarbon reserves and an active gas market.

Following the disposal of its production and development assets and just over 50% of its exploration assets to RAK Petroleum PCL ('RAK Petroleum' or 'the Operator') in April 2007, Indago currently has an approximate 50% stake in three exploration blocks onshore Oman (Blocks 31, 47 & 43A) operated by RAK Petroleum.

Review by Qualified person:
The technical information and opinions contained in this press release have been reviewed by Don Scott, a qualified Geoscientist (BSc (Hons) Geology - Southampton 1963, MSc Applied Geophysics - Birmingham 1964) and a Fellow of the Geological Society of London since 1964.

Finally:):) I hope it will pay off for being patient:) PapalPower what was your estimate of this well if they got it right ?

Upside on a good result it its worth 140p to 200p, perhaps a big more even to IPL.

Key Dates Alert: Indago Petroleum Ltd will be having its AGM in 13 days time - 9/6/2008

In case anyone misses the post on TMF :


http://boards.fool.co.uk/Message.asp?mid=11088580

................................. benefit considerably from the high oil price ??

Just to add a bit of interest for those who may not have any small company oil stocks but would like to meet management or get up closer to research or understand them I have just the event and you will be surrounded by like minded Fools. The next Mello evening with a company presentation and dinner is Monday 16th June and the guest speaker will be Martin Groak who is the FD at Indago Petroleum (IPL) and the company has been well discussed and covered over on the oil boards. A good thread for starters is here...

http://boards.fool.co.uk/Message.asp?mid=11048441&sort=whole...

The share price was 27p when it was flagged up about a month ago and the SP did run up to about 35p but it has slipped back recently which often happens after buying sprees and there will have been some selling as investors reduce their individual risk as this company is at the sharp end of exploration and has been as low as 17p and also had a high well over a pound in the last year. This is a high risk situation but there could be spectacular gains. The SP is back at 28p now so a reasonable chance of taking a position at the level where it was recently flagged and you also have the opportunity to question the FD to see if all the assunptions made in the recent posts have reasonable backing and confirmation from management.

Worth a look especially with the future potential gains being so tangibly higher valued almost daily by the markets and the likelihood that most of the oil sector will be moving upwards at least tomorrow. If you would like to join us at Mello just email me using the reply to post facility below. The majority of the posters on the thread highlighted above are likely to be there and we usually have about 50 Fools at each event. The presentation will be in the upstairs meeting room from 7.15pm or you can meet in the bar from 6.30 for drinks. We will sit down for the meal at 8.15pm and Martin will be available for questions all evening. There are three other directors joining us on the evening and Roger Cagle of SOCO has an open invitation to join us once the latest drilling news has been released and is in the public domain for general discussion. For those who want to book in early the July Mello on Monday the 21st will be another oilfest with Brian Hall from Aminex coming back for a second time and another company to be agreed closer to the date dependant on drilling news. I have already had 32 replies confirming attendance next month having posted on the Aminex company board last week so these are very popular speakers and of course it does help that Fools actually own about 20% of Aminex and that probably around 15% ownership of the company will be in the restaurant if you include Brian. ( Any potential bidders please note....the evening is not available for liquid sponsorship and I will spot any newcomers who have links to large oil companies in the audience !!)

The Mello website is here ...www.mello.uk.com but remember to email me so that I can be reasonably accurate on numbers. You should also note that the month of August is a Mello free month but we will be back again to meet up in September on the third Monday as usual. Do contact me if you have any thoughts on a great speaker for us to invite along or a company that you think will be about to break some wonderful news that requires our attention and directors will be able to come along to a future Mello................

my to favorite companies :):) Indago and Aminex:)

I would suggest contacting Dave then and going along to both of the dinners, if you can that is.

that is what I'm thinking just now Papalpower :):)

Good to see the insurance claim is going well, as is the latest drill !!!


RNS Number : 3065W
Indago Petroleum Limited
09 June 2008


Indago Petroleum Limited (AIM: IPL)


Operational Update and Result of AGM


Indago Petroleum Limited ("Indago" or "the Company"), the oil and gas exploration company exploring onshore the Sultanate of Oman, is
pleased to provide the following update on operations.

The Zad well on the Adam prospect in Oman Block 47 was spudded on 20th May and is making satisfactory progress. The well was forecast to
take around 100 days to drill and is targeting the Cambrian Amin Sandstone reservoir at a depth of around 4,250 metres.

Indago holds an approximate 50% interest in Oman Block 47. The Operator, RAK Petroleum Oman Ltd., holds the balance of the interest.

Indago is also pleased to announce that the insurance claim relating to the Al-Jariya 1 well-control incident in Block 31 is progressing satisfactorily with the first interim payment having been received. Further updates on this claim will be provided as appropriate

Result of AGM

At the Company's Annual General Meeting held earlier today all resolutions were passed by shareholders.

yes, I've seen it yesterday afternoon, I was very pleased, I think sp had no time yesterday to show the real reaction for this news:):)

If news that someone is drilling a hole in the ground pleases you, then you must be easily pleased.