Web Site : http://www.indagopetroleum.com

Asset Summary:

Oman Block 31 (50% Indago, 50% RAK Petroleum)
Jebel Hafit: The target is estimated at 1 billion boe RECOVERABLE on the Omani side (with another 1 billion boe on the Abu Dhabi side).

Oman Block 31 (50% Indago, 50% RAK Petroleum)
Jebel Wa'bah. The technical evaluation is ongoing with new seismic having been obtained during the past year.

Oman Block 47 (50% Indago, 50% RAK Petroleum)
Adam prospect . The estimated target is 140 million boe RECOVERABLE

Oman Block 47 (50% Indago, 50% RAK Petroleum)
Izz prospect (Hawamel well drilled end 2006 with gas interpreted as being in place, but in a tight formation. IPL are contemplating a horizontal section to produce the well at a later date). The target is estimated at 60 million boe RECOVERABLE.

Oman Block 47 (50% Indago, 50% RAK Petroleum)
Dham, Sadood, Kabshat. In 2007 the acquisition of 362 km of 2D seismic in Block 47 was completed. This survey was focused on the Dham, Sadood and Kabshat leads. The technical evaluation is in progress and may result in the promotion of one or more of these leads to drillable status.

Oman Block 43a (50% Indago, 50% RAK Petroleum)
A seismic acquisition campaign was concluded during 2007. This encompassed the acquisition of 225 km of 2D seismic in the Block, including over the Kahal lead.



Thread started 23/10/2008 @ 11p

can't understand this one---if they are getting an insurance payment rumoured to be already banked and worth double the market cap---why aren't they shooting up?? a disappointing inv so far.

sorry double post.

Patience, patience. Remember from the impatient to the patient.
cyril

Money's in and ipl moving slightly north,
INDAGO PETROLEUM LIMITED

Insurance Monies Received
Indago Petroleum Limited ('the Company') is pleased to announce that the insurance settlement monies referred to in its announcement dated 23 February 2009 have been received in full.
As a result, the Company now has cash balances in the region of $38 million.

So 50p in cash add buy at 29p?
Their imo is a quick killing, but quick is word.
cyril

I find it quite funny that investors are offloading at 29p, as i stated before
here's the reason why i shall not be selling at such a misrable offer.

We have roughly 47/50p per share in ($38m) cash plus assets of.

Oman Block 31 (50%) RAK (50% Operator) 257mmboe unrisked net

Oman Block 47 (50%) RAK (50% Operator) 57mmboe unrisked net

Oman Block 43a (50%) RAK (50% Operator)

cyril

I would imagine it will go up as soon after sale at 29p will finished.

Looking at the trades this am, roughly 412,000/421,000 buys to sells. So many
of the weak traders out and others happy to take them off the mm's hands,i
believe the next day or 2 we will see a more realistic SP, possibly 40p?
aimho
cyril

But the market is so crazy this days that nothing is guaranteed :) But we shall see

IPL need to get some decent terms to convert their current prospects into carried interests - then the cash in the bank is exactly that. At the moment there are still drilling commitments for which a proportion of that cash is required. However, I agree that those that are selling now need to get some better advice since it will prove stupid to have got out now when reflected upon in about 3-6 months

On it's way cyril, 30.5p

Yes not to surprised, normal mm's tatic of weaning out short termers. It will be an interesting few days for us, i expect 35p at least (which will still be cheapl)and have an order for some of my stock at 39p, a more relistic SP to take some profit.
aimho
cyril

Same me , targeted 39-40p to cash some profit, but will keep some for good future :)

Sharesure, there are no further drilling commitments.

License terms have been fulfilled, and so will be renewed again, which gives them a number of years to do any such deals once the licenses are rolled over.

Proselenes, I had heard different from someone who I thought should have a good reason to be right - but if you are right then we can move on to the next stage all the quicker. 2.5p/day rise would be very satisfactory.

Nicely going:) It is sad that there is bank holiday :):):) I hope it will be no bad news from USA in mean time.

A great tick up to add to yesterdays, shame that so few took on board the risk free chance that this stock gave?
cyril

D/Post.

Sale of Exploration Assets in Oman



Indago Petroleum Limited ("Indago" or the "Company") announces that RAK Petroleum Oman Limited, a wholly owned subsidiary of RAK Petroleum PCL ("RAK Petroleum"), has acquired Indago's wholly owned subsidiaries holding approximately 50% interests in Blocks 31, 47 and 43A in Oman (the "Licences"). RAK Petroleum already held the balance of the interests and is the Operator of the Licences. As a result of the sale, Indago will have no continuing work obligations in Oman and, following the recently announced settlement of the insurance claim in relation to the Al Jariya 1 well, cash balances of approximately $35 million. This figure is after a payment by Indago to RAK of approximately $3.5 million in relation to a release, subject to certain warranties, from all possible obligations arising from their joint activities and past transactions. Group shareholders' funds, after writing off drilling and development costs, are represented by the cash balances.


David Bremner, CEO of Indago, commented:


"In March 2007 Indago re-focused as a pure oil and gas explorer after the sale of production and certain exploration assets to RAK Petroleum. Subsequently, Indago has participated with RAK Petroleum in two exploration wells, each of which proved impossible to complete as planned, spending around $41 million before insurance recoveries. We understand the wish of our former partner to press ahead with further exploration of these areas. The costs, however, will be very considerable and this agreement assures us of strategic flexibility."


Tim Eggar, Chairman of Indago, commented:


"As indicated in my statement in September 2008, the Board of Indago is continuing to consider and compare opportunities to enhance shareholder value. We are in discussions about a number of interesting corporate and asset transactions, all of which need to be compared to a return of capital. In recent weeks The Board has concluded that the advancement of these opportunities will be greatly facilitated by this transaction which is designed to extinguish any further obligations in Oman. We will make further announcements as these become appropriate."


As a result of the divestment of the Licences, Indago has no remaining oil and gas interests. Under the AIM Rules, Indago has become an Investing Company and must have its investing strategy approved by its shareholders. In addition, in order to remain on AIM, the Company is required under the current AIM Rules to conclude a major transaction within twelve months of such shareholder approval. It has been agreed with the London Stock Exchange that Indago's investing strategy can be approved by shareholders at the Company's next Annual General Meeting.


A circular to be sent to shareholders will set out the Company's investing strategy and the Notice of Annual General Meeting will contain the required resolution seeking approval.

whats your opinion guys?