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

We now have a company which is worth roughly 44p a share "all cash", not surprised the mm's have taken it down to pick up impatient holders stock.
Its down to the individual as to what they want, but still great value(44p for 32p)
and they will undoubtably be able to pick up a bargain in these times?
aimho
cyril

I'm concerned that none of the directors even owns 0.06% of the shares.
Shareholder info from Indago website

This from WShak over on TMF :

from wshak on fool:

Isn't that the best time to buy?

I've spoken at length to the company this morning and the reason for the abandonment of the Oman assets is that they were simply not made an offer on a farm-in basis. Given that there is a wealth of data on Jebel Hefit and Adam, that says a lot about the quality of those assets and the sense in an undercapitalised junior blowing their remaining dough in chasing a dream. A farm-in would have been great since it would independently verify the data and the company would be free to do other things with its cash. Unfortunately, it didn't happen and that's a blow but the right decision was made to cut loose.

It seems clear to me that IPL won't be around for much longer in their current form and the $35m that they have would be a God-send to a lot of undercapitalised companies in the sector, where the cash could be used across a variety of assets rather than one big punt as in Oman. The market is dire for fundraising in junior explo at the moment - I see IPL as being a perfect partner for anyone willing to recognise that their cash could transform a company with good assets. The upside as recognised by the market has to be worth more than 44p/share for it to be worthwhile IMHO.

I've made it quite clear that I wouldn't expect IPL to be making acquisitions where value wasn't obvious, just as I'd previously made it clear that I didn't want them pissing good money after bad in Oman. Fortunately, IPL has very good management and there's absolutely nothing that we have disagreed with to date. From my conversation today, it's clear that the Oman commitments were proving a hindrance to getting a deal done and the move was a tidying up exercise to allow prospective partners to see exactly what we have. Negative $3.5m isn't a great result but I'm hoping it will prove to be a wise move if we can get the right deal at the right price.

WShak

INDAGO PETROLEUM LIMITED
Proposed Winding-up and Return of Cash

"Indago Petroleum Limited ('Indago' or the 'Company') announces that it is planning to wind up the Company and return the capital of the business to shareholders.


On 14 April 2009 Indago announced the sale to RAK Petroleum Oman Limited ('RAK') of its remaining exploration licence interests in Oman. Following the sale, the Company has cash balances of approximately $35 million and no other significant assets. It was also announced that, as a result of the sale, Indago had become an Investing Company under the AIM Rules and is required, firstly, to seek shareholder approval of the future strategy and, secondly, to conclude a major transaction within 12 months of such shareholder approval.


Since the sale to RAK, Meridian Oil & Gas (Middle East) Limited, the holder of 22,999,999 ordinary shares in Indago (43.11% of the total issued share capital) has informed the Board that it will not support any proposed future strategy other than the return of all the Company's available cash to shareholders. After consideration, the Board has concluded that, in these circumstances, any proposal for an alternative strategy is not practicable and that winding up Indago represents the only available way forward.


The Board proposes, therefore, to return the available cash to shareholders bearing in mind the requirement to meet the contractual obligations of the Company and to protect the interests of the shareholders as a whole. It is envisaged that this will be effected by seeking shareholders' approval of such a course of action at the forthcoming Annual General Meeting ('AGM') possibly including the appointment of a liquidator. The AGM is expected to take place on 10 July 2009. Before then, the Company will investigate the best means by which to return cash to shareholders. The results for the year to 31 December 2008 are expected to be released during the week ending 22 May 2009."

Good morning Harry and all, i decided to take 36p today against hanging around for
roughly 40p? Who knows it may drift and allow a cheap entry?
cyril

Given that it is only one 43% shareholder who seems to favour getting their cash back - maybe they desparately need it - between now and the AGM it shouldn't surprise many if their stake ends up being bought by someone interested in cash at a discount and the residual oil exploration targets IPL says it still has. A figure nearer their cash per share value of approx. 48p would seem on the cards if that was to happen. Anyone else think that this is a likelihood?

Making some cash on IPL seems to be a safe punt at current levels.With 41p + per share to hand back, the likelihood being 36-37p cash back in July (ie the share rice now + a small profit) after the AGM; the remainder to follow as a risk free xmas present but with no funds tied up in the meantime?