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

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?