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.



    9 June 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.

This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
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