Posted: 20-Nov-06 at 15:21 | IP Logged

EPIC : IPL

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

Recent Presentation : http://miranda.hemscott.com/ir/ipl/pdf/InvestorPres.pdf

Oil Barrel Article : http://www.oilbarrel.com/news/article.html?body=1&key=oi lbarrel_en:1163555798&feed=oilbarrel_en

Looks a very interesting prospect for the short, mid and long term, and I have taken a position in this one.

Posted: 21-Nov-06 at 07:53 | IP Logged

Excellent news today, and so much more to come :)

http://www.investegate.co.uk/Article.aspx?id=200611210701074 068M

Indago Petroleum Limited
21 November 2006

Successful Testing of West Bukha-2 Primary Target, Offshore the Sultanate of Oman

Highlights

O  Initial tests suggest a significant oil and gas project to be developed at  West Bukha-2

O  Oil flowrates, of up to 7600 bbls/d, on the primary target (Mishrif/Mauddud) of the West Bukha-2 well.

O  Incremental to 4392 bbls/d testing of the secondary target (Thamama) announced on 8th November

O  West Bukha-2 adjacent to existing oil and gas infrastructure

Indago Petroleum ('the Company'), the oil and gas exploration and production company operating in Oman and the UAE, is pleased to announce that Indago Oman Limited ('IOL') (a wholly owned subsidiary of Indago Petroleum Limited), as operator of Block 8, along with our partners, Eagle Energy (Oman) Limited (10%) and LG International (50%), has successfully flowed hydrocarbons from the Mishrif formation, the primary target of West Bukha-2A (WB2A) well.

The flowing test was being carried out over a perforated interval of 60m spanning a depth from 4005m to 4127.5m (MDRKB). After acidisation and an initial clean-up period the well flowed at a average rate over 5 hours of 6000 bbls/d of 41.5o API oil and 16.9 mmscf/d of gas on a choke size of 48/64' and flowing tubing pressure of 2980 psia.  On increasing the choke size to 60/64' the rates increased to approximately 7600 bbls/d and 20.5 mmscf/d with a flowing tubing pressure of around 2450 psia.  We are currently pulling the out the test equipment from the well, and depending on analysis of the results, including the downhole pressure data, the Joint Venture will decide whether to carry out further testing.

The main objective in drilling this well was to prove the commerciality of the Mishrif-Mauddud reservoir in the West Bukha field, which had been assigned a 2P reserve base of 320 Bscf plus 33 million bbls of associated liquid hydrocarbons by an independent auditor. Indago are now planning to commission a revised reserve audit incorporating the results of this latest well.

Peter Sadler, CEO of Indago Petroleum commented
'We are delighted to have achieved such a strong oil and gas flow from our primary objective and this is a credit to our technical and operational team.
These flows when combined with the 4392 bbbl/s from the secondary target, lead us to be very confident that a significant resource is being established by the
results of this well.'

Posted: 21-Nov-06 at 10:10 | IP Logged

The next well due for completion (any time now) is Hawamel-1 ref to RNS on 3rd October :

http://www.investegate.co.uk/Article.aspx?id=200610030753528 451J

****Indago Petroleum Limited 03 October 2006
Indago Petroleum Limited ('Indago' or the 'Company')
Commencement of Exploration Drilling Programme Onshore Sultanate of Oman and
Operations Update

Highlights
• Indago spuds Hawamel-1, the first well of a three well, high impact
exploration drilling programme.
• Three well programme includes Hawamel - 1, Al Jariya-1 and Zad-1
prospects; rig has been contracted for the entire programme
......

Indago is pleased to announce that it commenced drilling the Hawamel-1
exploration well on the Izz prospect, in Block 47 onshore the Sultanate of Oman
(Indago 100%), at 0000 hrs on 2nd October.
The well, drilling to approximately 2500m, is targeting the Natih and Shuaiba
formations which are proven producers of both oil and gas in adjacent blocks,
such the large Fahud and Natih fields in Block 6 or the smaller, Hamrat Duru and Hafar gas discoveries in Block 30. Hawamel-1 is targeting a mean, gas reserve base of 367 Bscf (approximately 61 million boe) and is expected to take 52 days.
The second well in the programme will be Al Jariya-1, on the Jebel Hafit
prospect in Block 31 onshore the Sultanate of Oman (Indago 100%) which targets
mean reserves of approximately 1 billion boe. Timing of commencement of drilling will depend on the extent of testing required at Hawamel-1 however spud is likely to take place before the end of the year and take approximately five months, drilling to around 5800 metres...............*******

Posted: 21-Nov-06 at 18:56 | IP Logged

06th Sept 2006 Interview with Peter Sadler, CEO of Indago Petroleum -

Listen with Windows Media, link below :
http://www.wallstreetreporter.com/uploaded_files/2006/Septem ber/06/wma/IndagoPetroleumLimited.wma

Listen with Real Player, link below :
http://www.wallstreetreporter.com/uploaded_files/2006/Septem ber/06/ram/IndagoPetroleumLimited.ram

Posted: 27-Nov-06 at 10:23 | IP Logged

Good news for LG, and of course Indago as well :)

http://english.yonhapnews.co.kr/Engnews/20061127/64000000002 0061127112516E2.html

LG International to begin oil production in Oman in 2008

SEOUL, Nov. 27 (Yonhap) -- LG International Corp., the energy exploration and trading arm of South Korean conglomerate LG Group, said Monday it will likely start commercial production from an oil field in Oman as early as 2008.

LG International, which conducted test drillings in the West Bukha field between May and November this year, estimated it would turn out 12,000 barrels of oil and 22 million cubic-feet of natural gas daily.

"Test drillings have convinced us that commercial production may start as early as 2008," Hwang Sung-hye, an LG official, said. The company currently produces oil from the Bukha field located some 20 kilometers away from the West Bukha.

LG International purchased a 50 percent stake in the West Bukha field in 1997, which Britain-based energy firm Indago Petroleum Ltd. has a 40 percent stake and operational rights.

LG International has been exploring for oil and gas worldwide including Kazakhstan, Vietnam, Australia and East Timor.

Shares of LG International were trading at 21,500 won (US$23.1) as of 11:00 a.m. on the Seoul bourse.

Amid high-flying oil prices, South Korea's companies have been stepping up efforts to develop oil and gas overseas in recent years. South Korea imports all of its oil and is the world's fourth-largest crude buyer.

(END)

Posted: 05-Jan-07 at 07:42 | IP Logged

http://www.investegate.co.uk/Article.aspx?id=200701050718430 349P

All in all good news, especially on West Bukha-2 with those flow rates. Hawamel-1A also has hit gas but requires a small workover.

And now on to the big billion boe Al Jariya well which will spud the end of this month.