Commencement of Drilling

    RNS Number : 0236V
  Indago Petroleum Limited
  22 May 2008
   

    Indago Petroleum Limited
    (AIM: IPL)

    Commencement of Drilling

    Indago Petroleum Limited ("Indago" or "the Company"), the oil and gas exploration company exploring onshore the Sultanate of Oman, is
pleased to announce the commencement of drilling of the Company's Zad well on the Adam Prospect ("Adam") in Block 47.

    The well, which spudded on 20th May, is forecast to take around 100 days to drill and is targeting the Cambrian Amin Sandstone reservoir
at a depth of around 4,250 metres.

    Adam is estimated by the Company to have gross mean prospective resources of about a half trillion cubic feet of gas and substantial
associated condensate. The Kauther Field, operated by PDO, is an analogue for Adam. Kauther lies some 45 kilometres to the south of Adam and
came on-stream in October 2007 producing gas and gas condensate from the same Amin Sandstone reservoir.

    The proximity of a major pipeline which runs through Block 47 to Muscat, the capital and largest population centre in Oman, is a factor
that the Company believes enhances the chance of a discovery at Adam being a commercial success.

    David Bremner, CEO, commenting on today's announcement said:

    "We are excited to get the Zad well underway and expect a more straightforward operation than we had with our recent Al Jariya well.
Whilst Adam is considerably smaller than the Jebel Hafit prospect, a discovery would be highly significant for Indago. It could also help
achieve a critical mass for the development of other existing and future discoveries in the immediate area."

    Indago holds an approximate 50% interest in Oman Block 47. The Operator, RAK Petroleum PCL, holds the balance of the interest.


    22 May 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
 
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