Insurance Settlement


 

TIDMIPL 
 
RNS Number : 7080N 
Indago Petroleum Limited 
23 February 2009 
 

23 February 2009 
 
 
INDAGO PETROLEUM LIMITED 
 
 
Insurance Settlement 
 
 
 
 
Indago Petroleum Limited ("Indago" or the "Company") announces that a settlement 
has been reached on its insurance claim in relation to the underground blowout 
suffered at the Al Jariya well on the Jebel Hafit prospect in February of 2008. 
 
 
Jebel Hafit is located in Block 31, onshore the Sultanate of Oman and Indago 
holds an approximate 50% interest in the Block through a wholly-owned 
subsidiary. RAK Petroleum Oman Limited ("RAK"), the operator of the Block, owns 
the balance of the interest in the joint venture (the "JV"). 
 
 
The JV has accepted an offer by underwriters of a full and final net cash 
settlement incorporating a payment in lieu of being reimbursed for re-drilling 
the Al Jariya well, plus reimbursement of the final tranche of costs incurred by 
the JV in controlling the well at the time of the blowout. (the "Settlement"). 
 
 
Once the Company has received its share of the Settlement, it is projected to 
have cash balances in the region of $38 million. It is anticipated that all the 
Settlement monies will have been received by the end of March 2009. 
 
 
Technical evaluation of the Jebel Hafit structure is ongoing. As previously 
announced, the latest analyses have concluded that the upper reservoir target 
(the Natih) was penetrated and was demonstrated to contain water. The lower 
reservoir target (the Shuaiba), which has not been penetrated, was estimated in 
the pre-drill analysis to contain around 80% of the prospective resources. 
 
 
Discussions are being progressed with RAK and Oman's Ministry of Oil and Gas in 
relation to the way forward on Jebel Hafit and Block 31 generally. On other 
operational and corporate activities, the Company has no developments to report 
at this time. 
 
 
David Bremner, CEO, commented: 
 
 
"I am very pleased that the JV has been able to reach this settlement with the 
insurers. The Board concluded that this outcome is in the best interests of the 
shareholders because it gives the Company both greater financial certainty and 
added flexibility in terms of strategic alternatives. It also allows the Jebel 
Hafit project to be progressed in a measured fashion, rather than according to a 
timetable set by the terms of the insurance policy". 
 
 
 
 
-ends- 
  Enquiries: 
 
 
 
 
+--+--------------------------------+----------------------------------+ 
| Indago Petroleum Limited          |                                  | 
+-----------------------------------+----------------------------------+ 
|  | David Bremner, CEO             | + 1- 805 708 4892                | 
+--+--------------------------------+----------------------------------+ 
|  | Martin Groak, CFO              | + 44 (0) 20 7096 3461            | 
+--+--------------------------------+----------------------------------+ 
|                                   |                                  | 
+-----------------------------------+----------------------------------+ 
| Ambrian Partners Limited          | +44 (0) 20 7634 4705             | 
| (Nomad and Broker)                |                                  | 
+-----------------------------------+----------------------------------+ 
|  | Marc Cramsie                   |                                  | 
+--+--------------------------------+----------------------------------+ 
|                                   |                                  | 
+-----------------------------------+----------------------------------+ 
| College Hill Associates           | + 44 (0) 20 7457 2020            | 
+-----------------------------------+----------------------------------+ 
|  | Paddy Blewer                   |                                  | 
+--+--------------------------------+----------------------------------+ 
|  | Nick Elwes                     |                                  | 
+--+--------------------------------+----------------------------------+ 
 
Notes to Editors 
 
 
Indago Petroleum Limited is an AiM listed oil and gas exploration company. It 
has a portfolio of investments in the Sultanate of Oman, where it holds just 
under 50% of three contiguous onshore exploration blocks in the northern section 
of the Sultanate: 
 
 
  *  Block 31 
  *  Block 43A 
  *  Block 47 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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