IPL Indago Pet

    RNS Number : 0492Z
  Indago Petroleum Limited
  15 July 2008
   

    Indago Petroleum Limited
    (AIM: IPL)

    Operational Update

    Indago Petroleum Limited ("Indago" or "the Company"), the oil and gas exploration company exploring onshore the Sultanate of Oman,
announces that drilling operations have been discontinued at the Company's Zad well on the Adam Prospect ("Adam") in Block 47.

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

    Initially, progress on the well was relatively routine and 20 inch casing was set and cemented at 450 meters. Since that time, drilling
in 17.5 inch hole, the drillstring became stuck in two separate incidents resulting in the loss of the bottomhole assembly and the
initiation of a sidetrack on each occasion. Following problems initiating the second sidetrack attempt, the Operator has concluded that, due
to tectonic instability in and around the wellbore at between 600 and 800 meters depth, it is inadvisable to drill ahead. The Joint Venture
will review options for redrilling the well at a later date.

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

    "The loss of the Zad well is a big disappointment but the decision to terminate early and control costs is the most appropriate option.
We still have confidence in Adam as a prospect and look forward to the opportunity to redrill later".

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


    15 July 2008 
    Enquiries:
            
    
    
 Indago Petroleum Limited                              
 David Bremner, CEO                    + 1 805 708 4892
 Martin Groak, CFO                     +44 7949 209 301
 Stephen Lambert, Commercial Director  +44 20 7096 3464
                                                       
 JPMorgan Cazenove Limited             +44 20 7588 2828
 Barry Weir                                            
 Neil Haycock                                          
                                                       
 Nabarro Wells                          +44207 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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