TIDMIPL 
 
RNS Number : 5010Q 
Indago Petroleum Limited 
14 April 2009 
 

14 April 2009 
 
 
 
 
INDAGO PETROLEUM LIMITED 
 
 
Sale of Exploration Assets in Oman 
 
 
 
 
Indago Petroleum Limited ("Indago" or the "Company") announces that RAK 
Petroleum Oman Limited, a wholly owned subsidiary of RAK Petroleum PCL ("RAK 
Petroleum"), has acquired Indago's wholly owned subsidiaries holding 
approximately 50% interests in Blocks 31, 47 and 43A in Oman (the "Licences"). 
RAK Petroleum already held the balance of the interests and is the Operator of 
the Licences. As a result of the sale, Indago will have no continuing work 
obligations in Oman and, following the recently announced settlement of the 
insurance claim in relation to the Al Jariya 1 well, cash balances of 
approximately $35 million. This figure is after a payment by Indago to RAK of 
approximately $3.5 million in relation to a release, subject to certain 
warranties, from all possible obligations arising from their joint activities 
and past transactions. Group shareholders' funds, after writing off drilling and 
development costs, are represented by the cash balances. 
 
 
David Bremner, CEO of Indago, commented: 
 
 
"In March 2007 Indago re-focused as a pure oil and gas explorer after the sale 
of production and certain exploration assets to RAK Petroleum. Subsequently, 
Indago has participated with RAK Petroleum in two exploration wells, each of 
which proved impossible to complete as planned, spending around $41 million 
before insurance recoveries. We understand the wish of our former partner to 
press ahead with further exploration of these areas. The costs, however, will be 
very considerable and this agreement assures us of strategic flexibility." 
 
 
Tim Eggar, Chairman of Indago, commented: 
 
 
"As indicated in my statement in September 2008, the Board of Indago is 
continuing to consider and compare opportunities to enhance shareholder 
value. We are in discussions about a number of interesting corporate and asset 
transactions, all of which need to be compared to a return of capital. In recent 
weeks The Board has concluded that the advancement of these opportunities will 
be greatly facilitated by this transaction which is designed to extinguish any 
further obligations in Oman. We will make further announcements as these become 
appropriate." 
 
 
As a result of the divestment of the Licences, Indago has no remaining oil and 
gas interests.  Under the AIM Rules, Indago has become an Investing Company and 
must have its investing strategy approved by its shareholders. In addition, in 
order to remain on AIM, the Company is required under the current AIM Rules to 
conclude a major transaction within twelve months of such shareholder approval. 
It has been agreed with the London Stock Exchange that Indago's investing 
strategy can be approved by shareholders at the Company's next Annual General 
Meeting. 
 
 
A circular to be sent to shareholders will set out the Company's investing 
strategy and the Notice of Annual General Meeting will contain the required 
resolution seeking approval. 
 
 
 
 
 
 
 
-ends- 
 
 
Enquiries: 
 
 
 
 
 
 
+--+--------------------------------+----------------------------------+ 
| Indago Petroleum Limited          |                                  | 
+-----------------------------------+----------------------------------+ 
|  | Tim Eggar, Chairman            | +44(0) 7771 597 499              | 
+--+--------------------------------+----------------------------------+ 
|  | 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            | 
+-----------------------------------+----------------------------------+ 
|  | Nick Elwes                     |                                  | 
+--+--------------------------------+----------------------------------+ 
|  | Paddy Blewer                   |                                  | 
+--+--------------------------------+----------------------------------+ 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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