IPL Indago Pet

 

TIDMIPL 
 
RNS Number : 2488R 
Indago Petroleum Limited 
28 April 2009 
 

28 April 2009 
 
 
INDAGO PETROLEUM LIMITED 
 
 
Proposed Winding-up and Return of Cash 
 
 
 
 
Indago Petroleum Limited ("Indago" or the "Company") announces that it is 
planning to wind up the Company and return the capital of the business to 
shareholders. 
 
 
On 14 April 2009 Indago announced the sale to RAK Petroleum Oman Limited ("RAK") 
of its remaining exploration licence interests in Oman. Following the sale, the 
Company has cash balances of approximately $35 million and no other significant 
assets. It was also announced that, as a result of the sale, Indago had become 
an Investing Company under the AIM Rules and is required, firstly, to seek 
shareholder approval of the future strategy and, secondly, to conclude a major 
transaction within 12 months of such shareholder approval. 
 
 
Since the sale to RAK, Meridian Oil & Gas (Middle East) Limited, the holder of 
22,999,999 ordinary shares in Indago (43.11% of the total issued share capital) 
has informed the Board that it will not support any proposed future strategy 
other than the return of all the Company's available cash to shareholders. After 
consideration, the Board has concluded that, in these circumstances, any 
proposal for an alternative strategy is not practicable and that winding up 
Indago represents the only available way forward. 
 
 
The Board proposes, therefore, to return the available cash to shareholders 
bearing in mind the requirement to meet the contractual obligations of the 
Company and to protect the interests of the shareholders as a whole. It is 
envisaged that this will be effected by seeking shareholders' approval of such a 
course of action at the forthcoming Annual General Meeting ("AGM") possibly 
including the appointment of a liquidator. The AGM is expected to take place on 
10 July 2009. Before then, the Company will investigate the best means by which 
to return cash to shareholders. The results for the year to 31 December 2008 are 
expected to be released during the week ending 22 May 2009. 
 
 
 
Tim Eggar, Chairman of Indago, commented: 
 
 
"The Board has considered a wide variety of potential transactions whereby the 
shareholders could have benefited from the investment of Indago's funds in new 
upstream ventures. The dynamics of the sector mean that attractive investment 
opportunities do exist and Indago was well advanced in maturing certain of 
these. In practice, the Board has no choice other than to be cognisant of 
Meridian's views and, if alternative initiatives are never going to get their 
support, it is better that the available cash be returned to 
shareholders. 
 
 
 
I wish to pay tribute to the considerable hard work of the executive management 
in recent months in their efforts to maximise cash and minimise liabilities 
whilst identifying and pursuing investment opportunities. The Board knows that 
it can rely on their professionalism to implement the winding up of Indago in an 
effective manner." 
 
 
 
 
-ends- 
 
 
Enquiries: 
 
 
+--+--------------------------------+----------------------------------+ 
| Indago Petroleum Group            |                                  | 
+-----------------------------------+----------------------------------+ 
|  | David Bremner, CEO             | + 1 805 708 4892                 | 
+--+--------------------------------+----------------------------------+ 
|  | Stephen Lambert, Commercial    | + 44 (0) 20 7096 3464            | 
|  | Director                       |                                  | 
+--+--------------------------------+----------------------------------+ 
|                                   |                                  | 
+-----------------------------------+----------------------------------+ 
| 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                     |                                  | 
+--+--------------------------------+----------------------------------+ 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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