RNS Number : 3518J
  Indago Petroleum Limited
  02 December 2008
   

    2 December 2008

    INDAGO PETROLEUM LIMITED

    Update on insurance claim


    Indago Petroleum Limited ("Indago" or the "Company") provides an update on the ongoing insurance claim in relation to the underground
blowout suffered at the Al Jariya well on the Jebel Hafit prospect in February of this year and is pleased to report steady progress. 

    Jebel Hafit is 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 PCL, the operator of the Block, owns the balance of the interest in the joint venture (the "JV").

    Underwriters have approved two interim payments with respect to reimbursement of the costs of controlling the well totalling USD 16
million (Indago's share USD 8 million). Most of that money, less the policy excess of USD 250,000 (Indago share USD 125,000), has already
been remitted to the JV and the balance is due shortly. 

    The amount approved to date represents just over two-thirds of the claim relating to the well-control costs. The JV is confident that
further progress will be made before the year-end.

    In relation to its operations and corporate activities, the Company has no other developments to report at this time.

    David Bremner, CEO, commented:

    "The steady progress being made on this important matter is very encouraging. This is bolstering Indago's cash reserves at a time when
access to cash is particularly challenging in our sector."

    -ends-
    Enquiries:

 Indago Petroleum Limited
                   David Bremner, CEO                   + 1- 805 708 4892
                   Martin Groak, CFO                    + 44 (0) 7949 209 301

 Ambrian Partners Limited (Nomad and Broker)            +44 (0) 20 7634 4705
                   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
 
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