Indago Petroleum Awarded Block 43A in Oman

Indago Petroleum

On behalf of the Government of the Sultanate of Oman, His Excellency Dr. Mohammed bin Hamad Al Rumhy, Minister of Oil and Gas signed an Exploration and Production Sharing Agreement with Indago Oman Limited (a wholly owned subsidiary of Indago Petroleum Limited) for Block 43A.

Block 43A, comprising an area of 2923 square kilometers, is consistent with Indago's regional exploration focus on the gas-condensates fairway at the front of the Oman Mountains and is on trend with a number of existing discoveries – the most notable being the multi-Tcf Sajaa field. An initial assessment of the Block has identified two significant leads, based on existing seismic and Indago's regional exploration experience.

During the first exploration term of 3 years Indago plans to:

  • conduct re-processing of the existing seismic, by specialist contractors, to improve imaging and high-grade the leads;
  • acquire new seismic over the most promising structures; and
  • be in a position to spud an exploration well in 2008.

It is likely that the well will target the same hydrocarbon bearing formations that have been identified to the South, in Blocks 30, 31 and 47, and in the adjacent northern Emirates. The Company will seek to accelerate the seismic acquisition in Block 43A by leveraging off its existing seismic acquisition contracts in the region.

John Hurst, Indago's Exploration Director, commented:

"The comprehensive stratigraphic and structural interpretations we have carried out on our existing blocks pointed to Block 43A as having excellent potential for sizeable structures, which we believe are most likely to be gas-condensate bearing. We are delighted to have been awarded this exciting block which fits neatly into our regional exploration strategy, has identifiable leads to pursue and is adjacent to a proven, productive gas-condensate fairway."