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Friday, May 23, 2008

Indago Petroleum Begins Drilling in ِAdam, Oman

Indago Petroleum Limited, the oil and gas exploration company exploring onshore the Sultanate of Oman, announces the commencement of drilling of the Company’s Zad well on the Adam Prospect ("Adam") in Block 47.
The well, which spudded on 20th May, is forecast to take around 100 days to drill and is targeting the Cambrian Amin Sandstone reservoir at a depth of around 4,250 metres. Adam is estimated by the Company to have gross mean prospective resources of about a half trillion cubic feet of gas and substantial associated condensate.
The Kauther Field, operated by PDO, is an analogue for Adam. Kauther lies some 45 kilometres to the south of Adam and came on-stream in October 2007 producing gas and gas condensate from the same Amin Sandstone reservoir. The proximity of a major pipeline which runs through Block 47 to Muscat, the capital and largest population centre in Oman, is a factor that the Company believes enhances the chance of a discovery at Adam being a commercial success.
David Bremner, CEO, commenting on today’s announcement said: "We are excited to get the Zad well underway and expect a more straightforward operation than we had with our recent Al Jariya well. Whilst Adam is considerably smaller than the Jebel Hafit prospect, a discovery would be highly significant for Indago. It could also help achieve a critical mass for the development of other existing and future discoveries in the immediate area." Indago holds an approximate 50% interest in Oman Block 47. The Operator, RAK Petroleum PCL, holds the balance of the interest.

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