Indago Petroleum

London-based Indago Petroleum has retained Stellar Energy Advisors Ltd. to seek a farm-in partner for an exploration prospect in Oman. The prospect is in Block 47 onshore Oman in the foreland to the Oman Mountains at the northern end of the Lower Palaeozoic Fahud salt basin. The Adam prospect is a four-way dip-closed structure at Cambrian Amin sand level and underlies a shallower Cretaceous Khatmah gas discovery. Indago is offering an equity interest in return for funding 100% of well costs on the Adam prospect. The well is expected to cost $17 million (dry hole) and take three months to drill. It is operated by Rak Petroleum. Beyond Adam, two leads, Dham and Sadood, have been defined on Block 47 and one of these is expected to emerge as a strong candidate for drilling during the current exploration term. Bids are due by March 15. Contact Stewart Lee, +44-20-7493-1977.