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LIVE

Thursday, 08 January, 2009, 23:30 GMT | more >>

Indago exits Oman in $374m deal

By Upstream staff

Middle East-focused explorer Indago Petroleum has sold its entire Oman production portfolio for £194 million ($374.3 million) - a sum that tops the value of the entire company.

The company said in a statement the deal, agreed with United Arab Emirates' group RAK Petroleum, was the equivalent of 72-1/2 pence a share, of which 60p, or £160 million, would be paid to shareholders in the form of a special dividend.

Shares in Indago closed yesterday at 65-1/4p, valuing the company at £174 million.

Indago also agreed to hand over 50% of its exploration portfolio to RAK as part of the deal, but will retain its status as a listed explorer.

Meanwhile, company boss told Reuters in an interview that Indago will consider rebuilding by acquisition if results from its key Al Jariya well are positive.

"Our interest in Al Jariya ( in northern Oman) could be 500 million barrels - equivalent to about £2 a share," Groak said.

"That would be a company changer, and would open up a number of strategies."

He added that the cash that would be generated from such a discovery could be used to buy other companies, both in the Middle East and elsewhere.

"There are some companies that got funding for exploration when it was easy, who are now struggling to keep their programme moving forward," he said. "Anyone with money can expect to look at the market and pick up deals."

Al Jariya, set to be a deep well of about 5700 metres, will be drilled in May and is expected to begin testing by the end of June.

The terms of the production sale dictated that all Indago's exploration blocks in Oman and the United Arab Emirates would be split equally with the buyer, the UAE's RAK Petroleum, but Groak said that did not prevent the company from striking out again on its own.

"RAK have further interesting ambitions, and we could follow the RAK avenue or we could look elsewhere," he said.

As part of the deal, Indago chie as acting chief executive.

"I joined to work with Sadler and Hurst so there is a certain chagrin at parting company," Groak said, "but I knew from the outset that RAK had a surfeit of good financial people."