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Indago has its roots in Novus Petroleum, an Australian listed oil and gas company.
In 1995 Novus acquired a 10% interest in Block 8, Oman, which included the producing Bukha gas-condensate field and the West Bukha gas-condensate discovery. Novus then increased its interest to 40% in 1997, became operator, and began to establish a larger presence in the region. The company embarked upon an intensive geological and geophysical work programme and established a comprehensive understanding of the local petroleum systems.
Novus subsequently signed agreements for the exploration of Block 17, Blocks 15 & 47 and Block 31, Oman during 1999, 2000 and 2002 respectively. Novus also signed an agreement to explore the Ras Al Khaimah Onshore concession located in the northernmost emirate of the United Arab Emirates.
Following the acquisition of 2D seismic over the acreage during 2003 and 2004, five leads were matured to prospects and these form the focus of the current exploration drilling campaign. Operations for the first well, Hagil-1, have already been completed.
In October 2005, Indago acquired Block 30, Oman. The block has existing gas discoveries that are yet to be developed.
During 2004 Novus was the subject of a hostile takeover by Medco Energi of Indonesia. Indago Petroleum was established in July 2005 by Meridian Capital, together with Silk Route Petroleum and management, to purchase from Medco Energi the Middle Eastern assets previously owned by Novus.
At the beginning of December 2005 Indago was listed on the AIM of the London Stock Exchange.
In April 2007 Indago completed the sale of its production
and development assets to RAK Petroleum for £194 million. Subsequent to this
asset sale Indago became a pure exploration company with interests in three
concessions in Oman, ongoing drilling and seismic acquisition programmes and new
venture ambitions in and possibly beyond the Middle East region.
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