Share Name Share Symbol Market Type Share ISIN Share Description
Indago Petroleum LSE:IPL London Ordinary Share GG00B1VJHB24 ORD USD0.0005
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 34.50p 0.00p 0.00p - - - 0.00 05:00:10
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers - - - - 18.40

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Date Time Title Posts
10/10/201409:58Indago Petroleum - Massive Upside Potential4,045.00
28/2/201321:39IPL5.00
23/7/201108:41Oh aye, they're all 'talking' about it, make no mistake about it.10,017.00
23/1/200920:30IPL, Bid coming?!!!3.00
11/12/200801:18Indago Petroleum - High Impact Exploration33.00

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Indago Petroleum (IPL) Top Chat Posts

DateSubject
13/4/2011
12:08
white fox: #1632 I believe it is because the PRM share price is going up and therefore the deramper gang are sitting depressed in a darkened room.
11/8/2009
13:24
themoneymonster2: Well you all should have sold out months ago when the share price was at 35p and the dollar was around 1.4-1.5-1! You could have made it work for you rather than sitting on your bottoms hoping the exchange would work for you!
22/6/2009
08:50
blackgold2: What I can't understand is, if the wind-up figure is as low as 33p as you say, for all these people selling at 35p it means that someone, somewhere, must be buying them. Now brokers are no dummies they wouldn't be dealing expecting to make a 2p drop per share. It's not even like they can talk the share price up between now and the EGM. Which makes me think is there someone in the background waiting to hoover them up, but for what reason ?
22/5/2009
10:08
adam: I spoke to Martin a couple of times recently. I think payout for the bulk will be perhaps as soon as just 8 weeks away. So annualised there is a case for a mere 5% return. We should at least get current share price back. I sold 1/3rd at 36p recently as have uses for the cash elsewhere. I am concerned too about £/$ rate. I think though that unlikely to get worse than 1.6 and by the time of pay out could be back down, but that's just based on commentaries I have read.
28/4/2009
08:38
seagreen: Even if you allow them US$5million for closing down costs which would sound astoundingly generous you get 38.5p, if you allow US$2.5million you get a share price of 42p This should be trading at circa 40/42 imho
08/4/2009
13:13
blue85: union + anyone else that has not seen this (from WShak on MF) - this is what is was referring to linking to your board for future reference. v good piece of research http://boards.fool.co.uk/Message.asp?mid=11453696 "Setting the scene for my conversation with IPL this morning, I'll first put forward an e-mail sent to them by me last week: Thanks for the detailed reply. Given your confidentiality agreements, I concur that it makes little sense for me to be taken inside. I'll give you a call later in the week to discuss this further if you don't mind but in the meantime, I'd just like to put on record the criteria which my group would like to see in any potential merger. 1. Liquidity in the enlarged group's shares to be greater than that of IPL. 2. Significantly greater upside in the share price of IPL than that reflected by it's cash NAV. Given that current IPL shareholders could double their money if the company entered voluntary liquidation, it strikes me that any potential deal which involves risk should generate considerably better returns. 3. We don't end up merely inheriting another company's poor market rating for it's assets - by this, I trust that our cash will add significant value to the enlarged group and the market will likely recognise this. From what you've written below (and our previous conversations!), it sounds as though we share similar ideas on the future of IPL so probably little reason for me to worry. At the time of writing, I had no idea that cash per share would be 49p so that's obviously a very pleasant surprise, albeit one that I hoped for if the insurers decided on a cash settlement for the blow out rather than re-drill. The actual cash settlement is far higher than even I had hoped for though. Insurance Payout A cash settlement for a re-drill is apparently a pretty rare event but seems to have been considered to be the best solution since IPL were under time constraints from the insurers to re-drill but the insurers were on the hook again if there were further problems. A silly situation. The insurers' involvement was also complicating talks on possible farm-outs and that obstacle has now gone. IPL can now take it's time about farming down, armed with a load of geographical data from the first well, and any JV would presumably drill a wider hole this time. From my talks with IPL this morning, an ideal result would be for a farm-in partner to pay for the full cost of the re-drill , giving IPL a free ride, although there can be no guarantee that this will materialise. Costs are down drastically from last year and a new well could probably be drilled for much less than before. There should be few worries over the receivable due from the insurers since it is a consortium of household names. A small point, but an important one in current markets. Future Corporate Transaction IPL is in an incredible position in the current market and, as my e-mail indicates, I don't want it wasted given that I own about 2% of the company. I don't think IPL's management will do that given my conversations to date. The insurance thing has held things up until now since any potential partner clearly needs to know how much is going to be in the pot from our side. It is absolutely crucial that the merged company is fully funded and there is no chance of having to return to the market in the current environment so the $38m that we have has to make a material difference. Given the number of distressed assets out there, $38m could transform the balance sheet but the focus must be on quality. This is just my view now, but I firmly believe that any deal must offer significantly more upside than 49p in order to get done, otherwise we may as well hand the cash back. That shouldn't be difficult since there are companies out there now trading at $38m which were trading at ten times that price less than a year ago. I'm comforted by IPL's management in this regard, who have had a history of distributing cash to shareholders in the past and have shown themselves to be honest and highly competent. This isn't your typical AIM company looking to fleece its shareholders. I don't get the impression that IPL want to "punch above their weight" in the current market and put their own funds back into the ground in Oman, no matter how good the prospects are - a farm-out is much more preferable. The length of time that it's taken to sort out the insurance claim has actually worked in their favour since drilling costs have dropped and O&G assets have plunged in price. Given management's attitude, I still think an outright takeover is on the cards given that any potential farm-in partner in Oman could pick up the company for little more than it's cash balances. Today's announcement has already shown that the share price in recent months has been a complete nonsense but it remains just as much so right now. I had been counting on $23m + free re-drill at JH, now we have $38m and free to farm down. It should be an exciting few months. :o)"
21/3/2009
10:47
hugepants: As it stands IPL can give shareholders a risk free 100% profit from the current share price if they return cash and sell the assets. So, as WShak posted previously, any investment IPL make (or if IPL acquired by a larger company) has to be a fantastic deal to make it worthwhile. I wonder if IPL are considering returning a portion, say 50% of the cash, to shareholders. They have a history of doing this. It may satisfy both camps.
13/3/2009
18:55
aporime: Although Wshak is perfectly able to speak for himself, it's worth reading what he wrote on TMF recently http://boards.fool.co.uk/Message.asp?mid=11453696 Setting the scene for my conversation with IPL this morning, I'll first put forward an e-mail sent to them by me last week: Thanks for the detailed reply. Given your confidentiality agreements, I concur that it makes little sense for me to be taken inside. I'll give you a call later in the week to discuss this further if you don't mind but in the meantime, I'd just like to put on record the criteria which my group would like to see in any potential merger. 1. Liquidity in the enlarged group's shares to be greater than that of IPL. 2. Significantly greater upside in the share price of IPL than that reflected by it's cash NAV. Given that current IPL shareholders could double their money if the company entered voluntary liquidation, it strikes me that any potential deal which involves risk should generate considerably better returns. 3. We don't end up merely inheriting another company's poor market rating for it's assets - by this, I trust that our cash will add significant value to the enlarged group and the market will likely recognise this. From what you've written below (and our previous conversations!), it sounds as though we share similar ideas on the future of IPL so probably little reason for me to worry. At the time of writing, I had no idea that cash per share would be 49p so that's obviously a very pleasant surprise, albeit one that I hoped for if the insurers decided on a cash settlement for the blow out rather than re-drill. The actual cash settlement is far higher than even I had hoped for though. Insurance Payout A cash settlement for a re-drill is apparently a pretty rare event but seems to have been considered to be the best solution since IPL were under time constraints from the insurers to re-drill but the insurers were on the hook again if there were further problems. A silly situation. The insurers' involvement was also complicating talks on possible farm-outs and that obstacle has now gone. IPL can now take it's time about farming down, armed with a load of geographical data from the first well, and any JV would presumably drill a wider hole this time. From my talks with IPL this morning, an ideal result would be for a farm-in partner to pay for the full cost of the re-drill , giving IPL a free ride, although there can be no guarantee that this will materialise. Costs are down drastically from last year and a new well could probably be drilled for much less than before. There should be few worries over the receivable due from the insurers since it is a consortium of household names. A small point, but an important one in current markets. Future Corporate Transaction IPL is in an incredible position in the current market and, as my e-mail indicates, I don't want it wasted given that I own about 2% of the company. I don't think IPL's management will do that given my conversations to date. The insurance thing has held things up until now since any potential partner clearly needs to know how much is going to be in the pot from our side. It is absolutely crucial that the merged company is fully funded and there is no chance of having to return to the market in the current environment so the $38m that we have has to make a material difference. Given the number of distressed assets out there, $38m could transform the balance sheet but the focus must be on quality. This is just my view now, but I firmly believe that any deal must offer significantly more upside than 49p in order to get done, otherwise we may as well hand the cash back. That shouldn't be difficult since there are companies out there now trading at $38m which were trading at ten times that price less than a year ago. I'm comforted by IPL's management in this regard, who have had a history of distributing cash to shareholders in the past and have shown themselves to be honest and highly competent. This isn't your typical AIM company looking to fleece its shareholders. I don't get the impression that IPL want to "punch above their weight" in the current market and put their own funds back into the ground in Oman, no matter how good the prospects are - a farm-out is much more preferable. The length of time that it's taken to sort out the insurance claim has actually worked in their favour since drilling costs have dropped and O&G assets have plunged in price. Given management's attitude, I still think an outright takeover is on the cards given that any potential farm-in partner in Oman could pick up the company for little more than it's cash balances. Today's announcement has already shown that the share price in recent months has been a complete nonsense but it remains just as much so right now. I had been counting on $23m + free re-drill at JH, now we have $38m and free to farm down. It should be an exciting few months. :o) WShak
03/3/2009
10:21
haideralifool: Doesn't it all depend on what IPL decide to do with the money? If they return cash to investors I can see a case for an immediate rise (depending on how much is returned). On the other hand if they decide to sit on the money and/or invest it in buying 'cheap' assets. I think things could become more complicated. Let's say firm x had assets that were worth £1 before all this credit crunch started. Let's say that firm X's share price has fallen to a level that now values those assets at 50p. Let's imagine that IPL buys those assets for 50p (even though deals seem to be done at a premium these days). Why should a change in ownership mean that they become worth more in IPL's hands? The only scenario I can think of is where firm X was not able to undertake drilling in the near future, but IPL may be able to. So there are a host of unknowns. All IMHO.
12/11/2008
09:14
hugepants: Could just be people who bought at 11p taking a quick profit although IPL will currently have around 19p in cash even allowing for cash burn since last results. I think the current share price discounts anything from the insurance payout. It probably assumes JH a write-off as well. Being prudent is maybe wisest in this market but the share price should double if the payout (around 11p cash and JH redrill) is confirmed. The company is confident though; "...Around $25 million plus insurance contribution towards new well on Jebel Hafit anticipated to be available for future drilling campaign." $25M equates to over 30p per share at current exchange rates. And they've already received a partial payout which bodes well.
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