- Sept 23 (Reuters) - Indago Petroleum Ltd said on Tuesday it was seeking to
diversify its operations after bad drilling results as it slipped to a loss for
the six months to June 30, sending its shares down almost 12 percent.
The company, which explores for gas and oil onshore the Sultanate of Oman,
has curtailed exploration wells on the Jebel Hafit and Adam prospects and said
it is unlikely to drill new wells before mid-2009.
It said it would consider combinations with other companies and also
bringing new investors into its Oman assets.
The company slipped to a first-half pretax loss of $12.77 million from a
profit of $294.53 million last year. Last year's profit included $306 million
from the sale of its subsidiaries.
"Indago has experienced an extremely difficult year operationally. However,
the company remains financially sound and retains considerable exploration
potential which has still not been tested," chairman Tim Eggar said in a
statement.
At 0910 GMT, Indago shares were down nearly 12 percent at 13.5 pence.
(Reporting by Balachander Surianarayanan in Bangalore; Editing by Victoria
Bryan) Keywords: INDAGO/RESULTS
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