Indago Petroleum said it had sold its entire Oman production portfolio for 194 million pounds ($374.3 million) -- more than the value of the entire company.

The company said the deal -- agreed with UAE group RAK Petroleum -- was the equivalent of 72-1/2 pence a share, of which 60p, or 160 million pounds, would be paid to shareholders in the form of a special dividend.
Indago also agreed to hand over 50 per cent of all its exploration blocks to RAK as part of the deal, but will retain its status as an AIM-listed oil and gas explorer.
Chief executive Peter Sadler and exploration director John Hurst will transfer to RAK, leaving Martin Groak -- previously the finance director -- as acting CEO.
"It's a super deal," Groak said, adding that the next step for Indago all depended on the results of the group's key Al Jariya well in Northern Oman, due in the second half of the year.