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AMU 21.0¢

AMU Strike OIL

  1. Madcow

    1,858 Posts.

    They had NTA of 20c per share before this


    HOMEX - Perth

    The Directors of Amadeus Energy Ltd wish to advise of a successful
    outcome on the Drill Stem Test on the Seay Heirs No 1 well.

    The test encountered a strong presence of oil at a depth of 3,276
    feet through to 3,288 feet. The results showed:

    - 300 feet of oil, free of contaminants;
    - no water present;
    - pressure indicated no depletion problems.

    Once well logs are run and flow rates calculated, reserve estimate
    will be established. The well completion is expected within 14 days,
    subject to crew availability.

    A total of 45 structures have been identified on the Red Creek
    prospect, each containing 3 potential drill locations. Seay Heirs
    No 1 is the first well of the drilling programme. Spudding of the
    Rash Barrett 24-1 well is expected to commence on or around
    30 June 2002.

    C L Bentley

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