"Effective on 1 November, 2002, the existing owners have agreed to transfer their rights in 40BOPD under the Richardson, Travis and Verhalen leases along with deep and shallow rights above and below the Palo Pinto Reef formation in 2043.4 net acres," Amadeus said in statement to the stock exchange.

"Effective on 1 September, 2002 Amadeus has purchased deep and shallow rights on 493.4 net acres. This will give Amadeus an 81% working interest in the unit.

"Once both transactions are settled, Amadeus and the US operator, TNT Engineering Inc, will hold 100% at all depths in the area of interest."

Amadeus added two wells are expected to be drilled within the next four months to the Tannehill formation at 2,400 feet.