Amadeus told the market it has reached an agreement with Dallas-based Gruy LLC to acquire a 11.25% working interest in Lago Prospect in New Mexico's Lea County. In exchange, Amadeus will spend $US97,200 for leasehold options and 3D seismic data.
"To date, seven prospects have been identified, following interpretation of the 3D seismic work. It is anticipated that an initial 14,000 foot test well will be drilled before the end of this financial year," said Amadeus spokesperson, Caroline Bentley.
"This project represents another step in the company's stated policy of directing a substantial portion of net cash flow to low risk, high return exploration projects in the USA."
The operator will be the Texas-based Pecos Production Company, a petroleum-engineering group.
