Under the deal, Amadeus will earn a 19.6875% working interest in the North Bayou Henry prospect, and a 30.9375% stake in each of the West Klondike and Home Run prospects.

All three prospects were targeting fault block closures identified on 3D seismic data and located close to analogous offset production.

Amadeus said they each have the potential to contain significant reserves of 3-5 million barrels of oil and 5-12 billion cubic feet of gas, at depths ranging from 11,000 to 13,500 feet (3352-4114m).

Drilling is due to start next year.

In combination with the upcoming drilling of the Gross Tete Schwing-2 well and the shooting of the Longville 3D survey in Allen Parish, Amadeus said the South Louisiana region represented a new major core exploration province for the company.

Negotiations are underway on another exploration project in the area and further details will be released in the next two to three weeks.