Group net profit after tax was up 201% to A$11.2 million and EBITDA (earnings before interest, tax, depreciation and amortisation) was up 225% to A$20.2 million.
Net gas sales rose 99% to 299 million cubic feet and net oil sales were up 10% to 282,600 barrels. Revenue from oil and gas sales jumped 38% to $18.9 million.
Sixteen out of the 23 wells spudded in Amadeus’ US operations during the 12 month period were successful – a rate of 70%. This added significantly to the company’s reserves for increased production into the future, the company said.
Exploration expenditure on drilling totalled A$5.2 million for the period.
Early in this half, Amadeus made a significant additional increase to its production base with the acquisition of producing projects in Stephens and Shackelford Counties in Texas and the Ford East project, also in Texas.
Both acquisitions had considerable upside potential in un-drilled production locations, and the first two wells drilled on the Ford East project had already discovered oil.
In addition, the establishment and spin off of Arfuels had been very successful, the company said.
Amadeus, which retains a 31.7% interest in Arfuels, received a one-off non-cash book revenue item of $A9.3 million from profit from its sale of the major interest. All Amadeus shareholders were offered an entitlement to shares in Arfuels.
