Total assets have rocketed to $46 million, up from $18 million in 2003, while share prices have doubled in the last year from 45 cents to 90 cents

“We’re very confident of breaking through the one dollar mark in a short while,” executive director Caroline Bentley told the conference.

2006 shows no sign of slowing down either, as Bentley forecasts a 70% leap in next year’s oil production to over 450,000 barrels per day, from 283,000 this year.

Meanwhile, gas exploration is estimated to soar from under 300 000 mcf this year to over 1.3 million mcf in 2006.

The sale of Amadeus’ 68% interest in subsidiary company Australian Renewable Fuels for $9.3 million also led to a $11.2 million net profit in 2005.

Exploration and production will continue in onshore Oklahoma, Louisiana and Texas, with the company recording an average 75% success rate in its three main fields for 2005, Bentley said.

To date, 10 out of 14 wells have been successfully drilled at the Red Creek project, Oklahoma, in which the company acquired a 50.5 to 60% interest four years ago. With daily production at about 250 bopd, Amadeus plans to spud a further three development wells by December this year.

Meanwhile, nine out of 13 wells have been drilled and are producing over 900 bopd at the Racoon Bend field, Texas, in which the company has a 60% working interest. There is an expected 10mmbo of remaining reserves in this field, said Bentley.

The Wildcat exploration in Halletsville South, Texas, has successfully drilled eight out of 10 oil and gas wells, with the reserve potential at the Midcox zones in range of five to 22 bcf and 150 000 to 500 000 barrels per well. With a 25% to 50% interest in the project, Amadeus announced that further prospects with multiple development well potential has been identified. In addition, two new exploration leasehold areas adjoining Halletsville South – Halletsville East and Erhard-Peterson – have been acquired.

Exploration will continue at the Grosse Tete project, Louisiana, after the company acquired a 50% working interest in 2004, with three plays to be tested in as many years.

Meanwhile, exploitation will start up in the Grapeland Field project, Texas, following a 50% working interest three months ago.

Recent Texas acquisitions include the Shackelford & Stephens counties and the Ford East Project in Reeves County, which since purchase has successfully drilled all three wells.

In other news, Amadeus has announced developments at six of its oil exploration wells in Texas and Oklahoma.

The Red Bluff-9-6 has reached its target depth and encountered over 10 metres of net pay in the Ramsey Sand, while the Marshall A-4 spudded on September 2 has progressed to a depth of 248 metres.

Spudded on September 5, the Rash Barrett A-7 well has reached 76 metres, while the Rufus Hardy B-32 can expect to be spudded on September 15. Spudding will take place on the Olver-2 and Olver-4 wells, once the Rash Barrett A-7 drilling is complete.