Revenue for the Perth-based company rose 25% to $26.4 million from $21.1 million for the half-year ended December 31, 2006, while earnings before interest, tax, depreciation and amortisation climbed 10% to $14.6 million.
However, the company posted a 26% on-year drop in profit to $4.8 million from $6.5 million for the period.
It also reported a 17% rise in attributable oil production to 254,892 barrels, while gas output jumped 47% to 612 billion cubic feet.
On the back of good fortune in the US, Amadeus reported an exploration success rate of 93%, with 14 of 15 wells drilled and cased for production.
Looking ahead, the company said it would focus on “exploitation of producing properties in the US” during the second half.
“The drilling program will continue on the White Eagle, Kansas and Lavaca County, Texas projects,” it said.
“Our operations continue to seek a suitable drilling rig for the two deep wildcat gas wells in the Gross Tete project, Louisiana.
“Operating costs efficiencies will also be sought, in order to improve the gross margin on core operations.”
Amadeus also said its joint venture with US-based Union Gas would begin the 3D seismic shoot over the Racoon Bend project area in Texas to identify deeper prospects.
Potential drilling targets will be identified after the data is interpreted by end of calendar 2007, it said.
Managing director Geoffrey Tower yesterday told corporatefile he attributed the company’s drilling success to the relationships Amadeus has built with US exploration operators and partners over the last 10 years.
“Their expertise and knowledge is to source the best quality prospects for exploration and development,” Tower said.
“They live and breathe oil and gas with the advantage of being located in the heartland of USA oil and gas-producing areas.
“Our partners also put their hand in their own pockets and take up a working interest alongside Amadeus in such prospects, ensuring it is in their best interests to succeed.”
Tower said he expected the company’s drilling success to “definitely” continue and added that Amadeus is currently evaluating at least six new exploration plays, but he was unwilling to comment on the specifics.
