Amadeus growth

Shares in Perth-based Amadeus Energy Ltd have increased 3.7 per cent following the company posting a half yearly after tax profit of $6.6 million, up 38 per cent on the previous corresponding period. At market close on Tuesday, shares in Amadeus had risen 3.5 cents to 98.5 cents. The company said the half yearly results were impacted by successful exploration in Texas and Oklahoma, judicious selection of new acquisitions and favourable oil and gas prices. The company will be focusing on exploration as the primary enhancer of value following three acquisitions in the half year. Cash flow from operating activities for the period more than doubled to $8.6 million. The second half of the year will be focused on the consolidation of the new properties and exploitation of existing reserves to further increase Amadeus’ production base.


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