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Tuesday, 02 December, 2008, 21:20 GMT | more >>

Amadeus rakes it in



By Upstream staff 

Perth-based producer Amadeus Energy has achieved a record after tax profit of A$5.2 million ($3.9 million) for the six months to 31 December 2004, up from A$2.6 million for the six months to 30 June 2004.

In the six months to December 2003, Amadeus reported after-tax profit of A$1.1 million.

The company said the result was a combination of improved US oil and gas profitability and the sale of a one third interest in subsidiary Australian Renewable Fuels Limited.

Amadeus' sales revenue rose by 72% during the half year from $3.6 million to $6.2 million.

The result was achieved with a 24% increase in net oil production and a 104% increase in natural gas production over the previous year.

Production levels were, however, below the company's expectations due to heavy demand for rigs in the US, which Amadeus says hampered the commencement of exploration programmes.


Wednesday, 09 February, 2005, 00:21 GMT  | last updated: Wednesday, 27 April, 2005, 15:36 GMT

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