new farm in agreement, page-5

as a follow on to my last post
apparently there is an upside to the credit crunch after all
it was reported at agm that as a consequence drill rigs have become much more readily available which ofcourse will lead to less delays in drilling.

On the AGM

I've probably said it b4 but i'll say it again, there is nothing quite like turning up in person and seeing the whites of their eyes (lol) and hearing the presentations for yourself and get to discuss afterwards
As you can see there was a mountain of info delivered at AGM with 5 presentations from key personal all were very enthusiastic about AMU prospects going forward in 09
What else would you expect i hear you say, well i have seen a lot of presentations and some quite honestly just put you to sleep, the energy and enthusiasm that these guys have for the business is infectious.
As i said lots of info to digest and i hope we can go through some of it later.
The general impression i got was that we are really going to see some BANG FOR OUR BUCKS in the ongoing drill campaign. Multiple "company maker targets" that will have a huge impact on revenue and reserves, Lavaca county is one project to get a big mention in terms of HIGH IMPACT.
Much of the hard work and target generation has been completed via a very rigorous process and now its time to set the bit and find pay.
Strategy wise everything they are doing makes very good sense imo, there was talk of ongoing strategic review inc debt, costs, acquisitions (in the $25- $100m range) etc.
The new North Dakota farm in looks very promising and relatively low risk, adds to diversity of portfolio which fits well with risk management.
There was some discussion on Waterhole creek which as we know was suspended, the gist was that they have learnt much from this and results at nearby Wolf Cowling have given them much confidence to redrill waterhole, it was said that this target has been significantly derisked and they are very excited about it.

The overall impression was very positive and i left feeling very comfortable with my holding in Amadeus. I spotted Peter Strachan there so i suppose we may see some commentary from him.