Following the disappointment of three dry holes in their...

Following the disappointment of three dry holes in their Pitchfork Prospect in recent weeks, Amadeus has lost no time in pressing ahead with its drilling plan for the exciting Red Creek prospect.

It announced this afternoon that its US operator had spudded another well there, and was at 220 feet as at 19th Feb (Texas time), on the way to target depth of 2,700 feet.

This latest well is a step out from their successful Rash Barrett 24-1. AMU's working interest in this latest hole in the ground is 50%.

The two wells it has drilled to date in the Red Creek prospect are each delivering in excess of 60 bopd in total.

Along with their other producing wells, AMU is delivering about 750 boe per day (at current prices this represents a handy A$300,000+ per week in revenue to AMU).

Another couple of hits like the first two wells in Red Creek and AMU would see some significant additions to revenue and bottom line profits. Especially since these shallow wells don't strain the budget too much.

Not bad for a junior with a current market cap of less than A$8.5m.

S