for amadeus supporters

Amadeus is up 2 cents today to 72 on the release of its quarterly report. Company says sales revenue was at a new record of US$3.2 million for the quarter (cf.US $3.1 million in September)

Company does not say that production actually fell by 5,000 barrels in the December quarter so higher revenues are due to higher prices. Company produced a net 721 bopd in December quarter as against 774 in the previous quarter.

Gas production was up but it takes Amadeus three months to produce what Petsec produces in two days. Current daily production, if I am interpreting the figures correctly, is around 0.57 mmcf a day as against PSA of 25.00 mmcf a day.

I make the comparison not to pump Petsec but to demonstrate how far Amadeus has to go to get some decent gas production figures.

It just demonstrates how carefully one has to look at production figures often so proudly announced by the juniors in the US when on closer examination they are often not that great at all

Hopefully these figures will improve as recent discoveries of both oil and gas are brought on line but I can't see them significantly increasing production of either this quarter partcularly if, as the December production figures suggest, production from current wells is declining around 10% a quarter.

Typically Amadeus doesn't tell us how much money they have in cash at the end of the quarter, or what net revenues were after exploration, administration and production costs are taken into account. It lists expenditure of $1.86 million for exploration and "operations" does that encompass both production and admin?

I don't think it was such a great result for AMU, solid but not great. Hardly justifies the current market cap of $111 million when compared say to PSA's $132 million.