sorry, should of done this....ANNOUNCEMENT TO THE AUSTRALIAN...

sorry, should of done this....

ANNOUNCEMENT TO THE AUSTRALIAN STOCK EXCHANGE
23 June 2008 1 of 2 pages
Company Announcements Office
Australian Stock Exchange Limited
10th Floor, 20 Bond Street
SYDNEY NSW 2000
Dear Sir/Madam,
RE: WYLLIE TAKES 15% STAKE IN AMADEUS
Wyllie Group becomes strategic investor in Amadeus Energy Limited
North American onshore oil producer Amadeus Energy Limited (ASX: AMU) is pleased to announce that Wyllie Group is to become a strategic investor in the Company with a 15% stake to be acquired through a Placement.
Under the terms of the Placement, Amadeus will issue 27 million shares at 55 cents per share to raise $14.85m. Proceeds from the Placement will be used to retire debt and settlement is scheduled for 30 June 2008.
The shares will be issued to Wyllie Group (25m), its Senior Adviser and Non-Executive Director Craig Coleman (1m) and former Alinta and Woodside senior executive Stephen Pearce (1m). The shares will be subject to voluntary escrow for a period of 12 months.
Under the terms of the agreement, Mr Coleman and Mr Pearce will join the Board of Amadeus as Wyllie’s nominees.
In addition, Amadeus will appoint an external consultant to conduct a wide-ranging corporate review with a view to optimising shareholder value.
Amadeus’ key asset is a portfolio of long-life oil producing tenements in the US states of Texas, Southern Oklahoma, Louisiana and Kansas.
In the first half of the current financial year, Amadeus posted EBITDA of $18.1 million, underlying the strong cashflows from the US assets through a period of rising oil prices.
Further EBITDA growth is expected in the second half of FY08 on the back of additional oil prices rises.
Amadeus also invested $16.7 million in its exploration and development programs in the December half as the Company looks to build further on its portfolio of long-term production assets.
Level 11, 225 St Georges Terrace, Perth 6000 Western Australia ABN 36 058 714 408
Telephone 61-8-9226 0222 Fax 61-8-9226 0333 E-mail [email protected] Web www.amadeusenergy.com
Amadeus Managing Director Geoff Towner said he was delighted to welcome Wyllie to the register and its nominees to the Board.
“We believe Craig and Stephen will bring great qualities and value to the Amadeus Board at a time when we are exploring how best to maximise value for shareholders from our exceptional portfolio of assets,” he said.
“Amadeus has outstanding cashflows and profitability that we believe will grow in the time ahead, especially given the expiry of significant hedge contracts in 2009.
“However, we are also very focused on ensuring this success is reflected in shareholder value.”
Mr Coleman said Wyllie saw Amadeus as a great opportunity to secure a highly valuable exposure to the oil sector, especially given the strength of the Amadeus portfolio and the long production life of the assets.
“Amadeus has an excellent portfolio of production assets and a very strong growth profile given the quality of its existing producing fields,” he said.
“We see great opportunity to add additional value for shareholders through the development and positioning of Amadeus in a market more keen than ever to secure the right type of exposure to this fast-moving sector.”
Amadeus said the outcome of the strategic review will be reported to the market in due course.
Yours faithfully,
CAROLINE BENTLEY
Executive Director/Company Secretary