The company has recently diversified from its traditional oil and gas base with moves into control room technology and renewable energy.

The Perth-based company has also given the green light for a hefty buy-back program involving up to half its shares. Amadeus chairman Mr Rob Scott described the share buy-back as a sound use of funds if another solid investment was not found.

This week, Amadeus also announced it had disposed of 81 per cent of its working interest in the Whitaker Lease in Nolan County, Texas. The asset was first purchased in May 1997 for $US50,400 and to date has generated gross revenue of $US485,000, a return in excess of 700% according to Amadeus.

"The disposal is in line with the company's philosophy of holding properties through to their optimal economic life prior to plugging liabilities," the company said.

Brokerage house DJ Carmichael recommends Amadeus as a good speculative buy. Carmichael analyst Mr Peter Strachan said Amadeus has debt of $6.2 million and small deficit of working capital, however, its energy ventures and US exploration offers potential for additional upside for shareholders.

"We believe that Amadeus' underlying value is not fully appreciated in the current difficult market. Therefore, investors with a medium term view should be rewarded as this latent value is realised over the next few years," Mr Strachan said.