Amadeus Energy was notified by the operator of prospect, Trio Operating Inc, that the Rash Barrett "A" No 24-1 step-out well has reached target depth and is being cased for production.
"The success of this well has opened up the possibility of a multiple-well field, on which several further step-out and appraisal wells will be drilled during 2003, in addition to the testing of several exploration plays elsewhere on the Red Creek seismic survey," said company secretary Caroline Bentley.
Bentley said the company anticipates that the well will be producing at a rate of 60 to 70 barrels of oil per day within two to three weeks. Amadeus' has a 60% working interest in the Red Creek Prospect.
The budding Perth-based energy company is currently trading at 9.9c.