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Amadeus sells Raccoon

AMADEUS Energy has sold the bulk of its stake in the Raccoon Bend oil field in Texas. The 1P rese...

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Amadeus sold a 45% stake in the field and retains 15%.

Amadeus also retains its deep exploration rights surrounding the Raccoon Bend field, where 3D seismic has been run and several targets are being identified. Target size is between 30 – 100 Bcf of gas (100%) at a depth of 11,000 to 13,000 feet.

The company said it expected to to book an unaudited profit of $US4 million from the sale.

Amadeus originally acquired its interest in 39 leases in the Raccoon Bend field from Mission Resources for $US3 million in December 2003. During this time, the field has produced 831,695 barrels of oil (385,294 barrels net to Amadeus).

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