The directors of Amadeus Petroleum announced that the option granted to Honeywell Limited in May of last year has lapsed as of 31 December 2001.
The option gave Honeywell the right to purchase up to 50% of the equity in Virtual Control Systems Ltd, which is a wholly owned subsidiary of Amadeus Petroleum NL.
Honeywell has formally asked for an extension of the option and both parties are in negotiation at this stage, according to Amadeus. The strategic alliance between the parties is continuing and both companies are working together on promoting VCS opportunities, Amadeus added.
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