Intersting quotesAmadeus Energy has revealed it's the target of...

Intersting quotes



Amadeus Energy has revealed it's the target of multiple takeover moves from US companies.

Shares in the Western Australia-based oil and gas producer jumped on the news and at 1311 AEST were trading up five cents, or 27 per cent, at 23.5 cents.

"As a result of these approaches, the board has requested Macquarie Capital Advisers Ltd to review all of the options available to Amadeus to unlock the value of its underlying assets," Amadeus said on Thursday.

The board of Amadeus believes that the current market value of Amadeus's shares does not properly reflect the underlying value of the company's assets and it is therefore important to explore all options for bridging that value gap," it said.

A company spokesman did not reveal how much the company had been offered but said multiple US firms had approached Amadeus in a short space of time with proposals.

"You don't know what sets these things off. It could be this BP thing (the Gulf of Mexico oil spill). It could be a number of things," he said.

Amadeus has not revealed the identities of the interested parties.

"They are real companies that have the capacity to follow through the transaction," the Amadeus spokesman said.

Amadeus owns a number of oil and gas fields and exploration acreage in the United States, with projects in Kansas, Louisiana, North Dakota, Oklahoma and Texas.

The company averages about 1,850 barrels of oil equivalent per day net, from its oil and gas properties.

2010 AAP