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MENAFN - ProactiveInvestors - Australia - 29/11/2012

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(MENAFN - ProactiveInvestors - Australia) Amadeus Energy (ASX: AMU) will soon release an announcement on developments regarding its proposed merger with UK-based Ecofin Energy, the holding company for Lonestar Resources.

Shares in the company have been placed into an ASX trading halt.

Lonestar owns a portfolio of Eagle Ford Shale assets in Texas and under the merger, the combined company will hold proved (1P) reserves of 12.7 million barrels of oil equivalent (MMboe).

The new Lonestar will also have combined production of 2,887 barrels of oil equivalent per day (boepd) for the 3 months ended 30 September 2012, expected to increase to between 3,300 and 3,800 boepd in the year ending 31 December 2013.

The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Monday 3rd December.

 






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