Convert ActionScript Code to ActionScript3

I have some code in AS2 that I used to read in some variables and values from a text file, i need to make it work in actionscript3, i cant work it out can someone help me please?

The contents of the text file are:

myVariable1=TEst1&myVariable2=Test2

The code that opened the file and made the variables and the data it contained was:


myData = new LoadVars();

myData.onLoad = function()
{
myText_txt.text = this.myVariable1;
mytext2.text = this.myVariable2;
};
myData.load("http://localhost/Test1/text.txt");

Can someone help me convert this code so it works please?