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ayo announcement looks good

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    419 posts.
    COMNEWS AYO SYDNEY 1058/1/1
    AYO - ASX Company Announcement
    $gen0 THIS IS A PRIORITY ITEM
    28 January 2003
    Part 1/1
    --------
    AMITY OIL LIMITED
    -----------------

    HOMEX - Perth
    -------------------------
    Gocerler-4 well to be completed for gas production

    SUMMARY

    Interpretation of wireline logs from the Gocerler-4 well indicates
    the presence of two gas bearing zones in the primary Danismen
    Formation objective. A 28 metre gross gas column is indicated between
    1268 and 1296 metres, with 18 metres of net gas pay in good reservoir
    sandstone. A second gas zone is interpreted between 1252 and 1256
    metres. Both zones correlate with the producing Gocerler-1 and
    Gocerler-3 wells. The well will be completed for production and tied
    into the gas processing plant.

    GOCERLER-4 DRILLING

    At 5am WST this morning, 7 Inch production casing was being run.

    Since Amity's last report (23 January 2003) the well drilled to a
    total depth (TD) of 1429 metres. Gas shows were encountered between
    1250 and 1390 metres. Wireline logs were run from TD to the bottom of
    the surface casing (706 metres).

    Wireline log interpretation indicates the presence of a 28 metre
    gross gas column from 1268 metres, including 18 metres of interpreted
    net gas pay in good quality sandstone reservoir. A second 4 metres
    gross column from 1252 metres was also interpreted in the well. Both
    gas bearing intervals correlate with proven productive reservoirs
    within the Gocerler Field.

    Production casing is presently being run as a prelude to completing
    the Gocerler-4 well as a Danismen Formation gas well. Gocerler-4 will
    be tied back to the Gocerler production facility for commercial
    production.

    After completion operations, a short clean-up flow test is planned
    and then the well will be diverted to the gas processing plant for
    testing into the pipeline. A connecting ("tieback") pipeline is
    presently being constructed from the plant to the well and is
    anticipated to be operational at the weekend.

    Amity operates the Thrace Joint Venture on behalf of Turkiye
    Petrolleri AO (50%) and Amity (50%).

    For further information and updates, please refer to Amity's website
    at www.amityoil.com.au.

    A Barton
    CHAIRMAN

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