AYO unknown

crikey - handlebars down

  1. 3,353 Posts.
    Crikey, I see Amity is set to spend $6M over the next quarter alone in exploration and development, as per its latest quarterly report. It is to be spent from a mixture of its $20M cashpile and cashflow from Turkey jv. Talk about GETTING STUCK IN.

    I was encouraged to see in its cash statement that the Turkey JV had a cashpile of almost A$600K, and one would assume that is growing rather than decreasing given rising gas sales. Hopefully most of the current well about to spud can be met from this cashflow.

    Also, do you see how many licence interests they have in the rest of Turkey, mostly 100% owned. Somehow they have managed to cherry pick the whole of Turkey. I suppose it helps when the govt is your 50% partner in a decent size discovery. I would expect the exploration they have planned here would need to come from their own pockets as JV cash is probably not available for this etc.

    I thought the quarterly report was very positive. 'A' for effort. Once the market has recovered its confidence in the management and they can show they have given up issuing equity, could be a nice gain around the corner.

    Giddy up
 
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.