AYO unknown

up 0.07 cents 7.7%

  1. 1,035 Posts.
    Got a hot tip for this one yesterday & unforunately ignored it! doh!
    Looking forward to a similar rise in HDR.

    !AYO - ASX Company Announcement
    $gen0 THIS IS A PRIORITY ITEM
    22 May 2003
    Part 1/1
    --------
    AMITY OIL LIMITED
    -----------------

    HOMEX - Perth
    -------------------------
    Adatepe-1 Well - A Commercial Gas Discovery

    Adatepe-1 Well a Commercial Gas Discovery Day 12, 22 May 2003

    Main Points: Preliminary interpretation of wire-line logs indicates
    that the well is a commercial gas discovery.

    The well has intersected 5 gas zones totaling 51.3 metres of gross
    pay (28.8 metres net), spread over a vertical section of 269 metres,
    in separate sandstones in the Danismen Formation. The thickest single
    gas zone has 33.7 metres of gross gas pay (17 metres net), between
    1,173.3 metres and 1,207 metres, in reservoir sandstones of
    comparable quality to those in the Gocerler Gas Field.

    The other four gas zones have a combined gross pay thickness of 17.6
    metres, of which 11.8 metres is net.

    This is a very pleasing result and has confirmed the predictive value
    of the Joint Ventures high resolution 3D seismic survey, which
    accurately portrayed the major gas zones as bright spots (DHIs) in
    the Adatepe prospect. The 3D has defined many further prospects with
    DHIs which remain to be drilled. The expenditure of shareholder
    funds on 3D last year has proved an excellent investment for Amity
    and will continue to pay off well into the future.

    The well will now be cased so that drilling can proceed safely to
    investigate the deeper Osmancik Formation target at about 1,490
    metres.

    Well Operations Summary for the 24 Hours to 0500 Hrs 22 May 2003:
    Wire-line logs were run and the results interpreted. A wire-line
    Repeat Formation Tester (RFT) survey was in progress at 0500 hrs this
    morning.

    Operations In The Next 24 Hours

    After completion of the RFT survey, a seismic velocity survey is
    scheduled to accurately measure formation interval-velocities, in
    order to enhance future seismic interpretation.

    9.265 inch intermediate casing will then be run in two stages to
    minimize reservoir damage.

    Over the next seven days (trouble free), drilling is planned to
    proceed to the Osmancik Formation gas target at about 1490 metres,
    then to proposed TD at about 1700 metres.

    WELL LOCATION

    The Adatepe-1 well is located at Latitude 41 19 09.87 North, 27 49
    45.66 East, approximately 6 kilometres southeast of the Gocerler Gas
    Field and about 140 kilometres west of Istanbul, in the Thrace Basin,
    Republic of Turkey.

    DRILLING TARGET

    Adatepe-1 is positioned to test a partly fault closed anticlinal
    structure, well defined by 3D seismic. The seismic exhibits prominent
    amplitude anomalies (bright spots) coincident with structural
    closure. Such bright spots can be direct indications of gas. Similar
    bright spots occur in the seismic data over the Gocerler Gas Field
    and the recent Cayirdere gas discovery.

    Based on the seismic mapping and assuming reservoir properties
    similar to those in the Gocerler Field, Amity has estimated unrisked
    potential recoverable natural gas reserves in the most likely case
    (P50), at 93 billion cubic feet, if gas is present. This estimate
    includes both the Danismen and Osmancik Formation primary targets.

    Primary gas targets were predicted from about 1100 metres in Danismen
    Formation sandstones. Secondary gas targets are predicted in Osmancik
    Formation sandstone between 1490 metres and 1650 metres. The seismic
    also indicates several potential secondary gas targets between 842
    metres and 1100 metres.

    Proposed total depth (TD) is 1700 metres, anticipated to be reached
    in 7 days (trouble-free) from today.

    THRACE JOINT VENTURE

    The Adatepe-1 well is located in Thrace Joint Venture Area A, and is
    operated by Amity Oil International Pty Ltd, a subsidiary of Amity
    Oil Limited.

    Amity and Turkiye Petrolleri AO (TPAO) hold equal equity in the JV.

    For photographs of operations and information on Amity and the Thrace
    Joint Venture please refer to Amitys website at www.amityoil.com.au


    A P Barton
    CHAIRMAN

    ends - AAP


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