Hydrocarbon Zone in Yesiltepe 1 Well to be Tested

Omax and its partners have completed the drilling of the Yesiltepe 1 well at a depth of 1887 meters where significant water was encountered. Log analysis indicates that there are no significant hydrocarbons below the 1150-meter level. The hydrocarbon-bearing zone from 1110 to 1121 will be perforated and tested over the next few days to determine its potential as a commercial gas zone. It is now apparent that the diorite dyke which was interested at approximately 1475 meters probably breached the reservoir seal for the lower targets observed in offsetting wells which were not drilled on structure. Several substantial sands with good porosity which contain no significant hydrocarbons were encountered below the diorite dyke. There is still the potential for smaller targets within 28 square kilometer Yesiltepe structure. These will be evaluated as part of our basin exploration.

Omax has earned a 10% interest in the Iskenderun licenses covering 570,000 acres as a result of the drilling of the Yesiltepe 1 well. On these licenses seven additional hydrocarbon targets have been identified from seismic data. While the Yesiltepe 1 well was the first valid test of a seismically defined structure to be drilled onshore in the Iskendrum Basin there are numerous old wells which have flowed oil or gas on Omax's licenses. The Iskenderun Basin has been shown to host an excellent hydrocarbon system and Omax believes that there is good potential for the discovery of significant economic hydrocarbons on its 570,000 acre property.

Immediately north of the Yesiltepe structure six wells were drilled on gas seeps in the Gokdere area. While none of these wells were drilled on valid seismically defined targets, the Gokdere 4 well produced oil from 6 drill stem tests which were conducted within a 1000 meter interval but was uneconomic because Omax believes the completion techniques used damaged the formation. Minor amounts of oil and gas continue to leak from this well 15 years after it was plugged and abandoned.

Omax and its partners plan to drill a well on the largest of four seismically identified Gokdere structures. This well is expected to spud in December 2003, subject to rig availability. An additional 7 structures further to the north have been defined by seismic data and these will be evaluated after the completion of the Yesiltepe 1 and Gokdere wells. John Menzies, Chairman and CEO of Omax commenting on the results of the Yesiltepe 1 well said "Omax recognized that Yesiltepe 1 well was a high risk wildcat well which had very large potential but it is only one of many targets on the licenses where we have earned a 10% interest. The Iskenderun Basin is a mature hydrocarbon system with numerous valid lower risk targets which will be tested in the future by Omax and its partners. Omax intends to continue to pursue other excellent opportunities in the Iskenderun Basin and Turkey in general. In addition Omax will continue to focus on low risk opportunities in Canada."

Participants in the well are Amity Oil International Pty Ltd 80% (operator); Omax Resources International Limited 10%; and The Krystal Corporation Pte Ltd 10%.
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