Amity Oil Finds Gas at Yesiltepe-1 Well

Gas shows were obtained from several sandstones in the target Kizeldere Formation, from a depth of 1,085 meters to 1,261 meters at the Yesiltepe-1 Well in Turkey. Although the gas shows were discovered, the economic significance of the shows cannot be assessed with any certainty until wireline logs are run and evaluated.

The shows obtained to date give encouragement for the section yet to be drilled. In addition to methane (the major component of most natural gas), the gas also contained significant ethane and propane.

The Yesiltepe-1 well is located east of the city of Adana, Turkey. Yesiltepe-1 is named after the nearby Yesiltepe village. Yesiltepe in Turkish means "green hill".

The Yesiltepe-1 well is a wildcat exploration well, positioned to drill a major onshore anticlinal structure near the Turkish Mediterranean coast, close to substantial gas markets and crude oil handling facilities. The Yesiltepe prospect is a high relief anticline in Miocene age sediments, similar to those at Amity's Gocerler Gasfield. The structure has been defined by 2D seismic shot by Amity early this year. Reprocessing of some old seismic also assisted with structural definition.

A number of nearby, but off-structure old wells, have tested oil and gas, or had strong shows during drilling, from stacked sandstone reservoirs in the same rock sequence that will be drilled in Yesiltepe-1. The Yesiltepe anticline is a major structure and Amity estimates that it has a "most likely case" (P50) recoverable reserve potential of 270 billion cubic feet of gas, or 140 million barrels of oil, if hydrocarbons are present. The "maximum case" (P10 or 10% chance) is 1028 billion cubic feet of gas or 536 million barrels of oil, if hydrocarbons are present. The target stacked sandstone reservoir rocks are interbedded with shales in the Upper Miocene age, Kizeldere Formation, which extends from 281 meters to proposed total depth of 2000 meters. The primary target group of stacked sandstones, mostly in the Lower Kizeldere formation, is anticipated from 1000 meters to proposed total depth at 2000 meters.

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