Amity has forecast a 2002-03 profit of around $8 million and hopes to have its Adatepe and Cayirdere gasfields in Turkey in production by the end of the year and will start drilling its Whicher Range-5 gas well, south of Perth, in September.

Drilling also resumed on Yesiltepe-1 in June after the company successfully farmed out 20% for 40% of well cost and 40% of seismic cost.

The Energy Marketing Regulatory Authority of the Republic of Turkey granted Amity a wholesale gas license, which will enable the company to not only market its own gas, but to buy additional gas from other sources to market to 'Free Consumers' - comprising electricity generators, co-generators and any other consumers purchasing more than one million cubic metres of gas per year in Turkey.

Amity also negotiated the sale of its Ideco Rambler mobile drilling rig in Turkey while retaining the rights of first call at competitive rates for 3½ years in addition to making a profit of $800,000.

Amity's earnings are expected to jump to between $20 and $30 million this financial year.