After drilling through to 1,558m the company hit an 18m elevated gas drive. Some gas was vented at the surface following a gas influx into the well from Osmancik sandstone, halting drilling for half a day. During this time, gas was circulated out and vented at surface, while the mud weight was increased.

The appreciable reservoir overpressure could indicate a commercial find, according to the company's release.

DJ Carmichael analyst Peter Strachan said the new find will add further weight to the blossoming Amity stock value.

"The high net present value of gas per gigajoule in Turkey, around $2.60 per GJ compared to around 80 cents from the Perth Basin, makes the discovery a significant potential earner."

The find comes on the back of a commercial discovery in the primary target as well as the start of drilling on the Yesiltepe-1, Amity's fifth well for 2003, with a 26 inch diameter hole in preparation for cementing in 20 inch diameter conductor casing. Currently the company is funding the drill on its own but is considering farming out in the hope of drilling the well free carried.

"Right now Amity is holding about $19 million in the bank and is earning $50,000 a day from gas sales, so the farm out is just an option to cover the $3 million cost of the well while maintaining a 60% holding," said Strachan.

DJ Carmichael is partly owned by the Australian Heritage group whose chairman, Anthony Barton, is an 11% stakeholder in Amity Oil.