Carmichael said data being gathered from seismic work in Turkey will enable Amity to seek farm in support for the drilling of several wells in 2003.

In addition, gas sales are averaging about 6 million cubic feet per day (mmcfd) but new gas sales contracts together with the addition of production facilities on site will see gas sales rise towards 15 mmcfd during this December.

"At a sales rate of 15 mmcfd, Amity will be recording revenue at a rate of $52,000 per day," Carmichael said in its weekly report.

"Amity's 50% owned Gocerler gas field, and cash reserves of $21 million underpin a valuation of around 65 cents per share.

"Exploration during 2003 has the potential to rapidly add reserves and production for the company."