Under the agreement Omax will farm-in to Amity's Iskenderun licences, earning a 10% interest in the licences by paying 20% of the Yesiltepe-1 well costs and 20% of all past costs, including 2D seismic.
The agreement relates to all of Amity's exploration licences in the Iskenderun basin being AR/AOI/XIII/3586, 3587, 3594, 3595 and 3596. Yesiltepe-1 is on licence 3596.
Omax Resources has existing exploration and production assets and is listed on the Canadian TSX Venture Exchange.
As previously announced, Yesiltepe-1 was spudded and suspended on 27 May 2003. Drilling is expected to re-commence before the end of June 2003. Amity is negotiating with other parties and intends to farm out further interests in the Iskenderun permits.
Earlier in the week Amity successfully concluded the sale of its Ideco Rambler drilling rig in Turkey at a sale price of $3.6 million, for an $800,000 profit.
