Amity Oil said it intends to use the funds to accelerate its Turkish exploration and development program. The company said seismic in the Thrace Joint Venture area could start as early as May with the first exploration well to be drilled in May-June.

Amity managing director, Mr Peter Allchurch, said the presence of institutional investors on Amity's share register was a significant step forward for the company. "This is a tangible result of increasing institutional interest in Amity as its gas sales business in Turkey begins to generate cash flow," he said.