Amity stock rises on positive quarterly report

Perth-based, Turkey-focused Amity Oil saw its share price rise 4c yesterday to finish at 70c after investors reacted positively to the company's second quarter cash flow report, which showed a 370% increase in gas sales on the past quarter.
Amity stock rises on positive quarterly report Amity stock rises on positive quarterly report Amity stock rises on positive quarterly report Amity stock rises on positive quarterly report Amity stock rises on positive quarterly report

Amity said gas sales for the quarter averaged 10.4 million cubic feet per day, a 370% on the 2.8 mmcfd of the previous quarter.

Sales for November and December were 12.9 mmcfd and 12.3 mmcfd respectively. Average daily gas sales for last 16 days of January were 12.79 mmcfd, according to Amity.

Amity also said the Gocerler-4 appraisal-development well that intersected a gross 28m of log interpreted gas pay is being completed for production. Meanwhile, appraisal-development well Gocerler-5 has reached TD at 1430m and wirelines will be run to evaluate the target formation to determine whether a production completion will be attempted.

Amity operates the Thrace Joint Venture on behalf of Turkiye Petrolleri AO (50%) and Amity (50%).

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