Amity announced that the G4 well was spudded yesterday and that G5 would commence in the next ten days. Each well is budgeted to take ten days to reach TD.
Amity's credibility slipped another notch with the announcement titled "Extensive Turkey Drilling Program Rights" and by labeling these appraisal wells as exploration. There's no mention of any rights aquired and there is a rather large risk/reward difference between an exploration and an appraisal well.
Amity do themselves a diservice by putting out these types of announcements which are reminisant of the lowest of the penny dreadfulls which have nothing but hype to sell. Amity have an excellant story with gas production, an ongoing appraisal program, extensive exploration program and cash in the bank.
I've no problem with a stock broker heading up the board. As others have pointed out he has several million reasons to see the stock price rise and that's just the sort of allignment that works for me. However, these sorts of announcements highlight that Barton is adding to his reputation as a market manipulator and is either not seeking or not listening to professional advice regarding the wording of announcements. This can only tarnish the value of the stock and add to the growing list of disappointments the market has come to expect.
Put away the snake oil and get out the polish Mr Barton. This is a $100 million dollar company with solid assets and strong future. I'm convinced but the market has a way to go. Stick to the facts, keep the embilishments to a minimum, give the market some numbers so that the instos and fundamentalists can see how value is being added.
Regards,
opt
AYO Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
