That is now 18mcf of gas a day they have contracted to sell by calendar end 2002.
Crude maths (I have no calculator on me):
1,000 cf of gas a day = US$4.79 gross according to recent prices (for maths purposes go with US$4 a day per '000cf, which includes prod costs which are not very much)
1mcf a day = US$4000 18mcf a day = US$72000 a day 18mcf a year = US$21,600,000 a year Amity's share is 50% = US$10,700,000 a year convert to A$ = A$18,000,000 no. of Amity shares = approx 150 million from memory Earnings per share = 8cps Price = 50 cents a share PE ratio = 6.5
Gocerler gasfield can produce 30mcf a day at current production capacity but can be increased if required. Also they have much much more drilling to come in Turkey as well. What can I say? Also A$15M of cash in bank when options issue expires, plus 30M options at $1 for 2005 if things take off, so not outstanding cash issues from my viewpoint.
Sound fundamentals to me.
AYO Price at posting:
0.0¢ Sentiment: None Disclosure: Held
