Carpathian Resources Limited - (AIM Ticker CPNR, Sydney ticker: ASX)
website: www.carpathian.com.au



2009
Carpathian Resources is an Australian oil and gas explorer and producer focusing on projects in Central Europe, especially the Czech Republic and Slovakia, but which has recently undergone considerable management change and announced a broadening of its investment policies to take in start-up and second stage financing opportunities.

This diversification has been applied to projects covering retail fuel outlets, convenience stores, satellite and cable television, and outdoor mobile advertising, and involved investments approaching $2 million, which on an annualised basis is already generating sales revenues approaching the level being earned from its main producing asset, the Janovice gas field in Northern Moravia. The OMV discovery of an estimated 140 billion cubic feet gas field in the Vienna Basin, only some 75 km from the Company’s Morava permit (90% interest), has clear exploration implications for Carpathian Resources for developing a comprehensive exploration plan and budget and thereby revitalising the Company’s oil and gas sector activities.

2008
Carpathian Resources is an Australian oil and gas explorer and producer focusing on projects in Central Europe, especially the Czech Republic. Its main producing asset is the Janovice gas field in Northern Moravia (60% interest) but declining production rates coupled with the shutting-in of the adjacent Krasna oil field caused an overall 40% decrease in production over the year, impacting on Company revenues and resulting in increased losses. Janovice produced at an average daily rate of 34,000 cubic metres of gas in the year to end June, but this was reduced to 20,000 cubic metres in order to stabilise a small amount of water overflow. Exploration activities covered the Mosnov, Roznov, and Morava permits (90% interests, contributing 100%) and the Raskovice–Moravka permit (60% interest); the Morava project is located in the northern part of the Vienna Basin, an area of prolific oil and gas production, and while oil is the principal target, gas is seen as a possibility. Following last year’s Board restructuring, a new corporate growth strategy is expected of evaluating and acquiring interests in Russian, European, Middle Eastern, and Kazakhstan oil and gas fields and infrastructure, with further fund-raising highly likely.

2007
Carpathian Resources is an Australian oil and gas explorer and producer focusing on projects in the Czech Republic. Its main producing asset is its 60% interest in the Janovice gas field in Northern Moravia with the adjacent marginal Krasna oil field where the current 75% interest reduces to 50% after pay-out. Janovice produces 1.2 million cubic feet of gas a day, and from latest production testing, shows up to 4 billion cubic feet in place.

Exploration activities cover the 90% interest Mosnov, Roznov, and Morava permits and the 60% interest Raskovice - Moravka permit. The Morava project is located in the northern part of the Vienna Basin, an area of prolific oil and gas production, and while oil is the principal target with a 5 million barrel potential, gas is also seen as a possibility. The company is evaluating the acquisition of other interests in Russian, European, Middle Eastern, and Kazakhstan oil and gas fields and infrastructure to broaden its growth strategy.