Quarterly Activities Report

    


Carpathian Resources



                          Carpathian Resources Limited

                               AIM: CPNR, ASX: CPN

         Quarterly Activities Report - three months to 31 December 2007

PRODUCTION ACTIVITIES

Janovice Gas Field (60% interest)

The field was shut in during a 21-day production test in December, which reduced
production for the quarter. The test was a prudent response to an increase in
water recorded over the last few months. It must be stressed that the volume of
water produced to date is very small and the economy of the field remains very
healthy due to the good gas price and the strong Czech Koruna. The analysis of
the test should be completed by the end of January 2008. Until then the field is
being produced at a reduced rate.

Kr�sn� Oil Field (75% reducing to 50% after payout)

The field was brought back into production in 2000 but produced poorly,
intermittently and uneconomically from then until December 2006. The field was
shut-in throughout 2007. In mid-December a lengthy series of negotiations was
concluded and agreement reached with Unigeo with respect to the future
abandonment of the wells. Carpathian's withdrawal from the project became
effective on 31 December 2007.

EXPLORATION ACTIVITIES

Janovice, Skalice & Ra*kovice - Mor�vka (60%)

An exploration strategy to further explore the permits, delineate any extension
of the Janovice field and define drilling targets has not yet been agreed with
Unigeo, the operator. The choice is between more expensive seismic methods, the
cost of which must be balanced against the cost of drilling, and other, cheaper
and less definitive survey methods. In the light of other matters no progress
has been made in the technical discussions.

Mo*nov, 90% interest (contributing 100%)

Contractual matters that had delayed remedial work on the Mo-1 Skotnice well for
nearly a year were finally resolved in December and it is now anticipated that
work will commence in early February.

If the remedial work is successful an extended production test will follow and,
conditional on the outcome and planning constraints, it is possible that several
holes could be drilled in 2008.

By way of background, the Mo-1 Skotnice well was spudded in late 2006 close to
two depleted gas fields and reached a final total depth of 430m. Only minor
shows of gas were recorded whilst drilling the target horizon yet analysis of
the wireline logs indicated the presence of a 3.2m gas column in a good quality
Miocene sandstone reservoir with up to 17% porosity. Core analysis confirmed the
quality of the reservoir yet no flow was recorded when the section was tested.
It is not clear why such a good reservoir rock failed to produce a flow. Damage
to the formation while drilling or whilst cementing the production string is
suspected, as is inadequate perforating of the production string.

Morava, 90% interest (contributing 100%)

The Morava project is located near Hodonin in the northern part of the Vienna
Basin, a prolific oil and gas producer. Hodonin is the regional centre for oil
and gas production. A potential trap (Vazany, previously named Doubi) has been
identified in the flysch sequence of the Magura Nappe. The trap could contain a
significant quantity of gas. Unigeo, the operator, is working to get the project
included in the local land-use plan, a necessary step before a well can be
drilled.

Ro*nov, 90% interest (contributing 100%)

The permits cover an area of prospective sediments in a variety of potential
traps on a faulted margin. The most exciting are a series of features on the
basin slope. Differences between local and regional planning requirements are
not yet resolved and have delayed progress. A drilling location to test the Zar
feature is under investigation as amongst other things a major power line will
have to be moved before a well can be drilled.

New Projects

In line with the strategy adopted by the new board a number of projects in
Kazakhstan were reviewed during the quarter.

CORPORATE ACTIVITIES

At 31 December 2007, Carpathian has 265,533,501 ordinary fully paid shares on
issue, 15,000,000 options with an exercise price of $0.10 on or before 30 June
2012 and 2,725,335 options with an exercise price of $0.29 on or before 3
September 2012.

On 26 October 2007 the Company announced completion of a non brokered private
placement of 8,000,000 ordinary fully paid shares at an issue price of 30 cents
raising a total of A$2.4 million (approximately �1,065,000) to Credit Suisse,
Zurich, one of Switzerland's leading banks.

At the Annual General Meeting of the Company held on 29 November 2007 all
resolutions put to the meeting were passed.

At 31 December 2007, the Company had $10.7 million cash on hand.

On 11 January 2008 the Company advised that it had convened a general meeting of
shareholders for 28 February 2008 at the request of Energo Holdings Corporation
(Energo holds approximately 46% of the issued share capital of the Company) to
consider resolutions for the removal of Messrs Danishevski and Uzbekov as
directors and the appointment of Messrs Meister and Giraudeau.

Carpathian is listed on the ASX market in Australia and on AIM in London.

For Further Information please contact:

Robert Downey/ John Arbuckle
Carpathian Resources Limited
Tel: +61 8 9322 2711

Fiona Owen
Grant Thornton Corporate Finance
Tel: +44 20 7383 5100

Simon Robinson / Laura Llewelyn / Beth Harris
Parkgreen Communications Limited
Tel: +44 (0) 20 7851 7480

About Carpathian Resources Limited:

Carpathian is an oil and gas producer and explorer with a focus on Central
Europe, Russia and Kazakhstan. The Company has its Corporate Head Office in
Perth, Western Australia and an Operations Office in Ostrava, Czech Republic.

For further information about the Company please visit www.carpathian.com.au
Carpathian Resources (LSE:CPNR)
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