Carpathian Resources
Carpathian Resources Limited ("Carpathian" or "the Company")
17 March 2008
Interim results for the six months ended 31 December 2007
Carpathian Resources Limited ("Carpathian") (AIM Code: CPNR, ASX Code: CPN), the
oil and gas producer and explorer focusing in Central Europe, is pleased to
announce its interim results for the six months ended 31 December 2007 and an
operational update for the half-year.
A full set of these accounts is available on the Company's website
www.carpathian.com.au and extracts are set out below.
For Further Information please contact:
Carpathian Resources Limited
Robert Downey / John Arbuckle
Carpathian Resources Limited
+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
Carpathian Resources Limited 31 December 2007 Interim Financial Report
DIRECTORS' REPORT
Your directors submit the financial report of the consolidated entity for the
half-year ended 31 December 2007.
Directors
The names of directors who held office during or since the end of the half-year:
Name Directorship
Mr Robert Downey Appointed 20 April 2007
Mr Douglas Jendry Appointed 1 April 2004
Mr Andrew (AT) Meister Appointed 28 February 2008
Mr Franck Giraudeau Appointed 28 February 2008
Mr Maximillian Danishevski Appointed 20 April 2007, Removed 28 February 2008
Mr Fuad Uzbekov Appointed 6 July 2007, Removed 28 February 2008
Mr Anthony Hawkshaw Appointed 20 April 2007, Resigned 29 November 2007
Mr Victor Danko Appointed 31 January 2008, Resigned 28 February 2008
The directors have been in office since the beginning of the interim period.
Carpathian Resources Limited ("Carpathian"), the oil and gas producer and
explorer focusing in Central Europe, provides the following update for the
period 1 July 2007 to 31 December 2007.
Production Activities
Czech Republic
Janovice Gas Field (60% interest)
-- Production from the field averaged 26,400 cubic metres per day (0.93
million cubic feet) for the period.
-- The production average was lower than for the previous six months, which
reflects a rate-cut in response to the first water production and a 21
day shut-in while the Ja3a well was re-tested.
-- The volume of water produced was small and the economy of the field
remained very healthy due to the good gas price and the strong Czech
Koruna.
Kr�sn� Oil Field (75% reducing to 50% after payout)
-- The field was brought back into production in 2000 and produced
intermittently and uneconomically until December 2006. The field was
shut-in throughout 2007.
-- A lengthy negotiation with the operator Unigeo was concluded and
Carpathian's withdrawal from the project became effective on 31 December
2007.
Exploration Activities
Czech Republic
Janovice, Skalice & Ra*kovice - Mor�vka (60%)
-- Discussions with the operator are continuing.
Mo*nov, 90% interest (contributing 100%)
-- The Mo-1 Skotnice well was drilled in late 2006 and wireline logs
indicated the presence of a 3.2m gas column in a good quality Miocene
sandstone reservoir with up to 17% porosity, based on core analysis.
Even though the permeability is also very good no flow was recorded when
the section was tested. There are several possible explanations for
this, but only remedial work and further testing will establish the
cause.
-- Contractual matters, which delayed remedial work for the best part of a
year were finally resolved in December 2007 and remedial work is
scheduled for first quarter 2008. If 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.
Morava, 90% interest (contributing 100%)
-- The project, 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.
-- During the period the operator continued to work 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 but differences between local and regional
planning requirements are still unresolved.
-- A drilling location to test the Zar feature is being investigated. A
major power line will have to be moved before a well can be drilled.
Other
-- In line with the strategy adopted by the board in the second half of
2007 a number of projects and opportunities in Kazakhstan and other
parts of the FSU were reviewed.
Operating Results
The interim financial report to 31 December 2007 shows an operating loss of
A$1,747,494 compared with a loss of A$1,020,546 for the half-year ended 31
December 2006.
Auditor's Independence Declaration
In accordance with section 307C of the Corporations Act 2001, the Directors have
obtained a declaration of independence from RSM Bird Cameron Partners, the
consolidated entity's auditors. The independence declaration is included at page
3 of the financial report.
Dated at West Perth, 16 March 2008.
This report is signed in accordance with a resolution of the Board of Directors.
Robert Downey
Director
INCOME STATEMENTS
FOR THE HALF-YEAR ENDED 31 DECEMBER 2007
Consolidated
31 December
2007 31 December 2006
$ $
Revenue from sale of oil - 215,391
Revenue from sale of gas 911,553 1,346,579
Other revenue 253,834 45,418
--------------- ---------------------
Total Revenue 1,165,387 1,607,388
Administration expenses 1,080,680 390,152
AIM fees 78,652 56,495
Borrowing expenses 50,000 50,000
Depreciation and amortisation expenses 224,640 240,599
Exploration expenditure written off - 840,801
Impairment of plant and equipment 14,542 -
Foreign office expenses 405,790 268,071
Share based payments 760,240 -
Provision for restoration works - 152,991
Production expenses 240,687 387,610
--------------- ---------------------
Total Expenses 2,855,231 2,386,719
Loss from ordinary activities before related
income tax expense (1,689,844) (779,331)
Income tax expense relating to ordinary activities (57,650) (241,215)
--------------- ---------------------
Loss from ordinary activities after income tax
expense (1,747,494) (1,020,546)
--------------- ---------------------
Basic loss per share (cents per share) (0.692) (0.759)
Diluted loss per share (cents per share) (0.692) (0.759)
The accompanying notes form part of this interim financial report.
BALANCE SHEETS
AS AT 31 DECEMBER 2007
Consolidated
31 December 30 June
2007 2007
$ $
Current Assets
Cash and cash equivalents 10,706,321 2,714,787
Trade and other receivables 699,593 248,011
--------------- ---------------
Total Current Assets 11,405,914 2,962,798
--------------- ---------------
Non-Current Assets
Plant and equipment 1,056,674 1,317,049
Exploration expenditure 886 886
Oil and Gas properties - 32,273
--------------- ---------------
Total Non-Current Assets 1,057,560 1,350,208
--------------- ---------------
Total Assets 12,463,474 4,313,006
--------------- ---------------
Current Liabilities
Trade payables 631,774 660,818
Provisions 450,000 450,000
Current tax liabilities 229,650 172,000
Interest bearing liabilities 1,000,000 1,000,000
--------------- ---------------
Total Current Liabilities 2,311,424 2,282,818
--------------- ---------------
Total Liabilities 2,311,424 2,282,818
--------------- ---------------
Net Assets 10,152,050 2,030,188
--------------- ---------------
Equity
Contributed equity 18,097,885 13,319,085
Foreign exchange reserve 201,642 (67,474)
Option reserve 4,821,440 -
Accumulated losses (12,968,917) (11,221,423)
--------------- ---------------
Total Equity 10,152,050 2,030,188
--------------- ---------------
STATEMENTS OF CHANGES IN EQUITY
FOR THE HALF-YEAR ENDED 31 DECEMBER 2007
Issued Foreign Option Accumulated Total Equity
Capital Exchange Reserve Losses
Reserve
----------------------- ------------- ------------- ------------- ------------- ------------
$ $ $ $ $
----------------------- ------------- ------------- ------------- ------------- ------------
----------------------- ------------- ------------- ------------- ------------- ------------
As at 1 July 2006 11,863,315 376,459 - (8,531,565) 3,708,209
----------------------- ------------- ------------- ------------- ------------- ------------
Loss for the period - - - (1,020,546) (1,020,546)
----------------------- ------------- ------------- ------------- ------------- ------------
Translation of foreign
subsidiaries - 63,871 - - 63,871
----------------------- ------------- ------------- ------------- ------------- ------------
As at 31 December 2006 11,863,315 440,330 - (9,552,111) 2,751,534
----------------------- ------------- ------------- ------------- ------------- ------------
----------------------- ------------- ------------- ------------- ------------- ------------
----------------------- ------------- ------------- ------------- ------------- ------------
Issued Foreign Option Accumulated Total Equity
Capital Exchange Reserve Losses
Reserve
----------------------- ------------- ------------- ------------- ------------- ------------
$ $ $ $ $
----------------------- ------------- ------------- ------------- ------------- ------------
----------------------- ------------- ------------- ------------- ------------- ------------
As at 1 July 2007 13,319,085 (67,474) - (11,221,423) 2,030,188
----------------------- ------------- ------------- ------------- ------------- ------------
Loss for the period - - - (1,747,494) (1,747,494)
----------------------- ------------- ------------- ------------- ------------- ------------
Shares issues 8,900,000 - - - 8,900,000
----------------------- ------------- ------------- ------------- ------------- ------------
Transaction costs of
capital raising (60,000) - - - (60,000)
----------------------- ------------- ------------- ------------- ------------- ------------
Share based payment (4,061,200) - 4,821,440 - 760,240
----------------------- ------------- ------------- ------------- ------------- ------------
Translation of foreign
subsidiaries - 269,116 - - 269,116
----------------------- ------------- ------------- ------------- ------------- ------------
As at 31 December 2007 18,097,885 201,642 4,821,440 (12,968,917) 10,152,050
----------------------- ------------- ------------- ------------- ------------- ------------
CASH FLOW STATEMENTS
FOR THE HALF-YEAR ENDED 31 DECEMBER 2007
Consolidated
31 December 31 December
2007 2006
$ $
Cash flows from operating activities
Receipts from customers 915,678 1,635,817
Payments to suppliers and employees (1,918,750) (973,479)
Interest received 230,091 6,703
Interest paid (50,000) (50,000)
Income tax paid - (50,463)
--------------- --------------
Net cash provided by/(used in) operating activities (822,981) 568,578
--------------- --------------
Cash flows from investing activities
Proceeds from sale of plant and equipment 19,618 -
Payments for plant and equipment (45,103) (859,371)
--------------- --------------
Net cash (used in) investing activities (25,485) (859,371)
--------------- --------------
Cash flows from financing activities
Proceeds from issue of shares 8,900,000 -
Transaction costs from issue of shares (60,000) -
--------------- --------------
Net cash provided by financing activities 8,840,000 -
--------------- --------------
Net increase/(decrease) in cash held 7,991,534 (290,793)
Cash at the beginning of the financial period 2,714,787 1,853,732
Foreign exchange gain/(loss) - (1,842)
--------------- --------------
Cash at the end of the financial period 10,706,321 1,561,097
--------------- --------------
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