Quarterly Reports
30 4월 2008 - 8:17PM
UK Regulatory
Carpathian Resources
Carpathian Resources Limited
AIM: CPNR, ASX: CPN
Quarterly Activities Report - March 2008
PRODUCTION ACTIVITIES
Janovice Gas Field (60% interest)
The well was produced throughout the period at an average of 20,000 cubic metres
per day (0.7 million cubic feet). At this rate the volume of produced water was
low and stable. Production for the period was nearly 1.9 million cubic metres
(6.4 million cubic ft).
The Directors believe that the economics of the field remain strong. The gas
price is at a long term high and the Czech Koruna has continued to strengthen
against the Australian dollar.
Krasna Oil Field (75% interest reducing to 50% after payout)
As reported at the end of the last quarter, Carpathian withdrew from the project
on 31 December 2007. The withdrawal triggered a payment to the operator, Unigeo,
of AUD$466,000 to relieve Carpathian of its share of future abandonment
liabilities.
EXPLORATION ACTIVITIES
Janovice, Skalice & Raskovice - Moravka (60%)
In the light of corporate and other matters an exploration strategy has not yet
been determined for this field. Seismic and other, cheaper and less definitive
survey methods are being considered.
Mo*nov, 90% interest (contributing 100%)
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.
Contractual matters that delayed work were finally resolved in December 2007 and
a simple program was carried out in early February 2008 to try a stimulate flow
from the Miocene sand. A small amount of completion fluid was successfully
pumped through the perforations establishing communication into the well bore.
However, when the pressure released, no fluid flowed back even when the fluid
column had been unloaded and the well was again at atmospheric pressure.
Since the remedial work test failed to produce a definitive answer the operator
is discussing future operations with the contractor that drilled the well. These
may include Hydraulic Fracture Stimulation (fraccing), an operation designed to
stimulate flow by creating and holding open fractures in the formation.
Morava, 90% interest (contributing 100%)
The Morava project is located near Hodonin a regional centre for oil and gas
production in the northern part of the Vienna Basin, a prolific oil and gas
producer. A possible target (Vazany) that could contain a significant quantity
of gas has been identified in the flysch sequence of the Magura Nappe but until
the project is included in the local land-use plan no further progress can be
made. Unigeo, the operator, is working to achieve this.
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. Further progress cannot be made
until the project is included in the local land use plan.
CORPORATE ACTIVITIES
At 31 March 2008, 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.
At 31 March 2008, the Company had $10.14 million cash on hand.
On 28 February 2008 the Company held a general meeting which had previously been
convened by 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. All resolutions put to the meeting were passed.
Carpathian is listed on the ASX market in Australia and on AIM in London.
For further information contact:
Robert Downey / John Arbuckle
Carpathian Resources Limited
+61 8 9322 2711
Fiona Owen
Grant Thornton Corporate Finance
Tel: +44 20 7383 5100
About Carpathian Resources Limited:
Carpathian is an oil and gas producer and explorer with a focus on Central
Europe. 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
Rule 5.3
Appendix 5B
Mining exploration entity quarterly report
Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.
Name of entity
-----------------------------------------------------------------------------------
Carpathian Resources Limited
-----------------------------------------------------------------------------------
ABN Quarter ended ("current
quarter")
--------------------------------- --------------------------------
30 080 273 703 31 March 2008
--------------------------------- --------------------------------
Consolidated statement of cash flows
Cash flows related to operating activities Current quarter Year to date
$A'000 (9.months)
$A'000
-------------------- --------------------
1.1 Receipts from gas sales 131 1,047
1.2 Payments for (a) exploration and
evaluation (131) (460)
(b) development - -
(c) production - -
(d) administration (247) (1,050)
1.3 Dividends received - -
1.4 Interest and other items of a similar
nature received 136 366
1.5 Interest and other costs of finance paid (25) (75)
1.6 Income taxes paid - (157)
1.7 Other Income - -
Abandonment costs for Krasna (466) (466)
Foreign office expenses (84) (136)
-------------------- --------------------
Net Operating Cash Flows (686) (931)
------- ---------------------------------------- -------------------- --------------------
Cash flows related to investing
activities
1.8 Payment for purchases of:
(a) prospects - -
(b) equity investments - -
(c) other fixed assets (37) (82)
1.9 Proceeds from sale of:
(a) prospects - -
(b) equity investments - -
(c) other fixed assets 31 51
1.10 Loans to other entities - -
1.11 Loans repaid by other entities - -
1.12 Other - -
-------------------- --------------------
Net investing cash flows (6) (31)
-------------------- --------------------
1.13 Total operating and investing cash flows
(carried forward) (692) (962)
------- ---------------------------------------- -------------------- --------------------
1.13 Total operating and investing cash flows
(brought forward) (692) (962)
------- --------------------------------------------- ------------------- --------------------
Cash flows related to financing activities
1.14 Proceeds from issues of shares, options, etc.
(net) - 8,900
1.15 Proceeds from sale of forfeited shares - -
1.16 Proceeds from borrowings - -
1.17 Repayment of borrowings - -
1.18 Dividends paid - -
1.19 Other - (60)
------------------- --------------------
Net financing cash flows - 8,840
------- --------------------------------------------- ------------------- --------------------
Net increase (decrease) in cash held (692) 7,878
1.20 Cash at beginning of quarter/year to date 10,706 2,715
1.21 Exchange rate adjustments to item 1.20 132 (447)
------------------- --------------------
1.22 Cash at end of quarter 10,146 10,146
------- --------------------------------------------- ------------------- --------------------
Payments to directors of the entity and associates of the directors
Payments to related entities of the entity and associates of the related
entities
Current quarter
$A'000
--------------------
1.23 Aggregate amount of payments to the parties included in
item 1.2 56
--------------------
1.24 Aggregate amount of loans to the parties included in item
1.10 -
------- ----------------------------------------------------------- --------------------
1.25 Explanation necessary for an understanding of the transactions
--------------------------------------------------------------------------------
All transactions involving Directors and Associates were on normal commercial
terms.
--------------------------------------------------------------------------------
Non-cash financing and investing activities
2.1 Details of financing and investing transactions which have had a material effect
on consolidated assets and liabilities but did not involve cash flows
---------------------------------------------------------------------------------
N/A
---------------------------------------------------------------------------------
2.2 Details of outlays made by other entities to establish or increase their share in
projects in which the reporting entity has an interest
---------------------------------------------------------------------------------
N/A
---------------------------------------------------------------------------------
Financing facilities available
Add notes as necessary for an understanding of the position.
Amount available Amount used
$A'000 $A'000
--------------------- --------------------
3.1 Loan facilities Nil Nil
--------------------- --------------------
3.2 Credit standby arrangements Nil Nil
----- ---------------------------------------- --------------------- --------------------
Estimated cash outflows for next quarter
$A'000
-------------------------------
4.1 Exploration and evaluation 150
-------------------------------
4.2 Development 0
----- ---------------------------------------------------- -------------------------------
Total 150
----- ---------------------------------------------------- -------------------------------
Reconciliation of cash
Reconciliation of cash at the end of the Current quarter Previous quarter
quarter (as shown in the consolidated $A'000 $A'000
statement of cash flows) to the related items
in the accounts is as follows.
---------------------------------------------- -------------------- ---------------------
5.1 Cash on hand and at bank 10,146 10,706
-------------------- ---------------------
5.2 Deposits at call - -
-------------------- ---------------------
5.3 Bank overdraft - -
-------------------- ---------------------
5.4 Other (provide details) - -
----- ---------------------------------------- -------------------- ---------------------
Total: cash at end of quarter (item
1.22) 10,146 10,706
----- ---------------------------------------- -------------------- ---------------------
Changes in interests in mining tenements
Tenement Nature of interest Interest at Interest at
reference (note (2)) beginning end of
of quarter quarter
----------- ------------------------- ----------- -----------
6.1 Interests in mining N/A
tenements
relinquished, reduced
or lapsed
----------- ------------------------- ----------- -----------
6.2 Interests in mining N/A
tenements acquired or
increased
----------- ------------------------- ----------- -----------
Issued and quoted securities at end of current quarter
Description includes rate of interest and any redemption or conversion rights
together with prices and dates.
Total number Number quoted Issue price per Amount paid up per
security (see security (see
note 3) (cents) note 3) (cents)
----------------------- ---------------- ---------------- ------------------ ------------------
7.1 Preference
+securities
(description) - - - -
---------------- ---------------- ------------------ ------------------
7.2 Changes during
quarter
(a) Increases
through issues
(b) Decreases
through
returns of
capital, buy-
backs,
redemptions - - - -
------- --------------- ---------------- ---------------- ------------------ ------------------
7.3 +Ordinary
securities 265,533,501 265,533,501 - -
---------------- ---------------- ------------------ ------------------
7.4 Changes during
quarter
(a) Increases
through issues
(b) Decreases
through
returns of - - - -
capital, buy-
backs - - - -
------- --------------- ---------------- ---------------- ------------------ ------------------
7.5 +Convertible 10 notes (10% $100,000 face $100,000 face
debt coupon rate) value value
securities June 16, 2008
(description) -
---------------- ---------------- ------------------ ------------------
7.6 Changes during
quarter
(a) Increases
through issues
(b) Decreases
through
securities - - - -
matured,
converted - - - -
------- --------------- ---------------- ---------------- ------------------ ------------------
7.7 Options Exercise price Expiry date
(description
and conversion 15,000,000 $0.10 30 June 2012
factor) 2,725,335 - $0.29 3 September 2012
---------------- ---------------- ------------------ ------------------
7.8 Issued during
quarter - - - -
---------------- ---------------- ------------------ ------------------
7.9 Exercised
during quarter - - - -
---------------- ---------------- ------------------ ------------------
7.10 Expired during
quarter - - - -
------- --------------- ---------------- ---------------- ------------------ ------------------
7.11 Debentures
(totals only)
------- --------------- ---------------- ----------------
7.12 Unsecured notes
(totals only)
---------------- ----------------
Compliance statement
1 This statement has been prepared under accounting policies which comply with
accounting standards as defined in the Corporations Act or other standards
acceptable to ASX (see note 4).
2 This statement does /does not* (delete one) give a true and fair view of the
matters disclosed.
Sign here: ............................................................ Date: 30
April 2008
(Director/Company Secretary)
Print name: J P Arbuckle
Notes
1 The quarterly report provides a basis for informing the market how the
entity's activities have been financed for the past quarter and the effect on
its cash position. An entity wanting to disclose additional information is
encouraged to do so, in a note or notes attached to this report.
2 The "Nature of interest" (items 6.1 and 6.2) includes options in respect of
interests in mining tenements acquired, exercised or lapsed during the reporting
period. If the entity is involved in a joint venture agreement and there are
conditions precedent which will change its percentage interest in a mining
tenement, it should disclose the change of percentage interest and conditions
precedent in the list required for items 6.1 and 6.2.
3 Issued and quoted securities: The issue price and amount paid up is not
required in items 7.1 and 7.3 for fully paid securities.
4 The definitions in, and provisions of, AASB 1022: Accounting for Extractive
Industries and AASB 1026: Statement of Cash Flows apply to this report.
5 Accounting Standards ASX will accept, for example, the use of International
Accounting Standards for foreign entities. If the standards used do not address
a topic, the Australian standard on that topic (if any) must be complied with.
Carpathian Resources (LSE:CPNR)
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Carpathian Resources (LSE:CPNR)
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