Quarterly Activities Report

    


Carpathian Resources



                          Carpathian Resources Limited
                              (AIM: CPNR, ASX: CPN)

31 July 2008

Quarterly Activities Report - June 2008

PRODUCTION ACTIVITIES

Janovice Gas Field (60% interest)

Production for the period was 1.82 million cubic metres (64.3 million cubic
feet), an average of 20,000 cubic metres per day (0.7 million cubic feet). At
this rate the volume of fluids produced was stable at around 0.79 cubic metres
per day.

The gas production, a 7.5% quarter on quarter increase in the gas price, and the
continued strengthening of the Czech Koruna resulted in an income net of
operating expenses at the field level of over A$403,000 (GBP 197,000) for the
period.

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 Company is considering seismic and other, cheaper and
less definitive survey methods.

Mosnov, 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 430 metres. Only minor shows of gas were
recorded whilst drilling the target horizon yet analysis of the wireline logs
indicated the presence of a 3.2 metre 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 delayed further work until February 2008 when a simple
operation program was carried out to try to stimulate a 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 was released, no fluid flowed back, even after the fluid column had
been unloaded and the well was again at atmospheric pressure.

In late June final preparations were being made to hydraulically fracture the
reservoir and treat it with acid (an "acid frac"). The operation is designed to
establish permanent pathways between the reservoir and the well and to clean up
or alleviate any formation damage that may have been caused during the drilling
of the well and the cementing of the casing.

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.

Roznov, 90% interest (contributing 100%)

The four permits cover a large area of prospective sediments in a variety of
potential traps on the faulted margin of the Palaeozoic European Platform. The
largest features are a series of channel like traps on the basin slope, but
differences between local and regional planning requirements are not resolved
and are delaying progress. A drilling location to test the Zar feature, a
Miocene trap draping the platform edge, has been selected. Again progress cannot
be made until the project is included in the local land use plan and a power
line is moved.

CORPORATE ACTIVITIES

At 30 June 2008, Carpathian has 265,533,501 ordinary fully paid shares on issue,
15,000,000 options with an exercise price of A$0.10 on or before 30 June 2012
and 2,725,335 options with an exercise price of A$0.29 on or before 3 September
2012.

At 30 June 2008, the Company had A$9.6 million cash on hand.

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 UK LLP
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
Carpathian Resources (LSE:CPNR)
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