Carpathian Resources
Carpathian Resources Limited
3 October 2008
ANNUAL RESULTS FOR THE YEAR ENDED 30 JUNE 2008
Carpathian Resources Ltd is pleased to announce its annual results for the year
ended 30 June 2008. Extracts are set out below. A copy of the annual report will
be sent to shareholders and is available on the Company's website
www.carpathian.com.au
Following the release of the annual results to Australian Stock Exchange ("ASX")
yesterday, the Company has resumed trading on ASX today.
For Further Information please contact:
Andrew "AT" Meister
Carpathian Resources Limited
Tel: +16472039597
Fiona Owen
Grant Thornton UK LLP
Tel: +44 20 7383 5100
CHAIRMAN'S LETTER
Dear Shareholders:
Financial year 2008 was a volatile year for the world energy and financial
markets. Rising prices helped Carpathian slightly offset a 40% decline in
production. Revenue from oil and gas production decreased from A$2.68 million in
2007 to A$1.79 million in 2008; total revenue declined from A$2.75 million in
2007 to A$2.35 million in 2008. Average production at Janovice, well Ja3a, was
decreased in 2008 from 2007, from 34,000 to 20,000 cubic meters per day, in
order to stabilize a small amount of water production. The water overflow has
been contained at approximately one cubic meter of water per day, and management
does not anticipate any extended halt in production during 2009.
During financial year 2008, shareholders voted to approve the acquisition of the
Company's ordinary shares by Energo Holdings Corporation ("Energo"), whereby
Energo became the majority shareholder. Unfortunately, based upon the
performance of the Company, the Executive Chairman nominated by Energo was
removed at a special meeting of the shareholders on 28 February 2008, at which
time I was elected as a director. My objective as Executive Chairman is clear:
maximize shareholder value for all shareholders. My first act in fulfilling that
objective has been to reduce costs, which will be reflected in the results for
the second quarter of the 2009 financial year.
Very truly yours,
A.T. Meister
Executive Chairman
REVIEW OF OPERATIONS
Production Activities
Czech Republic
Janovice Gas Field (60% interest)
The Janovice production licence is located in Northern Moravia, Czech Republic.
It is some 20 kilometres south of Ostrava, a major industrial centre and five
kilometres from Carpathian's 50% (75% before payout) owned Krasna oil field. The
Ja3a discovery well drilled in 2004 encountered a 38-metre gas column in a good
quality sand of Miocene age. Production from the field commenced in late October
2005.
A scheduled production test in October 2005 confirmed the previous test and the
estimate of gas-originally-in-place, which is approximately 108-113 million
cubic metres (3.8 to 4.0 billion cubic feet).
Apart from the period of testing, gas was produced almost without interruption
in the year to the end of June 2008, but the average rate of 34,000 cubic metres
per day was decreased to 20,000 cubic metres per day to stabilise a small amount
of water overflow.
Krasna Oil Field (75% reducing to 50% after payout)
Carpathian has an initial 75% interest in Krasna, which will reduce to a 50%
revenue interest after payout of capital costs.
The Krasna oil field was discovered in the late 1980s within Devonian carbonates
at a depth of about 1,600 metres. Production commenced in April 2003 and until
the end of the 2005 production season (the snow-free period, roughly April to
November) only KS7 and KS8 were produced. Due to persistent problems arising
from the old and poor completion, water-encroachment and wax build-up, KS8 was
shut-in at the end of 2005 and the pump relocated to the site of a third well,
KS4. Using temporary facilities, KS4 was brought on stream in June 2006 to
assess the production capacity of the well.
During the latter half of 2006, KS7 produced only 222 cubic metres of oil (1400
barrels) due to problems with wax and the fact that towards the end of the
period the water-cut reached an uneconomic level and the well was shut in.
Although KS4 produced 619 cubic metres of water-free oil (3845 barrels),
production was affected by wax and excessive gas and the outcome was well below
forecast.
Because of poor performance production was not restarted in 2007. During
financial year 2008, KS7 has been permanently closed.
Exploration Activities
Mosnov, 90% interest (contributing 100%)
The Mo-1 Skotnice well was spudded in November 2006. The well lies south of the
depleted Kremlin gas field and north of the Priobor-Klokocov Field. It is
reported that the latter produced 23 billion cubic feet of gas between 1945 and
1984 at rates of up to 5 million cubic feet per day.
The Skotnice prospect was defined by 28 coal exploration holes, 0.5 - 1
kilometre apart and the target was Tertiary (Miocene) sandstones in a potential
trap at a depth of about 400 metres and sandstones within the Carboniferous
section not far beneath. The location is very close to and updip of a coal
exploration hole from which a gas flow of 80,000 cubic metres (approximately 2.8
million cubic feet per day) was recorded in 1961, some two years after it had
been drilled.
The well reached the final total depth of 430 metres in early December 2006.
Only minor shows of gas were recorded while drilling 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. Laboratory measurements of
plugs from the core indicate porosities in the range 12-25% and permeabilities
of 600 - 2,300 millidarcies, 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.
In late June 2008 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.
Janovice, Skalice & Raskovice - Moravka (60%)
The Skalice licence is a very small area lying immediately north of the Janovice
production licence while the Raskovice-Moravka licence lies to the east of
Janovice. A widely spaced reconnaissance grid of reflection seismic was acquired
in 2005 largely over the Raskovice - Moravka permit but the results were mixed.
Although the seismic is of good quality the 'picking' of controlling faults
proved difficult and although several attractive features were recognised, none
was drillable and in each case more work was needed to reduce the exploration
risk.
At the end of June 2008, an exploration strategy to further explore the permits,
delineate any extension of the Janovice field and define drilling targets had
not been agreed with Unigeo, the operator. The Company is considering seismic
and other, cheaper and less definitive survey methods.
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 a regional centre for oil and
gas production. There is potential for oil and gas prospects in both
stratigraphic and structural traps at varying depths.
Of considerable interest to the Company was the discovery by OMV of an estimated
140 billion cubic feet gas field in the Vienna Basin approximately 75 kilometres
to the south west of the Morava permit. Two potential hydrocarbon prospects were
identified following a seismic survey in 2005-2006. The first, Neogene in age,
is an extension of the Vienna Basin from which oil and gas is produced. The
target is principally oil. The second prospect, Vazany, is in the flysch
sequence of the Magura Nappe; it is deeper, larger in size and is more likely to
contain gas. An independent review of the prospect favoured the deeper 28
billion cubic feet target, which was the subject of a feasibility study. 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 Roznov project area is a group of four permits that are 25 kilometres south
west of Carpathian's Krasna and Janovice areas, including several potential
trapping mechanisms on a faulted margin, the Sub-Beskydy Step, a bulwark on the
edge of the Palaeozoic European Platform that slopes southwards beneath the
Carpathians. The Step is overlain by a series of Silesian and Sub-Silesian
flysch nappes. The largest targets are a series of reasonably deep features at
the base of a large basin slope, identified by seismic amplitudes, which have
been interpreted to be autochthonous fan sequences. These could have major
potential (100 billion cubic feet). Similar fan sequences of Palaeogene age have
been described on trend to the southwest.
A specially commissioned feasibility study of potential pipeline routes and
drilling locations identified conflicts between the authorities' Local and
Regional Plans. A drilling location to test the Zar feature, a Miocene trap
draping the platform edge, has been selected. Progress cannot be made until the
project is included in the local land use plan and a power line is moved.
REVIEW OF CORPORATE ACTIVITIES
During financial year 2008, numerous changes took place in the management and
the Board of Directors. On 29 November 2007, Anthony Hawkshaw resigned as
director. Victor Danko was appointed a director on 31 January 2008. On 28
February 2008, Andrew "A.T." Meister and Franck Giraudeau were appointed as
directors of the company, Maximillian Danishevski and Fuad Uzbekov were removed,
and Victor Danko resigned. Douglas Jendry resigned on 17 March 2008. John
Arbuckle was appointed director on 17 March 2008, and both he and Robert Downey
resigned on 28 August 2008. Also, on 5 September 2008, David Hammer was
appointed as a director.
Directors' Report
The Directors present their report on Carpathian Resources Limited for the year
ended 30 June 2008 and the auditor's report thereon.
Directors
The names and details of the Company's Directors in office during the financial
year and until the date of this report are as follows. In accordance with the
Corporations Act 2001, details of the present and previous directorships held by
Directors is limited to those directorships of listed companies not unlisted
entities.
Andrew Meister - Executive Director (Appointed 28 February 2008)
Mr. Andrew "A.T." Meister is an attorney and has a Masters in Business
Administration. From 2005 to the present, Mr. Meister has served as a director
and partner in Cheky Corporation, a private financial consulting firm. From 1997
to 2005, Mr. Meister served as Director, North America, for Creditanstalt
Banking Corporation, specializing in structuring offshore investments. He also
served as in-house counsel.
From 1992 to 1999, Mr. Meister served as the Chief Operating Officer for Medex
Capital Corporation, responsible for mergers, acquisitions, corporate
structuring, and financing. During his eight years at Medex Capital, no
investment ever lost money and the average return on investment never dropped
below 20% per annum.
Mr. Meister has also been a contributing editor on two best selling business
publications and several articles. He graduated summa cum laude from law school
and originated the GROMIMA test for the ongoing viability of businesses. Mr.
Meister also received an H.B.A. from the University of Toronto. Mr. Meister was
appointed Executive Director on 28 February 2008.
Present Directorships: None.
Previous Directorships (last 3 years): Director, North America, for
Creditanstalt Banking Corporation.
Dr. Franck Giraudeau - Non-Executive Director (Appointed 28 February 2008)
Dr. Franck Giraudeau, Ph.D., is a Production Coordinator for Shell Canada. Dr.
Giraudeau is an expert in the oil and gas developmental processes and has been
identified by Shell Canada as a leadership candidate for vice-president. Over
the past nine years, Dr. Giraudeau has worked for Shell Oil in various
capacities, including project manager, process supervisor, and engineering
process architect, in Montreal, Singapore, and other Canadian locations. Prior
to joining Shell Oil, Dr. Giraudeau worked for Exxon in Belgium and France.
Dr. Giraudeau has an engineering degree from the Industrial School of Lyon,
France, and a PhD in Chemical Engineering from the University of New Brunswick.
He is fluent in French and English, and has a working knowledge of Mandarin
Chinese. Mr. Giraudeau was appointed Director on 28 February 2008.
Present Directorships: None.
Previous Directorships (last 3 years): None.
David Hammer - Non-Executive Director (Appointed 5 September 2008)
David E. Hammer, Esq., is an attorney with a Master of Laws degree in taxation.
Mr. Hammer has spearheaded a successful law practice, and represents several
corporate clients in various transactions and litigation. Mr. Hammer holds the
degrees of Master of Laws in Taxation and Juris Doctorate, cum laude, from the
Fredric G. Levin College of Law at the University of Florida, and a Bachelor of
Science in Business Administration from the Warrington College of Business at
the University of Florida. Mr. Hammer is a member of The Florida Bar, and
practices before state and federal courts in Florida. Mr. Hammer was appointed
director on 5 September 2008.
Present Directorships: None.
Previous Directorships (last 3 years): None.
Other directors
Messrs. R. Downey and J. Arbuckle were directors of the Company for the full
year until their resignation on 28 August 2008. Mr. D. Jendry was a director of
the Company for the full year until his resignation on 13 March 2008. Messrs. M.
Danishevski and F. Uzbekov were directors of the Company for the full year until
they ceased to be directors on 28 February 2008. Mr. V. Danko was a director of
the Company from 31 January 2008 until 28 February 2008. Mr. A. Hawkshaw was a
director of the Company for the full year until he resigned on 29 November 2007.
Company Secretary
Andrew Robert Carroll
Mr. Carroll is currently Managing Director of Australasian Energy Pty Ltd, the
CEO of Petroleum Exploration Australia, and the Executive Chairman of Ausam
Resources Limited. Mr. Carroll has served as Managing Director for Great
Artesian Oil and Gas Ltd, Director of Business Development for Vermilion Oil and
Gas Australia, Technical and Commercial Adviser to AGL Energy, General Manager
of E&P of InterOil Corporation, Manager for Ampolex, and various other roles for
other oil and gas companies.
Mr. Carroll has both a Masters in Engineering and a Bachelor's in Engineering
from Cambridge University, and has post-graduate degrees in Business Law and
Tertiary Recovery from the University of Calgary.
Company
Principal Activities
The principal activities of the consolidated entity in the Czech Republic and
Slovakia during the course of the financial year included:
-- exploration for oil and gas;
-- appraisal and development of oil and gas properties; and
-- production and sale of oil and gas.
Consolidated Results
Revenue from the sale of oil and gas production for 2008 was $1.79 million
compared with $2.7 million in 2007. Total revenue declined from $2.7 million in
2007 to $2.4 million in 2008. Total expenses increased from $4.3 million in 2007
to $6.5 million in 2008. The consolidated loss after taxes for 2008 was $4.2
million compared to a loss of $2.7 million in 2007.
Review of Operations
A Review of Operations for the financial year and up to the date of this report
is included in this document and should be read as part of the Directors'
Report.
Significant Changes in the State of Affairs
In the opinion of the Directors there were no significant changes in the state
of affairs of the consolidated entity that occurred during the financial year.
Likely Developments
The consolidated entity will continue its gas production in the in the Czech
Republic and is reviewing the feasibility for further exploration and
development of oil and gas projects in the Czech Republic and Slovakia. The
Company will focus on reducing costs in 2009.
Dividends
No dividends have been paid during the year and the Directors have not
recommended that any dividend be paid.
Events Subsequent to Reporting Date
On 28 August 2008, Robert Downey and John Arbuckle resigned as directors of the
Company, and John Arbuckle resigned as Company Secretary. On 5 September 2008,
David Hammer was appointed director of the Company. On 1 October 2008, Andrew
Robert Carroll was appointed Company Secretary.
Other than the foregoing, there has been no matter or circumstance that has
arisen since 30 June 2008 that has significantly affected, or may significantly
affect:
a) the consolidated entity's operations in future financial years, or
b) the results of those operations in future financial years, or
c) the consolidated entity's state of affairs in future financial years.
Directors' Interests
During financial year 2008, Andrew "A.T." Meister, an Executive Director of the
Company, was also a director of Energo Holdings Corporation, a controlling
shareholder. On
1 September 2008, Mr. Meister resigned as director of Energo, and thereby
relinquished any interest he had in the shares of the Company.
Otherwise, there are no relevant interests of each current Director in the
shares and options over such instruments issued by the Company and other related
body corporates, as notified by the Director to the Australian Securities
Exchange in accordance with S205G(1) of the Corporations Act 2001, at the date
of this report.
Options
During the financial year, the Company granted the following options, which as
of the day of this report, constitutes all unissued ordinary shares of the
Company under option:
-- On 6 July 2007, 15,000,000 options with a fair value of $0.286 each with
an exercise price of $0.10 each and exercisable until 30 June 2012.; and
-- On 5 September 2007, 2,725,335 options with a fair value of $0.195 each
with an exercise price of $0.29 each and exercisable until 3 September
2012.
There were no options exercised during the financial year 2008.
No person entitled to exercise the option had or has any right by virtue of the
option to participate in any share issue of any other body corporate.
Directors' Meetings
There were seven Directors' meetings during financial year 2008. The number of
meetings attended by each of the directors of the Company during the period they
were a director follows:
Board Attended
Meetings
Held
------------------- -------------- --------------
F Uzbekov 5 1
J Arbuckle 1 1
D Jendry 6 4
F Giraudeau 2 0
M Danishevski 5 5
R Downey 7 7
A Hawkshaw 4 4
A Meister 2 2
V Danko 0 0
Remuneration Report
Remuneration levels for Directors, Secretaries, Senior Executives of the
Company, and relevant group Executives of the consolidated entity ("the
Directors and Senior Executives") are competitively set to attract and retain
appropriately qualified and experienced Directors and Senior Executives.
The Board's policy for determining the nature and amount of remuneration for
board members and senior executives of the consolidated entity is as follows:
The remuneration policy setting out the terms and conditions for the executive
directors and other senior executives was developed by the Board.
Executive remuneration and other terms of employment are reviewed annually by
the Board having regard to performance against goals set at the start of the
year, relevant comparative information and independent expert advice.
As well as a base salary, remuneration packages include superannuation,
retirement and termination entitlements, performance-related bonuses and fringe
benefits.
Remuneration and other terms of employment for the executive Director has been
formalised in a service agreement.
The Board undertakes an annual review of its performance against goals set at
the start of the year. The Board may exercise discretion in relation to
approving incentives, bonuses, and options. The policy is designed to attract
the highest calibre of executives and reward them for performance that results
in long-term growth in shareholder wealth.
All remuneration paid to directors and executives is valued at the cost to the
Company and expensed.
The remuneration structures explained below are designed to attract suitably
qualified candidates, reward the achievement of strategic objectives and achieve
the broader outcome of creation of value for shareholders. The remuneration
structures take into account:
-- the capability and experience of the Directors and Senior Executives;
-- the Directors and Senior Executives ability to control the relevant
segment/s' performance;
-- the consolidated entity's performance including:
(a) the consolidated entity's earnings
(b) the growth in share price and returns on shareholder wealth; and
-- the amount of incentives within each Director's and Senior Executive's
remuneration.
Key Management Personnel Compensation
Non-Executive Directors
Total remuneration for all Non-Executive Directors, is not to exceed $250,000
per annum as approved by shareholders. This does not include Consulting Fees. At
30 June 2008, no Non-Executive Director has an approved Base Emolument.
Executive Officers
Mr. Carroll is the Company Secretary of the Company and is charged out on a time
cost basis.
Directors' and Executive Officers' remuneration
The remuneration of each Director and Executive Officer were as follows:
Short-term Benefits Post- Share-
employment based
benefits Payment
Salary and Cash Bonus Non-Monetary Super-
Names Fees $ Benefit annuation Options Total
$ $ $ $ $
Directors
M Danishevski (i) 474,716 - - - - 474,716
R Downey (ii) 290,303 - - - - 290,303
A Hawkshaw (iii) 60,727 - - - - 60,727
F Uzbekov (iv) - - - - - -
D Jendry (v) 13,300 - - - - 13,300
F Giraudeau (vi) - - - - - -
V Danko (vii) - - - - - -
D Hammer (viii) - - - - - -
Executive
A Meister (ix) 67,342 - - - - 67,342
A Carroll (x) - - - - - -
J Arbuckle (xi) 185,725 - - - - 185,725
---------- ---------- ------------- -------------- ---------- ----------
Totals 1,092,112 - - - - 1,092,112
---------- ---------- ------------- -------------- ---------- ----------
(i) Removed 28 February 2008. Compensation subject to a claim by the Company
(see Note 16).
(ii) Resigned 28 August 2008.
(iii) Resigned 29 November 2007.
(iv) Removed 28 February 2008, no remuneration in 2008 financial year.
(v) Resigned 17 March 2008
(vi) Appointed 28 February 2008, no remuneration in 2008 financial year.
(vii) Appointed 31 January 2008, resigned 28 February 2008, no remuneration in
2008 financial year.
(viii) Appointed 5 September 2008, no remuneration in 2008 financial year.
(ix) Appointed 28 February 2008.
(x) Appointed 1 October 2008, no remuneration in 2008 financial year.
(xi) Appointed Secretary 14 May 2007, appointed Director 17 March 2008, resigned
both positions 28 August 2008.
There were no options granted to Key Management Personnel granted as
compensation. There were no share issues to Key Management Personnel on the
exercise of compensation options. There were no options held by Key Management
Personnel during or at the end of the financial year.
Service Agreements (audited)
Remuneration and other terms of employment for present and former Directors are
formalised in service agreements. The main provisions of the agreements are set
out below.
Andrew "A.T." Meister, Executive Chairman (Effective - 1 March 2008)
-- Terms of the agreement - service-based; 24 months.
-- Basic salary, of $180,000.
-- The service agreement may be terminated by either party giving 30 days
notice to the other party.
Douglas Jendry, Non-Executive Director (Effective - 1 February 2005)
-- Terms of the agreement - part-time permanent and no specific term.
-- Basic salary, of $40,000 plus superannuation per year.
-- The service agreement may be terminated by either party giving 90 days
notice to the other party.
-- Terminated 13 March 2008 upon resignation as Director.
Environmental Regulation
The consolidated entity's operations are situated in the Czech Republic and
Slovakia. The exploration and production licences under which the consolidated
entity operates are subject to stringent environmental regulations and the
mining legislation of the Czech Republic and Slovakia.
The Directors are satisfied that no breaches of the environmental conditions of
these licences have occurred as they are continually monitoring the consolidated
entity's operations. The Company receives monthly reports from Unigeo a.s, no
environmental or safety breaches have been reported for the year ended 30 June
2008.
The consolidated entity maintains strict environmental protection mechanisms by
its appointed operator in the Czech Republic - Unigeo a.s. Under the contractual
arrangements, they are responsible for all environmental management operations.
No environmental breaches have been notified by any authority during the year
ended 30 June 2008.
Insurance of officers
During the financial year, Carpathian Resources Limited procured a policy of
insurance to insure the Directors and Secretaries of the company and its
Australian-based controlled entities.
The liabilities insured are legal costs that may be incurred in defending civil
or criminal proceedings that may be brought against the officers in their
capacity as officers of entities in the Group, and any other payments arising
from liabilities incurred by the officers in connection with such proceedings.
This does not include such liabilities that arise from conduct involving a
wilful breach of duty by the officers or the improper use by the officers of
their position or of information to gain advantage for themselves or someone
else or to cause detriment to the company. It is not possible to apportion the
premium between amounts relating to the insurance against legal costs and those
relating to other liabilities.
The Company has entered into Indemnity Deeds to indemnify Directors of the
Company against all liabilities incurred in the course of or arising out of
their employment with the Company and its controlled entities, except where the
liability results wholly or in part from serious and wilful misconduct by the
executive.
Corporate Governance
The Company's corporate governance statement is contained in the ASX Additional
Information.
Non-audit services
The board of directors, ensure that the provision of any non-audit services
during the year is compatible with the general standard of independence for
auditors imposed by the Corporations Act 2001. The directors ensure that any
services do not compromise the external auditor's independence for the following
reasons:
-- all non-audit services are reviewed and approved by the audit committee
prior to commencement to ensure they do not adversely affect the
integrity and objectivity of the auditor; and
-- the nature of the services provided do not compromise the general
principles relating to auditor independence in accordance with APES 110:
Code of Ethics for Professional Accountants set by the Accounting
Professional and Ethical Standards Board.
Auditor's Independence Declaration
No fees for non-audit services were paid/payable to the external auditors during
the year ended 30 June 2008.
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. This declaration, which forms part of the
Directors' Report, is set out on page 15.
Dated at Mississauga, Ontario, Canada, 1 October 2008.
This report is made in accordance with a resolution of the Directors.
Andrew Meister
Director
INCOME STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2008
Consolidated Company
2008 2007 2008 2007
Notes $ $ $ $
Revenue
Revenue from sale of oil 2 - 228,403 - -
Revenue from sale of gas 2 1,788,170 2,452,531 - -
Other revenues 2 562,400 65,680 561,648 198,517
------------ ------------ ------------ ------------
Total Revenue 2,350,570 2,746,614 561,648 198,517
------------ ------------ ------------ ------------
Expenses
Administration expenses 1,336,247 386,623 1,131,752 386,623
AIM market expenses 169,797 131,615 169,797 131,615
Amortisation expenses 32,273 67,462 - -
Borrowing expenses 102,874 100,000 102,874 100,000
Consulting fees 985,582 334,287 985,582 334,287
Depreciation expenses 3 622,536 443,723 4,726 -
Directors fees 198,490 351,540 198,490 351,540
Exploration and evaluation expenditure
written off 3 886 174,930 - -
Plant and equipment written off 3 262,044 815,891 - -
Impairment of plant and equipment 3 - 650,179 -
Foreign office expenses 354,789 454,772 354,789 -
Legal fees 208,933 306,308 208,933 306,308
Occupancy expenses 64,940 22,279 64,940 22,279
Production expenses 648,465 529,732 - -
Provision for restoration works 3 - 250,000 - -
Impairment/(recovery) of loan to
controlled entities - - (11,863) 1,697,530
Impairment of loan to non-controlled
entities 3 984,196 - 984,196 -
Other expenses 535,884 2,126 175,295 2,126
------------ ------------ ------------ ------------
Total Expenses 6,507,936 5,021,467 4,369,511 3,332,308
------------ ------------ ------------ ------------
Loss from ordinary activities before
related income tax expense (4,157,366) (2,274,853) (3,807,863) (3,133,791)
Income tax expense attributable to
operating loss 4 (43,878) (415,005) - -
------------ ------------ ------------ ------------
Loss attributable to members of the
parent entity (4,201,244) (2,689,864) (3,807,863) (3,133,791)
------------ ------------ ------------ ------------
Cents Cents
per share per share
Earnings per share
- basic and diluted loss per share 25 (1.616) (1.957)
BALANCE SHEETS
AS AT 30 JUNE 2008
Consolidated Company
2008 2007 2008 2007
Notes $ $ $ $
ASSETS
Current Assets
Cash and cash equivalents 5 8,855,369 2,714,787 7,522,271 1,396,774
Trade and other receivables 6 524,614 248,011 15,562 60,195
------------ ------------ ------------ ------------
Total Current Assets 9,379,983 2,962,798 7,537,833 1,456,969
------------ ------------ ------------ ------------
Non-Current Assets
Trade and other receivables 6 - - 1,408,089 2,064,783
Other financial assets 7 - - 5,235 5,235
Plant and equipment 8 700,186 1,317,049 14,794 -
Exploration expenditure 9 - 886 - -
Oil and gas properties 10 - 32,273 - -
------------ ------------ ------------ ------------
Total Non-Current Assets 700,186 1,350,208 1,428,118 2,070,018
------------ ------------ ------------ ------------
TOTAL ASSETS 10,080,169 4,313,006 8,965,951 3,526,987
------------ ------------ ------------ ------------
LIABILITIES
Current Liabilities
Trade payables 11 763,726 660,818 143,386 496,799
Provisions 12 450,000 450,000 - -
Current tax liabilities 13 43,878 172,000 - -
Interest bearing liabilities 14 1,000,000 1,000,000 1,000,000 1,000,000
------------ ------------ ------------ ------------
Total Current Liabilities 2,257,604 2,282,818 1,143,386 1,496,799
------------ ------------ ------------ ------------
TOTAL LIABILITIES 2,257,604 2,282,818 1,143,386 1,496,799
------------ ------------ ------------ ------------
NET ASSETS 7,822,565 2,030,188 7,822,565 2,030,188
------------ ------------ ------------ ------------
EQUITY
Issued capital 14 22,919,325 13,319,085 22,919,325 13,319,085
Foreign exchange reserve 325,907 (67,474) - -
Accumulated losses (15,422,667) (11,221,423) (15,096,760) (11,288,897)
------------ ------------ ------------ ------------
TOTAL EQUITY 7,822,565 2,030,188 7,822,565 2,030,188
------------ ------------ ------------ ------------
STATEMENTS OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2008
Attributable to equity holders
of the entity
-------------------------------------------- ---------------
Issued capital Foreign Accumulated Total equity
Currency Losses
Translation
Reserve
$ $ $ $
Balance at 30 June 2006 11,863,315 376,459 (8,531,565) 3,708,209
Issue of shares 1,309,750 - - 1,309,750
Conversion of options 211,020 - - 211,020
Transaction costs of capital raising (65,000) - - (65,000)
Translation of foreign subsidiaries - (443,933) - (443,933)
Loss for the year - - (2,689,858) (2,689.858)
---------------- -------------- ------------ ---------------
Balance at 30 June 2007 13,319,085 (67,474) (11,221,423) 2,030,188
Issue of shares 8,900,000 - - 8,900,000
Conversion of options 4,821,440 - - 4,821,440
Transaction costs of capital raising (4,121,200) - - (4,121,200)
Translation of foreign subsidiaries - 393,381 - 393,381
Loss for the year - - (4,201,244) (4,201,244)
---------------- -------------- ------------ ---------------
Balance at 30 June 2008 22,919,325 325,907 (15,422,667) 7,822,565
---------------- -------------- ------------ ---------------
Company
Balance at 30 June 2006 11,863,315 - (8,155,106) 3,708,209
Issue of shares 1,309,750 - - 1,309,750
Conversion of options 211,020 - - 211,020
Transaction costs of capital raising (65,000) - - (65,000)
Loss for the year - - (3,133,791) (3,133,791)
---------------- -------------- ------------ ---------------
Balance at 30 June 2007 13,319,085 - (11,288,897) 2,030,188
Issue of shares 8,900,000 - - 8,900,000
Conversion of options 4,821,440 - - 4,821,440
Transaction costs of capital raising (4,121,200) - - (4,121,200)
Loss for the year - - (3,807,863) (3,807,863)
---------------- -------------- ------------ ---------------
Balance at 30 June 2008 22,919,325 - (15,096,760) 7,822,565
---------------- -------------- ------------ ---------------
CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2008
Consolidated Company
2008 2007 2008 2007
Notes $ $ $ $
Cash flows from operating activities
Receipts from customers 1,563,469 2,926,458 51,902 9,033
Payments to suppliers and employees (4,400,219) (2,141,817) (3,601,232) (1,173,716)
Interest received 510,498 22,128 509,746 21,562
Interest paid (102,874) (100,000) (100,00) (100,000)
Income tax paid (172,000) (243,005) - -
------------ ------------ ------------ ------------
Net cash flows from/(used in)
operating activities 28 (2,601,126) 463,764 (3,139,584) (1,243,121)
------------ ------------ ------------ ------------
Cash flows from investing activities
Purchase of plant and equipment (27,817) (682,208) (19,519) -
Exploration and evaluation expenditure - (297,691) - -
Loans repaid by controlled entities - - 668,557 599,982
Loan paid to non-controlled entities (984,196) - (984,196) -
------------ ------------ ------------ ------------
Net cash flows from/(used in
investing activities (1,012,013) (979,899) (335,158) 599,982
------------ ------------ ------------ ------------
Cash flows from financing activities
Proceeds from issue of shares 8,900,000 1,309,750 8,900,000 1,309,750
Transaction costs from issue of shares (4,121,200 (65,000) (4,121,200) (65,000)
Proceeds from conversion of options - 211,020 - 211,020
Option reserve 4,821,440 - 4,821,440 -
------------ ------------ ------------ ------------
Net cash flows from/(used in)
financing activities 9,600,240 1,455,770 9,600,240 1,455,770
------------ ------------ ------------ ------------
Net increase in cash and cash
equivalents 5,987,101 939,635 6,125,497 812,631
Cash and cash equivalents
at beginning of period 2,714,787 1,853,732 1,396,774 584,143
Effects of exchange rate changes on
cash and cash equivalents 153,481 (78,580) - -
------------ ------------ ------------ ------------
Cash and cash equivalents
at end of period 8,855,369 2,714,787 7,522,271 1,396,774
------------ ------------ ------------ ------------
Carpathian Resources (LSE:CPNR)
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Carpathian Resources (LSE:CPNR)
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