Quarterly Activities Report

Carpathian Resources Limited
(AIM: CPNR, ASX: CPN)
Quarterly Activities Report-September 2008
PRODUCTION ACTIVITIES
Janovice Gas Field (60% interest)
Production for the period was 1.632 million cubic metres (57.6 million cubic feet), an average of 17,700 cubic
metres per day (0.63 million cubic feet). At this rate the volume of fluids produced increased slowly but steadily to
approximately 1.12 cubic metres per day.
After one month of a stabilised production of 19,000 cubic metres of gas per day (since 26 August 2008) the amount
of water started to increase once more, but the increase was stabilised. The situation was discussed with Unigeo, the
operator, who recommended a gradual reduction of the production rate in order to slow down any potential increase in
water inflow. In order to better manage this trend, the Ja3a daily production rate was reduced to 18,000 cubic metres
per day starting 14 October.
Net income after expenses decreased by A$38,000 this quarter compared to last quarter, primarily due to lower gas
production which was partially offset by a 12.5% increase in gas prices during the quarter.
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 upon with Unigeo, the operator. The Company is considering seismic and other
survey methods.
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
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 whilst 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 2008 the reservoir was hydraulically fractured and treated with acid (an"acid frac"). The operation was
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.
In August 2008, after completion of the frac, the flow-testing process registered gas inflow, although the wellhead
pressure is very low. At least part of the reason for this is the relatively large fluid presence. The operator has
recommended that the Company perform a 30-day gas flow testing process, so that the Company can determine the
feasibility of further developing the well.
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. Unigeo, the operator, is working to include the
project in the local land use plan so that further progress may be made.
Ro?nov, 90% interest (contributing 100%)
These 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 September 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 September 2012 and 2,725,335 options with an exercise price of A$0.29 on or
before 3 September 2012.
At 30 September 2008, the Company had A$8.76 million cash on hand.
Carpathian is listed on the ASX market in Australia and on AIM in London.
John Arbuckle and Robert Downey resigned as directors on 28 August 2008, and David Hammer was appointed as a
director on 5 September 2008.
On 19 September 2008, Carpathian announced that it has changed its registered office and principal administrative
office to:
Zenith Centre, Tower A, Level 20
821 Pacific Highway
Chatswood NSW 2067
Australia
For further information contact:
David Hammer
Director and Secretary
Carpathian Resources Limited
+1 813 786 2620
Fiona Owen
Grant Thornton UK LLP
+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 Sydney Australia, and has an Operations Office in Ostrava, Czech Republic.
For further information about the Company please visit www.carpathian.com.au

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