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After reaching a peak of 12 cents in February the company’s stock has been on a gentle slide to around 6 cents after the preliminary reserves estimate was less than expected.
However, the final report from the production test resulted in the gas-in-place reserves being boosted to 1.51 to 1.69 billion cubic feet with an expected 80% recovery rate (1.2 to 1.34 billion cubic feet).
The final results are in line with the pre-drill estimates and analyses of the existing seismic and associated well control suggest that there are further drilling locations to the east and west of the Ja3a well.
Further work is ongoing and any drilling decisions will be made at a later date with Carpathian’s share of future gross revenues from the first well being approximately $5 million, it said.
The operator has commenced planning for the pipeline and the well is expected to commence producing in June 2005.
Shares in Carpathian were trading at 6.8 cents at the time of printing.
