OPERATIONS

Carpathian clocks first gas from Czech Republic

FIRST production has started from Carpathian Resources' Central Europe operations. The Ja3A well, onshore Czech Republic, started flowing gas into the pipeline at 720,000 cubic feet per day last Monday, the company said.

Carpathian clocks first gas from Czech Republic

The initial flow rate will be “carefully” increased to 880,000 cubic feet per day, which could provide an annual cashflow to the company of more than US$1.4 million, it said.

But chairman Grant Priest said Ja3a would start producing revenue immediately.

“It has the potential to contribute in excess of A$340,000 by the end of 2005,” Priest said.

“The commencement of production at Ja3a is the start of what we hope to be a long and profitable involvement in gas production in the Czech Republic.

“With prices for gas being above US$6 per thousand cubic feet, Carpathian expects a healthy income stream from our 60% interest.”

Czech-based operator Unigeo holds the remaining 40% interest in the well.

Drilling also started on the Ja11 well, which was at a depth of 911 metres on Thursday, Priest said at Carpathian’s AGM.

He said other company highlights for 2005 included the dual listing of Carpathian in March on the UK’s Alternative Investment Market (AIM), having successfully raised £400,000 (A$958,192) through a share placement.

Then in May, production recommenced from the reworked Krasna-7 and –8 wells, he said.

Seismic programs undertaken throughout the year on the Morava, Roznov and Raskovic-Moravka prospects will help determine Carpathian’s 2006 drilling program, according to Priest.

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