The Board believes that Carpathian has three significant projects. These are the Janovice, Rožnov and Morava oil and/or gas fields, all of which are in the Czech Republic.
To secure Carpathian's position in relation to these targets, the Board has renegotiated the underlying agreements to ensure appropriate returns to the Company and has undertaken the preliminary steps to have Carpathian listed on the London Stock Exchange Alternative Investment Market.
By accessing the significant pool of exploration and development investors in both Europe, Carpathian will be able to fund the exploration and development programs envisaged. Additionally, the Australian listing will be maintained for the foreseeable future.
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Janovice
The Janovice block is located in Northern Moravia, Czech Republic. It is situated some 20 km, south of Ostrava, a major industrial centre and five kilometres from Carpathian’s 50% (75% before payout) owned Krásná oil field. The Ja3a discovery well was drilled between 16 March 2004 and 11 April 2004 when it reached a total depth of 1,108 metres.
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Krásná
The Krásná oil field was discovered and tested just prior to the end of the communist rule in what was then Czechoslovakia. Crude oil is contained within Devonian carbonates at a depth below the surface of about 1,600 metres. Two wells KS7 and KS8 are capable of production. Carpathian has an initial 75% interest in Krásná, which will reduce to 50% revenue interest in payback to the Company of capital costs.
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MOšNOV
The Mošnov permit located near the Ostrava airport was granted in March 2003 and was renewed in March 2004. The project area lies close to the northern edge of the Carpathian flysch belt, an area where Upper Silesian Coal Basin (Palaeozoic) is overlain by only 400-500 metres of Tertiary.
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Morava
The Morava project is located in the northern part of the Vienna Basin, a prolific oil and gas producer. There is potential for oil and gas prospects in both stratigraphic and structural traps at varying depths.
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Rožnov
The Rožnov project area is a group of 4 permits located approximately 25 kilometres south west of Carpathian’s Krásná and Janovice areas. The area has numerous producing oil and gas fields.
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SLOVAKIA
In the last twelve months Carpathian had one project in the Slovakia at Plavnica (formerly Kežmarok). The permit covered a relatively unexplored area in the north of the Slovakia with some indications of hydrocarbons from surrounding wells.
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