Web Site : http://www.carpathian.com.au

expect a decent rise to 7-7.25 monday.

Anybody know how much SVE owns/invested?

ellio,

It's quite smalll actually, but a profit is a profit, and there may well be more to come here in the future, so another good investment by Bruce.

Ellio,

In the SVE 4SQ October 2005 report, it says this about SVE's smaller investments;

Starvest had eight other relatively small
investments (which we do not describe in detail)
at the July 2005 year end, valued at around
700,000. Since then a further 108,000 has
been invested in OFEX new issue Concorde Oil
& Gas.

The eight small investments are Agricola
Resources; Beowulf Gold; Black Rock Oil &
Gas; Brazilian Diamonds; Carpathian Resources;
India Star Energy; Matisse Holdings; and St
Helens Capital. We estimate that all these are
showing an unrealised profit.

------------------------------------------------

Guten Tag!

Thanks to Andy for the Starvest info - v. interesting!

Am still not convinced that this one is going to bounce up much higher on the basis of Friday's announcement. The actual cash value of the additional gas found is not great - estimating 3 billion cu ft of recoverable gas at US$6 per mcf means the total gas now estimated to be recoverable is worth $18 million, of which 60% nets to CPNR, for $10.8 million/6million approx. For such a tiddler, the current market cap of around 7 million (sp: 5.16p) seems ample. Additional value will come from further discoveries in the portfolio.

I would hope that the production rate at Ja3a will now be increased, however, reducing CPNR's reliance on external fundraising as the co becomes more cash-generative.

Found some money down the back of the settee, so have decided to have a sniff at this one. The co will be drilling 3 or 4 wells in H2 2006 to explore some potential gas plays and maybe one oil play. Their larger gas prospects are between 32 - 133 bcf; oil is reckoned to be 7 million bbl. Given that the enlarged gas asset of last week's announcement is only about 4 bcf, a positive result this year could see a radical transformation of the company's value . . .

Agreed!

Interim results out today - no surprises,though. A few punters seem to have offloaded some shares by way of profit-taking or damage-limitation after last week's spike.

Definately one to watch...

Ticked up 0.25p this morning on news that a director has acquired shares in the co for his pension fund.

It's not a big transaction, but clearly he thinks the stock is cheap (Bid: 4p; Offer 4.5p). Spread is quite tight at the moment too.

Carpathian Resources - Director/PDMR Shareholding
Carpathian Resources Carpathian Resources Limited ('the Company') Director acquires shares 23 March 2006The Company was informed today that on 22 and 23 March 2006, Ogilvie Superannuation Fund Pty Ltd (an entity controlled by Mr Grant Priest) as trustee for Priest Superannuation Fund, acquired 25,000 Ordinary Shares via an on market trade at A$0.099 and 25,000 Ordinary Shares via an on market trade at A$0.10 per share for a total consideration of A$4,975. This purchase brings Mr Priest's interested holding in the Company to 100,000 Ordinary Shares, representing 0.074% of the issued share capital of the Company.

More directors investing. RNS out today:

Carpathian Resources - Director/PDMR Shareholding

Carpathian Resources Limited ('the Company')

Director acquires shares

7 April 2006

The Company was informed today that on 6 April 2006, Dr Philip Linsley, acquired
96,000 Ordinary Shares via an on market trade at A$0.099 for a total
consideration of A$9,504.

This purchase brings Dr Linsley's interested holding in the Company to 96,000
Ordinary Shares, representing 0.071% of the issued share capital of the Company.

Up 0.625p today, or 15% to 4.5/5.0.

"AIM Insight" tips CPNR as a speculative buy. No real surprises in the analysis, although it does mention that the co will probably have to raise 2-3 million in the near future to finance its planned drilling programme.

Full article under http://www.carpathian.com.au/images/documents/AIMinsightapr06.pdf

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SP drops today on release of quarterly activites report.

No earth-shattering news, but a drill target has been identified on the Mosnov prospect (CPNR interest: 90%).

>> The operator presented a thorough review of the permit in March that identified a drilling target
at around 400m in Tertiary sandstones and sands within the Carboniferous section not far
below it. The prospect is based on intersections in a network of some 28 coal exploration
holes, 0.5 1 kilometres apart. It lies between the depleted Kremlin gas field to the north and
the Priobor-Klokocov Field to the south which it is reported produced 23 billion cubic feet of
gas between 1945 and 1984 at rates of up to 5 million cubic feet per day.
The proposed location is close to an updip of a coal exploration hole from which a gas flow of
80,000m3 (approximately 2.8 million cubic feet per day) was recorded in 1961, some two years
after it had been drilled. While this open flow rate would not be sustainable, financial analysis
presented with the review indicates that, given the strong gas price and the proximity of the gas
transmission network, sustainable rates of as little as 10% of this figure could be economically
attractive.
Encouraged by this the decision has been taken to commence the drilling application process
and to seek a contractor to drill a well on the location in the second half of 2006. <<

Interpretation of futher seismic data with confirmation/identification of drilling leads is anticpated for the current quarter.

Leads at Rosnov have been confirmed - drilling is being scheduled for 2007.

Carpathian Resources - Director/PDMR Shareholding

Carpathian Resources
Carpathian Resources Limited ('the Company') Director acquires shares
2 May 2006
The Company was informed today that on 1 May 2006 Royal Sunset Pty Ltd, an entity controlled by Mr Eddie Smith, acquired 220,000 Ordinary Shares via an on-market trade at A$0.098 for a total consideration of A$21,560. This purchase brings Mr Smith's interested holding in the Company to 14,903,175 Ordinary Shares, representing 11.09% of the issued share capital of the Company.

Carpathian Resources - Director/PDMR Shareholding
Carpathian Resources

Carpathian Resources Limited ('the Company')
Director Acquires Shares

The Company was informed on 11 May 2006 that Mr Eddie Smith (through Elcos PtyLtd, an entity which he controls), acquired 1,350,000 Ordinary Shares on 9 May2006 and 150,000 Ordinary Shares on 11 May 2006, both being on market trades at A$0.10 for a total consideration of A$150,000.This purchase brings Mr Smith's interested holding in the Company to 16,403,175 Ordinary Shares, representing 12.21% of the issued share capital of the Company.

RNS out today - encouraging but hardly earth-shattering, IMO. The Monov prospect looks promising though.

Carpathian Resources


Carpathian Resources Limited

28 July 2006

Quarterly Activities Report - June 2006

Highlights for the Quarter

-- Ja3a continues production in line with forecasts

-- KS7 production resumed

-- Early results see KS4 producing

-- Seismic interpretations completed

-- Morava seismic shows promise

PRODUCTION ACTIVITIES

Janovice Gas Field (60% interest)

Production from the field was maintained throughout the quarter without incident
at a rate of more than 34,000 cubic meters per day, which is sufficient to
fulfil the 2006 sales contract.

Since an independent consultant determined from pressure test data that the
field contains of 3.8 to 4.0 billion cubic feet in place (announced on 3 March
2006) the focus has been on defining locations for drilling development wells in
2007. The studies are running parallel with the interpretation of the seismic
acquired in the Raskovice-Moravka permit immediately east of the Janovice
production licence (see below).

KrnOil Field (75% reducing to 50% after payout)

Production from the KS7 well recommenced on April 25th after the winter shutdown
and continued to the end of the quarter apart from a minor interruption in late
May to replace a piece of downhole equipment. During June KS7 produced at an
average rate of 4.4 m3 per day of oil (28 barrels).

Unfortunately, but not unexpectedly, economic production from the KS8 well could
not be re-established. The well was shut in and the equipment moved, as planned,
to the KS4 well site and is being used in the long-term test of that well.

The KS4 production test commenced in June using temporary facilities and will
run throughout the production season. If the test proves to be a success then
permanent facilities will be installed at the site. Production in June averaged
3.8 m3 per day of oil (24 barrels). The test oil will be sold.

EXPLORATION ACTIVITIES

Czech Republic

Rakovice - Morka (60%)

The permit lies immediately east of the Janovice gas field and the principal
exploration target is the Karpat Sandstone as in Ja3a well.

A structural interpretation report incorporating the seismic data acquired in
2005 was received during the period and a second report from the geophysical
contractor, incorporating detailed analysis of the seismic amplitudes was
received at the close. The results of the two reports must be integrated before
decision can be made on how best to further the exploration of the permit and to
define new drilling targets, both on the permit and on the Janovice production
license as soon as possible.

A review of the interpretations suggest that further geological input is
required to be included in the geophysical interpretation and this will be
pursued in the coming months. Although the seismic is of good quality the
'picking' of controlling faults has been difficult. Nevertheless some attractive
features have been recognized and the work is ongoing.

Monov, 90% interest (contributing 100%)

Preparations to drill a well on the permit are moving ahead. A number of bids
have been received from drilling contractors and it is likely that one will be
selected early in the next quarter. The intention is to drill the well in the
early part of 4Q 2006, but this remains subject to confirmation.

The objectives of the Mo-1 Skotnice well will be Tertiary sandstones and sands
within the top of the Carboniferous section at a depth of 400m below the
surface. The target has been defined by the intersections of 28 coal exploration
bore holes, 0.5 to 1 kilometre apart; it lies between the depleted Kremlin gas
field to the north and the Priobor-Klokocov Field to the south which it is
reported produced 23 billion cubic feet of gas at rates of up to 5 million cubic
feet per day.

The surface location is close to a coal exploration hole from which an open flow
rate flow of 80,000m3 /day (approximately 2.8 million cubic feet per day) was
recorded. Economic analysis presented by the operator indicates that sustainable
rates of as little as 10% of this figure could be economically attractive, given
the strong gas price and the proximity of the gas transmission network.

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 the regional centre for oil
and gas production. There is potential for oil and gas in the traps.

A geophysical interpretation report was received at the close of the period.
Subject to a final review of the prospects and a risk assessment one or more
targets will be selected for drilling perhaps as early as the last quarter of
2006. However, if it is decided to proceed with further specialised geophysical
investigation of the current data set it is more likely any drilling will be in
2007 because of the time required to plan and build a drilling location.

The Morava data shows some particularly promising features, with evidence of
'bright spots' being present. As such indicators can be caused by a number of
factors (including non-hydrocarbon sources), further work is required to fully
detail these features.

Ronov, 90% interest (contributing 100%)

The permits cover an area of prospective sediments in variety of potential traps
on a faulted margin. The most exciting are a series of features on the basin
slope.

A seismic interpretation report was received late in the first quarter 2006 that
will now be compared in detail with a second report received at the end of the
reporting period from the geophysical contractor. Once this has been done the
next steps in the selection of a drilling location in 2007 can be taken.

Meanwhile, progress has been made with the authorities and the differences
between the local and regional planning requirements, highlighted by the
feasibility study are being resolved. This should reduce the time taken to
achieve permission to drill from the authorities.

Slovak Republic (100%)

A review of the exploration and production potential of the area was completed
in the quarter. Although oil and gas have been encountered in two wells within
the permit the structures are highly complex and it was concluded that the
accumulations are small and that any undiscovered deposits are likely to be
uneconomic. As a result is was decided to relinquish the permit before the
renewal date in June thus avoiding further expenditure.

Another sell off... The market didn't like the report???

This is from oilbarrel.com




24.10.2006
Aussie Junior Carpathian Resources Builds Up A Steady Stream Of Gross Cash Flow From Its Czech Republic Assets
Carpathian Resources is an Australian company listed on Londons AIM. It is, as we like to keep saying, not the kind of proposition that BP would be falling over itself to acquire. But in the relativities of these things it is doing fine, with its ratios right.

The company has a range of production, development and exploration assets in the Czech Republic. Oil and gas have been produced in the region for over a century, with exploration activity peaking in the 1920s and 1930s when literally hundreds of new discoveries were brought into production. Following the decline in production and exploration under Soviet rule, the area is now experiencing an upsurge as commercial concerns move into formerly state held acreage.

Operations are often small scale but since hydrocarbons have already been discovered on established acreage the costs of re-entry can be low. Carpathian in its three months to September 30 Activities Report says that its main producing well, the Ja3a well on the Janovice field (60 per cent), has been performing to expectations. This well achieved peak production earlier this year at 1.35 million cubic feet per day and in the quarter under review produced at an average throughout the quarter at 34,000 cubic metres a day (1.2 million cubic feet). This means that as it heads into the final quarter of 2006 and the second quarter of its own financial year it is producing over four times what it did this time in 2005 when the field was newly reopened. It seems that prices have also moved upwards. The company was getting US$6 per 1,000 cubic feet, but this has edged up apparently to US$7.30 per 1,000 cubic feet.

It has not all been plain sailing. There have been some disappointments. Earlier in the year the Ja 11 well, drilled some 1.5 km to the northwest of the Ja3a, to probe a possible 6.5 billion cubic feet satellite prospect, failed to find hydrocarbons.

Against this there is oil to enter into the equation. After the winter shut down was over the wells from the Krasna field were chipping in some 60 barrels a day. The KS4 well held up, producing some 28 barrels a day. But production from the KS7 well suffered an interruption due to the build up of wax in the well bore and on the downhole equipment. The equipment required to remedy the situation was not on hand and production for the quarter fell to 118 cubic metres of oil (743 barrels). This made a modest total of around 30 barrels a day from both wells. But, at current prices, it all helps.

The point is that in the activities update Carpathian was able to report gross cash flow of A$812,000 (336,000) for the three months. Seen in the context that the companys market capitalisation is just 2.7 million, this is good going. The company reported a cash pile of A$2 million; again, modest in overall terms, but good relatively speaking. It should be remembered that this is essentially from one gas well. The company is defining a number of development wells on Janovice for 2007 and is carefully looking at new ways to improve the performance and economy of the Krasna field.

The company also holds a number of exploration permits, where there could be substantial upside. These include the Raskovice-Moravka Permit (60 per cent). This lies immediately to the east of the Janovice gas field and the principal exploration target is the Karpat Sandstone as in the Ja3a well. Integration of the geophysical and geological interpretations of the permit is continuing. In the next quarter it is anticipated that agreement will be reached with the operator on how best to further explore the permit, delineate the extension of the Janovice field and define drilling targets on both.

The Mosnov permit (90 per cent interest, contributing 100 per cent) lies between the depleted Kremlin gas field to the north and the Priobor-Klokocov field to the south, which is reported to have produced 23 billion cubic feet of gas at rates of up to 5 million cubic feet per day. The objectives of a possible first well Mo-1 Skotnice are Tertiary sandstones and sands within the top of the carboniferous section at a depth of 400 metres below the surface. The objectives have been defined by the intersections of 28 coal exploration bore holes that grid the area, 0.5 to 1 kilometre apart. The selected surface location is closer to a coal exploration hole from which an open flow rate of 80,000m3 a day (2.8 million cubic feet) was recorded. Economic analysis presented by the operator indicates that sustainable rates of as little as 10 per cent of this figure could be economically attractive, given the strong gas price and the proximity of the gas transmission network.

The Morava Permit (90 per cent) lies in the northern part of the prolific Vienna Basin. This an area surrounded by numerous oil and gas finds, including a 140 bcf discovery made by Austrian group OMV. Carpathian is hoping to select two drilling locations before the end of 2006. There could be a reserve potential of 7 million barrels of oil and 50 bcf of gas.