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

Oilyrag, as far as I can remember Mosnov was their next larger target, and with a shallow well like this a couple of weeks tops for drilling. I too have forgotten all about CPNR, and am going to have to re read.

Am I right in thinking that 135,000,000 shares approx market cap of 3.7 million, making a profit of 800,000 would mean a P/E ratio of about 5. Shame about the size of the spread, prehaps thats relative to its currently low market price.

oilyrag: they are also listed in OZ but not sure of market cap there.

A fair guess would be to the same or similar value to here. It would be unfair in the future to be earning a higher %age depending on where you lived. A bit like the national health service, what? Ha Ha.

Why do market makers persist on dropping prices when there is no news and only purchases made. They diliberatly install panic into some holders to create a none existent need to buy and sell. What happened to the old fashioned principles of a companies results and news affecting the shares prices. These days most of the rises and falls are created by the market makers, so if we get into tune with them it dosn't really matter what companies you hold, eventually it would be your turn to go up.

5 December 2006 ASX/AIM RELEASE
Carpathian Resources Limited ("Carpathian" or the "Company")

Drilling update Mo- 1 Skotnice at 319.17m

Carpathian Resources Limited ("Carpathian"), the oil and gas producer and explorer focusing in Central Europe, is pleased to announce that at 0600 hrs local time on December 4th drilling at Mo-1 Skotnice (Skotnice) in the Monov Exploration Permit (Czech Republic) was down to 319.17 m. Since the well was spudded on 28 November 2006, announced 29th November 2006, a surface conductor was set at
17.08m and an intermediate casing sting at 107.14m.

There will be no further drilling updates in respect of Mo-1 Skotnice released to AIM until the completion of the drilling process.

For ongoing drilling progress please refer to the Company's website

www.carpathian.com.au or www.asx.com.au

The well location 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 Skotnice prospect has been defined by a detailed study of some 28
coal exploration holes, 0.5 1 kilometre apart and the targets are Tertiary sandstones in a potential trap at a depth of about 400 metres and sandstones within the Carboniferous section not far beneath. The location is very close to and updip of a coal exploration hole from which a gas flow of 80,000 cubic metres
(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 might not be sustainable, an economic analysis indicates that given the strong gas price and the proximity of the gas transmission network, sustainable flow rates of as little as 10% of this figure could be economically attractive.
Drilling of the Skotnice well is being funded from current earnings. Carpathians operating revenue in 2006 from gas net of direct production costs is forecast to be AUD 1.9 million or 760,000.

Carpathian is listed on the ASX market in Australia and on AIM in London.

For further information contact:
Philip Linsley Doug Jendry
Director Director
Carpathian Resources Limited Carpathian Resources Limited
+44 1372 844 094 +61 8 9214 2579
Grant Thornton Corporate Finance Ben Knowles
Colin Aaronson Parkgreen Communications
+44 20 7383 5100 +44 20 7493 3716

Price up in OZ overnight, so should be a blue day here today.

Going in the right direction. Nice %ages in Oz and here, I feel the news may be positive when it comes. All we need now is a closing of the spread to encourage trading.

Well, now expecting news on both CPNR and AST next week, could be exciting.

PP, dont forget TMC as well, because the first shipment is due out on Monday.

Yep.

Hi PP. Is this slight drop, just like in OZ overnight, due to profit taking which I think not due to the spread and lack of sales. Or is it just a market correction before the next bout of news is released. What would you consider the full market potential of CPNR to be.

Plenty of sales around today, price must be weak. I may try a limit order later.

News today not fantastic, 3.2m gas show, will have to wait and see if viable.

I'm saying nothing.

.

Did you get your limit order filled oily ?

No I didn't get limit order filled, so thats my bit of luck on this one for now. The long term picture still looks good, so I'm not to worried about what is after all, only a loss on paper if I decided to sell now. I shall be in this one for a couple of years and there will be plenty of trading opportunities.

Went up 8% in OZ overnight. Could go up 0.25p today. RNS expected, to large to download on phone overnight. QUARTERLY TRADING STATEMENT DUE TOMORROW.

CPN.AX put on temporary suspension pending an announcement by the company, on or before Tuesday 24th April 2007. In my view this should be a gas find, as bad news is always released straight away.