finally but worth the wait watch it go
CARPATHIAN RESOURCES LIMITED Chairman’s Address Annual General Meeting 9th November 2006 The last financial year has seen the delivery of several significant outcomes for Carpathian and its shareholders. These are summarised as follows: 1. The start of production from the Janovice Gas Field in October 2005. 2. An upgrade of the reserve figure in the Janovice Field to 3.8 bcf (gas initially place) following further testing in January 2006. . 3. Sustained production rates (currently around 38,000 cubic metres per day) meaning that the forecast profit of AUD 1.9 million net of operating costs field in calendar year 2006 is likely to be achieved. 4. The start of a long term production test on the Krasna KS4 well which will come to an end shortly. 5. Completion of the seismic programme in early 2006. The interpretation of the seismic data has taken longer than anticipated, in part due to the shortage of experienced personal at critical times, a problem that has affected the industry over the last few years and continues to do so. The technical governance we are demanding of our contractors and consultants has also resulted in delays, but while these are frustrating unnecessary haste would not benefit Carpathian and its shareholders.
In saying this I am pleased today to announce that the operator has informed Carpathian that the Mosnov Skolice-1 well will be spudded on or around November 22. The well will test a section that is similar to the section that produces in the Janovice Field and which the operator has estimated could contain as much as 3.5 bcf. We believe we are in the final stages of the technical review and anticipate, subject to independent review, that an extended drilling program will be announced in the not too distant future. Thank you for your attention today, Grant Priest Chairman Carpathian Resources Ltd
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