re: finally but worth the wait watch it go Currently up 9% in...

re: finally but worth the wait watch it go Currently up 9% in London on drilling release . This is an Oz listed company but doesn't seem to be grabbing much attention on the boards .Carpathian Resources

Carpathian Resources Limited

Drilling started in new well

Carpathian Resources Limited ("Carpathian"), the oil and gas producer and
explorer focusing in Central Europe, is pleased to announce that the Mo-1
Skotnice ("Skotnice") was spudded on November 28th 2006 in the Mo*nov
exploration permit.

Drilling of the Skotnice well will be funded from current earnings. Carpathian's
operating revenue in 2006 from gas net of direct production costs is forecast to
be AUD 1.9 million or £760,000.

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 an 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.

Philip Linsley, a Director of Carpathian Resources, commented "we are delighted
that after some delay drilling has begun in such a prospective area"

Editors note 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