A week after taking control of Carpathian from founders Gerald Johnson and Ildiko Wowesny, the team of Doug Jendry and Eddie Smith announced a 35 metre gross gas column from the Janovice appraisal well. They also announced
A drill stem test flowed 1.37 million cubic feet per day through a 7mm choke and while flow pressures were not reported, the company said the field report noted very little pressure drop.
“Coupled with [the] successful DST 1 over the interval 1007 – 1013 metres, which flowed 600,000 cubic feet per day, and electric log analysis, there is now a confirmed gross gas column in the well of 38 metres. Adjusting for the angle of the hole, the true thickness will be approximately 35 metres,” a report said yesterday.
Carpathian is now reinterpreting the field as a result of the logs and predicted a significant upgrade of predrill estimates.
It said it would be conducting a three day pressure test with the results available in late April.
Carpathian also said it had raised %500,000 each from Elcos Pty Ltd (an associate of Eddie Smith) and Persal and Co Investments Pty Ltd through a secured note based on a 10% coupon rate, 2 year term with a conversion price of 12 cents.
The company said it had also received legal advice that the Geocorp Management Agreement (struck with former directors Johnson and Wowesny) is void. As a result company said there would be no monies payable to Geocorp in respect of the Management Agreement in the future.
