Subsequently, the well was cased and prepared for completion.

The company reported this week that perforation of the full 11m interval corresponding to the reservoir sands has resulted in a natural flow of crude oil. The well flowed on cleanup at a rate of 16.8 cubic metres/day at a flowing pressure of 6.9Mpa.

The company said samples of the crude oil have been sent to a laboratory for detailed analysis with results expected within two weeks. Preparations for a long term production test and permanent production facilities are underway, the company added.

Sharemarket punters have been quick to pick up on the good news with the share price rising 6.5 cents to close at 34 cents at time of writing. Carpathian has a 17.65 per cent contributing interest in the Breclav Licence which secures the Postoma 1 target reservoir.

DJ Carmichael analyst, Mr Peter Strachan, said the flow rate was not a proper test and was significantly choked back by the equipment on site. "Given the permeabilities and porosities from the log data, it would not be unreasonable for Carpathian to achieve a flow rate of 800-1000 bopd with the right equipment," said Mr Strachan.