Carpathian has recently acquired a 50% interest in the Krásná oil field and the right to earn a 60% interest in the Janovice gas field. Both fields are in the Czech Republic.

In a statement the company said production of oil from well Ks8 at Krásná is scheduled to commence this month.

Carpathian will have 75% interest in the Krásná field until payback of costs for establishing production of approximately $750,000, at which point the interest will reduce to 50%.

Carpathian Managing Director Gerald Johnson said that the fast-tracking of the development at Krásná and Janovice was in line with Carpathian's business strategy of bringing oil and gas fields into production as soon as possible following acquisition for early cash flow.

"We are very excited about achieving production from Krásná and Janovice within such a short period of time," he said.

"This transition into production will provide cash flow to support our exploration programs in these highly regarded oil and gas regions."

The Issue is a one for three deal, priced at 10 cents per share, with a free option for every two shares offered.

Czech Government figures estimate there are 208,073 barrels of remaining reserves in the Krásná oilfields.