Grant Thornton is acting as nominated adviser and Hoodless Brennan as broker.

The proceeds of the placing will be used to fund the further exploration program in the Czech Republic and Slovakia and to provide additional general working capital.

Carpathian now has 105,383,504 shares on issue with a market cap of AUD$7.7 million.

Carpathian Resources has interests in two production projects, Janovice gas field and Krásná oil field, and three exploration projects in the Czech Republic. The company also has one exploration project in Slovakia.

“The AIM listing is one of many steps the company is pursuing to fully exploit its Czech production and exploration assets,” said Eddie Smith, non-executive director of Carpathian Resources.

“Our next major step will be to carry out our Roznov and Morava seismic programs to confirm locations for our highly prospective oil and gas targets which the company expects to drill in 2006.

"Should any of the prospects confirm Carpathian Resources’ early interpretations, the company will move into the status of a significant Central European energy producer.”