Echo of Communism

Carpathian Resources Ltd, through its Czech subsidiary Nord Gas Ostrava sro has signed a Letter of Intent with Czech company Unigeo sa to bring into production the Krasna oil field located in northern Moravia, Czech Republic.

The Krasna field was discovered and tested during the soviet. Crude oil and associated gas are contained within Devonian carbonates at a depth below the surface of about 1600 metres.

There are four wells but initial production will be from well KS8 (1572 meters deep) which during field evaluation flowed at an average rate of 100bopd. Oil will need to be trucked from the well site.

Two other existing wells are to be inspected and tested at an early stage to establish their capacity to add to production from KS8.

Carpathian Resources is to carry the cost of re-establishing production from the Krasna field and following priority payback of costs, will be entitled to a 50% share of revenue. ©

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