Carpathian starts maiden gas production
Friday, November 04, 2005
Oil and gas producer and explorer, Carpathian has started maiden gas production its Central Europe operations.
Production started at its Ja3a well, onshore the Czech Republic on 31 October.
Carpathian has a 60 per cent interest in the well, with the remaining 40 per cent held by the Czech-based operator Unigeo. Carpathian said Ja3a will enhance its revenues immediately, with the potential to contribute in excess of AUS$ 340,000, the equivalent of about £145,000, by the end the year.
The initial production rate will start at 20,400 m3 per day (0.72 million cubicfeet per day), increasing to 25,000 m3 per day (0.88 million cubic feet per day). At the current price, which is more than US$6 per million cubic feet, the well would produce an annual cashflow of more than US$1.4 million, or about £598,000 to the company.
Carpathian Chairman Grant Priest said: ' The commencement of production at Ja3a is the start of what we hope to be a long and profitable involvement in gas production in the Czech Republic. With prices for gas being above US$6 per mcf Carpathian expects a healthy income stream from our 60% interest.'
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