Oil and gas explorer and producer Carpathian Resources declared on Tuesday it is pursuing an investigation on some irregularities pertaining to its past financial transactions.

The company has acquired information in relation to an alleged irregularities in “certain historic financial transactions.”

According to a released statement by Carpathian, its board of directors are unsure to tackle the issue on whether the alleged irregularities are material. The company will seek consultations with their lawyers and request to probe the issue in Australia and the United States.

Forensic accountants will also be summoned to investigate the matter, the company said in a statement.

The investigation is expected to finish after six weeks.

The company's shares were shortly suspended from quotation by the Australian Securities Exchange earlier this month (May 3) to the failure of lodging its financial reports for the three months to March 31.

They were reinstated when Carpathian booked its report later on the same day.

Carpathian shares are currently in trading halt at 5.7 cents.

Carpathian's operations are centered towards Central Europe, where it operates a number of oil and gas licenses in the Czech Republic and Slovakia.

Carpathian Resources Limited has registered offices in Sydney and is a registered company in the ASX.