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Burren Energy - Net production over 20,000 bopd

March 2005

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • BUR
  • Price:
  • 473p
The shares soared to an all time high of 485p after Burren unveiled a strong pre-close trading update covering the year ending 31 December. Group net production averaged 14,200 barrels per day (bopd), an increase of 74% over 2003 and comprised 9,300 bopd from Turkmenistan and 4,900 bopd from Congo. In spite of a doubling of capex to £46m, Burren ended the year with net cash of £17m. Group net production is currently just over 20,000 bopd, with Turkmenistan contributing 11,000 bopd and Congo 9,300 bopd and this is expected to rise to 24,000 by the end of this year. This target should be achievable given that Burren is ramping up capex to £100m in 2005 to finance up to 43 development wells and 14 ...

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