Updates

Burren Energy - Upgrades reserves

May 2004

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.

Excellent results plus a significant upgrade to reserves, triggered a sharp rise in the shares, fully justifying our decision to add them to the TMI Trader Portfolio last month. For the year ending 31 December, profit lifted 147% to Â£15.8m, while earnings rose 88% to 16.8p. Burren's strong operating cashflow of Â£28.5m transformed its balance sheet which now has net cash of Â£17.6m, compared to net debt of nearly Â£12m. Meanwhile, average oilproduction rose 65% to 8140 barrels per day (b/d). However,it was the news that Burren had increased its estimate of its share ofreserves at its 35% owned M'Boundi oil field in Congo (Brazzaville), from 21m barrels to 36m, that triggered the ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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