Updates

Burren - Take part profits following reserves downgrade

May 2006

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 final results from Burren were overshadowed by a downgrade to its reserves, which at one point sent the shares down 100p to 860p before a slight recovery. Turnover rose 110% to US$390m thanks to a 58% increase in net entitlement production to 22,430 barrels and a 39% rise in selling prices to US$47.8. Pretax profit increased by 196% to US$255m, while earnings rose 218% to 159 cents ( 91p). Net cash increased to US$125m. At the Burun field in Turkmenistan, average net production during the year increased 34% to 12,430 barrels per day, thanks to 13 new production wells coming on stream. At the year end, there were 135 wells producing, up from 111 last time. On the exploration side, four dry wells have just been followed up ...

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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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