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Authoritative Independent Monthly Share Selections Using Technical & Fundamental Analysis

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Burren - Shares looking good value again

October 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:
  • 733p
After hitting a new high of 842p, the shares were knocked by news that Burren has sold 10% of its interest in the Kouilou license (which contains the huge M’Boundi oil field) to the Congolese Government for US$35m, roughly around a quarter of its true worth. This deal extends to "purchasing" 10% of the stakes of all the partners in this licence area including French operator Maurel and Prom and effectively reduces Burren’s working interest to 31.5%. Burren will receive half the consideration in cash on completion with the remainder being paid via a rebate of profit oil accruing to the Congolese government under the terms of the production sharing agreement. Although this deal has clearly reminded investors ...

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