Burren Energy

7:23 a.m. Tue 20 Sep 2005

Burren Energy, an independent oil and gas exploration and production company, reported strong results for the half year to June 2005. Turnover rose by 166% to $168.1m (1H 2004: $63.1m) and pretax profit rose by 388% to $97.2m on the back of increased production, higher prices and better margins.

Group net production grew by 90% to 22,200 bopd while realised prices grew 46% to US$43.50 per barrel. Net production for the year is expected to average 22,500 bopd. Operating cost per production barrel declined to $ 2.55 / bbl from $ 2.90 / bbl in the first half of 2004.

The company is investing heavily and brought on production 24 development wells during the year increasing the company's working interest production from 26,450 bopd in January to over 34,000 bopd. Group working interest production is expected to reach 37,000 bopd by the end of 2005.

The company is positive in its outlook, with increased production and firmer prices expected. The expansion in the exploration programme may yield further increases to reserves.

The share trades at 781.25p.