This oil company floated (with a main market listing) in December. Its main production is in Turkmenistan -- it has its own fleet of tankers operating in the Caspian, and on the Volga and Don rivers -- it has profitable production interests in Congo-Brazzaville -- it has been granted an exploration license in Egypt -- it is debt free.

On a p/e of about 14 for 2003, it is not as cheap as it was but I like it as a growth story (particularly if it can bring its gas reserves in the Turkmen Nebit Dag field to market), and a play on continued strong oil prices.

http://www.burren.co.uk

Cynic, Also this on AFX today:
LONDON (Thomson Financial) - Adani and Welspun are poised to make a counterbid for Burren Energy, the UK oil and gas exploration company, the Indian groups' banker, Darshan Desai, was quoted as telling the Financial Times.The bid will challenge a 1.8 bln stg offer agreed with Italy's Eni last year, the Indian groups' banker, Darshan Desai, said.According to Indian media reports, a joint venture between the Gujarat-based Adani and Welspun will offer to buy an initial 20 pct of Burren Energy at 1,320 pence per share.If successful that transaction, which would match Eni's existing offer, would be followed by a full takeover bid.

This RNS was released at 15:46 today:

Adani Welspun Exploration Limited ('Adani Welspun') notes the recent press
comment about its potential interest in acquiring Burren Energy PLC ('Burren').

Adani Welspun has reviewed this potential acquisition opportunity in addition to
other potential acquisitions but has not held any discussions with the board of
directors of Burren regarding a potential acquisition and, for the purposes of
Rule 2.8 of the Takeover Code, confirms that it has no intention of making an
offer to acquire Burren.