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

Just noticed, because it is 12.15 a.m. on Thursday Morning (I know I'm sad) that Shares mag is online. The cover story mentions BUR amongst others, and that 3D seismic results from Nebit Dag will be known at the end of the month. Depending on your persuasion (or whether you were into Apocalypse Now), it is time to hang on to either your hat or your balls (apologies to all female posters).

rgrds
gk

Wells 701 and 801 in M'Boundi have both found oil testing at 5400 bopd between them. No water was found, which as I understand it, means that they have not reached the bottom of the oil reserves and could mean reseves are greater. All looks good to me, including the figs. Bit surprised by the 5% reversal today, but can expect volatility in this stock.

rgrds to all
gk

Mark Watson-Mitchell came out with a cracking review of Burren todday on his Web site (watshot.com), which I commend to you, if you are not already a subscriber. Anyway he sees the share price rising farily rapidly up through 4 in short order. Lets hope he is correct, but it will require a good flow of corporate news from Burren. They should be able to provide it given the exploration activity, September Interims, and a major review of reserves, all scheduled over the next few months. Yesterday's fall in price was according to Yvette Essen in the 'Torygraph' due to Canaccord Capital cutting its rating on the group, saying the share price is now well ahead of its fundamental value estimate!! Although I would appreciate it if someone could get hold of a copy of this report, it seems to me like a good opportunity for the Institutions to bring the price down as they continue to top up, particularly as the recent share placing was over subscribed.

It is also becoming clear that BUR are cautious about upgrading their reserves, and are definately not ramping the share price. They still have not upgraded M'boundi reserves from possible to probable. If and when they do....!!

Re your last point on reserves....at the end of last week Maurel & Prom, Burren's French operating partners in the Congo placed significantly higher values on the M'Boundi wells than Burren has declared. So the outstanding question now is whether Burren will make an announcement or remain cautious?

Had a look at recent trading volumes. Since the recent "placing" two weeks ago, volumes have been higher on the days that the price has risen compared with the days of falls. A good sign that the stock still has upward momentum.

rgrds
gk

Seems to be ticking up again. Has had 5 up months, 2 flat months, and no down months since launch. Can't complain about that!!

Agreed gallick, such a powerful chart, esp. when you factor in the recent placement.

Hoping for 4 soonish and 'thereafter who knows'.....always like a nice clich

Moving towards a new high. On the back of increased oil prices, or as we head towards next months interims? Who can say, but I'll take it!!

The reason this share is going up is because it's a great value/growth company. Production is rising exponentially as are reserve estimates.

With many other oils it's all jam tomorrow - drilling reports 6 months to 3 years away. Not a great problem with the oil price at $45 but when this drops (as it will) and when the Dow tanks (which is looking likely) well basically 'head for the hills'!

When times are tough everyone thinks in the present tense...basic difference between bulls and bears - a survival instinct in other words.

Cne, Bur and Mrs, only show in town!

All in my opinion I should add.

Good luck.

>> Salford - points well made.

Whilst I accept that there is a bit of a speculative bubble in oil at the moment (geopolitical risk is currently rated as having put about $10 on the price of oil), I can't see the price coming off much, if at all. Oil production can only be lifted slightly by OPEC, otherwise we are at virtually full capacity. Production should peak in about 2010, then it is downhill all the way. Consumption continues to rise (China, India etc)

In other words we could be at the start of a sustained oil price rise well into the future. Those companies with oil still not discovered, may find that oil much more valuable when they find it.

Maurel & Prom press release (extract roughly translated from) - 17-8-2004

CONGO: SUCCESSES OF THE WELLS M' BOUNDI 802 AND 105.
New significant extensions of the oilfield to the east and the south.
Output of approximately 15 000 b/d

Extending the south-eastern part of the oilfield known to date, the well M'Boundi 802 shows the existence of a reservoir VANDJI B of more than 50 metres without presence of gas. On the whole it is nearly 117 metres of reservoir which were recognized by including VANDJI C which confirms the excellent growth potential in the eastern part of the structure. In the south of the structure, the well M'Boundi 105, met reservoir VANDJI C as envisaged, and also takes part in an important widening of the oilfield.

In terms of production, and in spite of the provisional stopping up of well 801 because of an important find of gas, the delivery of wells 802 (3400 b/d) and 105 (2200 b/d) increases the Congo production due to Maurel & Prom to roughly 15 000 b/d in conformity with its objectives.

This rapid increase confirms the capacity of the company to achieve its own goal of 20 to 25 000 b/d at the end of the year, (and) to even exceed it depending on the results of the wells to come. Drillings in progress will make it possible to accelerate the delineation of the oilfield towards the East (M'Boundi 702) the South (M'Boundi 106) and the West (M'Boundi 901).

Finally in addition to the 3 rigs now operating, a 4th rig should be brought into service next September with the prime objectives being the resumption of drilling of a well on the Tchiniambi prospect and of drilling a new well in the Kouakouala prospect.

Johnho,
Thanks for the post. As usual we have to go to M&P to find out what's happening with BUR! Still, it keeps us one step ahead of the market.
Pondy

Go on BUR, get up there.

Put this on your monitors, much action beckons over the next 10 days.

Interim results out today. Look encouraging.

What a poor reception for a great set of maiden interims. It will be interesting to see how this develops over the next week or so. Have we had a one day sell off? Will we now enjoy a positive press to tempt back the buyers? If ever a company deserved a good market reception for its results then its this one. So far they haven't put a foot wrong. Sometimes I just can't fathom out this game.

Pondy

I totally agree with you pond life, you can get companies bring out bad results, widening losses and, lower turnover, but go up because the outlook is good, as you say strange old game, still we believe in the future of this company , and you only have to look at cairn energy to give yourself a reason to hold. All the best.

SP blasted up today almost 6%. It is always a good sign imho when the sp rises after the results as it usually means that analysts/fund managers have had a good look at the figures, prospects etc mulled things over and decided to buy/top up . Alternatively could be details from those recently drilled wells.

I suspect the reason for the fall on the release of the figs, was that there was no upgrade of reserves in M'boundi, but as before I think management are fairly conservative in upgrading, which means of course that there could be hidden good news to come in the future.

Would expect some profit taking tomorrow, but continues to look a good long termer in my book!

rgrds to all
gk

Sorry my last post was wrong. M'boundi reserves were upgraded from 0.9bn barrels to 1.3bn. This explains the rise in sp.

Absolutely storming ahead! Roll on 5