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

>> 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

Anythings possible, would like to think that this time next year , we will be looking at 7 +, Good luck all.

My 3 favorite things are:-

1) BUR
2) Making money
3)Driking a swift half of or several of the local brew
Oh and I almost forgot since it's been so long...sex

LOL
MS

Post from Philou100 (competitors site)from M&P interims. Seems like they expect 5/6 wells by xmas - nice hit rate.

Summary (for burren's investors):

The association has 20 wells on production (31/12/04), on mboundi field.

Future:
The programme foresee the delivery of 5/6 new wells (31/12/04), allowing to boost the delineation of the field.
The target of 20/25.000 bopd - for m&P- for year-eend - without the impact of the potential of KK well - will be in accordance with the forecasts.
Capital expenditures -M&P- are up to 50/55M (2004).

New study will be launched up for the implantation to a new pipe (12 inch), because the current network of pipe limit the capacity to 60.000bopd (level which wouls be reached round june 2005).

2 wells will be carried out , the first on Tchiniambi en the other on KK north.

Exploration and delineation wells will be carried out in 2005 on basis of the results of the ongoing seismic campaign, with a well on the prospect Diosso (pointe indienne) , an other on the prospect of KK, and a third on the prospect of Doungou (La Noumbi permit).
Furthermore, 2 oer 3 exploration-delineation wells are foreseen on the potential of the (potent.)stretched areas of Mboundi.

The 2005 campagnain involves 20/25 wells (for a amount of 70/80M$- for m&P-).
Turnover: 260M: net income: 130/140M (with a barrel at 30usd).

salford: Thanks for this excellent news....I extract the comment to savour...a new pipe (12inch), because the current network limits capacity...wonderful news. Still I expect Burren's SP to fall tomorrow due to the hit on Oil Futures...having said that it does not seem to have risen in line with the Oil Price increase anyway. Methinks Burren may be taken over sooner rather than later at this rate. Thanks again Salford.

So who gave these a big slap today? Totally unjustified on minimal volume and a fair ratio of buyers to sellers. Looks like a classic buying opportunity.

Pond Life: I agree, we are looking at a bottom. I am just waiting for the RSI to suggest a turn of momentum before jumping in.

What makes you think this is a bottom? Wishful thinking maybe?
From a chart perspective 375 or even 330 is the next stop in my opinion. I've sold but will buy back in when it's going UP not down.

Harlosh: Well at the moment you are right, no bottom has been signalled. I am just looking at the standard supprt/reistance levels + 50 day ma from this years assent. At the moment we are either going to bounce up, or if the SP continues to fall, then clearly the next stops are 375p or as you say 330p. We will see.

Pond Life: Reasons for sudden fall in SP:
1. Possible Yukos resolution, 2. Falling World oil price, 3. Someone confused over French Action in Ivory Coast being near Congo!

In my opinion a good opportunity to see where the support lies before next push up of SP into New Year and results season. We shall see.

Bottom at 400 intraday today I hope. Another big slap, but more sellers than buyers. Could be the MMs manufacturing a drop to shake out the stops. Lots of small sellers jumped ship. Or am I just a conspiracy theorist looking for excuses?
When is the next drilling update due? Aren't we due some news from Turkmenistan? We need something to get this moving north again.

Pond Life