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

Burren Energy PLC
16 November 2004


16 November 2004

Burren Energy plc ('Burren')

Drilling Update : Congo (Brazzaville)

An announcement was made on 15 November 2004 by Maurel & Prom, the operator of
the Kouilou and Kouakouala license areas in Congo (Brazzaville), that well 703
on the M'Boundi field had been tested at a stabilised flow rate of 3,500 bopd.

Development and appraisal drilling on the M'Boundi field continues with 3 rigs
in operation. A fourth rig is currently engaged in drilling a step-out well on
the Kouakouala field.

ENQUIRIES:

Burren Energy PLC Tel: 0207 484 1900
Finian O'Sullivan, Chief Executive Officer
Andrew Rose, Finance Director

www.burren.co.uk

Amazing! A really upbeat news update from Burren Energy which puts a much more bullish slant on the excellent progress being made in the Congo and sets the record straight in Turkmenistan, where the Market`s negative interpretation of the Company`s recent statement on propects for the new deep well was obviously quite wrong.

oilbarrel.com
03 Dec 2004
Burren Feels The Pressure In Turkmenistan And Its Shallow Wells Continue To Make A Quick Payback
Results from Burren Energys B060 exploration well on the south flank of the Burun field onshore Turkmenistan will be delayed for a couple of months while the London-listed company brings in special production testing equipment capable of handling the very high downhole pressures.

These high pressures are quite normal for deep wells in the Caspian Region, although the pressures are higher than they originally expected, said a spokeswoman for the group. Theyve ordered in some strong equipment capable of dealing with these pressures and that should be there in a few months.

Well B060 was spudded in early August and, after a side-track, has now reached its target depth of 4,150 metres. It has been suspended until the specialist equipment arrives.

Everythings going well in Turkmenistan, added the spokeswoman. Everythings on track. Theyre just waiting for the right equipment. And the shallow drilling programme is going well.

Burren holds 100 per cent of the Nebit Dag production sharing agreement area in western Turkmenistan. The Burun oilfield is the companys main focus. It is the western-most field in the PSA area, which is also home to three other producing oil fields and two gas fields as well as a number of other prospective oil and gas discoveries and exploration prospects. The company is making good progress in hiking production from Burun: in its current work programme seven shallow wells have been drilled boosting production numbers in increments of about 250 barrels per day. These shallow wells cost about US$250,000 to drill, making for a quick return on investment. This, together with a four-rig workover programme, continues to increase field production which now stands at 18,200 bpd (11,200 bpd net entitlement to Burren). This represents an increase in gross production of 14 per cent from mid-year.

The company is also seeing rising production numbers from its Kouilou and Kouakouala licence areas in Congo (Brazzaville) in West Africa, where an extensive drilling programme is underway. Last month the company revealed that well 703 on the MBoundi field, which seems to exceed expectations with every well sunk, has been tested at a flowrate of 3,500 bpd. This followed hot on the heels of the success of well 106, which flowed 2,000 bpd during testing, and wells 702 and 901 which flowed 2,250 and 1,400 bpd respectively. This spate of drilling success looks set to continue as the block operator, French outfit Maurel & Prom, has three rigs currently engaged in appraisal and development drilling on MBoundi and a fourth is drilling a step-out on the Kouakouala field. The company looks set to exit the year with a healthy production lift: at the time of its interims in September - prior to the completion of wells 106,702, 901 and 703 - its Congo assets were producing 26,000 bpd. That number will rise as the wells are hooked in and put on line, bringing more good news for Burrens investors.

Been a while since anyone posted on this.

I'm still very long and the sp is doing just fine atm. Think 600 is on the cards soonish.

salford
Excellent couple of weeks I agree and the sp is strong at the moment whipping through resistance levels without too much bother. Bought in @ 469p recently so I'm quite happy! Lots more to come from BUR in the future as well.

Greetings,
And there was me thinking that I was the only one left holding these. Have held them on and off since 243, so they've put more than one smile on my face.
Came to grief on my last spreadbet though, so I've been a bit wary of opening new positions. With today's breakout confirmed I have opened a new position - either we will sale through 6 or that will be the signal for them to tank.

Pond Life
I just wish I'd kept my original punt at 1.93! Sold @ 4.16 but bought some more recently at 4.69 and added a few more shares this morning. HorneBlower (excellent poster)on ADVFN expects these to sail through 5.80 quite easily in the next few days -> fortnight.
Lots of oil left in BUR!

I first bought at 186p, have never been out since then, and am still holding. Admittedly, I have reduced and repurchased a few times. I bought twice at around 460p recently when the value seemed unjustified.

I think the long term future looks good - the buren field (turkmenistan), Mboundi (reserves keep rising), Egyptian possibilities and now Indian possibilities. Also big gas holdings not factored into the price. Adding the fact that the market thinks that oil prices are going to tumble and they are clearly not, and a low prospective PE going forwards - I still think this stock looks good - infact it's the largest holding in my portfolio. In my view it will enter the FTSE 100 in the not too distant future.

rgrds to all
gk

Agree with all comments. BUR is a quality oil stock - only wish I could afford more. I also read advfn and Hornblower (liked the books when I was a kid). I am hopeful for the price hike to 580. If we do have to wait a while then so be it. If not before, the interims should be so spectacular that they will almost certainly see the price in the 580 - 600 region. BUR have been selling oil on the spot market, having hedged very little. With oil having averaged over $50 so far this year that will have lit the fuse on their profits.

BUR went ex-div today. Trebles all round! A good price recovery late in the day restricted the ex-div losses. Expecting a solid move back up on Thursday.

When is BUR interim's report due?

No date yet - but probably late August to early September.

Solid move back up duly delivered - currently +13 having been +20 earlier this morning. What a stock!

Onwards and upwards to new highs. A strong finish above 570. Roll on Monday.

i work with a burren holder, wish i had listened to him a few months ago!!!

too high for me now, but i expect it will continue to rise a good bit more...

aimtrader
If you have some cash to put in for a year or two you will see a very decent return on any investment in BUR even from this level. The recent bull-run has merely been a "catch-up" phase following a couple of months in the doldrums.
DYOR!

Another strong start today. 6.50 will come sooner rather than later.

Onwards and upwards ...

We should expect a trading/operations update in July.

Next exploration drilling news should be M'boundi south ...and possibly Egypt.

Don't you just love days like this?

No, cause i sold BUR some time ago !!

Anyone know why the rise today?

Sorry jimmyb. I closed a number of spread bets a few weeks ago when the share price was on its backside - I took a horrid loss. If I had had the courage to hold on, I would have been several thou richer today - but I'm not and that's the way this game goes. I did however, jump back on again when BUR hit new highs, so I have salvaged something from the meteoric rise.
My LTBH shares remain intact. I predict 6.50 - 7 by the end of the year.
gallick - today's rise could have been caused by so many things. $ recovering on FX markets means that $ oil profits are worth more on translation to sterling. Shell commenting that $40+ oil is here to stay. Growing realisation that BUR is undervalued with 2p reserves valued at 650 per share and if EPS does hit top estimates of 92p per share this year then the stock, even now, sits at a forward PE of less than 7. So far this year BUR has already hit year end production targets and with most oil unhedged and selling at spot prices, then with oil currently averaging $50+ BUR must be creaming it. They must be swimming with cash. They can pay for the Indian expansion out of cash flow.
I predict more great days to come - but maybe not tomorrow!

Pondy