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

good sustainable growth for this one, as oil stocks go this looks to be a 'safe bet'

Burren Energy PLC
26 January 2004


26 January 2004

Burren Energy plc ('Burren' or 'the Group')

Pre-Close Trading Statement

Burren Energy plc intends to announce its preliminary results for the year ended
31 December 2003 on 5 April 2004 . Prior to entering into the close period in
advance of this announcement Burren is providing the following guidance to
investors.

Highlights :

2003 average net production was 8170 bopd, an increase of 66% over 2002

2003 net earnings and operating cash flow are expected to be in line with
expectations at the time of the Group's Placing and admission to LSE
Official List last December

Seven development wells were drilled in 2003 in Congo (Brazzaville)

Agreements were concluded in January 2004 to acquire new onshore
exploration licenses in Congo (Brazzaville) and Egypt

IT IS IN MY WISH LIST. BEEN MONITORING THIS. THINK WILL DO WELL IN ITS RESULTS. NOT CHEAP BUT GOOD PROSPECTS OF GROWTH, IMHO.

I have seen net asset values on this stock quoted at between 226p and 250p, ignoring the value of it's vast gas supplies for which it has not yet found a way to market. With production rising at a massive pace THIS IS STILL V CHEAP imho.
Regards

I have just topped up on this before the results on April 5th. Seymour Pierce (broker to the co) is predicting earnings to grow from 13.6p to 20.2p and forecasts production to quadruple to over 32,000 barrels per day by 2007.

Burren brought the Nebit Dag oil field on the cheap in 1999. This has proven reserves of 98 mill barrels which will last for a predicted 17 years. Burren has a 49 % share of any prodution from the Nebit Dag with the remaining going to the state oil company of Turkmenistan ...Turkmenneft.

Burren believes that there are great prospects from the vast gas reserves in Nebit Dag of approx 400 billion cubic feet. The LNG (liquified natural gas) market is growing at a far faster pace than oil exploration as gas can now easily be cooled and transported by piplines or supertankers. Nebit Dag is close to the central Asia pipeline system. None of the figures released to date put any value on these gas reserves at all, but they could add an estimated 1 to the share price.

With a number of other licences I have not mentioned and a prospective p/e of 10.1 for 2004, this has to be a stonking buy.

Bur also has 3 licences in the Congo via it's subsidiary Tacoma Resources. The largest is Kouilou in which it has a 35% stake. This contains the M'Boundi oil-field which is estimated to have recoverable reserves of 85 mill barrels. Gross production of M'Boundi is forcast to increase from 4,000 b/d in 2003 to 39,000 b/d by 2007.

French company Maurel & Prom recenly sold an 11% stake in M'Boundi for $50 mill cash plus a royalty of $1.50 for every barrel produced in excess of 14 mill. This would value bur's stake at between 86 mill and 124 mill if full royalties are paid.

great set of reults

Preliminary Results for the Year Ended 31 December 2003

Financial Highlights

2003 2002
Turnover from continuing operations 47.1 m 29.1 m up 62%
Net profit 15.8 m 6.4 m up 147%
Operating cash flow 28.5 m 12.5 m up 128%
Earnings per share (basic) 16.8 p 9.0 p up 88%
Average oil production 8140 bopd 4923 bopd up 65%
Net cash (debt) at year end 17.6 m (11.7)m

and an increase in reserves to boot.




RNS Number:3332X
Burren Energy PLC
05 April 2004



5 April 2004
Burren Energy Plc
("Burren" or "the Group")

Increase in Congo Reserves

Burren Energy Plc announces that, as a result of the four wells drilled in 2004
on the M'Boundi field in Congo (Brazzaville), management has increased its
estimate of proven and probable oil reserves in M'Boundi, net to Burren's 35%
interest on an entitlement basis, to 36 million barrels, compared with 21
million barrels at year-end 2003. This brings Burren's total proven and probable
entitlement oil reserves to 133 million barrels as of today, compared with 119
million barrels at year-end 2003. The new reserve numbers have been calculated
using the same economic parameters as for the year-end figures and the 30 June
2003 figures which were verified by Ryder Scott.

A continuous programme of appraisal and development drilling is under way on the
M'Boundi field with a minimum of 10 additional wells expected to be drilled
during 2004. An extensional 3D seismic survey is planned for later this year
over the perimeters of the field in order to delineate the possible limits of
the structure.

Group production at the end of March 2004 was 11,500 bopd (net to Burren).

ENQUIRIES:

Burren Energy PLC Tel: 0207 484 1900
Finian O'Sullivan, Chief Executive Officer
Andrew Rose, Chief Financial Officer
www.burren.co.uk

Gavin Anderson & Company Tel: 0207 554 1400
Deborah Walter / Charlotte Stone

Notes to Editors

Burren Energy is an independent oil and gas exploration and production group,
headquartered in London. It is focused on two principal regions: the Caspian
region of the former Soviet Union and West Africa. The company is listed on the
London Stock Exchange ("BUR").

Burren's total proven & probable oil reserves as at 31 December 2003 were 119
MMbbls. (net to the Group on an entitlement basis). In the Caspian region of
Turkmenistan, Burren has a 100 per cent. working interest in the Nebit Dag PSA,
which contains the Burun oil and gas field with net proven and probable oil
reserves at 31 December 2003 of 96 MMbbls. In the Republic of Congo
(Brazzaville), Burren has working interests in the M'Boundi, Kouakouala and
Pointe Indienne fields with aggregate net proven and probable oil reserves at 31
December 2003 of 23 MMbbls, of which 21 million barrels were in M'Boundi.
Significant exploration and development programmes are planned in Turkmenistan
and the Congo in the coming years.

>> Ricardo, thanks for the posting. I have just got back from 2 weeks holiday and the share price has flown from about 222p to about 260p. I had not noticed the increased estimate of reserves at M'boundi from 21Mill barrels to 36M before I left (but thought the share price jump had been in expectation of good results - which as you are aware were delivered). This news alone I reckon should increase the value of the M'boundi reserves by about 100mill. This is a back of a fag packet calculation, but is based on the original 21 mill barrels being worth approx 100 mill. Bear in mind that with Maurel & Prom a $1.50 royalty was paid on barrelage of over 14 mill which skews the figures, and means aditional reserves become proportionally worth more.

The announcement of the increased reserves at M'boundi was a very brief statement and subsequently Finian O'Sullivan has said that the figure could be 50 mill barrels. It seems conservative in any case. I did read a while ago that they had yet to find the oil/water mix in M'boundi which would indicate that they had reached the bottom of the field. I am not clear as to whether this is still the case or not.

I suspect that the value of the M'boundi reserves will be worth at least 250 mill in total, which leaves the balance of the market cap of burren at about 100 mill. This is an absurdly low figure since Nebit Dag has vast reseves and provides the lion share of oil production to date. Burren south has large untapped reserves, the other Congo and Egypt licenses will come on-stream in due course, and no account is taken of the vast gas reserves that burren has. Add to that, that production should double for each of the next two years, and you should have a share that will continue to soar.

Dyor.
Regards
gk

Another healthy 3% rise today!

gallick,

I agree, shame I only watched rather than buying, but only have so much money!

>>Andy

I know the feeling ... too many shares to buy, but no point in spreading your cash too thinly! If you are not in this share though, I think it is a good idea to have some money in at least one oil stock. After all like all commodities it has finite reserves, we are all guzzling more fuel (paticularly the Chinese now), the Iraq (and Venezuela) situations look dodgy, and there is always the potential fall of the house of Saud. The later would have a prolific effect on oil prices which would soar.

I am sure you have shares that I would love to have bought when you did!!

Regards
gk

gallick,

I hold PRE, (from 60p! lol!) JKX, and am looking at Teton (US) and Lukoil.

>>Andy<<

You are in a couple of cracking stocks there imho. I was in JXK at 38p, but got bored and bailed out....what a mistake!! Many of these oil stocks are tantalising. I am in Dana as well but have been looking closely at Regal and Cairn (which still may continue to go from strength to strength).

Burren down 4% today but I'm not too bothered, since I'm up 40% overall. Momentum Investor consider it a 'multibagger'over the medium term, and at 270p it qualifies as a bagger for the first time!

Rgds
gk

gallick,

Burren falling may indicate a possible buying opportunity soon, they certainly look like a decent investment...I have been watching, and if they fall back some more will look to dip my toe in.

i may go for Melrose and JKX too, oil and gas seems to be the place to be at the moment...

>>aimtrader

Agree with your sentiments. I believe even Tony Blair is getting concerned about the oil price hitting new highs. The 'driving season' is about to start in the US and their stocks of oil are I understand incredibly low. I heard on the radio that world oil reserves are going to run out by 2040. Of course we have all heard that one before, but in the stockmarket it is sentiment that counts.

I think taking a position in a number of smaller oil exploration stocks makes sense. Admittedly some profit-takers are moving out of burren. It obviously makes sense to take some profit but with these types of shares, all it takes is one trading statement saying reserves are higher than expected ....and bingo. I like burren because they are not too concentrated in one region...this is the potential danger ...eg ramco.

Bingo today. M&P seem to be finding more oil in M'boundi and burren have a 35% stake. I think the downdraft may be over for now but there does seem to definately be a big speculative bubble in oil.

Rgrds gk

Nice healthy rise today - up 6.8%!

Oil price coming down, burren going up (today at least). Maybe the speculators have been buying oil futures not oil companies! Analysts reckon speculators are responsible for $5-10 in the oil price.

regrds
gk

BUR has really been motoring in the last week. Anyone know why? - maybe in the slipstream of Cairn...

Shares Mag says BUR has signed a PSA with the Egyptian govt for its concession in the Western desert.

A bit volatile at the moment. Down 7% yesterday, so I took the opportunity to top up. Up over 6% today. IMHO hanging in there long term makes sense.

rgrds
gk