25th May 2005 08:44
Burren Energy PLC25 May 2005 25 May 2005 Burren Energy Plc AGM Statement The following statement will be made by Brian Lavers CBE, Chairman of BurrenEnergy PLC, at today's Annual General Meeting of the Company: "I am pleased to report the successful conclusion of 2004, Burren's first yearas a publicly listed company, and the payment of a maiden dividend of 3.0 penceper share. In 2005 to date the Company's growth has remained strong, with netentitlement production running at an average of 23,900 bopd net to Burren inMay, compared with just over 20,000 bopd average in January. May entitlementproduction from the Burun field (Turkmenistan) was 13,600 bopd (up by 21% sinceJanuary), and from Congo (Brazzaville) was 10,300 bopd (up by 15% sinceJanuary). In Turkmenistan gross field production in May averaged 20,700 bopd, comparedwith 17,600 bopd in January, as a result of workovers and successful deep andshallow development drilling. The second deep drilling rig is due to arriveearly in late Q3 and will be used for exploration drilling on the south flank ofthe Burun field, as well as re-entering the suspended B60 well. In Congo gross field production in May from the M'Boundi and Kouakouala fieldshas averaged 42,000 bopd, compared with 36,700 bopd in January, after completing8 development wells in 2005 to date. The anticipated arrival of a fourth riglater this year will accelerate the M'Boundi drilling programme, which willinclude exploration wells to the north and south of the field. The explorationprogramme on the Kouilou block outside of the M'Boundi field has begun, with thesuccessful re-entry earlier this month of the Tchiniambi well, targeting theMengo formation. A well on the Diosso prospect, close to Pointe Indienne, hasjust been spudded, and up to 3 further Kouilou exploration wells are intendedbefore year-end. In Egypt new well locations on the East Kanayis block are under review, andnegotiations are in progress to secure a rig for drilling in Q4. We expect toreceive parliamentary approval for our two new licences, North Lagia and NorthHurghada Marine over the summer. In India the Open Offer for 20% of Hindustan Oil Exploration Company ("HOEC"),which we anticipated occurring before now, has been delayed pending the approvalof the Securities and Exchange Board of India ("SEBI"). SEBI had been awaitingclarification of an Indian court ruling obtained by Hardy Oil & Gas ("Hardy"), ashareholder in HOEC, related to the interpretation of a Shareholder Agreementbetween certain shareholders of HOEC. The court revoked the ruling earlier thismonth. Meanwhile, drilling of the Lakhi-1 exploration well in Assam (HOEC 25%)is in progress. In summary, 2005 has started very well. Due to the success of our operations inTurkmenistan, we are already achieving our production targets for the year endand will update the market again at the time of our trading statement in July.In the second half, we look forward to continuing our development andexploration drilling programmes in both Congo and Turkmenistan." ENQUIRIES: Burren Energy PLC Tel: 0207 484 1900Finian O'Sullivan, Chief Executive OfficerAndrew Rose, Finance Director www.burren.co.uk Gavin Anderson & Company Tel: 0207 554 1400Deborah Walter / Charlotte Stone This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Burford Capital