2nd Feb 2006 12:06
Burren Energy PLC02 February 2006 2 February 2006 Burren Energy Plc Drilling Update : Congo (Brazzaville) Maurel & Prom, operator of the M'Boundi field, today announced that the well MBD1501, a step-out development well on the north north-east perimeter of thefield, has encountered basement higher than anticipated and has not foundreservoir. Maurel & Prom also announced that the impact of this well would be to reducetheir estimate of the amount of oil in place on the M'Boundi field for thepurpose of calculating their probable reserves. Burren however considers thatthe impact of MBD 1501 on its booked gross reserves for M'Boundi will benegligible (according to the most recent publicly available information Burrenhas a significantly lower estimate of M'Boundi gross reserves than Maurel &Prom). Well MBD 1501 is the latest in an ongoing programme of infill and step-outdevelopment wells on the M'Boundi field of which 24 were drilled in 2005 and asimilar number are due to be drilled in 2006. It is located outside the area ofBurren's proved and probable reserves but helps define the eastern boundary ofthe field, and will result primarily in some reduction in the estimated size ofthe possible northern extension to the field. In 2006 exploration drilling will take place on the possible northern andsouthern extensions of the M'Boundi field : the first of these wells on thepossible southern extension of the field, MBD 2001, will be spudded shortly,with the result expected around the end of March. This well will be followed byMBD 2002 targeting another part of this southern zone. Burren's annual reserves update will be announced on 30 March 2006 together withthe preliminary results for the 2005 financial year. ENQUIRIES: Burren Energy Tel : 020 7484 1900Finian O'Sullivan, Chief Executive OfficerAndrew Rose, Chief Financial Officerwww.burren.co.uk Pelham PR Tel: 020 7743 6676James HendersonAlisdair Haythornthwaite Notes to Editors Burren Energy is an independent oil and gas exploration and production group,headquartered in London. It is focused on four regions: the Caspian region ofthe former Soviet Union, West Africa, Middle East and, through a strategicinvestment stake in the Hindustan Oil Exploration Company, India. The company islisted on the London Stock Exchange ("BUR"). Burren's last reported proven &probable reserves in Congo, on a working interest basis as at 31 December 2004,were 116.4 million barrels, of which all but 1.0 million barrels wereattributable to M'Boundi. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Burford Capital