16th Feb 2005 07:00
Burren Energy PLC16 February 2005 16 February 2005 Burren Energy Plc ("Burren" or "the Group") Successful Bids For Two Exploration Blocks in Egypt Burren announces that it has been notified that it is the successful bidder fortwo exploration blocks in the 2004 Bid Rounds organised by the government-ownedEgyptian General Petroleum Corporation ("EGPC") and Ganoub El-Wadi HoldingPetroleum Company ("GANOPE"). In the EGPC Bid Round, Burren has successfully bid for Block 1, North Lagia, anonshore area in the northern Gulf of Suez basin totalling 1,457 km2. North Lagiasurrounds three existing producing licence areas operated by thegovernment-owned General Petroleum Company (Asl, Ras Sudr and Ras Matarma). In the GANOPE Bid Round, Burren is the successful bidder for Block 2, known asNorth Hurghada Marine. The offshore area covers 242 km2 in a shallow water areain the southern Gulf of Suez and lies along the same trend as Zeit Bay, andGeisum - two well known oil production areas. To the immediate southeast ofNorth Hurghada Marine block lies the significant Seabird gas and oil field. The two exploration blocks will increase Burren's presence in Egypt. Last year,the Egyptian parliament approved the award to Burren of the East Kanayis Blockand following signature of the PSC in September, exploration activity hascommenced with drilling planned for mid 2005. Burren will have a 100% workinginterest in all three blocks. Finian O'Sullivan, Chief Executive of Burren, commented: "We are delighted to have been successful in the bidding for these blocks, bothof which are located near to fields which are already on production. Theseassets significantly increase our exploration portfolio in Egypt and we continueto investigate further opportunities in this region." ENQUIRIES: Burren Energy PLC Tel: 0207 484 1900Finian O'Sullivan, Chief Executive OfficerAndrew Rose, Chief Financial Officerwww.burren.co.uk Gavin Anderson & Company Tel: 0207 554 1400Deborah 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 four principal regions: the Caspianregion of the former Soviet Union, West Africa, North Africa and more recentlythrough a strategic investment stake in the Hindustan Oil Exploration Company,India. The company is listed on the London Stock Exchange ("BUR"). Burren's total proven & probable oil reserves as announced on 5 April 2004 were133 Mmbbls, (net to the Group on an entitlement basis). In the Caspian region ofTurkmenistan, 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 oilreserves at 5 April 2004 of 95 Mmbbls. In the Republic of Congo (Brazzaville),Burren has working interests in the M'Boundi, Kouakouala and Pointe Indiennefields with aggregate net proven and probable oil reserves at 5 April 2004 of 38Mmbbls, of which 36 million barrels were in M'Boundi. Significant explorationand development programmes are underway in Turkmenistan and the Congo. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Burford Capital