14th Aug 2007 07:01
Burren Energy PLC14 August 2007 14 August 2007 Burren Energy PLC ("Burren" or "the Company") Turkmenistan Operations Update Burren is pleased to announce record results from a new appraisal well in anundeveloped part of the Burun field together with current record levels ofproduction from its fields in Turkmenistan. Burun deep well B063 logged 60 metres of virgin net pay in the undevelopedsouth-west of the Burun field. A total of 34 metres were perforated flowing at2,200 barrels of oil per day which is the highest for any Burun well. Threefurther wells are planned to assess the extent of this particular trend. In addition the shallow drilling programme continues to provide excellentperformance with six wells drilled so far this year testing at an average rateof 780 barrels of oil per day and an average drilling time of 17 days per well.A further eight shallow locations have been identified. The above results have contributed to production in Burren's fields inTurkmenistan reaching a record 23,400 barrels of oil per day during the firsthalf of August. This compares to average production of 21,800 bopd during thefirst half of the year. A total of three drilling rigs are currently in operation with a further fourrigs conducting workovers. All rigs are owned and operated by Burren thereforeinsulating Burren from higher rental rates seen in the rig market. Atul Gupta, CEO, commented: "These results validate the potential of our existing assets and our strategy toincrease near-term production, focus on costs and remain strongly cashgenerative with a healthy balance sheet to fund future growth." Enquiries Burren Energy Tel: 020 7484 1935 Atul Gupta, Chief Executive OfficerBrian Thurley, Technical DirectorShona Harvey, Communications Managerwww.burren.co.uk Pelham PR Tel: 020 7743 6676James HendersonEvgeniy Chuikovwww.pelhampr.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Burford Capital