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