2003 2002 Turnover from continuing operations £47.1 m £29.1 m up 62% Net profit £15.8 m £6.4 m up 147% Operating cash flow £28.5 m £12.5 m up 128% Earnings per share (basic) 16.8 p 9.0 p up 88% Average oil production 8140 bopd 4923 bopd up 65% Net cash (debt) at year end £17.6 m £(11.7)m
Commenting on the company's performance in 2003, Finian O'Sullivan, Chief Executive of Burren Energy said:
'This has been a landmark year for Burren Energy. The company has delivered a record performance, growing oil production from our onshore operations in the Caspian and West Africa. Our exploration portfolio has diversified further, with the addition of new acreage in the Congo (Brazzaville) and North Africa, and we remain focused on drilling in our principal fields where the development of proven hydrocarbon trends will sustain production growth.
'Burren Energy successfully floated on the London Stock Exchange last December and is in a strong financial position. The Board remains confident of continued growth and profitability in the current financial year and beyond.'
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