Burren Releases Preliminary Results for 2003

Financial Highlights

                                                      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

Strategic Highlights


  • Development drilling program commenced on Burun field
  • 3D Seismic acquisition commenced over Nebit Dag PSA area

  • Congo (Brazzaville):

  • Five development wells successfully drilled and producing on M'Boundi field
  • Acquisition of remaining 49% minority interest in Congo (Brazzaville) assets
  • Award of 37% working interest in Noumbi permit* Egypt:

  • Award of 100% working interest in East Kanayis block 7 in Egypt, marking a further step in portfolio diversification*
  • * subject to final government ratification

    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.'