Burren Energy Reports 2006 First Half Results
Keith Henry, Burren Energy's Chairman says that during the first half of the year the company has again delivered record financial results underpinned by increased production, rising oil prices and an improved discount to Brent. We are encouraged by the initial results of our exploration program where new discoveries have been made in Congo and Turkmenistan which will require appraisal drilling to determine their extent.
Burren has over the last few years developed into a significant oil and gas business. The last twelve months have seen a shift towards more integrated development of the Group's two core fields in Congo and Turkmenistan, encompassing various aspects of primary and secondary recovery and an expansion to its exploration drilling program. With our strong balance sheet we are well placed to target and acquire new assets. We recognize that in an increasingly competitive market place, finding and developing new opportunities in a cost-effective manner will require more efficient use of management skills. To that end, I am very pleased to announce that Finian O'Sullivan will take on the position of executive President focusing on new ventures whilst Atul Gupta, who joined Burren in 1999 as Chief Operating Officer, will take over as Chief Executive. Given the scale of the Group today, the Board believes this clear delineation of roles positions Burren for the next stage of its development.
I am happy to report that Burren's safety performance in the year to date continues to be excellent, with no serious injuries or fatalities among staff or contractor personnel. In terms of HSEC governance, we have now become a member of the Extractive Industries Transparency Initiative, a UK government-sponsored program to promote transparency in our industry.
The outlook for Burren remains very exciting. We are part way through an extensive exploration program in Congo and Turkmenistan which has already yielded some positive results. We are making sound progress with our water-injection programs, which have the potential to add significant incremental value in our two core fields. With no debt and a healthy cash balance, we shall equally be working hard to add new opportunities to our portfolio.
The changes in management announced today serve to re-enforce the above and I look forward to the remainder of 2007 and beyond with confidence.
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- A Step Closer for Eni and Burren (Jan 11)
- Eni UK Makes Offer for Burren Energy (Dec 12)