Burren Logs Pay with Turkmenistan Appraisal Well

Burren reports record results from a new appraisal well in an undeveloped part of the Burun field together with current record levels of production from its fields in Turkmenistan.

Burun deep well B063 logged 60 meters of virgin net pay in the undeveloped south-west of the Burun field. A total of 34 meters were perforated flowing at 2,200 barrels of oil per day which is the highest for any Burun well. Three further wells are planned to assess the extent of this particular trend.

In addition the shallow drilling program continues to provide excellent performance with six wells drilled so far this year testing at an average rate of 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 in Turkmenistan reaching a record 23,400 barrels of oil per day during the first half of August. This compares to average production of 21,800 bopd during the first half of the year.

A total of three drilling rigs are currently in operation with a further four rigs conducting workovers. All rigs are owned and operated by Burren therefore insulating 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 to increase near-term production, focus on costs and remain strongly cash generative with a healthy balance sheet to fund future growth."