Burren Energy Rejects Recent Takeover Offers
Burren Energy confirms that it has received a number of approaches in relation to possible offers for the Company at up to 1100p per share. The Board has rejected these conditional proposals on the grounds that they fail, by a significant margin, to recognize the value, which the Board strongly believes, is inherent in the Company.
The Board is firmly of the view that Burren is well positioned to deliver value for shareholders through the implementation of its focused strategy of finding, acquiring, developing and exploiting oil and gas reserves in emerging markets. The success of this strategy is demonstrated by, inter alia, the current performance of the Group as reflected in the interim statement issued on 17 September 2007.
Operates 12 Offshore Rigs
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Company: Burren Energy more info
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