Burren thrives on Congo, Turkmen boom

LONDON – Record oil prices and higher production in Congo and Turkmenistan drove a 68 per cent rise in first-half pretax profit at Burren Energy, the UK oil and gas firm said yesterday, adding its prospects were buoyant.

But Burren shares fell 1,5 per cent to 364 1/2 pence in morning trade, as some analysts said the company could have been more bullish on the prospects of its M’Boundi field in Congo. Pretax profit for the six months ending June rose to 14,6 million pounds (N$170,82 million) from 8,7 million a year ago.Revenues jumped 65 per cent to 30,6 million pounds, although net profit after tax edged down 1 percent to 10,4 million pounds, due to deferred tax accrued in Turmkenistan.Burren’s main activities are focused on the Caspian Sea and West Africa.Burren said its latest estimate of oil in place in Congo’s M’Boundi field as of August was around 1,3 billion barrels.”M’Boundi is getting bigger, as we expected,” Chief Executive Finian O’Sullivan told Reuters.He added that Burren remained on track to pay a dividend at the end of 2004.But Burren shares fell after having more than doubled in value since the start of 2004, gaining promotion to the FTSE 250 index.-Nampa-ReutersPretax profit for the six months ending June rose to 14,6 million pounds (N$170,82 million) from 8,7 million a year ago.Revenues jumped 65 per cent to 30,6 million pounds, although net profit after tax edged down 1 percent to 10,4 million pounds, due to deferred tax accrued in Turmkenistan.Burren’s main activities are focused on the Caspian Sea and West Africa.Burren said its latest estimate of oil in place in Congo’s M’Boundi field as of August was around 1,3 billion barrels.”M’Boundi is getting bigger, as we expected,” Chief Executive Finian O’Sullivan told Reuters.He added that Burren remained on track to pay a dividend at the end of 2004.But Burren shares fell after having more than doubled in value since the start of 2004, gaining promotion to the FTSE 250 index.-Nampa-Reuters