Burren Energy reports robust H1 profits |
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Published
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Mon, 18 Sep 2006 09:40
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LONDON - Oil and gas producer Burren Energy PLC today reported a 69 percent increase in first half net profits. Pre-tax profits increased 63 percent to $159.2 million for the six months ending June 30, up from $97.2 million reported at the same time last year.
The company also appointed Atul Gupta as the new chief executive in place of Finian O'Sullivan, who has been appointed president. Gupta was the chief operating officer of the company since 1999.
"The outlook for Burren remains very exciting. We are part way through an extensive exploration programme in Congo and Turkmenistan which has already yielded some positive result," commented chairman Keith Henry. "With no debt and a healthy cash balance, we shall equally be working hard to add new opportunities to our portfolio."
Burren's revenues for the six months topped $238.9 million as compared to last year's $168.1 million. The earnings per share jumped 67 percent to 100.0 cents compared with 59.9 cents last time. “Burren has continued its significant growth over the last few years leading again to record profits and cash flow," said President Finian O'Sullivan.
The company added that it was currently negotiating with the Government of Turkmenistan for possible export deals from the Burun gas field. Burren announced an interim dividend hike of 60 percent to 4.0 pence a share.
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