RNS Number:1139T
Burren Energy PLC
11 December 2003
NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION INTO THE USA, AUSTRALIA, CANADA,
THE REPUBLIC OF IRELAND, THE REPUBLIC OF SOUTH AFRICA OR THEIR RESPECTIVE
TERRITORIES AND POSSESSIONS
11 December 2003
Burren Energy plc
Start of Dealings on the London Stock Exchange
Share dealings start this morning on the Official List in Burren Energy plc
("Burren" or "the Company"), the independent oil exploration and production
group, following the successful institutional placing by Seymour Pierce.
In all, Seymour Pierce placed 30.8 million shares on behalf of the Company and
existing investors at 130p, valuing the Company at #175 million.
Burren's operations are focussed on two principal regions: The Caspian region of
the former Soviet Union and West Africa. In the Caspian region, Burren has a 100
per cent interest in the Nebit Dag PSA in Turkmenistan. In West Africa, The
Company has a number of working interests in the Republic of Congo
(Brazzaville).
Total proven and probable oil reserves (net to the Company on an entitlement
basis) were more than 115 million barrels as at 30 June 2003. Average production
from the two regions in the nine months to 30th September 2003 was 7,460 barrels
of oil per day ("bopd") and current production is over 10,000 bopd, each net to
the Company.
Burren has a track record of rising profits and made an operating profit of #9.3
million in the six months to 30th June 2003 on a turnover of #18.6 million,
compared with an operating profit of #9.2 million on a turnover of #37.5 million
for the whole of 2002. Burren's business was started in 1994 by Finian
O'Sullivan, the current Chief Executive Officer, who is supported by an
experienced management team.
The placing raised #20 million before expenses for Burren. The proceeds will
strengthen the Company's capital base, and will put it in a strong position to
fund its development programmes in Turkmenistan and Congo, as well as enabling
Burren to take advantage of future acquisition and development opportunities as
and when they arise.
Commenting on the news, Finian O'Sullivan, Chief Executive, said: "This is an
important day in Burren Energy's history. We have worked hard to achieve this
listing and we are delighted the process has gone so well. As a listed company
we will be able to move forward even more effectively and take advantage of the
many growth opportunities that are presenting themselves in our industry. I
welcome all our new shareholders and look forward to working with them."
The issue of this document has been authorised by the UK Listing Authority
without approval of its contents. Listing particulars in relation to Burren were
published on 8 December 2003 and are available to the public for inspection at
the document viewing facility of the UK Listing Authority. Copies of the listing
particulars are also available for collection from the offices of The Company at
Second Floor, Kierran Cross, 11 Strand, London WC2N 5HR during normal business
hours (weekends and public holidays excepted) for one month from today.
Enquiries:
Burren Energy Tel: 020 7484 1900
Andrew Rose (Chief Financial Officer)
Atul Gupta (Chief Operating Officer)
www.burren.co.uk
Seymour Pierce Tel: 020 7107 8000
Richard Redmayne / Jonathan Wright
Gavin Anderson & Company Tel: 0207 554 1400
Neil Bennett / Charlotte Stone
Notes to Editors
Burren Energy is an independent oil exploration and production group,
headquartered in London. It is focused on two principal regions: the Caspian
region of the former Soviet Union and West Africa.
Burren's total proven oil reserves as at 30 June 2003 were over 39 MMbbls and
total proven and probable oil reserves were over 115 MMbbls (both figures net to
the Group on an entitlement basis - sourced from Ryder Scott). Ryder Scott
values the proven and probable reserves of Burren at US$352.9 million (NPV using
12.5% discount rate and assuming a long term Brent oil price of US$19.0).
Average production in the nine months to 30 September 2003 was 7,460 bopd net to
the Group and production is currently over 10,000 bopd net to the Group.
In Turkmenistan, Burren has a 100 per cent. working interest in the Nebit Dag
PSA, which contains the Burun oil and gas field with net proven and probable oil
reserves of 97.7 MMbbls. In the Republic of Congo (Brazzaville), Burren has
working interests in the M'Boundi, Kouakouala and Pointe Indienne fields with
aggregate net proven and probable oil reserves of 17.9 MMbbls.
In the six months ended 30 June 2003 Group turnover was #18.6 million resulting
in an operating profit of #9.3 million. Cash generated from operations was #13.1
million compared with #12.5 million for the whole of the year ended 31 December
2002.
Significant exploration and development programmes are planned in Turkmenistan
and the Congo in the coming years.
INFORMATION ON BURREN ENERGY PLC
Burren's principal E&P assets are located in two geographical areas:
* In Turkmenistan, Burren has a 100 per cent. working interest in the Nebit Dag
PSA, a 1,047 sq.km onshore concession which contains the Burun oil and gas field
with net proven and probable oil reserves of 97.7 MMbbls.
* In the Republic of Congo (Brazzaville), Burren has 35 per cent. working
interests in the M'Boundi, Kouakouala and Pointe Indienne fields (apart from
Kouakouala field Block A where the Group's interest is 25 per cent.). Burren
also has a 35 per cent. interest in the Kouilou exploration area, a 2,578 sq. km
onshore concession, within which the distinct and separate M'Boundi and
Kouakouala fields are located. The Group's net proven and probable oil reserves
in Congo are 17.9 MMbbls.
Burren also operates a fleet of eight oil tankers working in the Caspian Sea and
the Russian river system. The Directors believe that this business is
strategically beneficial to the Group's E&P activities in Turkmenistan and
provides some security against the risk of disruption to other Caspian export
routes.
Burren's strategy is to achieve profitable growth through the exploitation of
existing reserves and the exploration and development of new reserves in
frontier markets, primarily in the former Soviet Union and West Africa.
Opportunities in new geographical areas will be pursued on a selective basis.
Burren intends to remain focused on onshore assets; however, shallow water
offshore opportunities may be reviewed. When it acquires additional assets,
Burren intends, where practicable, to secure working interests of a sufficient
size to assume operatorship of such assets.
UPSTREAM INTERESTS AND OPERATIONS
Turkmenistan
Description
The Nebit Dag PSA area covers 1,047 sq.km in western Turkmenistan, approximately
50 km from the Caspian Sea. The PSA area was originally 1,800 sq.km but has been
reduced by three relinquishments of parts of the original area. The terrain
consists of undulating desert, crossed by serviceable roads which link the towns
and villages and the oil production centres.
The PSA area is sub-divided into an "exploration area" and five "production
areas", which comprise three producing oil fields (Burun, Nebit Dag, and Kum
Dag) and two gas fields (Kyzl Kum and Kara Tepe). Burren has sole production
rights to and operates the Burun field. Production rights over the other
production areas down to certain depths remain with Turkmenneft. Burren has
exploration and production rights in formations below the production areas
operated by Turkmenneft and in the remainder of the exploration area which
contains several untested prospects.
Reserves
As at 30 June 2003 the Burun field contained net proven oil reserves of 33.7
MMbbls and net proven and probable oil reserves of 97.7 MMbbls. The Burun field
is divided by a central fault into a north and a south flank and the reported
reserves relate to the north flank.
The Directors consider that Burren's gas resources in the Nebit Dag PSA area are
a potential source of value given Turkmenistan's position as a major gas
exporter. The Burun field is close to the Central Asian pipeline system which
connects Turkmenistan with Russia. Burren is currently producing gas in excess
of the Initial Gas. In order to export and sell this excess gas, agreement will
have to be reached with the Turkmenistan government on access to the export
pipeline and on transit tariffs.
Production and Operations
Oil production from the Burun field in the year ended 31 December 2002 averaged
10,162 bopd gross (4,333 bopd net to Burren) and increased to an average of
12,118 bopd gross (6,291 bopd net) in the nine months to 30 September 2003.
Current production is over 13,800 bopd gross (7,700 bopd net).
The Burun field currently contains approximately 150 usable wells. Operational
activity to date has been concentrated on the north flank, with the south flank
comparatively undrilled. The majority of subsurface activity since the start of
the PSA has consisted of workovers and recompletions of existing wells. Burren
has access to a substantial amount of data from Turkmenneft on existing wells
from which it has identified ten horizons and 37 reservoir intervals, and which
assists in planning the workover programme.
The Burun field is currently producing from 99 wells with some 51 more shut-in
but identified for workover (although the exact number producing or shut-in
varies daily for operational reasons). Most wells produce by natural flow,
although a gas lift system has been installed to improve the rate of oil
production, and is now in operation on 33 wells.
In 2002, Burren drilled two shallow wells; one into the north flank to a depth
of 1,032 metres and one into the south flank to a depth of 1,230 metres. The
wells were drilled using Burren's own workover rig targeting objectives
identified by 3D seismic data. The two wells have been connected to the field
production facilities with production rates each in excess of 150 bopd thereby
accelerating oil production from the shallowest reservoirs in the field.
Production fluids undergo low pressure separation within the Burun field before
being transported via a pipeline to nearby Turkmenneft processing facilities,
where the oil undergoes dehydration and desalting to prepare refinery
specification crude. Title to the oil passes to Turkmenneft when it leaves the
Burun field and Burren is entitled to receive an equivalent amount of oil from
Turkmenneft at the port of Aladja on the Caspian coast, with an alternative
export point at the port of Okarem further south.
Burren's operating philosophy in Nebit Dag has been to purchase and operate its
own field equipment in order to keep costs to a minimum. The Group owns and
operates three workover rigs in Turkmenistan, as well as wireline units, a
mobile test unit and all transportation, construction and maintenance equipment.
Burren relies on skilled local labour, keeping the number of expatriates to a
minimum. Thus, although the operation employs approximately 650 people, there
are typically no more than five western expatriates working in the field at any
one time.
Burun crude is a light, high quality, low sulphur crude with an API gravity of
33degrees. The wax content of the oil requires frequent intervention to maintain
wellbores and flowlines.
Exports
Burren has unrestricted export rights in relation to its share of Nebit Dag PSA
production of both oil and gas, although Burren currently only exports oil.
There is a slight volume adjustment between the quantity of oil produced and
Burren's export entitlement to reflect the quality differential between the oil
produced and the oil exported.
Since January 2003, Burren has sold its oil at a fixed discount relative to
Dated Brent F.O.B Turkmenistan to BP under a rolling annual contract which can
be terminated by either party, with effect from the end of any calendar year, by
giving 90 days notice.
Burren has experience of marketing and selling its own crude through western and
southern Caspian ports and the Directors believe that Burren could do so again
if required. The available export routes, all of which have been used by Burren
in the past, are:
* to Baku (Azerbaijan) and then by rail through Georgia to Batumi on the
Black Sea;
* to Neka (Iran);
* to Makhachkala (Russia) and then by rail and pipeline to Novorossiysk on the
Black Sea; and
* to Astrakhan (Russia) and then through the Volga-Don canal to the Black Sea
(this route is available only during the summer season, since it is closed for
five months during winter due to ice).
Future Development
(a) Burun Field
Burren's current development programme for the Burun Field includes plans:
* to bring on to production as many as possible of the remaining shut-in wells;
* to increase individual well productivity by rolling out the artificial lift
operation on a field-wide basis;
* to continue its shallow infill drilling programme;
* to undertake a deep drilling programme involving up to 70 new appraisal and
development wells over the next 10 years to develop proven and probable
reserves;
* subject to successful pilot studies, to implement a field-wide water injection
system to provide secondary recovery;
* to install three-phase oil/water separation, dehydration, storage and metering
facilities at Burun to avoid the need to use Turkmenneft separation facilities;
* to undertake exploration drilling on the Burun south flank (3D seismic data
over the Burun field was acquired in 1998 and reprocessed in 1999, which
identified additional potential on the south flank of the field); and
* to construct an export pipeline and export terminal in order to avoid the need
to deliver oil to Turkmenneft.
(b) Remainder of the PSA Area
500 km of 2D seismic data over the PSA area was acquired in 1998. From this
data, Burren identified seven exploration and appraisal targets outside the
Burun field. A large database of exploration and production wells drilled over
the rest of the PSA area during the Soviet era and by the Turkmens is also
available to Burren, although much of this data relates to wells with depths
shallower than those where Burren has rights.
Burren plans to accelerate appraisal of the rest of the Nebit Dag PSA area
through an extensive drilling programme. To this end, a 540 sq. km 3D seismic
programme over part of the PSA area, intended to confirm the potential indicated
by the existing 2D seismic survey information, has been commissioned and data
acquisition commenced in September 2003. Results are expected to be available
mid-2004.
In February 2007 all remaining areas in the Nebit Dag PSA area (other than
producing areas or areas where Burren has made new discoveries) must be
relinquished.
The Republic of Congo (Brazzaville)
Description
Burren's interests in Congo, all of which are onshore, consist of a non-operated
35 per cent. interest in each of the Kouilou exploration area, the M'Boundi and
Pointe Indienne fields and Blocks B, C and D of the Kouakouala production area,
and a non-operated interest of 25 per cent. in Block A of the Kouakouala
production area. The M'Boundi and Kouakouala fields lie within the Kouilou
exploration area.
The area defined by the Kouilou exploration permit will cover 2,578 sq. km
following the pending relinquishment of 25 per cent. of the original area. The
area was previously operated by Total and Conoco and, in addition to the three
producing fields mentioned above, contains four fields which are now shut-in.
Reserves
As at 30 June 2003 the Kouakouala and M'Boundi fields contained proven reserves
net to Burren of 0.5 MMbbls and 5.2 MMbbls respectively and proven and probable
reserves net to Burren of 1.7 MMbbls and 16.2 MMbbls respectively.
Production and Operations
The Kouakouala Block A production area, which commenced production in May 2000,
contains three producing wells. Average gross production from the field in the
nine months ended 30 September 2003 was 1,543 bopd gross (301 bopd net to
Burren). 2D seismic data covering 95 km was acquired in mid 1999 and further
infill 2D seismic data was acquired in late 2002. Current production is over
1,200 bopd gross (235 bopd net to Burren).
The M'Boundi field, which commenced production in July 2002, contains five
producing wells (including the three referred to below) with a sixth well shut
in awaiting workover and recompletion. Average production from the field in the
nine months ended 30 September 2003 was 3,371 bopd gross (835 bopd net to
Burren). In 2002, 3D seismic data covering an area of over 100 sq. km was
acquired. Since 14 July 2003, three wells have been drilled and are currently in
production and two further wells are in the process of being drilled. Current
production is over 8,000 bopd gross (2,000 bopd net to Burren).
The small Pointe Indienne field is currently producing 100-150 bopd and is
largely depleted. It was purchased by Maurel & Prom and by Burren in order to
obtain the pipeline infrastructure which links the M'Boundi field to the Djeno
export terminal.
The Kouakouala and Kouilou crudes are light low sulphur blends with an API
gravity of around 40degrees.
Exports
The parties to the PSCs have unrestricted export rights for their equity crude.
Until mid-2002, when the pipeline link to the oil-export terminal at Djeno was
completed, the oil produced from Kouakouala was trucked to a state-owned
refinery. Since then, the oil from the Kouakouala and M'Boundi fields has been
transported by pipeline to the Total operated Djeno terminal, located on the
Congo coast, where it is comingled with other crude streams to produce Djeno
blend for export.
All of Burren's production entitlement, and that of its partners in Congo, is
currently sold F.O.B Djeno to an affiliate of Total. The price of exported oil
is set by agreement with the Congolese government and, during 2003, Djeno blend
crude has sold at discounts to Dated Brent of between US$1.60 and US$2.50 per
bbl.
Future Development
The Board considers that the majority of development activity in the next two
years is likely to occur on the M'Boundi field. The future development of the
M'Boundi field will involve a drilling programme involving up to three rigs and
approximately 18 wells over the next two years. A new 12" pipeline has been
constructed from M'Boundi to take the increased volumes anticipated and became
operational in November 2003. The M'Boundi processing facilities will be
upgraded and the Directors expect that these will be capable of processing up to
30,000 bopd by the end of 2004. Further development may involve secondary
recovery, water injection and an artificial lift system, as well as additional
drilling.
In Kouakouala, two step-out wells are planned, and the field is likely to
require some kind of artificial lift in due course. The Directors believe that
further hydrocarbon potential exists in the Kouilou and Kouakouala areas which
is likely to be appraised by further seismic and/or exploration drilling in
2004-2005. A PSC relating to another area in Congo (known as the Noumbi permit
area) is in the process of being concluded. The PSC was initialled by Maurel &
Prom on 13 July 2003, on behalf of a consortium comprising Maurel & Prom (56 per
cent.), Burren (37 per cent., inclusive of Tacoma's carried interest referred to
below) and Heritage (7 per cent.).
The Directors expect the PSC to be signed by the Congolese authorities in the
near future. The Noumbi permit area shares a common boundary with the Kouilou
permit area and extends to the border with Gabon in the north. The Directors
believe that the Noumbi permit area has similar exploration potential to the
Kouilou permit area with the most promising structures being Vandji sandstones
and conglomerates (which are reservoirs in the M'Boundi and Kouakouala
production areas). Initial work has identified one exploration prospect and
several potential prospects. The work programme during 2004-2005 is expected to
include reprocessing of existing seismic data and acquisition of new seismic
data, to be followed by exploration drilling.
Burren has also entered into an agreement with Tacoma, valid for 3 years from 19
May 2003, to provide it with a 10 per cent. carried interest in any new
interests obtained by Burren in Congo, outside the Kouakouala and Kouilou areas.
This agreement applies to the Noumbi permit referred to above, giving Tacoma an
effective 3.7 per cent. interest. Under the agreement, Burren will bear Tacoma's
10 per cent. share of expenditure and will be reimbursed by a prior claim over
the revenues arising from Tacoma's share of production.
SHIPPING OPERATIONS
Burren operates a fleet of eight Russian-flagged oil tankers under a bare-boat
charter from Volgotanker, Russia's leading river-sea shipping company. The ships
are river/sea vessels with dead-weight cargo capacities of between 4,426 and
5,369 MT and the fleet's total dead-weight cargo capacity is approximately
38,000 MT. The charter is renewable annually at Burren's option and expires in
December 2014. The charter rates are fixed for the whole charter period.
During the twelve months ended 31 October 2003, all eight vessels were on
time-charter to Central Asia Shipping ("CAS"). Three vessels were deployed with
Kasmortransflot ("KMTF"), the Kazakh state shipping company, and were used
primarily on intra-Caspian routes to transport Kazakh crude oil. It is the
intention of the Directors that these vessels will continue to be deployed for
Caspian operation.
The remaining five vessels were deployed by CAS for operation in the Russian
river system and have continued such operations on a spot charter basis
subsequent to the termination of the time charter. It is the intention of the
Directors that these vessels will be deployed in the Russian river system for
the duration of the 2004 summer navigation season (end of April to mid November)
under continuous voyage charters.
Burren has recently entered into agreements with a Russian shipyard for the
purchase of three newly constructed barges to be delivered to Burren in the
second quarter of 2004. The barges have a capacity of approximately 3,500 MT
each that will increase fleet capacity to approximately 48,000 MT. Time-charter
arrangements for up to four tugs to operate alongside the barges in the Russian
river system are currently under negotiation.
The cost of the three barges is approximately US$4.5 million of which 50 per
cent. is payable by stage payments during construction and the balance on
delivery in 2004. A shipping subsidiary in the Group has entered into a loan
agreement for US$1.5 million to fund stage payments and is in negotiations with
leasing companies to enter into three to five-year lease-purchase arrangements
that would provide a further US$2.5 million to finance the acquisition. The
US$1.5 million loan is non-recourse to the non-shipping parts of the Group's
business, including its upstream assets and the Directors intend that the
lease-purchase arrangements will also be non-recourse in this way.
Burren's ship management operations are located in Samara in southern Russia
with an additional logistics base in Astrakhan, at the mouth of the Volga river.
Between them, these operations employed an average of approximately 270 people
in 2002, of which some 250 were crew members.
Future Developments
Burren will continue to review additional Caspian shipping opportunities as and
when they arise, but the Board has no current plan to expand Burren's shipping
business save as set out above.
REASONS FOR ADMISSION AND USE OF PROCEEDS OF THE PLACING
The net proceeds of the Placing receivable by the Company will strengthen the
Group's capital base, and will put it in a strong position to progress its
business strategy and take advantage of future acquisition and development
opportunities as and when they arise.
In particular, Burren intends to use the proceeds of the Placing receivable by
it to finance:
* programmes of development drilling and facilities upgrading in both the Burun
field in Turkmenistan and the M'Boundi and Kouakouala fields in Congo;
* exploration drilling in the remainder of the Nebit Dag PSA area;
* seismic surveys and exploration drilling within the Kouilou and Noumbi
exploration areas; and
* repayment of outstanding debt.
The Board believes that Admission will have a number of benefits, including the
following:
* Admission should facilitate the raising of further capital should it become
required or desirable, thereby assisting the Group's ability to grow;
* Admission should raise the profile of the Company both amongst the investment
community and within the oil industry;
* the Company will be better able to enter into negotiations with the vendors of
target businesses or assets, to whom the issue of publicly traded shares as
consideration will be more attractive than the issue of unquoted shares;
* the provision of share based incentive schemes involving quoted shares should
assist in the recruitment, incentivisation, reward and retention of high calibre
employees; and
* Admission will provide liquidity for current and future shareholders in the
Company.
CURRENT TRADING AND PROSPECTS
The six months ended 30 June 2003
In the six months ended 30 June 2003 average daily net production was 6,857
bopd, 39 per cent. higher than the average during the year ended 31 December
2002. The upstream business accounted for 84 per cent. of the Group's #18.6
million turnover and 92 per cent. of its #11.2 million gross profit. The average
realised sales price per bbl was US$22.9 after aggregate hedging losses of
US$1.5 million.
After administrative expenses of #1.9 million and net interest costs of #0.6
million, Burren's pretax profit was #8.7 million. A net tax credit of #2.3
million was recognised, principally representing the recognition of carried
forward losses in Turkmenistan as a deferred tax asset. After deduction of
minority interests of #0.5 million the net profit was #10.5 million, compared
with a net profit for the whole of the year ended 31 December 2002 of #6.4
million.
Cash generated from operations was #13.1 million compared with #12.5 million for
the whole of the year ended 31 December 2002. After deduction of interest, tax
and capital expenditure, the net cash inflow before financing was #4.5 million
which financed debt repayments of #4.4 million. Shareholders subscribed for
additional equity of #3.2 million through the exercise of warrants, resulting in
a net increase in cash during the period of #3.2 million and net debt at the end
of the period of #4.0 million.
During the period, the Group completed the acquisition of its Congo interests by
purchasing the remaining 49 per cent. of TRL.
Period since 30 June 2003
Since 30 June 2003 production has continued to rise, with average net production
in the three months to 30 September 2003 being 8,652 bopd. In the second half of
the year, 1,067,500 bbls of the Group's net production has been hedged at
US$25.45/bbl.
In October, Burren entered into a three year loan facility for a maximum
available amount of US$20 million with Natexis Banques Populaires. The facility
is secured on the Nebit Dag PSA assets and cash flows. The facility will be
available to develop the Group's upstream assets and for general working capital
purposes. US$7.5 million of the available amount has been drawn down.
The results for the second half of 2003 may include a significant charge in
respect of the Group's Long Term Incentive Plan for Directors and senior
management. The amount payable under this plan for the most recent performance
year will depend on the share price achieved in the 30 day period commencing on
Admission. At the Placing Price, the charge would be approximately #1.4 million.
On 20 November 2003, Burren was advised by the Egyptian General Petroleum
Corporation that its application for East Kanayis (Block 7) in the 2003 bid
round had been successful. The award of this onshore block is subject to
approval by the Egyptian Oil Minister. The Board has approved expenditure
commitments of US$7.5 million during the initial exploration period.
The Directors consider that the outlook for the Group for 2004 remains strong.
The Directors consider that in view of the drilling programmes in both Nebit Dag
and Congo, average daily net production in 2004 is likely to be materially in
excess of that in the three months to 30 September 2003.
ENDS
This announcement does not constitute an offer to sell or an invitation to
subscribe for, or the solicitation of an offer to buy or to subscribe for,
Ordinary Shares in Burren Energy plc in any jurisdiction in which such an offer
or solicitation is unlawful and is not for distribution in or into the USA,
Australia, Canada, the Republic of Ireland, the Republic of South Africa and
their respective territories and possessions (the "Prohibited Territories"). The
Company's Ordinary Shares have not been and will not be registered under the
United States Securities Act of 1933 (as amended) or under the securities laws
of the other Prohibited Territories and, subject to certain exceptions, may not
be offered for sale or subscription or sold or subscribed directly or indirectly
within the Prohibited Territories or to, or for the account or benefit of, any
national, resident or citizen of the Prohibited Territories.
This announcement, for which the directors of Burren Energy plc are solely
responsible, has been approved by Seymour Pierce Limited, which is regulated in
the United Kingdom by The Financial Services Authority, solely for the purpose
of section 21 of the Financial Services and Markets Act 2000.
Seymour Pierce Limited is acting as sponsor, financial adviser and stockbroker
to Burren Energy plc and for no-one else in connection with admission to the
Official List and to London Stock Exchange plc's market for listed securities
("Admission") and the placing, and is not acting for any other person and will
not be responsible to any person other than Burren Energy plc for providing the
protections afforded to clients of Seymour Pierce Limited or for providing
advice to any other person in relation to Admission and the placing.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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