Burren Energy profits leap 163%

OIL and gas group Burren Energy, run by Irishman Finian O’Sullivan, yesterday posted a surge in annual profits, announced its maiden dividend and gave an upbeat outlook for 2005.

Pretax profit for the year ending December 2004 rose 163% from the year before to £48.5m, helped by rising oil prices.

“The outlook for 2005 is good and we look forward to the year with confidence,” Mr O’Sullivan said in a statement.

Its inaugural dividend will be 3p. Burren’s main activities are in West Africa and the Caspian Sea.