Burren Energy pre-tax profits leap 163%

Burren Energy upgraded its reserves estimates for a key oilfield today after making “substantial” progress in its first year as a listed company.

The London-based firm, founded by Irishman Finian O'Sullivan, now chief executive, unveiled a 163% hike in pre-tax profits to £48.5m (€37.7m) in the year to December 31, ahead of analysts’ expectations, as it benefited from sky-high oil prices.