Rising crude oil prices helped Burren Energy increase first-half profits 67 per cent to £83.5 million pretax.

Fully-listed Burren, operating in Turkmenistan, Congo, the Middle East and India, lifted sales volume a modest 5 per cent to 3.85 million barrels in the six months to June. But a 38 per cent hike in average realised prices to $60.48 a barrel enabled the company to raise revenues 42 per cent to £126 million.

Burren, which made £134.5 million pre-tax in the calendar year 2005 on £205 million revenues, says its exploration drilling for new deposits in Congo and Turkmenistan has yielded 'encouraging' initial results, which will require appraisal drilling 'to determine their extent'. Finian O'Sullivan, the company's president, is changing his role to focus solely on developing new business and Atul Gupta, who has been associated with Burren since 1993, is taking on the post of chief executive.

Burren's shares, which soared from 130p to £11 between late 2003 and January this year, now trade at 908.5p, up 10.5p this morning and valuing the company at £1.3 billion. They should still have long term potential if the planned appraisal drilling yields encouraging results.

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