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Geologist strikes it rich at Burren

13 April 2012

GEOLOGIST Finian O'Sullivan will see his listed share stake valued at £17m when Burren Energy, the oil company he founded, comes to market on Thursday.

The group has raised £20m in a share placing with City funds at 130p. It has 90 producing wells in the Turkmenistan deserts.

O'Sullivan wants to spend £90m over two years to search for oil in Brazzaville, Congo and in Egypt. The placing price values Burren at £175m.

He got the idea while working in the oil-rich Caspian Sea region, which includes Turkmenistan.

He went into partnership with quoted UK group Monument and bought out its Turkmen interests when it was taken over by Lasmo. It runs a fleet of seven tankers in the Caspian.

Brokers have valued its assets at above 160p. O'Sullivan said: 'We see a lot of upside.'

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