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Atul Gupta named CEO of Burren Energy
By siliconindia
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Tuesday, 19 September 2006, 19:30 IST
Atul Gupta has been appointed as the CEO of Burren Energy. He has replaced Finian O'Sullivan who became the president of Burren. Gupta had joined Burren in 1999, as the chief operating officer.
"The outlook for Burren remains very exciting. Our extensive exploration program in Congo and Turkmenistan which has already yielded some positive results," says chairman Keith Henry. He added that since they had healthy cash flow, no debt, they would be looking to add new opportunities to their portfolio.
Burren announced the management changes after it registered a net profit of $140.2 million dollars in the first half up till June, an increase from $82.9 million dollars last time. Pretax profit rose to $159 million dollars from $97 million dollars, while turnover grew to $239 million dollars from $168 million dollars.
Growth was posted in production too, on a working interest basis, an increase by 14 per cent to 33,300 barrels per day, with average output in August reaching 35,000 barrels per day. The group even raised its dividend by 40 per cent to 4 pence a share.
Henry added the changes in management were to enforce the group's plans and prospects. On the whole they looked forward to the rest of the year till 2007 and even beyond with confidence.