Burren bosses to float new firm

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The Independent Online

Bayfield Energy, founded by former Burren Energy executives, said it plans to list on London's junior AIM market in early July.

The proceeds from an initial public offering (IPO) will be used to finance the group's work programme. The oil and gas group's key assets are in Trinidad and Tobago.

In April 2009, it secured a 25-year licence over the Galeota Block and assumed the role of operator of the Trintes Field. The company expects to achieve average gross production from the Trintes Field of about 2,500 barrels of oil per day (bpd) in 2011 and forecast that this will peak at 8,000 bpd in 2013. The directors, management and related parties have invested $47.5m (£29m) to date.

Burren Energy was sold to the Italian oil major Eni in 2008 for a total of £1.7bn.