Roland Shaw plans comeback with stock market oil float

Roland Shaw, one of the great swashbucklers of the early North Sea oil boom, is set to make a comeback to the stock market with a flotation of Burren Energy that could value the company at more than pounds 80m.

Having kept a low-profile since being deposed from the chairmanship of Premier Oil in 1995, Mr Shaw now wants to raise cash for a series of projects in the Caspian Sea region. He has been chairman of Burren for less than a year.

A private placement is currently being organised by ING Barings and Finian O'Sullivan, Burren's chief executive, confirmed that it would be followed by a stock market launch.

He said: "We are working at an Initial Public Offering for Burren before the end of this year. We have been doing detailed work with Barings on the value of the company."

Outsiders said Burren could be worth more than pounds 80m on the basis of very encouraging flow rates from wells that are already producing in the Nebit Dag region of Turkmenistan.

If the IPO takes off, it will offer a triumphant return for Mr Shaw with the Caspian area representing all the frontier characteristics of the UK North Sea in the early 1970s.

Mr Shaw, who still has a small personal holding in Premier, left the UK explorer after holding the chairmanship there for 24 years. He was removed from his post against his will.

Over that period Mr Shaw, now aged 76, raised the asset value of Premier from pounds 175,000 to pounds 130m through a combination of exploration success and takeover.

But it was not all good times. Analysts, never favourites with Mr Shaw, remember Premier's share price hitting 90p but also dipping to 17p. Yesterday it was stable at 44.5p.

A larger-than-life-American who was a former diplomat and then bomber pilot, Mr Shaw became resident in Britain 50 years ago but still carries a heavy east coast drawl.

When he bid farewell to Premier, he said he had no intention of retiring. He instantly found directorships with Australia's Eastern Petroleum and the trading company, Maxoil.

He was talked into joining Burren by Mr O'Sullivan, a geophysicist. Burren's key asset is a 25 per cent interest in five Turkmenistan oil and gas fields which make up the Nebit Dag interest. Burren is working there alongside operator Mobil (40 per cent) and Monument Oil and Gas (35 per cent).

Last week Monument told analysts that latest reports from the area were extremely encouraging and said there was the potential to double the value of Monument's holdings.

Monument rushed out new figures on reserves to head off their publication in the financing documents of Burren. As well as Nebit Dag, Burren has interests in two oil and gas condensate fields in Saratov Province of Russia.

Burren has also established a shipping arm, VCTT, which is already has a contract to charter local tankers and is carrying oil from the Caspian area via rivers and canals.

News
peopleHowards' Way actress, and former mistress of Jeffrey Archer, was 60
Sport
Chelsea are interested in loaning out Romelu Lukaku to Everton again next season
sport
News
Robyn Lawley
people
Arts and Entertainment
Unhappy days: Resistance spy turned Nobel prize winner Samuel Beckett
books
PROMOTED VIDEO
News
people
Life and Style
Troy Baker and Ashley Johnson voice the show’s heroes
gamingOnce stilted and melodramatic, Hollywood is giving acting in video games a makeover
News
i100
Life and Style
Phones will be able to monitor your health, from blood pressure to heart rate, and even book a doctor’s appointment for you
techCould our smartphones soon be diagnosing diseases via Health Kit and Google Fit?
Travel
Ryan taming: the Celtic Tiger carrier has been trying to improve its image
travelRyanair has turned on the 'charm offensive' but can we learn to love the cut-price carrier again?
News
people
Extras
indybest
News
ebookA unique anthology of reporting and analysis of a crucial period of history
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Senior Investment Accounting Change Manager

£600 - £700 per day + competitive: Orgtel: Senior Investment Accounting Change...

BA/PM,EMIR/Dodd-Frank,London,£450-650P/D

£450 - £650 per day + competitive: Orgtel: My client, a leading bank, is curre...

Senior Analyst - ALM Data - Banking - Halifax

£350 - £400 per day + competitive: Orgtel: Senior Analyst, ALM Data, Halifax, ...

Java developer - Banking - London - Up to £600/day

£500 - £600 per day: Orgtel: Java developer - Banking - London - Up to £600/d...

Day In a Page

Save the tiger: The day America’s love of backyard tigers led to a horrific bloodbath

The day America’s love of backyard tigers led to a horrific bloodbath

With only six per cent of the US population of these amazing big cats held in zoos, the Zanesville incident in 2011 was inevitable
Samuel Beckett's biographer reveals secrets of the writer's time as a French Resistance spy

How Samuel Beckett became a French Resistance spy

As this year's Samuel Beckett festival opens in Enniskillen, James Knowlson, recalls how the Irish writer risked his life for liberty and narrowly escaped capture by the Gestapo
Once stilted and melodramatic, Hollywood is giving acting in video games a makeover

Acting in video games gets a makeover

David Crookes meets two of the genre's most popular voices
Could our smartphones soon be diagnosing diseases via Health Kit and Google Fit?

Could smartphones soon be diagnosing diseases?

Health Kit and Google Fit have been described as "the beginning of a health revolution"
Ryanair has turned on the 'charm offensive' but can we learn to love the cut-price carrier again?

Can we learn to love Ryanair again?

Four recent travellers give their verdicts on the carrier's improved customer service
10 best over-ear headphones

Aural pleasure: 10 best over-ear headphones

Listen to your favourite tracks with this selection, offering everything from lambskin earmuffs to stainless steel
UCI Mountain Bike World Cup 2014: Downhill all the way to the top for the Atherton siblings

UCI Mountain Bike World Cup

Downhill all the way to the top for the Atherton siblings
Save the tiger: The animals bred for bones on China’s tiger farms

The animals bred for bones on China’s tiger farms

The big cats kept in captivity to perform for paying audiences and then, when dead, their bodies used to fortify wine
A former custard factory, a Midlands bog and a Leeds cemetery all included in top 50 hidden spots in the UK

A former custard factory, a Midlands bog and a Leeds cemetery

Introducing the top 50 hidden spots in Britain
Ebola epidemic: Plagued by fear

Ebola epidemic: Plagued by fear

How a disease that has claimed fewer than 2,000 victims in its history has earned a place in the darkest corner of the public's imagination
Chris Pratt: From 'Parks and Recreation' to 'Guardians of the Galaxy'

From 'Parks and Recreation' to 'Guardians of the Galaxy'

He was homeless in Hawaii when he got his big break. Now the comic actor Chris Pratt is Hollywood's new favourite action star
How live cinema screenings can boost arts audiences

How live cinema screenings can boost arts audiences

Broadcasting plays and exhibitions to cinemas is a sure-fire box office smash
Shipping container hotels: Pop-up hotels filling a niche

Pop-up hotels filling a niche

Spending the night in a shipping container doesn't sound appealing, but these mobile crash pads are popping up at the summer's biggest events
Native American headdresses are not fashion accessories

Feather dust-up

A Canadian festival has banned Native American headwear. Haven't we been here before?
Boris Johnson's war on diesel

Boris Johnson's war on diesel

11m cars here run on diesel. It's seen as a greener alternative to unleaded petrol. So why is London's mayor on a crusade against the black pump?