OilVoice - Eni Withdraw From Discussions With Burren Energy

Eni Withdraw From Discussions With Burren Energy

Tuesday, November 20, 2007

The Board of Burren has noted the announcement by Eni SpA that it is withdrawing from discussions concerning a possible offer for the Company. Following receipt of a revised proposal on 16th November, 2007, the Board indicated to Eni that it was prepared to enter negotiations. However, Eni was not prepared to increase its proposed price of 1200p per share, which fails in the view of the Board to reflect the fundamental and strategic value of Burren's assets.

The Company continues to develop its business actively and is currently pursuing a number of initiatives which it expects to enhance shareholder value in due course.