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Shares In Bula Resources Suspended

12.04.2002 | Source:

Pravda.Ru

 

Shares in Bula Resources, the oil and gas company headed by Albert Reynolds, the former Irish prime minister, were suspended "pending clarification of the company's financial position". Bula refused to comment. It is the latest blow to the company that in February sought to reassure investors over the abrupt resignation of its broker and the paucity of its board of directors. Bula has only two directors, Tom Kelly, managing director, and Mr Reynolds, chairman. Mr Reynolds was on Thursday out of the country and unavailable for comment, the company said. Bula, listed in London and Dublin, is a small oil and gas exploration company based in Ireland. For the past five years it has been trying to obtain production assets and licences in Libya and Iraq. One London-based analyst said on Thursday: "Bula has been a rather up and down story - but mainly down." It hit the headlines in December when it said it had "conditionally" placed 50m shares with One Nine Investment, a company wholly owned by a foundation headed by Saif al-Islam Gaddafi, the Libyan leader's son. O&M Management Limited, a Malta registered Libyan investment company, subscribed to a further 25m shares. However, the company admitted on Thursday that four months after the initial statement, the 75m shares had still not been placed with the two investors. One Nine said the group expected the placing to go through "in the near future". At the time, Mr Reynolds said the investment demonstrated "the high level of confidence felt by these commercial instituitions in Bula and its management, and also signals their further confidence for the future of Bula in Libya". But despite having made Libya the "core focus" of Bula, the company has yet to sign a deal in the country: according to the February statement, "the company continues to pursue the acquisition of exploration and production assets". Bula said it had been trying to get a license for "almost five years", but attempts had so far been unsuccessful. The company was dealt a further blow this year, when Davy Stockbroker resigned as its sponsoring broker. Mr Kelly said then that the resignation "came as a surprise", all the more so since the decision was made "without some prior discussion". Bula has been without a sponsoring broker since then. Visit to &to=http://www.neftegaz.ru' target=_blank>NEFTEGAZ

 
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