The giggles which emerged from hard-pressed shareholders at Bula Resources' extraordinary general meeting this week were surely a measure of disbelief rather than any sense of joy.

The mirth was triggered by an opening statement from the non-executive chairman, Mr Tom Fitzpatrick, who said financial pressures could see the long-suffering investors being asked to come to the company's aid.

And this at a meeting to convened to discuss the report of the Government appointed inspector into the disastrous Mir Oil adventure.

The Mir Oil fiasco cost Bula £12.5 million and an earlier would-be Russian oil deal cost £8 million. Litigation arising from these ventures is costing hundreds of thousands of pounds, and may get nowhere.

Shareholders were also briefed on the remuneration packages of the company's two executive directors who are paid £75,000 and £50,000 per annum respectively. There were also pension benefits, Mr Fitzpatrick said. But he added that there was no incentive-based system of pay.