Bula Resources said today talks with Libya's Oilinvestover a possible exploration alliance are now over with the parties unable to reach an deal.
Bula said it is still in talks with several other firms with an eye to forming a joint venture in Libya.
The company added that opportunities in Algeria may become available following privatisation of the country's energy industry.
Bula said it continues to make progress in Iraq with the exploration and development contract for block 4 in the Western Desert.
Responding to shareholders' queries about the impact of the Lockerbie trial on Bula's involvement in Libya, chairman and chief executive Mr Albert Reynolds said: "Bula is an Irish company and as such I hope is less likely to suffer from any Libyan anger over the guilty verdict."
He said: "The view of the board is that the current efforts in Libya and Iraq are of prime importance . . . we are now actively pursuing the acquisition of production. Acquiring the right producing assets will enable the company to achieve cash flow at an early date."
AFP