Irish exploration company Bula Resources today reported a pre tax loss of £1.104 million for the year 2000, compared with a loss of £1.054 million in 1999.
Bula said it is still in negotiations with Iraq and Libya for drilling licences and is also concentrating its efforts in identifying possible production purchases in other countries.
Bula said it reapplied for the licences within the oil sector in Libya it had already applied for, and is presently seeking a partner to join it in a joint venture group.
It also continued to negotiate a series of contract changes in Iraq. Oil purchases in Iraq under the UN "Oil for Food" programme have recently resumed after a period of 18 months, it said.
Turnover was £314,000compared with £496,000 in 1999. It said the reduction in turnover is due to the absence of sales under the UN oil for food programme.