Bula Resources has settled its legal battle with former chairman and chief executive Jim Stanley.
The company says that due to confidentiality agreements no details of the settlement can be disclosed.
"The agreement allows the company to stop incurring costs and management time on what had become a protracted legal case, so that it can focus its efforts fully on the future and on growing the company," said Bula's new chief executive John Hogan.
Meanwhile the company has announced that it is proceeding with a High Court action to confirm its ownership of some 73.7 million shares currently registered in the name of Chamonix Nominees Ltd. The company will cancel these shares if the action suceeds, and reduce issued share capital in Bula by 3.6%.
With the Ramadan period starting in Libya and Iraq it is looking less likely that Bula will make any progress on deals there in the near future. The Islamic period of fasting usually slows down business activity in the Muslim world.