Bula Resources has issued a statement in response to the recent controversy over its oil exploration activities in Libya.
The storm was sparked by a report in the Cyprus-based Middle East Economic Survey, which quoted Libya's National Oil Corporation as denying that it was in negotiations with the Irish company on certain areas.
Bula's chief executive John Hogan said today that it had signed an Exploration and Production Sharing Agreement on blocks G and U in Libya, but the contract had not yet been ratified.
Mr Hogan said Bula had told NOC that it was in talks with potential partners, after which it hoped to return to NOC with a strong join venture group to conclude the process.
He said Bula had expressed interest in other blocks and was talking to potential partners, but would only expect to be invited to negotiations with NOC on these as part of a strong joint venture group.
Mr Hogan said he hoped to visit Libya again shortly to make further progress.
