Exploration company Bula Resources has reported pre-tax losses of £1.1m for last year, virtually unchanged from the previous year, on slightly lower turnover of £314,000.
There were termination payments of £375,000, including option buy-outs, to past consultants including managing director Tony Peart. Bula also settled its case against former chairman Jim Stanley in December, with the settlement being offset against legal costs incurred in pursuing the case.
Bula says the reduction in turnover is due to the absence of sales under the UN's oil for food programme.
The company's chairman Albert Reynolds took on the role of executive chairman earlier this year after the resignation of CEO John Hogan. The company is still seeking a new CEO.
In a statement, Bula said it was continuing to focus its efforts on securing oil exploration and production projects in Libya and Iraq. Bula has re-applied for Libyan licences under a new round and is looking for a partner to join it in a joint venture group.
