Bula Gains on Report Libyan Oil Contract Is Imminent (Update1)
By Alex Lawler
London, May 3 (Bloomberg) -- Shares in Bula Resources
(Holdings) Plc rose 4 percent, gaining for a second day, on a
report the Irish oil and gas explorer will soon announce progress
on efforts to strike an oil contract in Libya.
The Dublin-based company, which explores for oil and gas in
Libya, Iraq and the U.S., will soon reach an agreement with Libya,
the Sunday Tribune reported on April 30, without naming sources. A
company spokeswoman said Bula doesn't comment on speculation.
The shares rose 0.25 pence to 6.5 pence, following on from a
4.2 percent gain on Tuesday and valuing the company at 138 million
pounds ($216 million). Bula, the eleventh most actively traded
stock in London today, has risen 73 percent so far this year.
Bula, whose chairman, Albert Reynolds, is a former Prime
Minister of the Republic of Ireland, attracted attention earlier
this year after its share price surged on what proved to be
premature reports of success in oil discovery and acquisition.
The shares rose 26 percent on Jan. 12 after the Daily Mirror
said the company had found a 151 million-barrel oil field in
Libya. Later, Libya's National Oil Corp. denied Bula held an oil
concession in the country or that it had found oil there.
Then, on Jan. 25, the shares gained 12 percent following
another Daily Mirror report, which said Bula would buy a 7.5
percent stake in the Kirkuk oil field in eastern Iraq. The company
said it had no comment on any links with the field, one of Iraq's
largest. |
