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Bula Resources (BUS)

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Tuesday 04 January, 2000

Bula Resources

Share Placing to Raise £1.6m

Bula Resources (Hldgs) PLC
4 January 2000

BULA RESOURCES (HOLDINGS) PLC ('Bula' or 'the Company')

Bula raises Stg£1.6 million

Bula announces that it has concluded arrangements for additional finance for
the Company. Total new funds of approximately Stg£1.6 million are to be
invested in Bula by means of a share placing of 54,571,188 new ordinary shares
at a price of Stg3p (Euro 4.79 cents) per share.

The Company further announces that it has settled with a creditor by issuing
863,240 new ordinary shares at a price of IR5p per share.

The funds raised pursuant to the placing will enable the Company to progress
its activities in North Africa and the Middle East where it is active in the
acquisition of licences for exploration and production acreage.

For further information please contact:

Tony Peart
Bula Resources (Holdings) plc        353 1 677 5222

Billy Murphy
Drury Communications                 353 1 260 5000