Bula Resources made a loss of £442,000 (€561,000) in the six months to June 30th, 2001, the company announced yesterday, compared with a loss of £508,000 during the same period last year.

The company had turnover of £294,000 compared to £96,000 during the same period a year earlier.

In a statement, Bula said its management concentrated on acquiring a producing asset in the first half of the year in order to support its efforts to procure exploration and development opportunities in Libya and Iraq.