Former directors of Bula Resources (Holdings) were paid £148,000 (€188,000) compensation for loss of office in 1999, according to the company's annual report. The two former executive directors - Mr Pat Mahony and Mr Ivan Walpole - received £121,000.

Most of this, £90,000, was for loss of office, £13,000 was additional pension contribution, while £18,000 was in other benefits.

The chairman, Mr Albert Reynolds, in his annual report, said the board was "reviewing the performance" of its US subsidiary, Bula Oil America, due to continued disappointing results.