August 1995: Bula enters into an agreement with Mir Oil Development Ltd, a company registered in the British Virgin Islands. In return for transferring 101 million Bula shares to Mir Oil, Bula gets a 25 per cent stake in a Mir Oil subsidiary, Mir Space International. This company's sole asset is a 50 per cent interest in a Siberian oil field. The other 50 per cent belongs to a Russian company KMNGG. Bula chairman and chief executive, Mr Jim Stanley, tells his fellow directors that Mir Oil is owned by Mr Charles Ellis, of South Africa.
1996: Bula spends £7 million of shareholders' funds on the development of the oil field.
October 1996: Bula says test results for Well 705 show a flow of 942 barrels per day.
February 1997: Bula is informed by a nominee director of Mir Oil, Ms Susan Neil, of Chamonix Corporate Secretaries Ltd, Jersey, of the sale of 27.8 million Bula shares by the owner of Mir Oil in November 1996 and January 1997.
March 1997: Bula makes public announcement correcting October statement about Well 705. True results showed insignificant amounts of oil.
April 1997: Mr Stanley resigns as chairman and chief executive of Bula.
May 1997: A major shareholder in KMNGG, Mr Nikolai Bogatchev, tells Bula that KMNGG understood Mir Oil to be an offshore company used by Bula for tax reasons. He says Mr Stanley was the only party KMNGG negotiated with for the deal which culminated in agreement with Mir Space. Mr Stanley tells Bula directors Mr Bogatchev is wrong.
July 1997: Bula writes to Chamonix Corporate Secretaries Ltd looking for Mr Ellis's address. Ms Neil writes back that he is no longer the owner of Mir Oil.
August 1997: Bula gets an address for Mr Ellis and writes to him for information about Mir Oil.
September 1997: Mr Ellis writes to Bula saying he has never had anything to do with Mir Oil, Mir Space, or KMNGG. Bula unsuccessfully seeks another meeting with Mr Stanley. Mr Stanley's whereabouts unknown. Bula makes a successful application to the High Court that trading in the 74 million Bula shares held by the owner of Mir Oil be frozen until that person comes forward.
October 1997: The Tanaiste and Minister for Enterprise, Trade and Employment, Ms Harney, appoints barrister, Mr Lyndon McCann, as an Inspector. Mr McCann is asked to look into the current ownership of Mir Oil, the ownership in 1995 and to look into the circumstances surrounding the incorrect announcement about Well 705.
November 1997: In a surprise development Mr Craig Bond, son of the jailed Australian tycoon, Alan Bond, comes forward saying he is the beneficial owner of Mir Oil. He produces documentation showing power of attorney.
December 1997: Lawyers for Mr Bond say proof of who owns Mir Oil will be given to Bula by the middle of the month. Mr McCann and his colleague, barrister Mr Fintan O'Connor, travel to Moscow hoping to meet Mr Stanley next Monday.
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