An order to freeze almost 74 million shares in Bula Resources (Holdings) plc has been continued by the High Court for a further three weeks. On September 12th, the company secured an order against a Virgin Islands company, Mir Oil Development Ltd, and Jerseybased Chamonix Nominees Ltd. The order prevents both companies from transferring their 73,729,254 shares in Bula Resources.
Two years ago, Bula gave 101.5 million of its ordinary shares to Mir Oil Development in exchange for a 25 per cent holding in its sister firm, Mir Space International, the court was told.
Bula also secured a four-year option to buy the remaining 75 per cent of Mir Space which had a 50/50 development interest with a Russian company, KMG, in a Siberian oilfield.
It was claimed that Bula poured "many millions" of pounds into development of the oil field. Bula chairman and chief executive Mr Jim Stanley brokered the deal with Mir Oil, it was stated. He resigned last April after Bula experts reported that the oil production level might be significantly lower than analyses suggested.
In court yesterday, on foot of an application of Mr Michael Cush, counsel for Bula Holdings, Mr Justice Kelly adjourned the case for three weeks and continued the September order.
