BULA Resources has increased its loss before tax from £3.4 million in 1994 to £3.9 million in 1995. This was almost entirely due to an exceptional depreciation charge of £3.7 million.

Bula said that, due to low level of activity on both the Matagorda Island project in the US and the Donkerbroek project in the Netherlands, it decided to provide against the costs associated with these projects in the latest results.

Bula is in a stronger financial position, with a rise in cash balances from £4 million to £5.9 million. Working capital has gone up from £600,000 to £5.2 million.