Bula Resources has terminated its consultancy contract with Mr Riad el Taher and Petcon Limited effective immediately.
Mr el Taher had been employed by Bula to oversee Bula’s bid for an drilling licence in the Block 4 oilfield in Iraq.
Mr el-Taher is chairman of the London-based Friendship Across Frontiers organisation, which campaigns for a lifting of sanctions against Iraq.
In a statement released to the stock exchange this morning, Bula said its managing director, Mr Thomas Kelly, will take over the co-ordination of the company's efforts in Iraq to secure the Block 4 licence.
The terms of the exploration and development contract for Block 4 have been agreed with Iraq’s oil ministry, and the contract has been submitted for signature since June 2001.
Bula is awaiting Iraqi government signature of the contract.