A Bula Resources non-executive director invested €3,195 in the exploration company yesterday, days after its chairman, Mr Albert Reynolds spent €513,399 exercising almost half his options.

The former Taoiseach purchased 40,425,160 shares at £0.01 or €0.0127 each on Monday. At yesterday's closing price of €0.23 for a tranch of 10 shares, this shareholding was worth €929,778. This left him with a paper profit of €416,379.

In a statement yesterday to the Stock Exchange, the company said a non-executive director, Mr Pat Gillen, purchased 148,000 shares at £0.017 or €0.02159 each.

When asked whether any inference could be drawn from the directors' investment, a spokeswoman said: "People are free to speculate but certainly from the company's point of view, it's... an expression of confidence in the company."