Bula  Resources hopes to restore its listing on on the London and Irish stock exchanges within weeks, following the "imminent" resolution of a controversial share sale.

The company, which yesterday reported a first-half loss of €890,000, expects to resolve a disagreement over the sale of 75 million shares to two Libyan entities "within the next few days", according to company secretary Mr Con Casey.

The original deal was worth €1.2 million.

Bula's shares were suspended in April, preventing the company's 40,000 shareholders from trading in the stock. "The board is confident that it will happen," Mr Casey said of the re-listing.

Bula's pre-tax losses rose by 60 per cent year on year, based on a turnover declining by 91 per cent to €32,000.

In a statement, the company's recently appointed chief executive, Viscount Torrington, said that he hoped the company's stormy annual general meeting (a.g.m) earlier this month would mark "a turning point in the company's affairs".

He said that the position of non-executive chairman, vacant since Mr Albert Reynolds declined to put himself forward for re-election at the a.g.m, was close to being filled. Two further non-executive directors are also to be appointed in the near future.

Looking forward, Viscount Torrington said that Bula would "vigorously pursue" the recovery of $1.5 million (€1.53 million) owed to it by a company in Bahrain since a deal there fell through last year.

Bula is taking legal advice on the matter.