The managing director of Bula Resources, Mr Tony Peart, has resigned "with immediate effect", the company announced yesterday. Mr Peart stepped down so as to pursue other interests, the company said. Mr Peart, who joined Bula last year, is understood to have agreed a severance package, although no details were available. The former chief operating office with Lasmo plc, Mr John Hogan, has joined Bula as chief executive.