BULA Resources has raised £4.06 million sterling (£3.96 million) through a placing of 147.7 million new shares. They were placed at 2.75p sterling per share. The placing was arranged through London brokers, T Hoare & Co, with a number of institutional investors.

The funds, Bula said, would be used for ongoing oil field development work on the Salymskoye oil field, in western Siberia.