Final Results

Ovoca Resources PLC
15 November 2002

                                                             Ovoca Resources PLC
                                                                     York House,
                                                           Rear 176 Rathgar Road
                                                                        Dublin 6
                                                     Phone Intl + 353 1 491 2944
                                                       Fax Intl + 353 1 491 2945


                              OVOCA RESOURCES PLC

             PRELIMINARY STATEMENT FOR YEAR ENDED 28 FEBRUARY 2002



Set out below is an extract from the audited consolidated financial statements
of Ovoca Resources PLC for the year ended 28th February 2002.

For further information contact Mr. John O'Connor, [phone].

Copies of this report will be available at the Company's offices at
York House, Rear 176 Rathgar Road, Dublin 6.
                                                  15 November 2002



Ovoca Resources plc



Chief Executive's Statement



The past year has been one of continuous progress for your company on a number
of fronts. In the first instance our mineral exploration program has been moved
forward at an accelerated pace under the direction of Amcorp Ireland Ltd in line
with the joint arrangement agreement signed in October 2001. Under the terms of
this agreement a very considerable work program has been carried out over all
properties concerned and this is discussed in detail below.

In tandem with the above your company has entered into a joint venture with
Mercury Holdings Plc with the specific purpose of exploring and developing
opportunities in the sustainable energy field, with initial focus on the Irish
market.



Minerals Exploration Program



Cahir Area

This project area consists of some 13 licences, 9 held by Ovoca and 4 additional
licences held by Amcorp. Under the terms of the agreement Ovoca will be credited
with a 49% interest should these licences prove to be of potential going
forward.

A very extensive work program has also been completed here. This includes review
and compilation of historic data together with extensive new geochemical
testing, a high-resolution airborne magnetic survey of the entire block and
selected ground gravity surveys. Two drill holes with a combined depth of 750m
have been completed. The results are seen to be most encouraging and, while the
mineralization discovered to date has not been significant, further ongoing
exploration will take place.



North Galway Area

This project area consists of 18 prospecting licences covering 739sq km located
at the very north of Co Galway. Exploration in this area was driven by the
location of small but significant mineral deposits at Pollremon and Rossmearan
coupled with a large area of under explored, geologically favourable ground.
Ovoca Resources Plc holds 6 licences in its own name and Amcorp holds an
additional 12 licences in their name. As before the agreement allows that Ovoca
will have a 49% interest in any discoveries emerging on this ground.



A work program of considerable magnitude has been completed on this group of
properties. To date this includes compilation of all previous work, open file
data and regional magnetic /gravity surveys together with all available outcrop
and borehole data, review of all previous geochemistry, biostratographic testing
of rock samples and an airborne magnetic survey over the entire area. This work
was designed to delineate fault structures and provide geologic guidance. An
extensive ground gravity survey with readings recorded at 927 stations was also
completed.

Based on the results of these surveys an exploratory drill hole was completed to
some 400m depth. No mineralization was intercepted and the geological and
explorational information derived from this work program was not encouraging.
Accordingly an agreed decision has been reached between Amcorp and Ovoca to
relinquish this ground and drop this project from the joint venture so as to
concentrate resources on the Cahir area.



Newcastlewest and Co Clare

These licences remain under the control and management of Ovoca. These
properties have always been regarded as high potential by your company and
information recently to hand upgrades their prospectivity significantly further.
  Progress has been delayed in this area due to problems with drilling
accessibility to our preferred targets.  An alternative work program has been
devised that will help considerably with further evaluation of this area. Your
company is of the view that this project area deserves to be moved forward, even
in the present climate.



Energy Storage Project : Optimum Energy Ltd



In June 2001 Ovoca announced that it had entered into a joint venture
arrangement, the purpose of which was to make a pre-feasibility study of energy
storage possibilities. A considerable research program was undertaken which
involved meetings with various energy related bodies in Ireland together with
equipment manufacturers and site developers in the USA. Discussions with
consultant groups specialising in this field worldwide were also initiated.



Results of this study clearly indicated considerable potential for developments
of this style in Ireland and accordingly in April 2002 a decision was reached to
consolidate the joint venture into a limited company, Optimum Energy Limited,
which is owned 50% by Ovoca.



Optimum Energy has identified the storage of electrical energy for use at peak
times as a highly profitable and as yet undeveloped aspect of the electricity
market in Ireland. Peak power is priced at an attractive premium over off-peak
energy and storage utilises this price differential by storing the cheaper
off-peak electricity and selling it back into the market during the premium
hours. In recent years in Ireland peak power demand has run up over 90% of all
available supply illustrating the need and demand for additional peak
generation.



In addition Optimum sees storage as a key component in the strategic development
of a Sustainable Green Energy programme in Ireland. The EU Directive on
Renewable Energy sets Ireland a target of 13.2% of electricity used to come from
renewable resources by 2010 (approx 1,170MW at that time). Currently by far the
largest component in the national strategy is the further large-scale
development of wind power. Already 130MW is in place with planning permission
granted for a further 355MW of onshore development and 520MW of offshore and
recently a further 700MW has been proposed. However there are two major
inhibiting factors in developing wind power.



1.       System Stability. The generation and transmission system can only
accommodate a certain percentage of wind energy as a proportion of the total due
to the instability that wind energy introduces. This caps the installable wind
generation capacity at a relatively low level thus limiting its contribution to
a green energy program. Discussions with the relevant agencies suggested an
upper limit of the order of 500MW (A full technical evaluation has been
commissioned by the regulatory body). It is clear however that even the present
proposed wind energy program far exceeds the systems stability limits and this
highlights the absolute imperative of storage.





2.       Unreliability. Wind power by its nature is unpredictable and
uncontrollable in the sense of matching capacity to demand. Hence much potential
wind energy will remain unharnessed to useful purposes, especially at off-peak
periods, even though expensive plant is installed.



Storage as a Solution



•       The oscillations and instability of wind-power would be smoothed by
synchronizing the storage/generation cycle of the storage plant with the
variance of wind power availability. This would increase the installable
capacity of wind power thus facilitating a larger green energy program.

•       Wind farm operators would have a 24-hour market for their production,
thus rendering the process much more viable and so encouraging greater
investment.

•       The effective storage of green energy at off-peak and its re-release at
peak periods essentially multiplies the benefit of wind energy in curbing the
need for hydro-carbon powered plants and cutting greenhouse emissions.

•       Due to the fast reaction times of the storage systems planned to sudden
load demands, the current practice of holding expensive hydro-carbon powered
plants on spinning reserve could be greatly reduced or even eliminated.



Optimum Energy has carried out an extensive feasibility study over the past
eighteen months into various methodologies for energy storage with particular
focus being placed on compressed air energy storage (CAES).



CAES employs technology that has been proven in service for a number of years.

The fundamentals of the system involve using off-peak electrical energy to
compress air in underground storage facilities and then releasing it as the
motive force in driving a turbine/generator producing electricity at peak
demand. There are currently two plants operational in the world (commissioned in
the late 70's and early 90's). Recently it has come into major prominence due to
changes in the world energy market. At present one extremely large plant
(2700MW) is in development in the USA with several more in the planning process
both in the USA and Japan. For our scheme the intended storage vessel for the
compressed air are deep underground areas of high rock porosity (Several natural
gas storage plants use similar underground structures). Major advantages include
the fact that no excavation would be needed and the compression and generation
plant requires a very small surface footprint.



Meetings with key players in the electricity market in Ireland such as the
semi-state Electricity Supply Board, the recently established National Grid
Operator, Eirgrid and the Commission for Electricity Regulation all confirm that
the proposed development by Optimum Energy could be very beneficial to the
electricity industry in Ireland and to the effort to meet the country's
commitments to reduce atmospheric emissions.



In light of the universal benefits of storage we are confident that this project
will have the full practical and financial support of the Irish Government and
of the EU.



Future Project Development

Following detailed analysis of existing geologic and drilling data a number of
potential sites suitable for CAES development have been selected. A program for
future work has been designed to prove the project's full feasibility,
particularly in relation to reservoir integrity and suitability. This is
intended to bring the project through planning and up to the construction stage.
This will involve geotechnical surveys, drill testing, computer modelling etc.
as well as various surface engineering studies and EIS. A sum of up to €1.3m has
been budgeted for this phase of which half is to be paid by Ovoca.



I, together with the board of directors, look forward to advancing these
exciting and innovative projects over the coming year.





Frank Buckley B.E.                                   17 October 2002

Chief Executive









Ovoca Resources plc
Consolidated profit and loss account
for the year ended 28 February 2002
                                                                               2002                        2001
                                                                               Euro                        Euro


Administrative expenses                                                   (135,100)                   (213,607)
Other operating income                                                            -                         952

Operating loss - continuing operations                                    (135,100)                   (212,655)
Share of operating losses of joint venture
undertaking                                                                (12,181)
                                                                           
Interest receivable (net)                                                       642                       8,140

Loss on ordinary activities before taxation                               (146,639)                   (204,515)
Tax on loss on ordinary activities                                                -                      32,179

Loss for the financial year                                               (146,639)                   (172,336)

Profit and loss account at beginning of year                            (5,132,975)                 (4,960,639)

Profit and loss account at end of year                                  (5,279,614)                 (5,132,975)

Basic loss per ordinary share                                               (0.51)c                     (0.63)c



Ovoca Resources plc
Consolidated balance sheet
at 28 February 2002
                                                                               2002                        2001
                                                                               Euro                        Euro

Fixed assets
Intangible assets                                                         3,156,145                   2,985,448
Tangible assets                                                             232,783                     246,889
Financial Assets
Investment in joint venture undertaking
      Share of gross assets                                                  21,828                           -
      Share of gross liabilities                                            (4,008)                           -


                                                                          3,406,748                   3,232,337

Current assets
Debtors                                                                     105,310                      95,521
Cash at bank and in hand                                                     60,774                      18,564

                                                                            166,084                     114,085


Creditors: Amounts falling due                                            (183,966)                   (207,110)
within one year

Net current liabilities                                                    (17,882)                    (93,025)

Net assets                                                                3,388,866                   3,139,312

Financed by:

Capital and reserves
Called-up share capital                                                     727,079                     700,469
Share premium account                                                     7,757,235                   7,399,134
Capital conversion reserve fund                                              11,482                           -
Revaluation reserve                                                         172,684                     172,684
Profit and loss account                                                 (5,279,614)                 (5,132,975)

Shareholders' funds - equity                                              3,388,866                   3,139,312


Ovoca Resources plc
Consolidated cash flow statement
for the year ended 28 February 2002
                                                                           2002                             2001
                                                                           Euro                             Euro
Net cash outflow from
Operating activities                                                  (187,320)                        (161,492)

Returns on investments and servicing
of finance
Interest received - net                                                     642                           11,327

Net cash inflow from returns
on investments and servicing of finance                                     642                           11,327

Tax paid                                                                      -                                -

Capital expenditure and financial investment
Purchase of tangible assets                                                   -                         (29,637)
Purchase of intangible assets                                         (177,925)                        (271,827)

Net cash outflow from capital expenditure
and financial investment                                              (177,925)                        (301,464)

Acquisitions and disposals

Investment in joint venture undertaking                                 (2,233)                                -

Net cash outflow from acquisitions and disposals                        (2,233)                                -

Net cash outflow before financing
and use of liquid resources                                           (355,686)                        (451,629)

Financing
Proceeds received from issue of share capital                            20,250                           25,712
Net cash transferred from/(to) liquid resources                         336,717                        (427,544)

Net cash inflow/(outflow) from financing
and use of liquid resources                                             356,967                        (453,256)

Increase in cash in the year                                              1,281                          (1,627)





This announcement has been issued through the Companies Announcement Service of
                           the Irish Stock Exchange.




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