Re; Negotiations

Ovoca Resources PLC
25 October 2001

                                                           Ovoca Resources PLC

                                                                   York House,

                                                        Rear 176 Rathgar Road,

                                                                     Dublin 6.

                                                         Phone + 353 1 4912944

                                                           Fax + 353 1 4912945

25th October 2001



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Ovoca Resources Plc. wishes to announce that negotiations on its exploration
and development Joint Venture arrangement with Amcorp (Ireland) Ltd. have now
been completed and final documents have been signed by Ovoca.

In the interim period substantial exploration work has been carried out on
both the Cahir and North Galway licence blocks and it is anticipated that
significant drilling programs will commence shortly.

Studies to examine the feasibility of specific projects in the field of energy
generation and storage are continuing through a joint venture which we have
now set up with Mercury Holdings Plc.. Such studies are presently on going and
progress on their developments will be reported on at the earliest appropriate
time.



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For further information please contact

John O'Connor, Ovoca Resources Plc

Telephone [phone]