Re: Placing

Ovoca Resources PLC
23 June 2003

For Immediate release
23 June 2003

Ovoca Resources plc ("Ovoca" or the "Company")

Ovoca Resources plc, quoted on the Exploration Securities Market ("ESM") of the
Irish Stock Exchange, today announced that it had successfully placed 8,881,966
new Ordinary Shares at a price of €0.06 each per share to raise €532,918.  The
proceeds of the Placing, net of expenses, will be used to fund its overheads,
its on going exploration work and the Company's share of the development
expenditure in its 50 per cent joint venture in Optimum Energy Limited.

The placing is conditional upon shareholder approval at an extraordinary general
meeting of the Company, which is expected to be convened for mid July 2003. The
required ESM particulars and notice of the extraordinary general meeting are
expected to be published and circulated to shareholders shortly.


For more information please contact


Frank Buckley
+ 353 1 491 2944

John O'Connor
+ 353 1 491 2944

END


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


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            The company news service from the London Stock Exchange                 TBFJ