Preliminary Statement 28/2/03

Ovoca Resources PLC
15 September 2003

                                                             Ovoca Resources PLC
                                                                     York House,
                                                           Rear 176 Rathgar Road
                                                                        Dublin 6
                                                     Phone Intl + 353 1 491 2944
                                                       Fax Intl + 353 1 491 2948



                          OVOCA RESOURCES PLC

             PRELIMINARY STATEMENT FOR YEAR ENDED 28 FEBRUARY 2003


Set out below is an extract from the audited consolidated financial statements
of Ovoca Resources PLC for the year ended 28th February 2003.

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 September 2003



Ovoca Resources plc

Chairman's statement



The accompanying Chief Executive's Report sets out the exploration position of
your Company throughout the year and the developments surrounding our energy
storage project, Optimum Energy Limited.

As discussed at the recent EGM much of the year has been taken up with the
raising of funds, which proved difficult given the market and economic
conditions, and limited other progress to technical and market research.
However, following the successful placing, work has recommenced on the selected
potential CAES sites.

The market outlook for energy storage remains extremely bright and continues to
improve given the growing peak power demands and ongoing emerging electricity
market deregulation. This when taken with the increasing growth of infirm wind
generation makes energy storage an ideal solution to some for the country's
power needs yielding firm generation that's available at peak and utilising an
increasing source of off peak energy.

Ovoca Resources remains very well placed to fill this economically attractive
storage niche.

Your company also retains its strong mineral exploration interest and
experience, and in addition to its licence block in Limerick which remains
highly promising, is continually assessing other mining opportunities in
exciting sectors of the industry with a view to acquisition should the
assessment be positive.

I look forward to meeting you at the Annual General Meeting.



Paul Smithwick

Chairman





Ovoca Resources plc



Chief Executive's Statement

During the past year the priority was the raising of funds to push forward the
Energy storage and Mineral programs. Given the prevailing market conditions this
proved to be time consuming limiting exploration work to minimal non-field
related work for most of the year. Regardless of this some progress has been
achieved.

Minerals Exploration Program

As you will be aware Amcorp Ireland Ltd terminated the joint venture project
with Ovoca relinquishing their interest in the Cahir and Galway licenses. After
further analysis of the licenses it was decided that, although still promising
from an exploration viewpoint, they would be surrendered given the ongoing
depressed zinc market, and hence the lack of market appetite for Zinc projects.
For this same reason work on the remaining Newcastlewest license block has been
largely concerned with ongoing analysis awaiting a reappraisal of its prospects
if the zinc market improves.

During the year a number of other mining and exploration projects have been
looked at, both abroad and in Ireland, to examine if any opportunities exist in
more favourable mineral markets such as copper or gold.

Energy Storage Project : Optimum Energy Ltd

Again progress here has been hampered by the delay in fundraising. However work
on the feasibility has progressed, and with the successful share placing
achieved, more intensive surveys and site assessment is underway.

Market conditions for energy storage have continued to improve, driven by the
ongoing increase in peak electricity demand, which is continuing to rise
steadily. This has highlighted the possibilities of black outs in the near
future and signalled the need for the development of new peak power generation
plant.  This has resulted in part in the numerous ESB retail price rises
authorised by the CER (commission for energy regulation) in an effort to
stimulate investment in generation.

However to date the only generation development that has any momentum is wind
power, with several large scale projects making steady progress, but these do
little to allay peak power worries. In fact this increased presence of infirm
power will add considerably to the off-peak surplus while doing little to
guarantee peak supply.  A situation is evolving in Ireland that cries out for
energy storage and which will make it even more economically rewarding.

Following on the placing in July geophysical field crews have been mobilized and
are commencing a program designed to progress the assessment of a number of the
potential CAES (Compressed Air Energy Storage) sites that have been selected for
examination.

In addition to this a further site for a unique Pumped Hydro (similar to
Turlough Hill) energy storage scheme has been assessed. This site was
imaginatively selected in order to provide a Pumped Hydro plant at a greatly
reduced cost and in a very short timescale.  Unfortunately after considerable
evaluation this site has proven to be unsuitable but we remain confident that
one of the selected CAES sites will prove feasible.



Frank Buckley B.E.


Chief Executive




Ovoca Resources plc
Consolidated profit and loss account
for the year ended 28 February 2003
                                                                               2003                        2002
                                                                               Euro                        Euro


Administrative expenses                                                   (125,413)                   (135,000)
Other operating income                                                            -                           -

Operating loss - continuing operations                                    (125,413)                   (135,100)
Share of operating losses of joint venture
undertaking                                                               (107,317)                    (12,181)
Interest receivable (net)                                                     3,039                         642

Loss on ordinary activities before taxation                               (229,730)                   (146,639)
Tax on loss on ordinary activities                                                -                           -

Loss for the financial year                                               (229,730)                   (146,639)

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

Profit and loss account at end of year                                  (5,509,344)                 (5,279,614)

Basic loss per ordinary share                                               (0.79)c                     (0.51)c



Ovoca Resources plc
Consolidated balance sheet
at 28 February 2003
                                                                               2003                        2002
                                                                               Euro                        Euro

Fixed assets
Intangible assets                                                         3,173,464                   3,156,145
Tangible assets                                                             218,678                     232,783
Financial Assets
Investment in joint venture undertaking
      Share of gross assets                                                  15,681                      21,828
      Share of gross liabilities                                          (105,179)                     (4,008)


                                                                          3,302,644                   3,406,748
Current assets
Debtors                                                                      39,935                     105,310
Cash at bank and in hand                                                     52,536                      60,774

                                                                             92,471                     166,084


Creditors: Amounts falling due                                            (235,978)                   (183,966)
within one year

Net current liabilities                                                   (145,507)                    (17,882)

Net assets                                                                3,159,137                   3,388,866

Financed by:

Capital and reserves
Called-up share capital                                                     727,079                     727,079
Share premium account                                                     7,757,235                   7,757,235
Capital conversion reserve fund                                              11,482                      11,482
Revaluation reserve                                                         172,684                     172,684
Profit and loss account                                                 (5,509,344)                 (5,279,614)

Shareholders' funds - equity                                              3,159,137                   3,388,866



Ovoca Resources plc
Consolidated cash flow statement
for the year ended 28 February 2003
                                                                           2003                             2002
                                                                           Euro                             Euro
Net cash inflow/(outflow) from
Operating activities                                                      6,042                        (187,320)

Returns on investments and servicing
of finance
Interest received - net                                                   3,039                              642

Net cash inflow from returns
on investments and servicing of finance                                   3,039                              642

Tax paid                                                                      -                                -

Capital expenditure and financial investment
Purchase of tangible assets                                                   -                                -
Purchase of intangible assets                                          (17,319)                        (177,925)

Net cash outflow from capital expenditure
and financial investment                                               (17,319)                        (177,925)

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                                             (8,238)                        (366,836)

Financing
Proceeds received from issue of share capital                                 -                          409,046
Net cash transferred from/(to) liquid resources                           8,154                            (585)

Net cash inflow from financing
and use of liquid resources                                               8,154                          408,461

(Decrease)/increase in cash in the year                                    (84)                           41,625




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



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