GLR Galileo Resources Plc

RNS No 8971d
GAELIC RESOURCES PLC
7th October 1997

Following on the acquisition of the entire issued share capital of European
Hydrocarbons Limited ("the Acquisition"), the placing of 250 million new
Ordinary Shares at Stg1p per share ("the Placing") and the 1 for 4 open offer
of up to an additional 105,633,119 new Ordinary Shares at Stg1p per share
("the Open Offer") announced on 12 September, 1997, Gaelic announces that
pursuant to Section 67 et sequitur of the Irish Companies Act, 1990, it has
received notification today from Bank of Ireland Nominees Limited/NRI that, it
has acquired 16,747,361 Ordinary Shares of IR1p each in Gaelic pursuant to the
Open Offer which together with its existing holding of 66,989,445 ordinary
shares amounts to approximately 10.46% of the enlarged issued ordinary share
capital of Gaelic.

Gaelic also announces that pursuant to Section 67 et sequitur of the Irish
Companies Act, 1990, it has received notification today from Charles Street
Securities Limited that, it has acquired 13,243,750 Ordinary Shares of IR1p
each in Gaelic.  Charles Street Securities Limited is now accordingly
interested in 41,218,750 ordinary shares of 1p each in Gaelic which amounts to
approximately 5.15% of the enlarged issued ordinary share capital of Gaelic.

Gaelic also announces that pursuant to Section 53 et sequitur of the Irish
Companies Act, 1990, it has received notification today from RN Keith and TJ
Fussell, Directors of the Company that by virtue of their interest in Charles
Street Securities Limited they are now interested in 41,218,750 Gaelic
Ordinary Shares.

In addition, Gaelic announces that pursuant to Section 67 et sequitur of the
Irish Companies Act, 1990, it has received notification today from Charles
Street International Limited that it has acquired 38,245,000 ordinary shares
of IR1p each in Gaelic.  Charles Street International Limited was already
interested in 25,000,000 Ordinary Shares of IR1p each in Gaelic.  Charles
Street International Limited is now accordingly interested in 63,245,000
ordinary shares of IR1p each in Gaelic, which amounts to approximately 7.90%
of the enlarged issued ordinary share capital of Gaelic.  Charles Street
International Limited holds its interest in Gaelic through Vidacos Nominees
Limited.

In addition, Gaelic announces that, pursuant to Section 53 et sequitur of the
Irish Companies Act, 1990, it has received notification from RN Keith and TJ
Fussell, Directors of the Company, that by virtue of their interest in Charles
Street International Limited that they are now interested in 63,245,000
ordinary shares of IR1p each in Gaelic.

Further, Gaelic announces that pursuant to Section 67 et sequitur of the Irish
Companies Act, 1990, it has received notification today from Phipps and
Company Limited that it has acquired 84,975,000 ordinary shares of IR1p each
in Gaelic which amount to approximately 10.61% of the enlarged issued ordinary
share capital of Gaelic.

Finally, Gaelic announces that, pursuant to Section 53 et sequitur of the
Irish Companies Act, 1990, it has received notification today from WIL
Forrest, MT McCants and Dr DH Quick, all Directors of the Company that they
are now interested in 14,157,502, 633,333, and 14,875,000 ordinary shares of
IR1p each in Gaelic respectively.

As previously announced on 12 September, 1997, options over 42 million
ordinary shares exercisable at Stg1p per share are being granted conditional
on the passing of the resolutions at yesterdays Extraordinary General Meeting
of the Company.  The condition having been satisfied, the grant is effective
as follows, WIL Forrest 5 million, RN Keith 10 million, TJ Fussell 10 million,
MT McCants 0.5 million, CB Phipps 10 million, DH Quick 5 million and PG Mahony
1.5 million.

For further information, please contact:

Thomas Fussell
Gaelic Resources plc
Tel:  (00 44) 118 934 2440

Hugh McCutcheon
Davy Corporate Finance Limited
Tel.  (353-1) 679 6363


7 October, 1997


END




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