Surprised no MoneyAm BB yet ???

Zari Resources PLC
17 December 2004



ZARI RESOURCES PLC

STATEMENT AT EGM


The following is the text of a statement being made by the Chairman at the EGM
being held at 3.00 pm today.


Zari Resources Plc ('Zari') has previously announced an agreement with Horizon
Oil Limited ('Horizon') under which Zari will initially loan up to 1.5 million
to Horizon and have an option to acquire Horizon for a consideration payable in
Zari shares and based on a discount from the appraised value of Horizon's oil
and gas assets. Horizon is an oil and gas exploration company operating in West
Africa.


Horizon has authorised Zari to announce that Horizon is advancing consideration
of a number of opportunities in West Africa. Applications have been lodged for
two exploration permits. In addition, Horizon is considering the purchase of an
interest in another exploration permit. Other opportunities have been identified
and are being considered for follow-up action.



17 December, 2004




This information is provided by RNS
The company news service from the London Stock Exchange

The unusual movement in Zar shares late today is likely due to the following press release, which should be read in conjunction with the EGM statement (above).



http://www.rigzone.com/news/article.asp?a_id=19089

- but are we talking about the same companies?

I don't think so, Horizon Offshore is listed on the NASDAQ (HOFF).

Cute of Zar to release the Morgan Stanley sale last night out of hours, when it has been sitting on the information for a week.. Trying to slip it by?

On 14 February 2005 Morgan Stanley Securities Limited informed the Company that
it had sold 14,500,000 Ordinary Shares in the Company, representing 4.9 per
cent. of the issued share capital of the Company.

well spotted..cheeers