Forum director exercises options over one million shares

Walter Brown, a Non-Executive Director of UK based gas & oil Forum Energy, has exercised one million shares in the company at 31p each.

The £310,000 transaction took place on March 25th, the same day the company unveiled the findings of a report which shows an improvement in the previously known resources at its exploration license SC 72 in the Philippines, supporting the case to continue with the drilling programme.

The company will now decide how to fund the programme, set to cost $75m. Given the company's 70% stake in the licence, it has a best estimate of 154m barrels of oil and liquids and 6,159bn cubic feet of gas.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

Executive Director Andrew Mullins and Non-Executive Director Barry Stansfield also exercised shares at 31p a pop, buying 500,000 and 200,000, respectively.

The options were granted under Forum's 2005 share option plan.

The stock has performed well over the past year, up 231.5%, equivalent to 103p. The share price spiked in April when the company confirmed that its natural gas discovery at Recto Bank in the disputed South China Sea contains more reserves than initially thought.

Top Director Buys

Conygar Investment Company (CIC)

Director name: Mr Nigel J Hamway

Amount purchased: 50,000 @ 88.50p

Value: £44,250

F&C Asset Management (FCAM)

Director name: Mr Edward Bramson

Amount purchased: 48,727 @ 71.10p

Value: £34,645

Telit Communications (TCM)

Director name: Mr Oozi Cats

Amount purchased: 50,000 @ 51.00p

Value: £25,500

Volex (VLX)

Director name: Mr Ray Walsh

Amount purchased: 10,000 @ 244.00p

Value: £24,400

BG Group (BG.)

Director name: Dr Dr John Hood

Amount purchased: 1,500 @ 1,277.30p

Value: £19,160

REA Holdings (RE.)

Director name: Mr J. M. Green-Armytage

Amount purchased: 2,000 @ 511.00p

Value: £10,220

Top Director Sells

Jardine Matheson Holdings Ltd (Singapore) (JAR)

Director name: Mr Adam Phillip Charles Keswick

Amount sold: 29,460 @ $49.51

Value: $1,458,503

Jardine Matheson Holdingd Ltd. (Bermuda) (JARB)

Director name: Mr Adam Keswick

Amount sold: 29,460 @ $49.51

Value: $1,458,503

Iomart Group (IOM)

Director name: Mr Richard Logan

Amount sold: 120,500 @ 140.00p

Value: £168,700

S & U (SUS)

Director name: Mr Mike Mullins

Amount sold: 2,000 @ 720.00p

Value: £14,400

NR