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.
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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.
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