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
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
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
-
Rightmove: property asking prices hit record highNews Rising demand for top of the ladder home is boosting asking prices, Rightmove research shows. Is now a good time to sell a property?
-
FTSE 100 hits record highs – why is it rising and will we see more gains?Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
