Faroe non-exec tops up

published 1 October 2009

Tim Read, non-executive director of Faroe Petroleum, has topped up his holding despite a surge in the share price over the past two months on a stream of good news.

Read bought 25,000 shares at 137p each, marking the first significant buy by a director for some time.

Faroe, which is controlled by Dana Petroleum, released more good news this week on an appraisal well on the recent Glenlivet gas discovery, West of Shetland. Based on the preliminary logging data, the results exceed the net gas column and reservoir quality expected, it added.