Falkland Oil & Gas non-exec sells shares

24th May 2010 17:07

The wife of Falkland Oil and Gas Ltd's non-executive finance director has sold shares at near to an all-time high for the share price. The FOGL share price has been boosted by Rockhopper Exploration's oil discovery in the North Falkland Basin. FOGL is exploring to the south of the Falkland Islands where the water is deeper. Timothy Jones' wife Lindsay sold 48,050 shares at 177p a share. This raised just over £85,000. They still own 180,185 shares, including 16,950 in the name of Mrs Jones. Timothy Jones joined the board in September 2004 just before the flotation of FOGL in October 2004. At that time the company raised £12m at 40p a share. Jones did not take part in last May's £7.6m fundraising at 73p a share or the £50m placing at 115p a share in November.FOGL has secured the Ocean Guardian, the drilling rig contracted by Desire Petroleum and used by Rockhopper, to drill a well on the Toroa prospect in the East Falkland Basin. Drilling should start in a few weeks.