Forum director exercises options over one million shares

29th May 2012 16:06

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. 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 BuysConygar Investment Company (CIC) Director name: Mr Nigel J HamwayAmount purchased: 50,000 @ 88.50p Value: £44,250F&C Asset Management (FCAM) Director name: Mr Edward BramsonAmount purchased: 48,727 @ 71.10p Value: £34,645Telit Communications (TCM) Director name: Mr Oozi CatsAmount purchased: 50,000 @ 51.00p Value: £25,500Volex (VLX) Director name: Mr Ray WalshAmount purchased: 10,000 @ 244.00p Value: £24,400BG Group (BG.) Director name: Dr Dr John HoodAmount purchased: 1,500 @ 1,277.30p Value: £19,160REA Holdings (RE.) Director name: Mr J. M. Green-ArmytageAmount purchased: 2,000 @ 511.00p Value: £10,220Top Director SellsJardine Matheson Holdings Ltd (Singapore) (JAR) Director name: Mr Adam Phillip Charles KeswickAmount sold: 29,460 @ $49.51 Value: $1,458,503Jardine Matheson Holdingd Ltd. (Bermuda) (JARB) Director name: Mr Adam KeswickAmount sold: 29,460 @ $49.51 Value: $1,458,503Iomart Group (IOM) Director name: Mr Richard LoganAmount sold: 120,500 @ 140.00p Value: £168,700S & U (SUS) Director name: Mr Mike MullinsAmount sold: 2,000 @ 720.00p Value: £14,400NR