LONDON (Alliance News) - Oil and gas exploration company Faroe Petroleum PLC Tuesday said three of its directors bought shares on Monday.
Chief Executive Officer Graham Stewart bought 109,141 shares, Chief Financial Officer John Cooper bought 73,714 shares and Chief Operating Officer Helge Hammer bought 71,936 shares.
The shares were bought at 53.3479 pence each.
Following the transactions Stewart, Cooper, and Hammer hold 4.9 million, 1.9 million and 2.7 million shares respectively.
Faroe Petroleum on Tuesday said drilling has started on the Kvalross exploration well in the Norwegian Barents Sea.
Faroe said the drilling work has started on the 7224/2-1 exploration well, in which it holds a 40% interest. Wintershall Norge AS has a 40% stake and is the operator, with the other 20% held by Petoro AS.
The stock was down 5.2% at 50.00p Tuesday.
By Arvind Bhunjun; arvindbhunjun@alliancenews.com; @ArvindBhunjun
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