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COO of Afren sells 360,000 shares

Thu, 27th Dec 2012 15:40

Shahid Ullah, the Chief Operating Officer of Afren, the FTSE 250 energy group, has reduced his stake in the company by 360,000 shares. Ullah, who joined the company in 2008, traded in the stock at 130p a time on Christmas Eve, earning himself £468,000 before tax. Earlier this month the group, which is focused on African and the Middle East, reported that its wholly-owned subsidiary, Afren East African Exploration (EAX), has begun a major 3D seismic programme in the Seychelles, the first 3D survey to be conducted in the country. Under the programme, two surveys will be carried out on the group's licence areas, which are located in shallow to deep water in the Northern half of the Seychelles Plateau. The first of the surveys will cover 600km² in the southern region of the licence, while the second will be in the northern section and will cover an area of 2,750 km². Ullah now holds four million shares in the company. Robert Terry, the Chairman and Group Chief Executive of AIM-listed Quindell Portfolio, purchased £100,750-worth of shares in the software group on Thursday. Terry bought 625,000 shares at 16.12p each, and as a result he is now interested in 682.75m ordinary shares, equal to 19.9% of the total issued share capital.The company, which provides solutions for the insurance and telecoms industry, recently completed the acquisition of Silverbeck Rymer Solicitors after receiving approval from the UK's Solicitors Regulation Authority. Quindell said a consideration was satisfied by the issue of 97.66m Quindell shares subject to lock in arrangements ranging from 12 to 36 months, together with the final payment against £12m in cash. Speaking at the time, Terry said: "Having worked closely with Silverback Rymer over the last six months, we have grown it from the fourth largest personal injury law firm and Quindell Legal Services is now the UK's largest based on forecast run rate volumes." Top Director BuysQuindell Portfolio (QPP) Director name: Mr Robert TerryAmount purchased: 625,000 @ 16.12p Value: £100,750Infrastructure India (IIP) Director name: Mr Rahul (Sonny) LullaAmount purchased: 125,000 @ 25.00p Value: £31,250Scapa Group (SCPA) Director name: Mr James A S WallaceAmount purchased: 20,000 @ 62.05p Value: £12,410Top Director SellsEnergy XXI (Bermuda) (Di) (EXXI) Director name: Mr John Daniel Schiller JrAmount sold: 24,000 @ $31.57 Value: $757,680Energy XXI (Bermuda) (Di) (EXXI) Director name: Mr John Daniel Schiller JrAmount sold: 24,000 @ $31.57 Value: $757,680Energy XXI (Bermuda) (Di) (EXXI) Director name: Mr John Daniel Schiller JrAmount sold: 24,000 @ $31.51 Value: $756,240Afren (AFR) Director name: Mr Shahid UllahAmount sold: 360,000 @ 130.00p Value: £468,000

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