DIRECTORS and employees of North Sea-focused Faroe Petroleum have acquired shares worth around £2 million in total at nil cost under the oil and gas company’s incentive plan. Aberdeen-based Faroe said directors were able to exercise options to acquire 2,001,262 shares in total at nil cost. The awards were made subject to meeting performance targets over a three year period. Shares in the company closed at 100p yesterday. Chief executive Graham Stewart acquired 1,146,314 shares. He sold 540,192 shares at 100p each to meet the associated tax liability. Following the transactions Mr Stewart has 1,717,785 shares in Faroe Petroleum.

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