LONDON (ShareCast) - 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 Buys

Quindell Portfolio (QPP)
Director name: Mr Robert Terry
Amount purchased: 625,000 @ 16.12p
Value: £100,750

Infrastructure India (IIP)
Director name: Mr Rahul (Sonny) Lulla
Amount purchased: 125,000 @ 25.00p
Value: £31,250

Scapa Group (SCPA)
Director name: Mr James A S Wallace
Amount purchased: 20,000 @ 62.05p
Value: £12,410


Top Director Sells

Energy XXI (Bermuda) (Di) (EXXI)
Director name: Mr John Daniel Schiller Jr
Amount sold: 24,000 @ $31.57
Value: $757,680

Energy XXI (Bermuda) (Di) (EXXI)
Director name: Mr John Daniel Schiller Jr
Amount sold: 24,000 @ $31.57
Value: $757,680

Energy XXI (Bermuda) (Di) (EXXI)
Director name: Mr John Daniel Schiller Jr
Amount sold: 24,000 @ $31.51
Value: $756,240

Afren (AFR)
Director name: Mr Shahid Ullah
Amount sold: 360,000 @ 130.00p
Value: £468,000

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