LONDON (ShareCast) - Cairn Energy on Wednesday announced that its Chief Executive, Deputy Chief Executive, and Managing Director / Chief Financial Officer all increased their holdings in the company, showing their faith after the group delivered a decline in full year pre-tax losses.

Chief Executive Simon Thomson and his deputy Dr Mike Watts both purchased 17,636 shares at 283.5p each, increasing their stakes to 384,739 and 1.16m, respectively.

MD and CFO Jann Brown bought 8,818 shares at the same price, taking her total ordinary shares to 292,906.

The previous day, the FTSE 250-listed oil and gas exploration group reported an operating loss of $247.3m compared to $1.1bn in the previous year and a pre-tax loss from continuing operations of $194.2m compared to $1.2bn a year earlier.

Speaking on Tuesday, Thomson said: "Cairn delivered on its 2012 strategic objectives. Cash was returned to shareholders re-gearing the company to the drill bit, acquisitions created a balanced portfolio with growth potential; and the group's frontier exploration position was expanded.

“With a strong cash position and a disciplined approach to capital expenditure, we look forward to the start of our multi-well, multi-year operated exploration programme commencing in the fourth quarter of 2013 targeting more than 3.5bn barrels of oil equivalent of resource.”


Top Director Buys

Corero Network Security (CNS)
Director name: Mr Jens P Montanana
Amount purchased: 18,000,000 @ 15.00p
Value: £2,700,000

Landore Resources Ltd. (LND)
Director name: Mr William Humphries
Amount purchased: 3,000,000 @ 5.00p
Value: £150,000

Corero Network Security (CNS)
Director name: Mr Richard Last
Amount purchased: 666,667 @ 15.00p
Value: £100,000

Cairn Energy (CNE)
Director name: Mr Simon Thomson
Amount purchased: 17,636 @ 283.50p
Value: £49,998

Cairn Energy (CNE)
Director name: Dr Mike J Watts
Amount purchased: 17,636 @ 283.50p
Value: £49,998

Bunzl (BNZL)
Director name: Mr Jean-Charles Pauze
Amount purchased: 2,500 @ 1,313.00p
Value: £32,825

Cairn Energy (CNE)
Director name: Mrs Jann Brown
Amount purchased: 8,818 @ 283.50p
Value: £24,999

Landore Resources Ltd. (LND)
Director name: Mr Richard Prickett
Amount purchased: 410,000 @ 5.00p
Value: £20,500

Corero Network Security (CNS)
Director name: Mr Andrew Douglas Miller
Amount purchased: 100,000 @ 15.00p
Value: £15,000

Global Brands S.A (GBR)
Director name: Mr Bruce VandenBerg
Amount purchased: 5,415,455 @ 0.22p
Value: £11,914


Top Director Sells

Petmin Ltd. (DI) (PTMN)
Director name: Mr Lebogang Mogotsi
Amount sold: 2,500,000 @ 16.39p
Value: £409,750

Petmin Ltd. (DI) (PTMN)
Director name: Mr Bradley B Doig
Amount sold: 1,500,000 @ 16.39p
Value: £245,850

Prudential (PRU)
Director name: Mr Mike Wells
Amount sold: 91,494 @ 1,111.27p
Value: £1,016,745

Petmin Ltd. (DI) (PTMN)
Director name: Mr Bruce Tanner
Amount sold: 500,000 @ 16.39p
Value: £81,950

CSR (CSR)
Director name: Mr Joep van Beurden
Amount sold: 163,766 @ 468.79p
Value: £767,719

CSR (CSR)
Director name: Mr Will Gardiner
Amount sold: 123,480 @ 468.79p
Value: £578,862

CSR (CSR)
Director name: Mr Joep van Beurden
Amount sold: 45,000 @ 471.20p
Value: £212,040

CSR (CSR)
Director name: Mr Chris Ladas
Amount sold: 43,909 @ 468.79p
Value: £205,841

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