Director dealings: Frontera in favour with CFO

FRONTERA Resources, an Aim-listed oil and gas explorer focused on interests in Georgia, last month provided a positive update on its progress.

The company said it was on track to deliver gas sales in the second quarter of 2012 and plans to increase oil production from current levels of 220 barrels per day.

It also announced that it had entered into an agreement with an investment fund which could provide up to $3.1 million in cash for ongoing work programmes.

Shares in Frontera have performed poorly over the past year but chief financial officer Stephen McGregor appears to believe they represent good value at current levels. He purchased 600,000 shares at around 1.06p and now holds just over 13 million shares in the group.

≤ Neil Carson, chief executive of chemicals giant Johnson Matthey, has disposed of 28,901 shares acquired through an option scheme. He sold the shares at 2,280p each following an upbeat quarterly update from the firm.

≤ Paul Walsh, chief exective of spirits giant Diageo, has sold 90,000 shares at 1,500p each.

≤ Ben Mingay, a non-executive director of emergency repair group Homeserve, has bought his first shares in the company. He bought 20,000 at 250.7p. Earlier this month the firm announced it was cutting 200 jobs as it revealed that total customer numbers for the full year are expected to be eight per cent lower than last year.