FAROE Petroleum chief executive Graham Stewart is in line to get more than £60,000 worth of free shares after subscribing for a similar amount as part of the firm's £65 million share placing.

Mr Stewart bought 50,022 shares at 120p for each but could get the same amount again under the oil and gas explorer's co-incentive plan.

Faroe said: "Such placing shares subscribed for by the executive directors will be treated as "Investment Shares" as these executive directors are eligible to participate in the company's co-incentive plan and an award of matching ordinary shares will be announced separately."

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Chief operating officer Helge Hammer bought 30,604 shares and chief financial officer Jonathan Cooper purchased 23,686 and will also have the opportunity to receive the same again under the co-incentive plan.

A company spokesman pointed out Faroe had raised £20 million more than initially anticipated because of strong demand from institutional investors.

The additional funds are to be used to pursue more production acquisitions and turn its estimated resources into provable reserves.