Bill Gammell, chief executive of Cairn Energy, cashed in on the oil and gas company's exploration success in India when he sold shares worth around (pounds) 2m. Following a dramatic rise in the Edinburgh-based firm's market capitalisation this year, sparked by three big finds, Gammell, pictured, was able to offload 200,069 shares at 998p each. That compares with a price of 182.25p commanded by Cairn shares early in January. Three other executives, including exploration director Mike Watts, shared proceeds of around (pounds) 4.1m from the sale of a total of 414,571 shares. Gammell and Watts were able to acquire 150,000 and 80,000 shares respectively at 234p, while Malcolm Thoms, operations chief, bought 60,000 at 234p each, under options granted in May 1996. Kevin Hart, finance director, exercised options to acquire 100,000 shares at 351p. Gammell also received 199,346 shares under the company's
long-term incentive plan. That left him with a hold-ing of 1,035,000 shares worth (pounds) 10.3m at yester-day's closing price of 994p. Other directors were awarded a total of 401,577 under the LTIP.
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