Tuskar Resources has issued two million new ordinary shares in the company pursuant to the exercise of options by a former director. It is understood that the options were exercised by the company's former managing director, Mr Emmet Brown.

Mr Brown resigned from the oil and gas exploration and production company earlier this year to pursue other interests. The options were exercised at a price of 1.25p per share. Tuskar's share price was unchanged at 3p yesterday, giving Mr Brown a paper profit of £350,000.