Edinburgh Oil chief scoops £4.6m

EDINBURGH OIL & Gas boss Alf Bissett is pocketing a £4.6m windfall after his company today completed a £132.8m takeover by a Dutch joint venture.

Edinburgh holds a 5% stake in the Buzzard oilfield, one of the biggest North Sea discoveries in recent years. Today's deal values the field at more than £2.5bn.

Speculation of a bid for Edinburgh-mounted last year as other stakeholders in the project cashed in on the soaraway oil price and sold out.

The Dutch joint venture, formed by oil operators Oranje-Nassau and SHV Holdings, is paying 317p a share, a 27% premium to the Edinburgh-share price a day before last week's initial approach.

The sale comes amid signs the stock market energy boom may be losing its spark. Figures from financial website DigitalLook.com show directors at oil, gas and mining companies selling shares at the fastest rate for a year. They cashed in £16 million of stock in the past month alone and bought £307,000 worth.