FOUR directors of exploration company Petroceltic have exercised share options and then in turn accepted the offer for the shares from Dana Petroleum. The options were exercised at 28p while Dana's 34 5/8p bid has already been declared in all respects.

Petroceltic chief executive Mr John Craven made a profit of £12,031 on the deals, while other directors who profited from the options and the subsequent acceptance of the Dana offer are Mr Hugh McCormack (£5,500 profit), Mr Ray French (£3,436) and Mr Paul Power (£1,718).