Trade Wizard.

I think a lot of people misunderstood the original notification - particulary here in Norway as it was only issued in English. Hegnar has now published a clarification which I've translated and pasted in below. Yes the market reacted badly - but I hope that is down to a little confusion regarding the wording of the notification...

Questerre: insiders did not sell QEC

http://www.hegnar.no/bors/energi/article415604.ece

All of the management bought substantial numbers of shares, but confused the market with a complicated transaction. Chairman explains what really happened.

Today there was a very complicated and confusing public message from Questerre a rotation of stock options and purchase shares of the three primary insiders in the company. Chairman Peder Paus in Questerre emphasizes what has happened to the OBI Online.

- What happened tonight was that the company sold 3.3 million stock options that the board and management had. I had 800,000 stock options, and I participated in position with sales of 350,000 stock options. So I bought 250,000 shares for the option price and thus increased my ownership in Questerre. Altogether, I have increased my shareholding in Questerre from 5.3 million to 5.5 million shares, "said Paus to Hugin Online.

In total, Paus spent 1.2 million NOK for the shares of Questerre. CEO Michael Binnon increased his holdings by 240,000 shares, while CFO Jason D'Silva increased by 100,000 shares.

- I have been given 1.2 million new options in Questerre at a price of 24 dollars, equal to the yesterday's market price. I have a total of 3.09 million options outstanding. The options cannot be redeemed within the next 5 years. The options sold today were issued in 2005, explains Paus.

The stock fell 5 percent as it seemed the comapany management were reducing their stakes, but this was simply not the case.

- Yes, some of the primary insiders have sold options, but the primary insiders have also increased their shareholding. The reason that I have sold some of my options in the company, is that I have received a considerable tax demand, "said Paus.