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Cambrian Mining finance director Jo Malins has resigned from the boards of Asia Energy and Cambrian Oil & Gas.

According to AIM-quoted Cambrian Mining, Malins' resignation from these two related companies, also quoted on AIM, came at the suggestion of the Cambrian Mining board after the Financial Services Authority had fined him a record £25,000 over share dealings in Cambrian Mining. The FSA imposed the fine because it found Malins had bought Cambrian Mining shares on two occasions ahead of company announcements that were likely to move the price.

In theory, according to the FSA, Malins could have made a profit of £6,400 had he sold the shares after the announcements, though in fact he did not do so. Cambrian Mining's board, led by chairman Charles de Chezelles, says it is of the opinion that Malins 'did not seek to gain immediate financial advantage' from the share purchases.

Therefore, the Cambrian Mining board has rejected Malins' offer to resign. However, 'the board has advised Mr Malins to resign as a director of Asia Energy and Cambrian Oil and Gas' and it has cancelled his 70,000 Cambrian Mining options at 20p – against today's 114p, up 5.25p.

Accordingly, both Asia Energy and Cambrian Oil and Gas have announced Malins' resignation. Asia Energy shares stand at 380p, up 21p today, and Cambrian Oil and Gas is unchanged at 3.75p.