Co-founder and Non-Executive Chairman of Chariot Oil and Gas, an Africa-focused exploration company, Adonis Pouroulis, has scooped up 100,000 shares in the firm.
He made the purchase on Tuesday, the same day the company admitted that the Tapir South well (1811/5-1), offhore Namibia, failed to find commercial hydrocarbons, and will now be plugged and abandoned.
Pouroulis purchased the shares at 74.95p each for a total of £74,950.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Get 6 issues free
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
His colleage Larry Bottomley, a Non-Executive Director, also bought up two rounds of shares, one of which was on behlaf of his wife. The transactions consisted of 20,104 at 81.00p for a total of £16,284 and 20,289 at 80.00p at £16,231, respectively.
The purchases were announced on Wednesday, the same day broker UBS slashed its target price on the stock from 340p to 215p, but said: "Namibia is fast becoming an exploration hot spot, driven by large, cheap acreage positions, and good fiscal terms, with a government looking to increase foreign investment.
"Chariot has indentified a portfolio of prospects and leads with a total estimated mean-unrisked resource potential of over 20bn barrels of oil in its offshore Namibian licences.
"The company recently spudded the first of two wells this year at Tapir South, and will drill the giant Nimrod prospect later in the year."
UBS also maintained its buy rating on the stock.
Top Director Buys
Chariot Oil & Gas Ltd. (CHAR)
Director name: Mr Adonis Pouroulis
Amount purchased: 100,000 @ 74.95p
Value: £74,950
Biotech Growth Trust (The) (BIOG)
Director name: Mr Andrew Joy
Amount purchased: 25,000 @ 249.00p
Value: £62,250
Exillon Energy (EXI)
Director name: Mr David Herbert
Amount purchased: 42,750 @ 115.35p
Value: £49,312
Vitec Group (VTC)
Director name: Mr Nigel Moore
Amount purchased: 5,000 @ 648.50p
Value: £32,425
Ladbrokes (LAD)
Director name: Mr Richard Ames
Amount purchased: 10,000 @ 168.47p
Value: £16,847
Chariot Oil & Gas Ltd. (CHAR)
Director name: Mr Larry Bottomley
Amount purchased: 20,104 @ 81.00p
Value: £16,284
Chariot Oil & Gas Ltd. (CHAR)
Director name: Mr Larry Bottomley
Amount purchased: 20,289 @ 80.00p
Value: £16,231
Top Director Sells
Anglogold Ashanti Ltd. (AGD)
Director name: Mr Mark Cutifani
Amount sold: 34,601 @ 2,012.39p
Value: £696,307
Anglogold Ashanti Ltd. (AGD)
Director name: Mr S (Venkat) Venkatakrishnan
Amount sold: 28,218 @ 2,012.39p
Value: £567,856
Archipelago Resources (AR.)
Director name: Mr Jeremy Ayre
Amount sold: 94,778 @ 58.00p
Value: £54,971
Archipelago Resources (AR.)
Director name: Mr Jeremy Ayre
Amount sold: 94,778 @ 58.00p
Value: £54,971
Should the income protection age cap be lifted?
UK interest rate cut all but ruled out
