Simon Thompson, a Non-Executive Director of FTSE 100 resources company Tullow Oil, has added 8,419 shares to his stake in the firm following its announcement of a recent discovery.
The discovery saw the company source further oil in the first exploration well at one of its Kenyan projects, increasing its potential 'significantly', the group said on Tuesday.
Thompson handed over a total of around £99,500 for the shares, which were purchased in two transactions of 3,431 at 1449.4p and 4,988 at 1495.8p, respectively. The purchases increased his total holding to 10,166 shares.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
The Ngamia-1 well, located in the Turkana Country of Kenya Block 10BB, is the oil company's first prospect to be tested as part of the project in Kenya and Ehtiopia.
Following an announcement on March 26th that said that the well had encountered in excess of 20m of net oil pay, the well was then deepened from 1,041m to 1,515m and a total pay count greater than 100m has now been discovered.
Top Director Buys
Sinclair Is Pharma (SPH)
Director name: Mr Jean-Charles Tschudin
Amount purchased: 131,300 @ 26.46p
JPMorgan Russian Securities (JRS)
Director name: Mr Alex Easton
Amount purchased: 5,000 @ 508.50p
Matra Petroleum (MTA)
Director name: Mr James William (Bill) Guest
Amount purchased: 555,555 @ 2.66p
Ashmore Global Opportunities Ltd GBP Shares (AGOL)
Director name: Mr Christopher Legge
Amount purchased: 2,500 @ 590.00p
El Oro Ltd (ELX)
Director name: Mr Robert E. Wade
Amount purchased: 10,000 @ 114.50p
Telecity Group (TCY)
Director name: Mr Michael Tobin
Amount purchased: 1,500 @ 756.67p
From oil to copper: how to trade wisely when capitalising on mega trends
By MoneyWeek Published
Thousands of pensioners forced to claim back huge amounts in emergency tax
Some retirees are losing more than £50,000 in emergency tax when they withdraw money from their pensions, which then has to be clawed back from HMRC.
By Ruth Emery Published