Tullow non-exec makes double purchase following oil discovery

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

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

Sign up

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

Value: £34,742

JPMorgan Russian Securities (JRS)

Director name: Mr Alex Easton

Amount purchased: 5,000 @ 508.50p

Value: £25,425

Matra Petroleum (MTA)

Director name: Mr James William (Bill) Guest

Amount purchased: 555,555 @ 2.66p

Value: £14,778

Ashmore Global Opportunities Ltd GBP Shares (AGOL)

Director name: Mr Christopher Legge

Amount purchased: 2,500 @ 590.00p

Value: £14,750

El Oro Ltd (ELX)

Director name: Mr Robert E. Wade

Amount purchased: 10,000 @ 114.50p

Value: £11,450

Telecity Group (TCY)

Director name: Mr Michael Tobin

Amount purchased: 1,500 @ 756.67p

Value: £11,350

NR