Gulf Keystone director sells quarter of a million shares

Mehdi Varzi, a Non-Executive Director of Gulf Keystone, the AIM-listed oil and gas explorer, has sold a quarter of a million shares.

Varzi, who has been on the board since 2008, sold 257,347 shares at 254.17p each for a total of £654,099.

Earlier this month the firm reported that the testing programme for the Shaikan-4 appraisal well remains ongoing, with six out of seven planned tests completed to date. So far aggregate flow rates in excess of 14,000 barrels of oil equivalent per day have been achieved.

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

At the Shaikan-5 appraisal well, it became necessary to drill a sidetrack due to a portion of the drill string becoming stuck in the hole. The sidetrack operations were successfully performed and drilling operations have resumed, the firm said.

The stock has gained 70%, or 110p, over the past year, despite losing 26% during the past month.

The share price rose 5.6% to 268.50p the same day the sale was announced.

Top Director Buys

Randgold Resources Ltd. (RRS)

Director name: Mr R I Israel

Amount purchased: 1,000 @ 5,784.26p

Value: £57,843

Randgold Resources Ltd. (RRS)

Director name: Mr Andrew J Quinn

Amount purchased: 600 @ 5,809.56p

Value: £34,857

Randgold Resources Ltd. (RRS)

Director name: Mr R I Israel

Amount purchased: 500 @ 5,577.19p

Value: £27,886

Medusa Mining Ltd. (DI) (MML)

Director name: Mr Andrew Boon San Teo

Amount purchased: 5,000 @ 336.87p

Value: £16,844

Top Director Sells

Gulf Keystone Petroleum Ltd. (DI) (GKP)

Director name: Mr Mehdi Varzi

Amount sold: 257,347 @ 254.17p

Value: £654,099