Petroceltic duo buy stakes

Two directors at Petroceltic International have added to their holdings in the Irish oil company.

Chief executive Brian O'Cathain took 1m shares at 5.2p a time and now has 3.78m, about 0.16% of the company. Finance director Alan McGettigan took 1.12m shares at 5.3p a pop and now has 4.18m.

The share purchases come soon after Petroceltic said it has managed to get more gas flowing out of its AT-8 well on the Ain Tsila discovery in Algeria through a process called fracture stimulation, which creates a crack in the rock that allows trapped gas to escape.

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Top Director Buys

Petroceltic International (PCI)

Director name: Mr Alan McGettigan

Amount purchased: 1,115,968 @ 5.30p

Value: £59,146

Petroceltic International (PCI)

Director name: Mr Brian O'Cathain

Amount purchased: 1,000,000 @ 5.20p

Value: £52,000

Quindell Portfolio (QPP)

Director name: Mr Laurence Moorse

Amount purchased: 911,085 @ 1.70p

Value: £15,488