Many of the directors of Bankers Petroleum decided to take advantage of the recent share price strength and the positive operational update to sell part of their shareholdings.
The Canada-based oil and gas company focuses on assets in Albania and is the third biggest company on AIM. The share price is more than ten times the level it was one year ago.
Five directors sold on 13 January and another sold on 15 January.
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Executive VP, exploration and development Ian McMurtie raised the most from his share disposal. He pocketed £1.53m, while finance director Douglas Urch raised £1.51m and chief executive Abby Badwi raised £1.5m.
Eugene Christensen, VP of engineering, rose £261,673 from disposals and Suneel Gupta, VP production and operations, generated £73,095 from share sales. Non-executive John Zaozirny director generated £325,032 from selling 83,333 shares.
Badwi, Urch and McMurtie used some of the cash they raised to exercise warrants, while Badwi, Gupta, Christensen and Zaozirny exercised share options.
Badwi still owns 1m shares, while Urch owns 621,390 and McMurtie holds 533,333 shares. Christensen owns 50,001 shares and Gupta holds 170,167 shares. Zaozirny holds 302,555 shares.
One director bucked the trend. Eric Brown bought 7,600 shares at a total cost of £27,984. He has 42,767 shares.
Fourth quarter production from the Patos Marinza averaged 7,203 barrels of oil per day - up 16% on the previous quarter. The exit production rate for 2009 was more than 8,100 barrels of oil per day. The average price achieved for the oil also edged up from $40.71/barrel to $45.10/barrel.
A new well is due to start production this week. Bankers expects to drill 56 wells this year.
Bankers had cash in the bank of $68m and is utilising $28m of its credit facility. A separate $110m credit facility is unused.
Top Director Buys
LED International (LED) Director name: Mr Thomas LiAmount purchased: 10,095,927 @ 1.50p Value: £151,439
LED International (LED) Director name: Mr Stephen ChanAmount purchased: 3,856,461 @ 1.50p Value: £57,847
Bankers Petroleum Ltd (BNK) Director name: Mr Eric M BrownAmount purchased: 7,600 @ 368.20p Value: £27,984
M. P. Evans Group (MPE) Director name: Mr P E Hadsley-ChaplinAmount purchased: 7,000 @ 350.00p Value: £24,500
Whitbread (WTB) Director name: Mr Richard Baker Amount purchased: 1,450 @ 1,367.05p Value: £19,822
CML Microsystems (CML) Director name: Mr George J BatesAmount purchased: 35,591 @ 30.00p Value: £10,677
Top Director Sells
Bankers Petroleum Ltd (BNK) Director name: Mr Ian McMurtrieAmount sold: 400,000 @ 381.36p Value: £1,525,440
Bankers Petroleum Ltd (BNK) Director name: Mr Douglas C UrchAmount sold: 395,278 @ 381.36p Value: £1,507,432
Bankers Petroleum Ltd (BNK) Director name: Mr Abdel (Abby) F BadwiAmount sold: 393,888 @ 381.36p Value: £1,502,131
Derwent London (DLN) Director name: Mr Nigel Q GeorgeAmount sold: 57,250 @ 1,330.00p Value: £761,425
Derwent London (DLN) Director name: Mr Paul M. WilliamsAmount sold: 34,750 @ 1,330.00p Value: £462,175
Derwent London (DLN) Director name: Mr Christopher James OdomAmount sold: 26,000 @ 1,330.00p Value: £345,800
Bankers Petroleum Ltd (BNK) Director name: Mr John Brian ZaozirnyAmount sold: 83,333 @ 390.04p Value: £325,032
Bankers Petroleum Ltd (BNK) Director name: Mr Eugene ChristensenAmount sold: 67,999 @ 384.82p Value: £261,673
Bankers Petroleum Ltd (BNK) Director name: Mr Suneel GuptaAmount sold: 19,167 @ 381.36p Value: £73,095
M. P. Evans Group (MPE) Director name: Mr O D WilkinsonAmount sold: 7,000 @ 350.00p Value: £24,500
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