Sirius Petroleum is at its highest in 3 years on news that directors have bought £300,000 of shares in the AIM-listed oil company.
Mike Hirschfield, former group finance executive of Lupus Capital, snapped up 3.1m shares at 5p each, costing him £155,000.
Fellow director Toby Hayward shelled out £145,000 for 2.9m shares at the same price.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely 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
Between them, the pair now own almost 8% of the business; Hirschfield with 2.85% and Hayward 5.05%.
The shares doubled to 5p at the end of August after London-based Capital Investment Office guaranteed Sirius at least $80m of debt funding by for its first marginal oil field project.
"We now have a substantial funding line which will enable us to execute our first asset deal in line with our strategy to create shareholder value through the acquisition of proven marginal oil assets in Nigeria," said chairman Babatunde Agboola.
Top Director Buys
Value: £481,846
Value: £156,000
Value: £155,000
Value: £145,000
Value: £39,000
Value: £26,000
Value: £10,400
Top Director Sells
Value: £6,820,000
Value: £3,825,000
Value: £3,150,251
Value: £2,996,510
Value: $1,797,780
Value: £1,686,217
Value: £1,013,336
Value: £819,022
Value: £719,641
Value: £545,509
