Directors Deals: CEO trims Addax stake

Jean Claude Gandur, President and Chief Executive Officer of Addax Petroleum, offloaded a 100,000 shares in the oil and gas exploration and production company.

The sale raised more than a million pounds as Gandur sold the shares at C$22.45 each, equivalent to £11.71 a share. Following the sale Gandur's stake stands at 5.66m shares, representing about 3.61% of the company's issued share capital.

Earlier this week the company announced the acquisition of a one-third interest in the Sangaw North Production Sharing Contract, a project operated by Sterlign Energy and located some 80km south-east of Addax's Taq Taq field in the Kurdistan region of Iraq.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

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

"Given our successful drilling campaign at Taq Taq, we intend to assist our partner to expedite exploration drilling," said Gandur. "We believe that exploration success at Sangaw North would offer attractive synergies with the development of Taq Taq for the benefit of all the people of Iraq and our shareholders," he added.

Top Director Buys

Cape Lambert Iron Ore (CLIO)

Director name: Mr Anthony W P Sage

Amount purchased: 1,000,000 @ 15.86p

Value: £158,600

Amec (AMEC)

Director name: Mr Samir Briko

Amount purchased: 50,000 @ 497.10p

Value: £248,550

Dana Petroleum (DNX)

Director name: Dr Stuart M Paton

Amount purchased: 9,179 @ 894.00p

Value: £82,060

Xstrata (XTA)

Director name: Mr Claude Lamoureux

Amount purchased: 4,000 @ 1,378.00p

Value: £55,120

Dowgate Capital (DGT)

Director name: Mr Dru Edmonstone

Amount purchased: 750,000 @ 7.00p

Value: £52,500

IG Group Holdings (IGG)

Director name: Sir Alan Budd

Amount purchased: 10,771 @ 278.50p

Value: £29,997

NETeller (NLR)

Director name: Mr Ron Martin

Amount purchased: 50,000 @ 50.00p

Value: £25,000

JPMorgan Indian Inv Trus (JII)

Director name: Mr Hugh W Bolland

Amount purchased: 10,000 @ 234.50p

Value: £23,450

ClearSpeed Technology (CSD)

Director name: Mr Richard B Farleigh

Amount purchased: 200,000 @ 9.00p

Value: £18,000

Geopark (GPK)

Director name: Mr Gerald E O'Shaughnessy

Amount purchased: 5,000 @ 332.50p

Value: £16,625

Top Director Sells

Addax Petroleum (AXC)

Director name: Mr Jean Claude Gandur

Amount sold: 100,000 @ 1,170.99p

Value: £1,170,990

Xchanging (XCH)

Director name: Mr Gary Whitaker

Amount sold: 45,000 @ 248.00p

Value: £111,600

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.