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.
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"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.
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