SOCO International chair stumps up £0.3m to back company

After a trading update last week saw shares in SOCO International dive, its chairman has stumped up nearly £300,000 to back his company.

The company averaged 12.0 thousands of barrels of oil equivalent per day (KBOEPD) and tightened its full year guidance to 11.8-12 KBOEPD.

H5 also started production in August, ahead of the original schedule and budget, however output was slightly below expectations and initial production rates.

The news sent the share price plummeting and to instil some confidence in the company, chairman Rui de Sousa purchased 200,000 shares for just under £300,000.

Shares in SOCO International fluctuated on the news, with the share price up 0.5p (0.36%) by 1546 GMT to 139.25p.

Top Director Buys

Soco International (SIA)

Director name: Mr Rui C De Sousa

Amount purchased: 200,000 @ 149.90p

Value: £299,800

South32 Limited (DI) (S32)

Director name: Mr Keith Rumble

Amount purchased: 55,000 @ 60.22p

Value: £33,121

South32 Limited (DI) (S32)

Director name: Mr Peter Kukielski

Amount purchased: 50,000 @ 56.97p

Value: £28,485

Acorn Minerals (ACO)

Director name: Mr Anthony Brennan

Amount purchased: 300,000 @ 9.50p

Value: £28,500

Firestone Diamonds (FDI)

Director name: Mr Keith Brian Johnson

Amount purchased: 85,000 @ 16.88p

Value: £14,348

Acorn Minerals (ACO)

Director name: Mr Anthony Brennan

Amount purchased: 150,000 @ 9.00p

Value: £13,500

There were no director sells at the time of publication