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