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Wessex Exploration directors keep the faith

Tue, 23rd Apr 2013 16:26

Three directors at Wessex Exploration have demonstrated their support for the oil and gas group after it said no hydrocarbons were found at the GM-ES-3 well in French Guiana. Drilling activities have been terminated and the well is being plugged and abandoned, the firm said. The biggest purchase was made by Andrew Yeo, the company's Chief Financial Officer, who bought 3.1m shares at 1.40p a time, costing him a total of £43,391. Chairman of the group, Dr Malcolm Butler, purchased 1.0m shares 1.42p for £14,200, while non-Executive Director Iain Patrick bought 930,000 at 1.50p each for £13,950. The company said the drilling rig will move onto GM-ES-4 exploratory well, which is designed to test a different fan system to the previous three wells drilled by the joint venture. The well is expected to be drilled in early May. In a statement issued Tuesday morning, Butler said: "We look forward to drilling GM-ES-4 on the separate, Cebus fan and continue our programme of delineating potential new prospects through the interpretation of 3D seismic data on the Central Area." Top Director BuysVesuvius (VSVS) Director name: Mr Christer GardellAmount purchased: 450,000 @ 325.00p Value: £1,462,500Vesuvius (VSVS) Director name: Mr Christer GardellAmount purchased: 429,396 @ 327.00p Value: £1,404,125Northbridge Industrial Services (NBI) Director name: Mr Peter HarrisAmount purchased: 100,000 @ 327.50p Value: £327,500Bank of America Corp. (BAC) Director name: Mr R David YostAmount purchased: 20,000 @ $11.51 Value: $230,282Phaunos Timber Fund Ltd. (PTF) Director name: Sir Henry Studholme Amount purchased: 90,000 @ $0.51 Value: $46,125Wessex Exploration (WSX) Director name: Mr Andrew YeoAmount purchased: 3,099,334 @ 1.40p Value: £43,391Shanta Gold Ltd. (SHG) Director name: Mr Anthony DurrantAmount purchased: 100,000 @ 14.50p Value: £14,500Wessex Exploration (WSX) Director name: Dr Malcolm ButlerAmount purchased: 1,000,000 @ 1.42p Value: £14,200Amur Minerals Corporation NPV (AMC) Director name: Mr Robin YoungAmount purchased: 184,176 @ 7.68p Value: £14,145Wessex Exploration (WSX) Director name: Mr Iain PatrickAmount purchased: 930,000 @ 1.50p Value: £13,950NR

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