LONDON (SHARECAST) - San Leon Energy's Exploration Director, John Buggenhagen, purchased 750,000 shares on Tuesday, the same day the firm successfully completed its third shale gas exploration well in Poland's Baltic Basin.
The shares traded hands at 10.75p a pop, costing Buggenhagen a total of £80,625. Following this purchase he now holds 1.25m shares in San Leon, representing 0.11% of the company's share capital.
The newly completed well, which is operated by Talisman Energy on a farm-in agreement, delivered continuous gas shows, which are consistent with a potentially wet gas system.
The strongest gas shows were encountered in the Lower Silurian and Ordovician interval, which is estimated to be over 100m thick combined. Several intervals had significant gas shows which the company believes are related to natural fracturing and possible over-pressure.
The firm will now assess the results over the next six months ahead of further operations in 2013, which could include pressure testing of the formations as well as possible fracking across several intervals.
San Leon shares have lost over 50% of their value in the past six months, equal to around 13p.
Top Director Buys
San Leon Energy (SLE)
Director name: Dr John Buggenhagen
Amount purchased: 750,000 @ 10.75p
Creon Resources (CRO)
Director name: Mr Jeswant Natarajan
Amount purchased: 7,000,000 @ 0.50p
Top Director Sells
Worldwide Healthcare Trust Sub Shares (WWHS)
Director name: Mr Samuel D Isaly
Amount sold: 100,000 @ 184.00p
Pacific Alliance China Land Ltd. (PACL)
Director name: Mr Horst J F Geicke
Amount sold: 63,370 @ $2.11