OIL firm President Energy recently said it believed progress at its interests in Paraguay was set to lead to a step-change at the company.
In comments accompanying the firm’s full-year results, chairman Peter Levine said: “By any measure, our Paraguay assets are world-class.
“They cover an extensive area within a proven working oil system, on trend geologically with prolific producing oil fields across the border in Argentina.”
Planning has commenced for a drilling campaign to begin in the second quarter of 2014.
Last week, several directors went into the market to up their stakes, together purchasing 170,000 shares at an average price of 21p each.
• Kenneth Alexander, chief executive at GVC Holdings, which provides services to the online gaming and sports betting markets, has bought 87,000 shares at 287.5p each. He now holds 400,333 shares.
• Ortac Resources, the Aim-listed exploration and development company focused on natural resource projects in Europe, said that non-executive director Paul Heber has bought 2.4 million shares at 0.215p each. He now holds five million shares.
AMC, which executive chairman Anthony Balme is director and shareholder of, also purchased two million shares at 0.215p and now has an interest in 165.37 million shares.
• Mark Slade, chief executive of London Capital Group, has purchased 25,000 shares at 36p each and now holds 75,000 shares.
• Miles Templeman, senior non-executive director of industrial group Melrose Industries, bought 60,000 shares at 254p each, increasing his holding to 692,343.
In an update last week, the firm said trading was in line with expectations, with revenues 1 per cent lower than last year.
The board said it did not consider that 2013 was likely to be a year of significant revenue growth.
• Richard Keers, the new chief financial officer at Schroders, has purchased 18,875 shares at 2,384p.
• Karin Mortstedt, the wife of Sten Mortstedt, executive chairman of CLS Holdings, purchased 75 shares at 927.68p each.