Rockhopper investors cash in on Falklands bonanza

Published on Friday 9 July 2010 18:33

INVESTORS who bought into Rockhopper Exploration before May are sitting on gains of more than 800 per cent.

News of the oil explorer's progress at a well off the Falkland Islands has seen the company's market capitalisation rocket to more than 600 million.

Last month Rockhopper increased its estimate of recoverable reserves at the Sea Lion prospect from 170 million barrels to 242 million barrels and said it had "significant upside potential".

After such a meteoric share price rise some profit-taking by board members would be expected, but two directors of the firm have instead increased their holdings. Executive chairman Dr Pierre Jungels bought 23,350 shares at 298.5p and non-executive director Chris Walton bought 8,300 shares at a similar price. They now own 889,424 and 32,109 shares respectively.

• George Elliott, chairman of Edinburgh-based online dating group Easydate, has bought his first shares in the company. He purchased 15,000 shares at 66.5p each.

• Justin King, chief executive of retail group Sainsbury, has sold just over 1m worth of shares. His move came as the share price rose amid speculation of a bid for the company. King sold 300,000 shares at 346p and also exercised 593,000 worth of share options

• Erik Penser, a non-executive director of Newbury Racecourse, has bought 5,000 shares. Penser paid 550p each for the shares.

• Jon Pickles, finance director of software and business education firm ILX Group has bought 45,000 shares at 21.6p each to take his holding up to 367,536 shares.

• Jens Montanana, chief executive of South African IT services provider Datatec, has bought shares for the second time in a fortnight. He purchased 20,000 shares at 238p each following an earlier buy of 30,000 shares at 253p.

• Mark Bache, finance director of engineering group Chamberlin, has increased his holding with the purchase of 10,000 shares at 70p each. He now holds 15,000 shares.

• The wife of Nigel Wright, finance director of oil and gas explorer Northern Petroleum, has taken the couple's first stake in the company with the purchase of 10,000 shares at 94.5p.

• Mikel Faulkner, chairman of Global Energy Development, has bought 30,000 shares at around 72p each.