Tullow Chairman ups investment after profit disappoints

13th Feb 2014 16:12

The Chairman of Tullow Oil has shown his faith in the company following its disappointing profit result on Wednesday. Simon Thompson purchased 6,244 shares at 796.48p a go, spending a total of £49,732. His stake in the company now stands at 20,604 shares.Meanwhile, Non-Executive Director, Jeremy Wilson, bought himself £118,050-worth of shares the following day, and now owns 15,000, bought at 787p a piece. The results showed revenue in the year to December 31st rose 13% to $2.65bn, while production rose 6% to 84,200 barrels of oil equivalent per day on a 2% fall in price per barrel to $105.7.However, a fall in profit on disposals of $670m and a $200m increase in exploration write-offs reduced pre-tax profit by 72% to $313m and post-tax profit by 68% to $216m.Chief Executive Aidan Heavey also said the company was "not for sale" after disappointing exploration news sparked speculation that it could be a target for Norway's Statoil or Chinese oil companies at about 1,400p per share.Heavey told journalists on a conference call: "The fact that Tullow has so many world-class assets in key areas means we're always going to be the subject of takeover rumours."Our exploration programme has been incredibly successful and continues to be the most successful in the sector."That's why people keep talking about taking us over, but we're not for sale."Top Director BuysTullow Oil (TLW) Director name: Mr Jeremy WilsonAmount purchased: 15,000 @ 787.00p Value: £118,050Tullow Oil (TLW) Director name: Mr Simon ThompsonAmount purchased: 6,244 @ 796.48p Value: £49,732Maven Income & Growth 3 VCT (MIG3) Director name: Mr Bill NixonAmount purchased: 49,350 @ 83.89p Value: £41,400Maven Income & Growth 2 VCT (MIG2) Director name: Mr Bill NixonAmount purchased: 72,567 @ 57.05p Value: £41,399Maven Income & Growth 4 VCT (MAV4) Director name: Mr Bill NixonAmount purchased: 41,788 @ 99.07p Value: £41,399Bisichi Mining (BISI) Director name: Mr Garrett CaseyAmount purchased: 40,000 @ 100.00p Value: £40,000Tate & Lyle (TATE) Director name: Sir Peter GershonAmount purchased: 5,000 @ 669.00p Value: £33,450Maven Income and Growth VCT 5 (MIG5) Director name: Mr Allister G LanglandsAmount purchased: 73,232 @ 41.58p Value: £30,450Asian Plantation Ltd. (DI) (PALM) Director name: Mr Dennis MelkaAmount purchased: 10,000 @ 220.00p Value: £22,000Maven Income And Growth VCT 6 (MIG6) Director name: Mr William NixonAmount purchased: 18,879 @ 54.82p Value: £10,349Top Director SellsWorkspace Group (WKP) Director name: Mr Graham ClemettAmount sold: 300,000 @ 566.91p Value: £1,700,730Tullow Oil (TLW) Director name: Mr Graham MartinAmount sold: 74,920 @ 801.50p Value: £600,484Euromoney Institutional Investor (ERM) Director name: Mr Colin Robert JonesAmount sold: 21,848 @ 1,248.00p Value: £272,663Euromoney Institutional Investor (ERM) Director name: Mr Bashar AL-RehanyAmount sold: 18,149 @ 1,248.00p Value: £226,500Euromoney Institutional Investor (ERM) Director name: Mr Christopher FordhamAmount sold: 16,470 @ 1,248.00p Value: £205,546Euromoney Institutional Investor (ERM) Director name: Mr Diane AlfanoAmount sold: 10,047 @ 1,248.00p Value: £125,387Euromoney Institutional Investor (ERM) Director name: Mr Dan C CohenAmount sold: 6,464 @ 1,248.00p Value: £80,671Mattioli Woods (MTW) Director name: Mr Nathan James McLean ImlachAmount sold: 15,000 @ 425.00p Value: £63,750Euromoney Institutional Investor (ERM) Director name: Mr Colin Robert JonesAmount sold: 3,660 @ 1,269.20p Value: £46,453Euromoney Institutional Investor (ERM) Director name: Mr Jane WilkinsonAmount sold: 3,465 @ 1,248.00p Value: £43,243NR