LONDON (ShareCast) - Shares in Falkland Islands oil and gas explorer Rockhopper Exploration have risen by 779% over the past year but two directors still believe they are worth buying.

Executive chairman Dr Pierre Jungels and non-executive director Chris Walton have both added to their shareholdings the week after Rockhopper confirmed its oil discovery at its Sea Lion prospect was a medium grade crude.

Dr Jungels invested £69,700 in 23,350 shares at 298.5p each, which takes his shareholding to 889,424 shares. This is the first purchase by Jungels since he bought 150,000 shares at 32p each in June 2009.

Walton bought a further 8,300 shares at 297.625p each. His investment of £24,702 takes his shareholding to 32,109 shares. This is the first time that Walton has bought shares in more than two years.

A sample from the Sea Lion 14/10-2 oil discovery well in the North Falkland Basin was tested under reservoir conditions and found to be a medium grade crude. "These positive results, when combined with our knowledge of reservoir quality from logging data, give us further comfort that a flow test of the Sea Lion well will confirm a mobile crude oil," Sam Moody, Rockhopper's managing director, commented on the day of the announcement.

"The wax content is typical for a lacustrine sourced crude oil and significantly lower than many other producing oilfields worldwide. Furthermore the viscosity, gas oil ratio, FVF and sulphur are all better than we anticipated," he added.

Last month, Rockhopper upgraded its estimate of recoverable reserves at the Sea Lion prospect in the North Falkland Basin from 170m barrels to 242m barrels, adding it has "significant upside potential".

Dr Jungels was chief executive of Enterprise Oil between 1996 and 2001. Walton is a former finance director of easyJet.

Top Director Buys

TVC Holdings (TVCH)
Director name: Mr Shane Reihill
Amount purchased: 727,475 @ 45.79p
Value: £333,111

Rockhopper Exploration (RKH)
Director name: Dr Pierre H Jungels
Amount purchased: 23,350 @ 298.50p
Value: £69,700

Rockhopper Exploration (RKH)
Director name: Mr J C Walton
Amount purchased: 8,300 @ 297.62p
Value: £24,702

Penna Consulting (PNA)
Director name: Sir James Harvie-Watt
Amount purchased: 17,000 @ 115.00p
Value: £19,550

Mid Wynd International Inv Trust (MWY)
Director name: Mr Russell Napier
Amount purchased: 1,400 @ 963.50p
Value: £13,489

MS International (MSI)
Director name: Mr Michael J Bell
Amount purchased: 10,000 @ 125.00p
Value: £12,500


Top Director Sells

VT Group (VTG)
Director name: Mr Paul J Lester
Amount sold: 262,081 @ 792.00p
Value: £2,075,682

VT Group (VTG)
Director name: Mr Paul J Lester
Amount sold: 83,942 @ 795.00p
Value: £667,339

VT Group (VTG)
Director name: Mr Philip Harrison
Amount sold: 49,378 @ 795.00p
Value: £392,555

VT Group (VTG)
Director name: Mr Chris J Cundy
Amount sold: 42,933 @ 795.00p
Value: £341,317

General Electric (GEC)
Director name: Mr John G. Rice
Amount sold: 21,575 @ € 11.30
Value: € 243,703

General Electric (GEC)
Director name: Mr Michael A. Neal
Amount sold: 21,475 @ € 11.30
Value: € 242,573

VT Group (VTG)
Director name: Mr Matthew Jowett
Amount sold: 29,208 @ 795.00p
Value: £232,204

VT Group (VTG)
Director name: Mr Paul J Lester
Amount sold: 20,180 @ 795.00p
Value: £160,431

VT Group (VTG)
Director name: Mr Chris J Cundy
Amount sold: 19,481 @ 795.00p
Value: £154,874

VT Group (VTG)
Director name: Mr Chris J Cundy
Amount sold: 12,708 @ 792.00p
Value: £100,647

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