LONDON (ShareCast) - IGas Energy, a British onshore oil and gas explorer and developer, was one of the top risers on AIM on Thursday as Chief Executive Andrew Austin dipped into the market.

Austin shelled out £0.4m on 300,000 shares at 135.38p, even though the shares are trading around all-time highs.

The purchase indicates Austin's optimism about prospects after Monday saw IGas and partners Egdon Resources, Dart Energy and eCorp sign a farm-out agreement with French oil giant Total to sell a 40% interest in the UK Onshore Petroleum exploration and development licences PEDL139 and PEDL140 in Lincolnshire's Gainsborough Trough.

To fund the share purchase, the CEO took out a loan facility, and has transferred up to 7.5m shares as security. He cannot sell the shares during the term and is required to redeem the shares at maturity when the loan is repaid at the end of the three-year term and it is his full intention to do so, a statement from the company said.


Top Director Buys

eXpansys (XPS)
Director name: Mr Peter Jones CBE
Amount purchased: 110,250,320 @ 0.53p
Value: £584,327

IGas Energy (IGAS)
Director name: Mr Andrew Austin
Amount purchased: 300,000 @ 135.38p
Value: £406,140

North Atlantic Smaller Companies Inv Trust (NAS)
Director name: Mr Christopher H B Mills
Amount purchased: 7,500 @ 1,555.00p
Value: £116,625

Northern Petroleum (NOP)
Director name: Mr Jonathan Murphy
Amount purchased: 325,200 @ 30.75p
Value: £99,999

Majedie Investments (MAJE)
Director name: Mr Andrew Adcock
Amount purchased: 30,000 @ 205.00p
Value: £61,500

Electra Private Equity (ELTA)
Director name: Mr Francesca Barnes
Amount purchased: 500 @ 2,402.70p
Value: £12,014

Sabien Technology Group (SNT)
Director name: Mr Karl Upton Monaghan
Amount purchased: 32,594 @ 35.10p
Value: £11,440


Top Director Sells

UK Mail Group (UKM)
Director name: Mr Guy Buswell
Amount sold: 70,000 @ 652.50p
Value: £456,750

Miton Group (MGR)
Director name: Mr Martin Gray
Amount sold: 760,000 @ 45.96p
Value: £349,296

Sabien Technology Group (SNT)
Director name: Mr Karl Upton Monaghan
Amount sold: 32,940 @ 35.00p
Value: £11,529

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