Africa Oil (CVE:AOI, STO: AOI) has continued its recent move down today. A drilling report from Kenya couple weeks ago that, despite being positive, didn’t meet the most optimistic predictions followed by a large private placement at a discount had already derailed the stocks long lasting advance and caused a move below technical support. Markets were also reading into the decline by Africa Oil’s partner Tullow Oil following its acquisition announced today, which was coupled with some asset disposal news.
According to a filing to Canadian Insider, Africa Oil’s CEO Keith Hill sold 150 000 shares last week. He still maintains over a million of both shares and warrants in the company. Mr. Hill who is normally quite forthright told News Agency Direkt that the sale was due to personal reasons as the company is by far his largest holding and that he continues to believe there is significant upside.
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