Wessex Exploration’s Managing Director, Frederik Dekker, has ditched five million shares in the oil and gas explorer, although he still maintains 92.3m shares in the company.

Dekker sold the shares at 6p a time, earning himself £300,000 and reducing his stake to 12.75%.

On the same day Malcolm Butler, the Non Executive Chairman of the firm, purchased 200,000 shares, also at 6p, for a total of £12,000.

One month ago the group provided an upbeat report on a new 243.6 square kilometre-licence off the Hampshire and Isle of Wight coasts and appears very optimistic about its potential.

The signature of licence P1928, which was provisionally awarded to Wessex in January, was effective from February 1st. It is located between the company’s existing onshore licences PEDL’s 238 and 239, just east of the giant Wytch Farm oil field.

The firm’s share price has more than doubled in the past year, having gained 3.55p during that time.

Top Director Buys

Dillistone Group (DSG)
Director name: Mr Mike Love
Amount purchased: 145,000 @ 68.00p
Value: £98,600

Wessex Exploration (WSX)
Director name: Dr Malcolm Butler
Amount purchased: 200,000 @ 6.00p
Value: £12,000

Top Director Sells

Wessex Exploration (WSX)
Director name: Mr Frederik E Dekker
Amount sold: 5,000,000 @ 6.00p
Value: £300,000

Strategic Equity Capital (SEC)
Director name: Sir Clive Thompson
Amount sold: 120,000 @ 95.81p
Value: £114,972

Brewin Dolphin Holdings (BRW)
Director name: Ms Sarah Soar
Amount sold: 13,592 @ 148.50p
Value: £20,184