Petro Matad: Two non- exec directors buy shares

Oil explorer Petro Matad (LON:MATD) revealed that two non-executive directors had today bought shares worth more than £50,000 in the company.

Philip Vingoe purchased half a million shares at 7.63 pence a share for £38,150, while George Watkins bought 200,000 company shares at the same price for £15,260.

In a statement, the Mongolia- focused company said that following the transactions, Vingoe is beneficially interested in 500,000 shares or around 0.27 per cent of the firm's capital.

Meanwhile, Watkins has a beneficial interest in 200,000 shares or around 0.11 per cent of the company's share capital.

Last month, the company said it was to review its exploration assets in Mongolia and assess a technical path forward possibly through partnerships.

The company, which recently installed a new management team, added it plans to revisit the data from last year’s troubled drilling campaign at Davsan Tolgoi to lower the risks for a drilling campaign planned for 2013.