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Tom Cross, CEO of Dana Petroleum (DNX 1223p) has a great track record- again!

Back in June last year he and a colleague, David MacFarlane exercised options and sold significant amounts of shares in Dana Petroleum (DNX, 1223p) at close to 19 pounds a share.

In the market turmoil of October Cross bought shares back at 10 pounds a share CHEAPER.

Since then the market has bounced, as has the oil price, and the shares are up 50%.

I’m sure there’s more to go, and longer term you might want to follow Cross’s lead, not mine.

But having seen great results (‘surge in annual net profit‘) for the year to December 2008 (note to self: 10 months were ‘in the bag’ when Cross and Dayer bought shares), I’m happy to take Dana off the ‘STRONG signal, ‘Directors buying’, ‘Positive’ list, with a 47% absolute return and a 34% relative outperformance against the market (FTSE 250 index).

Note of October 19th ‘CEO invests at 853p having sold at 1886p in June’:

Only last week, October 15th, followthedirectors wrote ‘Technical director thinks DANA Petroleum undervalued‘.

One day later. the CEO Tom Cross, and one of the non executive directors Philip Dayer, also bought shares in Dana Petroleum (DNX, 831p).

Non exec Philip Dayer bought 5787 shares at 864p, taking his holding to 9387 shares. CEO Cross bought 43490 shares at 853p, taking his holding to 1,044,890 shares.

So this isn’t a significant move on Cross’s part. But when you look at the $$ amount invested (GBP 370k), and the coincidental purchase of shares by three other directors in the week (Brian Johnston non exec, and Stuart Paton Technical and Commercial Director, as well as Dayer above), then Dana Petroleum starts to look interesting.

View on Dana: Neutral

For all Dana Petroleum comments see here.

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July 2022