Ray Shorrocks, a non-executive director of Galilee Energy (ASX:GLL), acquired a further 1 million shares for $155,000 only a few months after taking part in a rights issue.
“I really think the company has got some long-term benefits,” he told *.
“I increased my holding because we’ve got a drilling campaign sometime in March or April, which we announced to the market, and it looks extremely prospective. So I thought it was well worth my while.
“I think it shows the market that directors are not just sitting there collecting directors’ fees but are actually investing their own money in the company.”
Galilee is primarily exploring for gas in the Galilee Basin in Queensland and is backed by the same team that executed the successful almost $1 billion takeover of Eastern Star Gas by oil and gas heavyweight Santos in 2011.
GLL Price at posting:
19.0¢ Sentiment: Buy Disclosure: Held
