News

Since joining the AiM market more than two and a half years ago oil explorer Imperial Energy has proven to be one of its biggest success stories.

Shares in the group have rocketed from their 25p per share flotation price in April 2004 to hit an all time high of just shy of 1,100p in May this year.

Since then the shares have floundered falling nearly 40% to their current levels. Imperial went as far as to put out a statement in September saying it had no idea why its shares had fallen so much.

Despite the recent volatility the director shave kept a fairly steady strategy of buying shares in Imperial. Chairman and CEO Peter Levin snapped up 50,000 shares last month.

However Alexander Ivanovich Korchik, who was appointed vice chairman in November last year, has changed tack with the sale of 600,000 shares at 652p per share. The sale netted him £3.91m.

Korchik and his partner were issued shares as part of Imperial's acquisition of his companies Sibinterneft and Allianceneftegaz, which were acquired in 2004. He was required to hold them for a minimum of one year.

Korchik retains a stake in Imperial of 1.19m shares, equivalent to 2.39% of the issued share capital.

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Top Director Sells

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Director name: Mr Alexander Ivanovich Korchik
Amount sold: 600,000 @ 652.50p
Value: £3,915,000

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