Canadian Overseas Petroleum (LON:COPL, CVE:XOP) told investors that Arthur Millholland, president and chief executive, has increased his shareholding in the company.
Millholland bought 1.12mln shares priced at 4.49 Canadian cents on January 8, and as a result he now holds 11.86mln shares, which equates to about 2.5% of the company.
It marks the latest in a number of transactions; in December he bought a total of 5mln shares.
COPL holds a 17% working interest in Block LB-13, offshore Liberia, with ExxonMobil the operator holding an 83% working interest.
Also, with Shoreline, through a jointly held affiliated company, called Shorecan, it is currently seeking Government of Nigeria approval for the acquisition of 80% of a Nigerian corporation holding an attractive oil appraisal and development project in mid water, offshore Nigeria.