Solo Oil’s (LON:SOLO) recently appointed director Neil Ritson has bought another 1 million shares in the company.
Yesterday, Solo reported that Ritson, who is also the CEO of Leni Gas & Oil (LON:LGO) purchased 16 million shares at an average price of 0.39 pence each.
Ritson now has 17 million Solo Oil shares, representing 0.82% of its issued share capital.
The stock has rallied almost 8 percent this morning, to trade at 0.415 pence.
Ritson also holds 40 million options to subscribe for Solo Oil shares at an exercise price of 0.5 pence per share that expire on 21 December 2012.
He was appointed as executive director of Solo Oil on Monday and as chief executive of Leni Gas & Oil three weeks ago.
Previously, Ritson worked 23 years with BP PLC (LON:BP) where he held roles as international chief geophysicist and strategic business unit manager in both Norway and Alaska.
In 1999 he was appointed to run the Burlington Resources Inc businesses in North Africa before becoming Vice President UK in 2001 and VP International in 2003.
Solo has a 12.5 percent stake in the Ruvuma production sharing agreement (PSA) alongside FTSE100 constituent Tullow Oil (LON:TLW) and fellow AIM-listed oil explorer Aminex (LON:AEX).
The PSA covers a 12.360 square kilometre area in Tanzania, it is roughly 80% onshore and 20% offshore. One well has already been drilled successfully, with the onshore Likonde-1 well encountering thick sands with hydrocarbon shows.
In its mid-November full-year results statement, Solo said it was confident that the investment in the Ruvuma PSA and Reef Resources (TSX-V:REE) have the potential to be very rewarding.
These are the company’s two investments under the new investment strategy, which was passed in July 2009.