Coastal Energy has both onshore and offshore producing projects on the go in Thailand. Earlier this month, it spud an exploratory well in northeast Thailand and expects drilling to continue until mid-August. On July 23, as the drilling progressed, board chair Bernard de Combret acquired 166,600 shares at $2.88.
As the stock has substantially outpaced the broad market over the past six months, it is encouraging that the board chair bought a significant amount near current levels, that there has been no insider selling over the past year and that more than one insider bought the stock. Although insiders appear upbeat, investors must keep in mind that energy exploration involves a high degree of risk.
Ted Dixon is CEO of INK Research which provides insider news and knowledge to investors. Investments profiled are from a recent edition of the Morning INK report which is distributed daily to subscribers and clients of select financial institutions. INK staff may hold shares in profiled securities.
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