African Energy Resources chairman increases interest by 850,000 shares

African Energy Resources (ASX: AFR) executive chairman Alasdair Cooke has been buying up big in the company over recent weeks, acquiring 850,000 shares in December.

Cooke purchased an initial 350,000 shares on market at a cost of about $0.28 per share for a total consideration of $100,575 on December 9.

This was followed with a further 500,000 shares purchased on market between December 20 and 22, at about $0.23 per share for a total of $118,735.

These acquisitions bring Cooke’s total direct interest in African Energy to 12.1 million shares, along with more than 2 million unlisted options.

Cooke also has indirect holdings of more than 15 million shares.

In November 2011 bulk sampling work began at African Energy’s 2.7 billion tonne Sese Coal Project in Botswana, with the aim of extracting a bulk sample of 10,000 tonnes of coal to provide material for ongoing test work.

Local contractor G&S Projects was mobilised to the site in October and the bulk sample is expected to be delivered in early 2012.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/23784/african-energy-resources-chairman-increases-interest-by-850000-shares-23784.html