Peninsula Energy (ASX: PEN) executive chairman John Simpson has acquired a further 2.4 million shares in the company for a consideration of A$103,849.75, providing an average entry price of $0.04.
Earlier this week Peninsula announced its wholly owned subsidiary Strata Energy will begin deep disposal well testing of subsurface conditions at the Lance uranium projects in Wyoming ahead of its original schedule.
Importantly, testing could see flow rates at the upper limits of expectation that would lead to significant capital expenditure reductions at the Lance Projects.
Peninsula previously intercepted high grade uranium in a drilling program targeted at upgrading the resource at the Lance Project.
Of the 148 holes drilled in this program, 18 encountered significant mineralisation, with 16 recording multiple stacked intersections of uranium.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/24256/peninsula-energy-chairman-buys-24m-shares-on-market-24256.html
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