The group’s shares have soared from about 400p at the beginning of 2005 to reach a peak of £16 last month.
Taking advantage of the recent decline in the oil price, Robert Cathery, non-executive director, has snapped up 30,000 shares at £12.28 per share. The deal cost him about £368,000 and he now holds 100,000 shares in Soco.
On the same day as the transaction, Soco reassured shareholders that its assets in Vietnam still had vast potential despite a disappointing drilling result recently.
“While the initial well on the Te Giac Vang structure did not lead to a commercial success, the potential of this structure remains significant,” it said.
In the year to December, pre-tax profits rose 125% to $33.7m (£18m), while revenue came in more than 90% higher at $57.2m.