By John Lee.
Dragon Oil said on Monday that it was backing out of plans to make an offer of 230 pence a share for Irish operator Petroceltic, which has interests in Iraqi Kurdistan.
Shares in Petroceltic closed down 35 percent at 112.45 pence on Monday, 50 percent below their recent peak.
Chief Executive Brian O’Cathain (pictured) took the opportunity to pick up more than 100,000 shares at 115.8 pence.
(Sources: Petroceltic, Yahoo!)