I think if you read the Announcements more closely and calmly,...

I think if you read the Announcements more closely and calmly, instead of with the white hot heat of anger, you'd come to the conclusion that nothing illegal happened. Here's the timeline, using the actual dates from the Announcements:
Thursday 25th July - Quarterly is released, giving a fair bit of further information to inform the market about W7 while testing continues.
Friday 26th July - CEO is approved by the Board to purchase 250,000 shares on Market. I don't know for sure, looking in from the outside, but I'd say it is highly likely that the actual approval was given earlier, on the basis of "yes you may, but only after the Quarterly is released to the Market".
Friday 26th July - CEO purchases 250,000 shares on Market
Tuesday 30th July T+2. Shares legally transfer to Mr Nicholls after payment.
Thursday 1st August - CEO advises the Market of the purchase, within the timeframe allowed.
Friday 2nd August - W7 flow test results Announced to Market.
Given that there are a number of wells being drilled in the near future, and other important activities scheduled, there would not be too many windows of opportunity for buying [or, heaven forbid, selling] coming up for insiders.
I'm pretty certain all the Is are dotted and Ts crossed here. You owe Mr Nicholls and the Board an apology. IMO. Public would be appropriate.