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Po Valley Energy directors support oil and gas strategy with on-market purchases

Chairman Michael Masterman and non-executive director Kevin Bailey have this month increased their holdings in the company.
Australian bank notes
The company is considering a potential dual listing on London’s AIM market

Po Valley Energy Limited (ASX:PVE) directors have shown their faith in the company’s oil & gas strategy centred on northern Italy by purchasing shares on-market.

Non-executive director Kevin Bailey purchased 8 million shares on June 5 in an on-market transaction valued at $304,000.

He now holds more than 143 million shares in direct and indirect interests.

Chairman Michael Masterman outlaid $53,200 in an on-market purchase on June 5 for 1.4 million shares and now holds more than 163 million shares in direct and indirect interests.

READ: Po Valley Energy directors increase stake by participating in share placement

Both directors along with Dr Byron Pirola also participated in the company’s recent private placement which raised a total of $1.2 million.

Bailey and Pirola acquired shares worth $100,000 each while Masterman acquired shares worth $224,000.

READ: Po Valley Energy aims to bring Selva gas field into first production next year

The company aims to bring the Selva Malvezzi gas field in Italy into first production next year with a preliminary production concession granted and environmental approval documentation submitted.

A maiden 2P gas reserve of 13.3 billion cubic feet (bcf) for the onshore project in the country's north was declared earlier in the year.

Onshore development of Selva is the initial priority in a strategy focused on four assets, with the others being offshore Adriatic gas development at Teodorico, large-scale gas condensate exploration licence at Torro del Moro and the expanded Ravizza and Bagnolo oil reservoirs.

Under the first phase of the development plan at Selva, Po Valley will install a fully automated gas plant at the existing Selva/Podere Maiar 1dir well site and install a 1-kilometre long pipeline to connect the well with the nearby Italian National Gas Grid.

Based on dynamic reservoir studies, the field development is designed to produce at a rate of up to 150,000 cubic metres a day from the successfully tested C1 and C2 production levels in the medium-upper Pliocene sands of the Porto Garibaldi formation.

READ: Po Valley Energy mulling dual listing on AIM

Earlier this week Po Valley announced that it is in the preliminary stages of exploring the merits of a potential dual listing on the AIM market of the London Stock Exchange with advisers appointed.

The objective in undertaking a potential dual listing would be to enhance liquidity for the company’s shareholders and provide direct access to investors in the London market.

Masterman said: “The London market is more knowledgeable and focused on European gas and energy assets and we expect a dual listing could result in greater market liquidity for Po Valley shareholders.”

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