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Po Valley Energy directors increase stake by participating in share placement

The company aims to bring the Selva Malvezzi gas field in Italy into production next year
$1.2 million in total raised from the placement

Po Valley Energy Ltd (ASX:PVE) directors Kevin Bailey, Dr Byron Pirola and Michael Masterman have increased their stake in the company via the second tranche of a private placement announced on December 19, 2018.

READ: Po Valley Energy concludes second tranche of $1.2 million private placement

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

Po Valley had raised about $776,00 from the first tranche in December 2018. The company has now raised a total of about $1.2 million from both the tranches combined.

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.

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