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.
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.
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.