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Po Valley Energy director shows confidence, buys more shares on market

Published: 10:30 29 Aug 2012 AEST

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Italy focused Po Valley Energy's (ASX: PVE) director Kevin John Eley has further increased his stake in the company to 400,000 shares after acquiring 77,000 shares on market.

Eley bought the shares for a total of A$13,090, providing an average entry price of $0.17 per share.

Shares in Po Valley have grown since July with further support this month after it reported cash flow for the half year ended 30 June 2012 of €4.1 million (A$4.8 million), up 87% from the previous corresponding period, demonstrating the strength of its Italian assets.
    
This was achieved on production of 434 million cubic feet of gas for the six months from both the Sillaro and Castello fields.

Further growth is on the cards with the company installing a condensate separator at the Sillaro field to maximum production by better managing the condensate production arising from level PL2 C1+C2 at the field and an expansion to the Castello production licence expected once the Italian Government reviews the related Environmental Impact Assessment. 

This will add the Bezzecca area to the licence, which will increase the company’s production.

The Bezzecca-1 well had flowed gas at a combined rate of 3.75 million cubic feet per day during testing.

Po Valley also has a pipeline of exploration wells lined up including the Canolo and Zini wells in the Cadelbosco di Sopra permit that are covered by the farm-in of French oil and gas company Petrorep, which is earning its stake in the Cadelbosco di Sopra licence by paying a promoted share of future drilling, as well as acquiring existing 3D seismic over the newly awarded AR94PY offshore Exploration Permit.

 

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