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Po Valley Energy director makes on-market share purchase

The company is focused on the development of its assets in Italy towards regulatory approvals and eventually production in 2020.

Po Valley Energy Limited - Po Valley Energy director makes on-market share purchase
Bailey now holds a total of 150,635,225 direct and indirect shares

Po Valley Energy Limited (ASX:PVE) director Kevin Bailey has backed the company with the purchase of 2,071,599 shares.

The $107,228 indirect purchase was made on behalf of the Kevin Bailey Corporation Pty Ltd (of which Bailey is a director) and the Bailey Superannuation Fund (of which he is a trustee and beneficiary).

Bailey now holds a total of 150,635,225 direct and indirect shares in the company.

Italian Projects

The company has begun development and preliminary work at the Selva gas field onshore Italy to prepare the field for gas production in 2020.

This includes the Selva Malvezzi Production Concession (63% PVE) where a final environmental impact assessment (EIA) decree is expected in the second quarter of 2020.

Based on dynamic reservoir studies, the field development is designed to produce at a maximum rate of up to 150,000 cubic metres/day.

The company is also advancing regulatory approvals for its Teodorico Offshore Gas Field Development (100% PVE) which are expected in the near-term.

Teodorico has the largest gas-in-place of all of Po Valley’s gas fields and is at an advanced stage of assessment, ready for development.

Quick facts: Po Valley Energy Limited

Price: 0.032 AUD

ASX:PVE
Market: ASX
Market Cap: $20.71 m
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