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.
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.