Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Po Valley Energy Deputy Chairman Continues On Market Purchases

Italy focused Po Valley Energy (ASX: PVE) deputy chairman Michael Masterman has increased his stake in the company to 26.08% after acquiring an additional 1.2 million shares on-market.

Masterman acquired the shares between the end of May and mid-August for a total consideration of A$141,773, providing an average entry price of almost $0.12 per share.

The current share price of Po Valley has ticked up since July reflecting the strength of its Italian assets with 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.

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.

Proactive Investors is a market leader in the investment news space, providing ASX "Small and Mid-cap" company news, research reports, StockTube videos and One2One Investor Forums.