AleAnna and its partner Societa Energia Padana have received all authorizations necessary to initiate production at the Longanesi Field.
Once stabilization of the processing facility is complete, production to sales will begin shortly thereafter.
The start-up of the Longanesi field plays a critical role in reducing Europe's natural gas supply gap, highlighting the urgent need for reliable domestic energy solutions like Longanesi to strengthen Italy's energy security.
AleAnna previously announced that it had signed a multiyear gas sales agreement for its share of Longanesi production with Shell Energy Europe Ltd.

DALLAS, March 13, 2025 (GLOBE NEWSWIRE) -- AleAnna (NASDAQ:ANNA) is pleased to announce the near-term onset of production at the Longanesi field, a landmark achievement in the Company's journey to becoming a leading provider of sustainable natural gas in Europe. This milestone underscores AleAnna's dedication to utilizing advanced technologies and adhering to responsible development practices to ensure the delivery of secure and reliable domestic energy solutions.

Longanesi Field

Located in the Province of Ravenna in Northern Italy, the Longanesi field (AleAnna Italia SpA, working interest 33.5% and Società Padana Energia Srl, operator with 66.5% working interest) is a cornerstone of AleAnna's diverse portfolio. Through Longanesi development, AleAnna and its partner demonstrated the successful construction, testing, and commissioning of critical infrastructure, including wells, pipelines, and facilities.

AleAnna leveraged state-of-the-art subsurface technologies to assist in developing the first five wells, which contain net recoverable Proved natural gas reserves of 17.3 Bcf, net Probable reserves of 10.6 Bcf and net Possible reserves of 10.7 Bcf according to DeGolyer and MacNaughton, AleAnna's independent reserves auditor. Longanesi is characterized by high permeability turbidite reservoirs similar to those found in deepwater Gulf of Mexico fields, and is expected to produce with moderate decline rates for several years ensuring a predictable and strong EBITDA profile. With the help of advanced 3D seismic technologies AleAnna has identified several opportunities for expansion of Longanesi, adding a management-estimated potential 75 Bcf to existing Longanesi resources.

A phased development approach underscores AleAnna's commitment to strengthening Italy's long term energy security while supporting the global transition to cleaner and more sustainable energy. By advancing current and future investments at Longanesi, AleAnna aims to address the gap in natural gas supply left by the loss of Russian gas imports, made even more critical during the cold winter season with gas storage levels reaching unusually low levels across Europe, thereby reinforcing the need for Italian domestic energy resilience.

On December 19, 2024 AleAnna announced that it had signed a multiyear gas sales agreement for its share of Longanesi production with Shell Energy Europe Ltd.

Management Commentary

In a joint statement, Bill Dirks, Executive Director, and Marco Brun, Chief Executive Officer, emphasized the importance of this initiative: "The start-up of Longanesi will represent a key achievement in Aleanna's strategy and a decisive step towards strengthening Italy's energy security and supporting Europe's transition to sustainable energy. By leveraging advanced technologies and strategic investments, we are committed to delivering secure, reliable and cleaner energy solutions that meet the challenges of an evolving energy landscape."

About AleAnna

AleAnna is a technology-driven energy company focused on bringing sustainability and new supplies of low-carbon natural gas and RNG to Italy, aligning traditional energy operations with renewable solutions, with developments like the Longanesi field leading the way in supporting a responsible energy transition. With three conventional gas discoveries in Italy already made and fourteen new natural gas exploration projects planned this decade, AleAnna plays a pivotal role in Italy's energy transition. Italy's extensive infrastructure, featuring 33,000 kilometers of gas pipelines, three major gas storage facilities, and a strong base of existing RNG facilities, aligns with AleAnna's commitment to sustainability. AleAnna's RNG projects' portfolio includes three plants under development and almost 100 projects representing approximately €1.1 billion potential investment in the next few years. AleAnna operates regional headquarters in Dallas, Texas, and Rome, Italy.

Forward-Looking Statements

The information included herein contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Certain statements, other than statements of present or historical fact included herein regarding AleAnna's future operations, financial position, plans and objectives are forward-looking statements. When used herein, including any statements made in connection herewith, the words "could," "should," "will," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," and other similar expressions are forward-looking statements. However, not all forward-looking statements contain such identifying words. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on AleAnna's current beliefs, expectations and assumptions regarding the future of its business, future plans and strategies, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of AleAnna's control. AleAnna's actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements, which speak only as of the date made. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, but are not limited to, those under "Risk Factors" in AleAnna's definitive proxy statement/prospectus filed by AleAnna with the SEC on November 21, 2024, as well as general economic conditions; AleAnna's need for additional capital; risks associated with the growth of AleAnna's business; and changes in the regulatory environment in which AleAnna operates. Additional information concerning these and other factors that may impact AleAnna's expectations and projections can be found in filings it makes with the SEC, and other documents filed or to be filed with the SEC by AleAnna. SEC filings are available on the SEC's website at www.sec.gov. Except as otherwise required by applicable law, AleAnna disclaims any duty to update any forward-looking statements, all expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof.

Investor Relations Contact

Bill Dirks

wkdirks@aleannagroup.com

Website

https://www.aleannainc.com/

AleAnna, Inc. Announces the Near-Term Start of Production at Longanesi Field