AleAnna, Inc. Announces the Near-Term Start of Production at Longanesi Field
AleAnna (NASDAQ: ANNA) has announced the imminent start of production at the Longanesi Field in Northern Italy's Ravenna Province, marking Italy's largest onshore gas field development in the last decade. The company holds a 33.5% working interest, with Società Padana Energia holding 66.5% as operator.
The field contains net recoverable reserves of 17.3 Bcf (Proved), 10.6 Bcf (Probable), and 10.7 Bcf (Possible), as verified by DeGolyer and MacNaughton. The company has identified potential for an additional 75 Bcf through advanced 3D seismic technologies. AleAnna has secured a multiyear gas sales agreement with Shell Energy Europe for its share of production.
The Longanesi field features high permeability turbidite reservoirs and is expected to maintain moderate decline rates, promising a stable EBITDA profile. This development aims to address Europe's natural gas supply gap and strengthen Italy's energy security, particularly following the reduction in Russian gas imports.
AleAnna (NASDAQ: ANNA) ha annunciato l'imminente avvio della produzione nel Campo Longanesi nella provincia di Ravenna, nel nord Italia, segnando lo sviluppo del più grande giacimento di gas onshore in Italia nell'ultimo decennio. L'azienda detiene una partecipazione lavorativa del 33,5%, mentre la Società Padana Energia detiene il 66,5% come operatore.
Il campo contiene riserve recuperabili nette di 17,3 Bcf (Provate), 10,6 Bcf (Probabili) e 10,7 Bcf (Possibili), come verificato da DeGolyer e MacNaughton. L'azienda ha identificato un potenziale aggiuntivo di 75 Bcf attraverso avanzate tecnologie sismiche 3D. AleAnna ha assicurato un contratto di vendita di gas pluriennale con Shell Energy Europe per la propria quota di produzione.
Il campo Longanesi presenta serbatoi turbiditici ad alta permeabilità e si prevede che mantenga tassi di declino moderati, promettendo un profilo EBITDA stabile. Questo sviluppo mira a colmare il divario di approvvigionamento di gas naturale in Europa e a rafforzare la sicurezza energetica dell'Italia, in particolare dopo la riduzione delle importazioni di gas russo.
AleAnna (NASDAQ: ANNA) ha anunciado el inminente inicio de la producción en el Campo Longanesi en la provincia de Ravenna, en el norte de Italia, marcando el desarrollo del mayor campo de gas en tierra en Italia en la última década. La compañía posee un interés de trabajo del 33,5%, mientras que la Società Padana Energia posee el 66,5% como operador.
El campo contiene reservas recuperables netas de 17,3 Bcf (Comprobadas), 10,6 Bcf (Probables) y 10,7 Bcf (Posibles), según lo verificado por DeGolyer y MacNaughton. La compañía ha identificado un potencial adicional de 75 Bcf a través de tecnologías sísmicas 3D avanzadas. AleAnna ha asegurado un contrato de venta de gas a varios años con Shell Energy Europe para su parte de la producción.
El campo Longanesi presenta reservorios turbidíticos de alta permeabilidad y se espera que mantenga tasas de declive moderadas, prometiendo un perfil EBITDA estable. Este desarrollo tiene como objetivo abordar la brecha de suministro de gas natural en Europa y fortalecer la seguridad energética de Italia, especialmente tras la reducción de las importaciones de gas ruso.
AleAnna (NASDAQ: ANNA)는 이탈리아 북부 라벤나 주의 롱가네시 유전에서 생산이 곧 시작될 것이라고 발표했습니다. 이는 지난 10년 간 이탈리아에서 가장 큰 육상 가스전 개발을 의미합니다. 이 회사는 33.5%의 작업 지분을 보유하고 있으며, 운영자는 Società Padana Energia가 66.5%를 보유하고 있습니다.
이 유전에는 DeGolyer와 MacNaughton에 의해 확인된 17.3 Bcf(확정), 10.6 Bcf(가능성 있음), 10.7 Bcf(가능성 있는) 회수 가능한 순 매장량이 포함되어 있습니다. 이 회사는 고급 3D 지진 기술을 통해 추가로 75 Bcf의 잠재력을 확인했습니다. AleAnna는 생산의 지분을 위해 Shell Energy Europe과 다년간의 가스 판매 계약을 체결했습니다.
롱가네시 유전은 높은 투과성을 가진 터비딧 저장소를 특징으로 하며, 완만한 감소율을 유지할 것으로 예상되어 안정적인 EBITDA 프로필을 약속합니다. 이 개발은 유럽의 천연가스 공급 격차를 해소하고, 특히 러시아 가스 수입 감소 이후 이탈리아의 에너지 안보를 강화하는 것을 목표로 합니다.
AleAnna (NASDAQ: ANNA) a annoncé le démarrage imminent de la production dans le Champ Longanesi dans la province de Ravenne, dans le nord de l'Italie, marquant le plus grand développement d'un champ gazier terrestre en Italie depuis une décennie. La société détient un intérêt de travail de 33,5%, tandis que la Società Padana Energia détient 66,5% en tant qu'opérateur.
Le champ contient des réserves récupérables nettes de 17,3 Bcf (Prouvées), 10,6 Bcf (Probables) et 10,7 Bcf (Possibles), comme vérifié par DeGolyer et MacNaughton. La société a identifié un potentiel supplémentaire de 75 Bcf grâce à des technologies sismiques 3D avancées. AleAnna a sécurisé un contrat de vente de gaz pluriannuel avec Shell Energy Europe pour sa part de production.
Le champ Longanesi présente des réservoirs turbiditiques à haute perméabilité et devrait maintenir des taux de déclin modérés, promettant un profil EBITDA stable. Ce développement vise à combler le déficit d'approvisionnement en gaz naturel en Europe et à renforcer la sécurité énergétique de l'Italie, en particulier après la réduction des importations de gaz russe.
AleAnna (NASDAQ: ANNA) hat den bevorstehenden Produktionsstart im Longanesi-Feld in der Provinz Ravenna, Norditalien, angekündigt, was die größte Entwicklung eines Onshore-Gasfeldes in Italien im letzten Jahrzehnt darstellt. Das Unternehmen hält einen Arbeitsanteil von 33,5%, während die Società Padana Energia 66,5% als Betreiber hält.
Das Feld enthält netto wiedergewinnbare Reserven von 17,3 Bcf (Bewiesen), 10,6 Bcf (Wahrscheinlich) und 10,7 Bcf (Möglich), wie von DeGolyer und MacNaughton bestätigt. Das Unternehmen hat das Potenzial für zusätzliche 75 Bcf durch fortschrittliche 3D-seismische Technologien identifiziert. AleAnna hat einen mehrjährigen Gasverkaufsvertrag mit Shell Energy Europe für seinen Produktionsanteil gesichert.
Das Longanesi-Feld weist hochpermeable Turbidit-Reservoire auf und wird voraussichtlich moderate Rückgangsraten aufrechterhalten, was ein stabiles EBITDA-Profil verspricht. Diese Entwicklung zielt darauf ab, die Versorgungslücke mit Erdgas in Europa zu schließen und die Energiesicherheit Italiens zu stärken, insbesondere nach der Reduzierung der russischen Gasimporte.
- Imminent production start at Italy's largest onshore gas field of the last decade
- Secured multiyear gas sales agreement with Shell Energy Europe
- Strong reserve base with 17.3 Bcf proved reserves plus additional 21.3 Bcf probable and possible reserves
- Identified expansion potential of 75 Bcf additional resources
- Expected stable production profile with moderate decline rates
- All necessary authorizations received for production initiation
- Minority working interest position (33.5%) with operational control
Insights
AleAnna's announcement of imminent production at the Longanesi field marks a critical inflection point for the company, transforming it from an exploratory stage enterprise to a revenue-generating producer. With 17.3 Bcf of net proved reserves plus additional probable and possible resources, this asset provides significant near-term production capacity and cash flow potential.
What makes this particularly valuable is the timing within Europe's energy landscape. The continent faces natural gas supply constraints following reduced Russian imports, with storage levels reportedly reaching unusually low levels. As Italy's largest onshore gas discovery in a decade, Longanesi will contribute meaningful domestic production when it's most needed.
The field's high-permeability reservoirs are expected to deliver moderate decline rates, suggesting steady production profiles and a predictable EBITDA stream for several years. The previously secured multi-year sales agreement with Shell Energy Europe further de-risks the commercialization aspect, ensuring that production translates directly to revenue.
For a company with a market capitalization of just $215 million, the transition to producer status with this scale of reserves represents a fundamental business transformation. The additional 75 Bcf of potential expansion opportunities identified through 3D seismic technology provides a meaningful growth pathway beyond the initial development phase.
This production launch represents AleAnna's transition to a cash-generating business, fundamentally changing the company's financial profile. While specific production rates aren't disclosed, the field's 17.3 Bcf of proved reserves alone represent substantial value relative to the company's $215 million market capitalization, particularly in Europe's premium-priced natural gas market.
The high-permeability reservoirs with projected moderate decline rates suggest a sustained production plateau, which should deliver predictable cash flows—a critical factor for small-cap energy companies. The pre-arranged sales agreement with Shell eliminates price discovery risk and likely includes favorable terms given Europe's energy security concerns.
Beyond the immediate production, AleAnna's identification of potential expansion opportunities adding 75 Bcf to existing resources suggests significant scalability without the full exploration risk of new projects. This represents approximately 2.4x the initial proved reserves, providing a substantial growth runway.
This milestone also positions AleAnna to potentially accelerate its broader portfolio development, including three existing gas discoveries and fourteen planned exploration projects. The reliable cash flow from Longanesi could reduce reliance on dilutive financing for future growth initiatives, including their ambitious €1.1 billion RNG project portfolio. The transition to producer status typically warrants valuation multiple expansion as business risk decreases substantially.
This milestone represents the first phase of development for Italy’s largest onshore gas field in the last decade
- 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
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
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/
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