AleAnna, Inc. Announces Strong Early Production and Revenue Results at Longanesi Field

Core Insights - AleAnna, Inc. has achieved its targeted maximum production rate of 28 million cubic feet per day at the Longanesi Field within less than 6 weeks of production, indicating strong early performance and potential for further growth [1][7] - The company is generating over $100,000 in daily revenue from current production, supported by average Italian natural gas prices of approximately $13.50 per thousand cubic feet [2][7] - The European Union aims to eliminate Russian natural gas imports by the end of 2027, creating a long-term demand for domestic natural gas sources in Italy [3][7] Company Developments - AleAnna is focused on enhancing Italy's energy security and supporting the transition to cleaner energy by advancing investments at the Longanesi Field [4] - The company has made three conventional gas discoveries in Italy and plans to initiate fourteen new natural gas exploration projects in the coming decade [5] - AleAnna's portfolio includes three renewable natural gas (RNG) plants under development and nearly 100 projects, representing a potential investment of approximately €1.1 billion in the next few years [5] Market Environment - The EU's current reliance on Russian natural gas, which accounts for about 20% of its supply, is driving the need for new domestic sources of natural gas [3] - Gas storage levels in the EU are at 34% capacity, contributing to increased demand and pricing for natural gas in the region [3]