AleAnna receives regional approval for Gradizza Field development project

AleAnna (ANNA) announced the receipt of an Intesa from the Emilia-Romagna Region, granting their approval for development of the Gradizza Field near the towns of Tresignana and Copparo, Italy. Receipt of the Intesa is an important next step in the Company’s journey to becoming a leading provider of sustainable natural gas in Europe. Located in Northern Italy in the Province of Ferrara, the Gradizza field is a key piece of AleAnna’s plan for a near-term increase in natural gas production and EBITDA growth. Gradizza will be AleAnna’s first fully-owned and operated development. Following receipt of a formal Production Concession from the Italian Ministry of Environment and Energy Security, it is anticipated that construction could be completed and the field brought online within 12-18 months. The Gradizza Field contains net Proved reserves of 0.4 Bcf, net Probable reserves of 0.8 Bcf and net Possible reserves of 5.6 Bcf according to DeGolyer and MacNaughton, AleAnna’s independent reserves auditor. Gradizza is characterized by high permeability turbidite reservoirs similar to those found in AleAnna’ previously-developed Longanesi field, and will be produced from a single well and a small-footprint processing facility.