AleAnna's Gas Discovery Bolsters Italy's Energy Security

DALLAS, TX & MILAN, Italy – March 12, 2026 – In a significant development for Italy's energy landscape, AleAnna, Inc. (Nasdaq: ANNA) today announced a substantial 47% increase in its Total Proved natural gas reserves, a finding that promises to enhance the nation's energy independence and support its transition to a more sustainable future.

The announcement, based on a year-end 2025 report by the respected independent auditing firm DeGolyer and MacNaughton, boosts AleAnna's proved reserves to 25.8 billion cubic feet (Bcf). This material increase comes after accounting for all production in 2025 and is largely attributed to advanced technological analysis that uncovered previously unevaluated gas deposits in the company's Po Valley assets.

A Timely Boost for National Energy Independence

The discovery could not be more critical for Italy, a nation heavily dependent on foreign energy. In recent years, imports have satisfied over 70% of Italy's natural gas demand, leaving its economy vulnerable to geopolitical tensions and volatile international markets. In response, the Italian government has set an ambitious goal to nearly double domestic gas production from approximately 3.3 billion cubic meters (bcm) to 6 bcm annually.

AleAnna’s upgraded reserves directly support this national strategy. The increase strengthens the domestic supply chain and provides a tangible step toward reducing reliance on gas imports from countries like Algeria and Azerbaijan. This newfound domestic resource offers a potential buffer against price shocks and supply disruptions, enhancing Italy's energy security at a pivotal moment. The company's fields at Longanesi and Gradizza saw proved reserves jump by 37% and 75%, respectively, while the Trava field had proved reserves recognized for the first time, signaling a broad and promising expansion of the region's productive capacity.

Unlocking Hidden Resources with Advanced Technology

The breakthrough stems from a sophisticated re-evaluation of the region's geology. In 2025, AleAnna’s technical teams, using advanced log interpretation software and new reservoir models, identified significant quantities of gas trapped in formations known as "Thin-Bed Turbidites." These are complex geological structures composed of very thin, alternating layers of sandstone and mudstone, which are often too fine to be accurately assessed by conventional exploration technologies.

By commissioning DeGolyer and MacNaughton to conduct an independent analysis, AleAnna confirmed that these thin-bed pays were present across all its key wells in the Po Valley. This advanced geological detective work effectively unlocked a new layer of resources within a mature energy basin, demonstrating that technological innovation can breathe new life into established fields. The positive production data from the Longanesi field throughout 2025 further validated these findings, allowing the auditors to upgrade a significant volume of reserves from the "Probable" to the more certain "Proved" category. The company anticipates this discovery will lead to similar increases in its undeveloped prospective resources across the Po Valley, with further updates expected soon.

The Dual Mandate: Navigating the Transition with Gas and Green Energy

While expanding its conventional gas assets, AleAnna is simultaneously executing an aggressive strategy in the renewable energy sector, positioning itself as a key player in Italy's broader energy transition. The company is pursuing what it calls a "dual mandate," balancing the immediate need for reliable, low-carbon natural gas with a long-term vision for a decarbonized energy system.

This commitment is most evident in its massive push into Renewable Natural Gas (RNG). AleAnna has a portfolio of over 100 potential RNG projects, representing a staggering potential investment of approximately €1.1 billion. These projects are designed to capture methane from agricultural waste and convert it into biomethane, a clean fuel that can be injected directly into Italy's extensive 33,000-kilometer gas pipeline network. Several projects are already underway, with the company securing government incentives that enhance their financial viability. For instance, its new-build Campagnatico biomethane plant, expected to come online in 2026, has already been awarded €5.35 million in capital incentives.

This two-pronged approach allows the company to address different facets of the energy challenge. The newly proved conventional gas reserves provide a crucial bridge fuel, ensuring grid stability as Italy phases out more carbon-intensive sources. Meanwhile, the large-scale investment in RNG aligns with the country's long-term climate goals, including its target to produce 10 bcm of RNG annually by 2030 and achieve net-zero emissions by 2050.

Market Confidence and a Path to Sustainable Growth

Investors have responded positively to the news, with AleAnna's stock (ANNA) gaining 10.82% in trading on March 12, reflecting market confidence in the long-term value of the expanded asset base. The reserves upgrade provides greater visibility into future production and cash flow, strengthening the company's financial foundation.

Despite some underlying financial metrics that suggest caution, the market's reaction underscores the strategic importance of proved reserves in the energy sector. In a statement, CEO Marco Brun emphasized this point, commenting, “This meaningful growth underscores the long-term value of our portfolio and the effectiveness of our disciplined technical and operational approach. We believe this significant reserves increase strengthens our asset base, enhances future production visibility, and further positions the Company for sustainable growth.”

As AleAnna moves forward, its ability to successfully develop these newly proved gas reserves while simultaneously scaling its ambitious RNG portfolio will be closely watched. The company's strategy represents a microcosm of the broader challenge facing the global energy industry: how to meet today’s energy needs responsibly while building the foundation for a cleaner tomorrow. For Italy, AleAnna's success could provide a powerful domestic component to its complex energy equation.