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ROME - The Emilia-Romagna Region in Italy has granted approval for AleAnna, Inc. (NASDAQ:ANNA), a $313 million market cap natural gas explorer, to develop the Gradizza natural gas field located near Tresignana and Copparo in northern Italy, according to a press release statement. According to InvestingPro data, the company maintains a strong balance sheet with more cash than debt.
The regional approval, known as an Intesa, represents the final step before the Italian Ministry of Environment and Energy Security (MISE) can issue a Production Concession to the company. Once the concession is granted, AleAnna will be authorized to begin construction and connect the field to necessary infrastructure.
AleAnna, which holds a 100% working interest in the Gradizza field, estimates that construction could be completed and the field brought online within 12-18 months after receiving the formal Production Concession.
According to independent reserves auditor DeGolyer and MacNaughton, the Gradizza Field contains net Proved reserves of 0.4 billion cubic feet (Bcf), net Probable reserves of 0.8 Bcf, and net Possible reserves of 5.6 Bcf. The company plans to produce from a single well and a small-footprint processing facility.
The field is characterized by high permeability turbidite reservoirs similar to those found in AleAnna’s previously-developed Longanesi field, the company stated. Financial data from InvestingPro shows the company maintains impressive liquidity with a current ratio of 13.55 and minimal leverage with a debt-to-equity ratio of just 0.06.
Marco Brun, Chief Executive Officer of AleAnna, called the approval "strong validation of AleAnna’s success in bringing new sources of natural gas to Italy."
Gradizza will be AleAnna’s first fully-owned and operated development. The company currently has three conventional gas discoveries in Italy and plans fourteen new natural gas exploration projects this decade. While the company reported -$7.17 million in EBITDA over the last twelve months, its strong balance sheet positions it well for expansion. Get deeper insights into AleAnna’s financial health and growth potential with InvestingPro, which offers 12 additional exclusive tips about the company.
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