AleAnna's 2025 Reserves Report Shows Significant Increase in Reserves

AleAnna announced the receipt of its final year-end 2025 reserves report from D&M, which contains a material increase to Total Proved Reserves and the productive lifespan of Longanesi field, and also to Total Proved Reserves at the Gradizza and Trava fields. AleAnna's year-end 2025 reserve report from DeGolyer and MacNaughton shows Total Proved Reserves of 25.8 Bcf, a 47% increase over year-end 2024; Year-end Total Proved Reserves increased 37% at Longanesi and 75% at Gradizza. Proved Developed Producing reserves were recognized for the first time at Longanesi, and Total Proved Reserves were recognized at Trava for the first time Similar increases to AleAnna's undeveloped Prospective Resource are expected, and the Company will issue another statement on that subject in the near future. In early and mid-2025 AleAnna's technical experts completed significant updates to its reservoir and resource evaluation models across the Po Valley. Preliminary internal results indicate the presence of additional, previously unevaluated pays, known as Thin-Bed Turbidites, in the Longanesi, Trava, and Gradizza fields. As a result, AleAnna engaged D&M to conduct an independent Thin-bed pay analysis for all three fields using advanced log interpretation techniques and software. In its report to AleAnna, D&M concluded that all of the wells drilled to date contain significant amounts of Thin-Bed Turbidites, allowing it to increase its gas-in-place and recoverable gas estimates for all three fields. AleAnna also commissioned D&M to update its Reserves report using encouraging Longanesi production data and reservoir performance from 2025. The results of this analysis allowed D&M to promote a certain amount of reserves from the Probable category at year-end 2024 to the Proved category at year-end 2025, a positive development in terms of future recoverable reserves. According to both AleAnna internal and D&M studies, the presence of Thin-bed Turbidites throughout the Po Valley basin is now recognized, and based upon thicker pay columns and good early performance of Turbidite reservoirs at Longanesi, similar increases to resource estimates for the Company's development portfolio can be expected. AleAnna will provide an update to its Po Valley development program and further discuss this positive development in the near future.