BRS Resources has jointly acquired an additional 20% interest in AleAnna Resources, an independent oil & gas exploration company operating exclusively in Italy. Italy is one of the stronger markets for natural gas, with natural gas prices two to three times that of the U.S.
AleAnna has eight "Exploration Permits" and three "Applications for Exploration Permits," totaling more than 800,000 acres (3,250 sq km). The majority of the acreage is located in Italy's prolific Po Valley, Europe's second largest onshore gas province, where 27 trillion cubic feet of natural gas (Tcf) have been produced and where significant infrastructure is already in place.
"BRS is pleased that AleAnna Energy has completed this transaction with Saxon. For BRS, it strengthens our position in Italy, an area of the world with upside in natural gas exploration and production," commented Steve Moore, president and CEO of BRS. "The acquisition also simplifies the picture for investors. BRS is clearly establishing itself as a player in the European natural gas marketplace."
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