Tenaz Energy (TNZ) Corporate presentation summary

Business profile and outlook

• Canadian-listed E&P pursuing organic growth and acquisitions in international markets; largest natural gas producer in the Netherlands, with ~90% European natural gas exposure.

• 2026E production guidance of 19,500–22,500 boe/d, midpoint 21,000 boe/d; 92% natural gas and 8% crude oil. Capital guidance: $300 million.

• 2025 reserves and resources: 92 Mmboe 2P reserves, 24 Mmboe risked 2C contingent resources and 101 Mmboe risked mean prospective resources.

• International strategy targets producing conventional and semi-conventional assets, especially in Europe, with operational improvement potential and early free cash flow to support organic growth.

• Management cites a significant organic growth profile in the Netherlands and Canada, potential acquisition opportunities, and 15% basic / 19% fully diluted director and officer ownership.

Capital structure and acquisitions

• Q2 2026 net debt was $378 million; 2026E net debt-to-EBITDA was 0.4x and net debt-to-enterprise value was 15%.

• Share count: 33.1 million basic and 35.1 million fully diluted; the NCIB had retired 2.7 million shares at an average $9.90 since August 2022.

• NAM Offshore acquisition closed in May 2025: ~11,000 boe/d and 55.7 million boe 2P reserves; $246 million base consideration, with 2025 earn-out payment of $13.4 million.

• GEMS acquisition closed in October 2025: ~4,100 boe/d and 19.3 million boe 2P reserves; $339 million base consideration, including $323 million cash and $17 million equity at close.

Netherlands assets and development

• Netherlands portfolio includes 3,200 net km² licensed, low-decline conventional gas production, 77.6 million boe 2P reserves with 16-year RLI, and 38 million boe unrisked 2C resources.

• Infrastructure has significant excess capacity: Den Helder plants total 3.2 Bcf/d nameplate capacity, with ~15% utilized; NGT has 1.5 Bcf/d capacity, with ~12% utilized.

• 2026 operated activity included K07-FB-103 production starting at 7.8 MMcf/d gross and K17-FA-103 flowing at 15.7 MMcf/d gross during cleanup; K17-FB-102ST was planned to spud in H2 2026.

• Non-operated 2026 wells brought on production included L10-M4 Malachite at 14 MMcf/d gross, GEMS N05-A-03 at 40 MMcf/d gross and N05-A-02X at a restricted 74 MMcf/d gross rate.

• Netherlands inventory includes 20 gross / 8.0 net undeveloped locations with 32 MMboe 2P reserves, 15 gross / 5.2 net contingent fields with 38 MMboe unrisked 2C resources, and 96 gross / 38.4 net prospective fields with 329 MMboe unrisked mean resources.