Tenaz Energy (TNZ) Corporate presentation summary

Corporate overview and strategy

• Focuses on international E&P with organic growth and acquisition model, largest natural gas producer in the Netherlands, and Canadian oil growth project; 90% of commodity exposure is European natural gas.

• Closed major acquisitions in 2025: NAM Offshore B.V. from Shell/Exxon and a non-operated interest in the GEMS project.

• Market capitalization at $2.1 billion, net debt at $378 million, and 2026E production guidance of 21,000 boe/d (92% gas, 8% oil).

• Management and board have significant industry experience and 15% basic (19% fully diluted) ownership.

Financials and capital structure

• Net debt-to-EBITDA ratio for 2026E is 0.5x, with a $250 million syndicated reserve-based loan and $305 million in senior unsecured notes.

• Share buyback program has retired 2.7 million shares at an average price of $9.90.

• 2026 capital expenditures are guided at $300 million.

Operations and asset base

• Netherlands assets include 3,200 net km² licensed, 2P reserves of 77.6 mmboe (16-year RLI), and significant contingent and prospective resources.

• GEMS project delivers high-rate, low-emission gas production, with the N05-A platform producing 185 MMcf/d (62 MMcf/d net) and powered by wind energy.

• Canadian assets focus on semi-conventional oil with 42 booked locations and recent successful multilateral well completions.