Tenaz Energy (TNZ) investor relations material

Corporate overview and strategy

• Focuses on organic growth and acquisitions in international markets, with a strong presence in European natural gas and Canadian oil projects.

• Largest natural gas producer in the Netherlands, with approximately 90% of commodity exposure in European gas.

• Targets conventional and semi-conventional producing assets in less competitive international jurisdictions for higher returns.

• Prioritizes free cash flow generation and seeks underfunded assets for early-stage growth.

• Management and board have significant ownership, aligning interests with shareholders.

Asset base and recent acquisitions

• Operates high-margin, low-decline gas assets in the Netherlands, with 2026E production of 18,600 boe/d (99% gas).

• Closed acquisitions in 2025: TEN (Netherlands, 11,000 boe/d) and GEMS (4,100 boe/d), expanding reserves and production.

• Canadian assets focus on semi-conventional oil with operational control and infrastructure for growth.

• Netherlands assets include 15 discovered fields, 24 MMboe risked 2C contingent resources, and 96 exploration prospects.

• GEMS project features ultra high-rate wells, nearly zero emissions, and ongoing development with further drilling planned.

Financial position and performance

• Market capitalization of $1.8 billion and net debt of $345 million as of year-end 2025.

• 2026E production guidance is 19,500–22,500 boe/d, with capital expenditures of $250–$275 million.

• Net debt-to-EBITDA ratio projected at 0.7x for 2026, with a $150 million revolving credit facility.

• 2026–2027 production, netback, and funds flow forecasts supported by independent research.

• Hedge program covers 45% of 2026 revenue, with significant TTF, AECO, and WTI price protection.