Tenaz Energy (TNZ) Guidance summary

Opening remarks and agenda

• CEO summarized the 2025 budget, focusing on production and CapEx guidance for Canadian and non-operated Netherlands assets, and provided updates on the NOBV acquisition and integration plans.

• Announced 2025 production and capital guidance prior to NOBV acquisition closing, with transition activities underway and completion expected by mid-2025 or earlier.

Guidance on key objectives

• 2025 guidance targets approximately 10% overall production growth, with Canadian unit expected to grow production by 15% and Netherlands assets including the L10 Malachite well, with first production expected late 2025 or early 2026.

• 2025 average production guidance set at 2,900–3,100 boe/d, with D&D CapEx of CAD 30–34 million and $1.7 million allocated for E&E/FEED activities, including the Netherlands CCS project.

• Canadian drilling program includes three gross (2.3 net) unstimulated horizontal wells targeting Glauconite and Ellerslie pools at Leduc-Woodbend.

• Netherlands guidance includes a non-operated development well (L10 Malachite), with $14 million allocated and expected high productivity.

• Guidance excludes additional volumes and CapEx from NOBV, with updates to follow post-transaction close.

Market trends and strategic opportunities

• Canadian inventory is expanding, with flexibility to increase drilling and a large inventory of additional development opportunities identified.

• Increased Netherlands CapEx compared to 2024, reflecting expanded activity and continued evaluation of CCS opportunities.

• NOBV asset acquisition expected to provide a strong investment horizon and potential to reverse production decline.