Tenaz Energy Corp · TSX:TNZ
Tenaz Energy — Investor Presentation (October 2026)
33 slides from Tenaz Energy's investor presentation, October 2026
Slide 1: Corporate Presentation October 2026
Drilling Horizontal Platform K14-FA WellDutch 12-14 at Leduc-Woodbend, Canada North Sea, Netherlands Den NGTHelder Treatment Treatment Facility, Plant at Uithuizen, Netherlands Netherlands Producing Platform K12-BWells 12-14 Dutch North Sea,at Leduc-Woodbend, Canada Netherlands Corporate Presentatio
Slide 2: Advisories
Advisories Note to Investors This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities by any person in any jurisdiction in which it is unlawful for such person to make such an offer or solicitation. This presentation is not, and in no circumstances
Slide 3: Corporate Overview
Noordgastransport (NGT), Noordgastransport (NGT), Treatment Treatment PlantPlant at Uithuizen, at Uithuizen, Netherlands Netherlands CORPORATE OVERVIEW
Slide 4: Tenaz Introduction
Tenaz Introduction Canadian-listed E&P (symbol “TNZ” on TSX) executing organic growth and acquisition model in international markets Current assetAnthony base Anthony Marino Marino Chief Chief Executive Executive Officer Officer Largest natural gas producer in the Netherlands Canadian oil gr
Slide 5: Management Team
Management Team Executive Team Anthony Marino, Chief Executive Officer Former President and CEO of Vermilion Energy, Baytex Energy and Dominion Exploration Canada Earlier management and technical experience with AEC, Santa Fe Snyder, Plains and Atlantic Richfield Anthony Anthony Marino BS Petrol
Slide 6: Board of Directors
Board of Directors Board of Directors Marty Proctor, Independent Director and Chair Former President and CEO of Seven Generations Energy and COO of Baytex Energy Director of GreenFirst Forest Products, Athabasca Oil Corp. and Kathairos Solutions BS and MS Petroleum Engineering, Director’s Educ
Slide 7: Capital Structure
Capital Structure Net Debt as at Q2 20261 Revolving Credit Facility $ Million $250 million syndicated reserve-based loan (2-year term) Cash2 137 National Bank, CIBC, Goldman Sachs, DNB Bank, Macquarie Bank Non-Cash Net Working Capital (118) Contingent Earn-Out (10) Debt Metrics Revolving Facilit
Slide 8: International Strategy
International Strategy Targeting conventional and semi-conventional producing assets, with a focus on Europe International jurisdictions typically offer Less competition Greater opportunity for operational improvements Higher returns on capital Seeking unoptimized and underfunded assets
Slide 9: Acquisitions Closed in 2025
Acquisitions Closed in 2025 NAM Offshore BV (TEN) TNZ Production5,6 Closed May 2025 30,000 ~11,000 Boe/d / 55.7 Million Boe 2P reserves1 Base consideration = $246 million 25,000 Boe/d Cash at close = $9.2 million 20,000 15,000 Contingent Consideration 2 10,000 Earn-out: 50% of FCF in ’25-’26; 25%
Slide 10: Growth Profile
Growth Profile Production1 FFO Netback1 Funds Flow From Operations1 35,000 60 700 30,000 600 50 25,000 500 40 $ Millions $/Boe 20,000 Boe/d 400 30 15,000 300 20 10,000 200 5,000 10 100 - 0 - '23 '24 '25 '26E '27E '23 '24 '25 '26E '27E '23 '24 '25 '26E '27E Analyst Consensus Estimates2 1. ‘26E and ‘2
Slide 11: High Margin Growth
High Margin Growth Infrastructure-Led Development Revenue and Production Cost Profile1,2 High margin growth due to largely fixed cost structure Faster drilling-to-production onstream cycle times 140 Few permitting delays 120 Less cash flow volatility due to higher margins 100 80 $/Boe Dutch
Slide 12: Netherlands Assets
Platform Platform K12-BK14-FA Dutch North Sea, Netherlands Dutch North Sea, Netherlands NETHERLANDS ASSETS
Slide 13: Netherlands Asset Overview
Netherlands Asset Overview 3,200 net km2 (787,000 net acres) licensed1 Shallow water: ~34 meters, ~60 km offshore Infrastructure with significant excess capacity GEMS Low decline conventional gas production 2P reserves2 of 77.6 million boe (16-yr RLI3) Contingent resource of 38 million b
Slide 14: Netherlands Natural Gas Market
Netherlands Natural Gas Market Market Fundamentals Netherlands Gas Supply & Demand1,2 12 Domestic production has declined over the past decade due to lower investment and 10 restrictions/shut-in of Groningen field Net Exporter 8 Netherlands has become more dependent on LNG imports to meet demand
Slide 15: Netherlands Infrastructure
Netherlands Infrastructure Den Helder Gas Terminal NGT Gas Processing Facility Pipelines that feed the Den Helder terminal Den Helder terminal consists of three gas plants totaling Noordgastransport (“NGT”) at Uithuizen has 1.5 Bcf/d 3.2 Bcf/d nameplate1 capacity (~15% of nameplate nameplate1
Slide 16: Netherlands Drilling and Workover Vessels
Netherlands Drilling and Workover Vessels ‘Winner’ Drilling Rig ‘Triton 10’ Barge ‘Kasteelborg’ ‘Walk to Work’ vessel Operated by Shelf Drilling Operated by Koole Operated by Wagenborg Drilling wells on both manned and Heavy workovers and integrity maintenance Maintenance, production optimizat
Slide 17: Netherlands Current Development
Netherlands Current Development 2026 Operated Activity K07-FB-103 discovery well (45.6% WI) brought on production Q2-26 at an initial rate of 7.8 MMcf/d (3.6 MMcf/d net) K17-FA-103 well (60% WI) completed Q2-26 and flowed at a rate of 15.7 MMcf/d (9.4 MMcf/d net) during clean-up1 K17-FB-102ST
Slide 18: Netherlands Drilling Inventory
Netherlands Drilling Inventory Reserves and Resources Inventory 20 (8.0 net) undeveloped drilling 350 locations with 32 MMboe of 2P Risked Unrisked 300 Reserves1 net Contingent Resource Fields (2C) 1,2,3 250 Gross BCF 15 (5.2 net) contingent fields with 200 total best estimate (2C), unrisked, 15
Slide 19: Netherlands Unrisked Resource Cumulative Distribution
Netherlands Unrisked Resource Cumulative Distribution 0% Prospective Resource1,2,3 Contingent Resource1,2 P10 = 119 BCF 20% Pmean = 50 BCF 40% 60% P50 = 28 BCF P90 = 13 BCF 80% 100% 5 50 500 BCF 1. Resources as evaluated in the McDaniel Reports. Evaluation does not include impact of OBN seismic whic
Slide 20: Gateway to the Ems (GEMS)
Gateway to the Ems (“GEMS”) High-Growth, High-Return Assets Expanding Cornerstone Asset Base Ultra High-Rate Wells & Remaining Facility Room High Margin Production with Industry Leading Opex and Low ARO Platform Powered by Wind Farm / Generates Nearly Zero Emissions Highest Quality North Sea Assets
Slide 21: GEMS Asset Overview
GEMS Asset Overview Riffgat Windfarm The first platform for the GEMS project at N05-A began producing in March 2025 Current throughput from first three wells (N05-A-01, N05-A-03, N05-A-02X) is approximately 185 MMcf/d (62 MMcf/d net) Platform capacity is 225 MMcf/d (75 MMcf/d net) Riffgat Wind
Slide 22: GEMS Development
GEMS Development Production Production from the N05-A platform began in March 2025 from the N05-A-01 well (33.3% WI) at a restricted rate of 75 MMcf/d gross, and has produced more than 35 Bcf gross to date 2026 Activity Opal N05-A-03 was drilled in Q1-26 to a target measured depth of 4,795 meter
Slide 23: GEMS Basal Rotliegend Geology
GEMS Basal Rotliegend Geology 6km 10km 15km 6km 8km 10km Basal Rotliegend Sandstone Sands carried in rivers and accumulated in the valleys; topographic highs were bald Seismic acoustic impedance used to map sand thickness and discover N05-A in 2017 Remarkable sand correlation between wells o
Slide 24: Canadian Assets
Producing RexWells Producing Rex Wellsat at PadPad 10-11, 10-11, Leduc Leduc Woodbend, Woodbend, Alberta, Alberta, CanadaCanada CANADIAN ASSETS
Slide 25: Canadian Assets
Canadian Assets Leduc-Woodbend Overview Semi-conventional oil in Rex and Sparky and multi-lateral oil development in Glauconite and Ellerslie formations Operational control with Tenaz working interest of 87.5% Rex Pool 87.5% WI 42 (37.2 net) booked locations (2P RLI 16.8 years)1 Drilled and
Slide 26: European Gas Fundamentals
Noordgastransport (NGT), Treatment Plant at Uithuizen, Netherlands EUROPEAN GAS FUNDAMENTALS
Slide 27: European Natural Gas Pricing Compared to North America
European Natural Gas Pricing Compared to North America Natural Gas Price History and Forwards1,2,3 28 TTF USGC LNG to Europe Full Cost NYMEX HH AECO 5a 26 24 22 20 18 US$/MMBtu 16 14 12 10 8 6 4 2 0 Jan-24 Jul-24 Jan-25 Jul-25 Jan-26 Jul-26 Jan-27 Jul-27 Jan-28 Jul-28 1. Conversion factors: TTF MWh
Slide 28: NW Europe Natural Gas Storage
NW Europe Natural Gas Storage Northwest Europe Natural Gas in Storage1,2 Storage in NW Europe is below historical levels as we enter the 2026 heating season 2,000 1,800 Pipeline supply in Europe no longer has meaningful winter flexibility; this role has 1,600 been assumed by LNG imports 1,400 1,
Slide 29: LNG Pricing Dynamics
LNG Pricing Dynamics US Gulf Coast LNG Netbacks Using Full Costs1,2,3 The Middle East War suspended approximately 20% of global LNG supply in March ‘26, mostly contract sales to Asia 20 USGC LNG to Europe Netback 18 While QatarEnergy has restarted some operations USGC LNG to Asia Netback at the
Slide 30: LNG Market Context
LNG Market Context LNG Market History and Projection1,2,3 100 LNG projects have long lead times for permitting, FID Estimated Liquefaction Capacity LNG Demand and construction 90 IEA Projected Liquefaction Capacity With New 80 Additions LNG demand has historically followed supply, in part Qatar
Slide 31: Commodity Hedging
Commodity Hedging Hedging Strategy Risk management program designed to ensure base cash flow level and lock in high returns from organic growth program 15,000 Base hedge level of between 30 - 50% of expected production, covering a term of 1 to 2 years 12,500 May optimize up to 70% of expected
Slide 32: Summary
Summary Significant production growth profile Organic Growth with Built-in organic growth profile in both Netherlands and Canada M&A Upside Continued pipeline of potential acquisitions as upside to organic growth Overseas M&A market has attractive value at entry plus greater opportunity for op
Slide 33: Advisories
Advisories Non–GAAP and Other Financial Measures This presentation contains the terms funds flow from operations (FFO), free cash flow (FCF), capital expenditures and production costs(1) which are considered “non-GAAP financial measures”, and operating netback which is considered a “non-GAAP financi