Tenaz Energy Corp · TSX:TNZ

Tenaz Energy — Q2 2026 Earnings Presentation

12 slides from Tenaz Energy's earnings presentation, 2026

  1. Slide 1: Q2 2026 Update

    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 Q2 2026 UPDATE

  2. 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

  3. Slide 3: Operating and Financial Results

    Platform Platform K12-BK14-FA Dutch North Sea, Netherlands Dutch North Sea, Netherlands OPERATING AND FINANCIAL RESULTS

  4. Slide 4: Q2 2026 Financial & Operational Summary

    Q2 2026 Financial & Operational Summary  Production averaged 17,125 boe/d, up 6% from Q1-26 Q2-2026 Q1-2026  FFO was $74Anthony million, Anthony up 15% from Q1-26 Marino Marino Chief Chief Executive Executive Officer Officer Production Boe/d 17,125 16,183  Operating netback was $69.05/boe, up 20%

  5. Slide 5: Q2 2026 Operations Update

    Q2 2026 Operations Update Netherlands Operated Activity  K17-FA-103 well (60% WI) drilled in Q2-26 and stimulated subsequent to the end of Q2-26 o Flowed at a rate of 15.7 MMcf/d (9.4 MMcf/d net) during clean-up1 o The well is being prepared for tie-in  Completed seasonal maintenance on the L2 and

  6. Slide 6: Netherlands Drilling Inventory

    Netherlands Drilling Inventory H2 Unrisked Resource Cumulative Distribution1,2,3 0%  20 (8.0 net) undeveloped drilling Prospective Resource locations with 32 MMboe of 2P Contingent Resource 20% P10 = 119 BCF Reserves1 40% Pmean = 50 BCF  15 (5.2 net) contingent fields with P90 = 13 BCF total best

  7. Slide 7: European Gas Fundamentals

    Noordgastransport (NGT), Treatment Plant at Uithuizen, Netherlands EUROPEAN GAS FUNDAMENTALS

  8. Slide 8: European Natural Gas Pricing Compared to North America

    European Natural Gas Pricing Compared to North America Natural Gas Price History and Forwards1,2,3 22 TTF NYMEX HH AECO 5a 20 18 16 14 US$/MMBtu 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 to MMBtu using 3.412 MWh to MMBtu. 2.

  9. Slide 9: EU Natural Gas Storage

    EU Natural Gas Storage Total European Union Natural Gas in Storage1  Storage levels are building slower than 4,000 normal so far during the 2026 injection season 3,500  Pipeline supply in Europe no longer has 3,000 meaningful winter flexibility; this role has been assumed by LNG imports 2,500  Wi

  10. Slide 10: Commodity Hedging

    Commodity Hedging Corporate Hedge Position1,2  Corporate hedge position is 55% in 2026, 39% in 2027, and 7% in 2028 15,000  European natural gas price exposure is hedged approximately:  56% in 20263, at an average price of €31.83/MWh ($15.11/Mcf)  41% in 2027, at an average price of €34.06/MWh (

  11. Slide 11: Advisories

    Advisories Non–GAAP and Other Financial Measures This presentation contains the terms funds flow from operations and capital expenditures (“capex”) which are considered “non-GAAP financial measures”, and operating netback which is considered a “non- GAAP financial ratio”. These terms do not have a s

  12. Slide 12: Tenaz Energy

    Ma YS —_.. TENAZ EN ERGY en principles, new opportunitie

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