Tenaz Energy Corp · TSX:TNZ
Tenaz Energy — Q3 2026 Earnings Presentation
16 slides from Tenaz Energy's earnings presentation, 2026
Slide 1: Q3 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 Q3 2026 UPDATE
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: Operating and Financial Results
Platform Platform K12-BK14-FA Dutch North Sea, Netherlands Dutch North Sea, Netherlands OPERATING AND FINANCIAL RESULTS
Slide 4: Q3 2026 Financial Summary
Q3 2026 Financial Summary Operating Expense vs Production 50 25,000 Q4-25 Q1-26 Q2-26 Q3-26 40 20,000 30 15,000 Boe/d $/Boe Production Boe/d Anthony Anthony Marino Marino 15,556 16,183 17,125 22,122 Chief Chief Executive Executive Officer Officer 20 10,000 10 5,000 Operating Netback $/Boe 48.43 57.4
Slide 5: Q3 2026 Operations Update
Q3 2026 Operations Update Operated Activity K17-FA-103 well (60% WI) brought on production late Q3-26 at initial rate of 18 MMcf/d (10.8 MMcf/d) K17-FA-102B sidetrack well (60% WI) was drilled in Q3-26 and reached a targeted reservoir depth of 6,210 meters G14-A2ST1 Spud Q4-26 • Encountered appr
Slide 6: Workover Campaign
Workover Campaign Barge program takes advantage of our active and inactive well inventory to achieve high returns on investment Triton 10 jack-up barge delivered early Q3 2026 First workover campaign with Triton 10 was executed on the L09-FA platform (50% WI) Completed production optimizatio
Slide 7: Organic Production Growth
Organic Production Growth Daily Production (2026 YTD) 30,000 25,000 Our portfolio has delivered strong organic 20,000 production growth since acquisitions closed Boe/d 15,000 10,000 Operated wells drilled and workovers to-date were competed on time and on budget, 5,000 achieving their primary ob
Slide 8: 2027 Budget / Long-Range Plan
Noordgastransport (NGT), Noordgastransport (NGT), Treatment Treatment PlantPlant at Uithuizen, at Uithuizen, Netherlands Netherlands 2027 BUDGET / LONG-RANGE PLAN
Slide 9: 2027 Capital Budget and Guidance
2027 Capital Budget and Guidance Production guidance of 26,000 to 30,000 boe/d, represents annual growth of approximately 40% G14-A2ST1 Capital budget of $300 to $350 million (22.6% WI) • 85% Drilling operations and workovers L02-FB-infill • 15% Long-lead purchases and facilities projects (60.0%
Slide 10: Long-Range Plan
Long-Range Plan Reserves and Resources Inventory Preliminary LRP projects production growth up to 40,000 boe/d by the end of 2030 from our existing asset base 350 Risked Unrisked 300 Contingent Resource Anticipates annual CAPEX spending of $325 to $450 250 Fields (2C) 1,2,3 million from 2027 to
Slide 11: European Gas Fundamentals / Hedging
Noordgastransport (NGT), Treatment Plant at Uithuizen, Netherlands EUROPEAN GAS FUNDAMENTALS / HEDGING
Slide 12: European Natural Gas Pricing Compared to North America
European Natural Gas Pricing Compared to North America Natural Gas Price History and Forwards1,2,3 34 TTF USGC LNG to Europe Full Cost NYMEX HH AECO 5a 32 30 28 26 24 22 20 US$/MMBtu 18 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:
Slide 13: 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 14: 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 15: Advisories
Advisories Non–GAAP and Other Financial Measures This presentation contains the terms funds flow from operations (“FFO”) and capital expenditures (“capex”) which are considered “non-GAAP financial measures”, and operating netback and FFO netback which are considered “non-GAAP financial ratios”. Thes
Slide 16: Tenaz Energy
Ma YS —_.. TENAZ EN ERGY en principles, new opportunitie