Tenaz Energy Corp · TSX:TNZ

Tenaz Energy — Investor Presentation (November 2026)

35 slides from Tenaz Energy's investor presentation, November 2026

  1. Slide 1: Corporate Presentation November 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

  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: Corporate Overview

    Noordgastransport (NGT), Noordgastransport (NGT), Treatment Treatment PlantPlant at Uithuizen, at Uithuizen, Netherlands Netherlands CORPORATE OVERVIEW

  4. 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

  5. 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

  6. 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

  7. Slide 7: Capital Structure

    Capital Structure Net Debt as at Q3 20261 Revolving Credit Facility $ Million  $250 million syndicated reserve-based loan (2-year term) Cash 71  National Bank, CIBC, Goldman Sachs, DNB Bank, Macquarie Bank Non-Cash Net Working Capital (99) Contingent Earn-Out (26) Debt Metrics Revolving Facility (

  8. Slide 8: 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%

  9. Slide 9: 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

  10. Slide 10: 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

  11. Slide 11: Acquisitions Closed in 2025

    Acquisitions Closed in 2025 TNZ Production5,6 NAM Offshore BV (TEN) Closed May 2025 30,000 ~11,000 Boe/d / 55.7 Million Boe 2P reserves1 Base consideration = $246 million 25,000 Cash at close = $9.2 million 20,000 Boe/d Contingent Consideration 2 15,000  Earn-out: 50% of FCF in ’25-’26; 25% in ’27

  12. Slide 12: Production Growth Record

    Production Growth Record Production 30,000  Our portfolio has delivered strong organic 25,000 production growth since acquisitions closed 20,000 Boe/d 15,000  Operated wells drilled and workovers to-date 10,000 were competed on time and on budget, 5,000 achieving their primary reservoir and geolog

  13. Slide 13: High Margin Growth

    High Margin Growth Infrastructure-Led Development Revenue and Production Cost Profile1,2  Drilling from existing platforms and producing 160 into existing midstream infrastructure 140  Fewer permitting delays and faster drilling-to- 120 production onstream cycle times 100 $/Boe  Minimizes capital

  14. Slide 14: Netherlands Assets

    Platform Platform K12-BK14-FA Dutch North Sea, Netherlands Dutch North Sea, Netherlands NETHERLANDS ASSETS

  15. Slide 15: 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

  16. Slide 16: 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/shut-in of the Groningen field 10  Netherlands has become more dependent on LNG imports Net Exporter to meet demand 8  In 2025, t

  17. Slide 17: 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

  18. Slide 18: 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

  19. Slide 19: 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 in Q2-26 and brought on production in Q3-26 at an initial rate of 18 MMcf/d (10.8 MMcf/d ne

  20. Slide 20: 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

  21. Slide 21: 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

  22. Slide 22: 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

  23. Slide 23: 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 165 MMcf/d (55 MMcf/d net)  Platform capacity is 225 MMcf/d (75 MMcf/d net) Riffgat Wind

  24. Slide 24: GEMS Development

    GEMS Development N05-A Field  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. The field has produced more than 52 Bcf to date 2026 Activity Opal  N05-A-03 was drilled in Q1-26 and production commenced in Q2-26 at an

  25. Slide 25: 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

  26. Slide 26: Canadian Assets

    Producing RexWells Producing Rex Wellsat at PadPad 10-11, 10-11, Leduc Leduc Woodbend, Woodbend, Alberta, Alberta, CanadaCanada CANADIAN ASSETS

  27. Slide 27: 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  42 (37.2 net) booked locations (2P RLI 16.8 years)1 87.5% WI  Drilled and

  28. Slide 28: European Gas Fundamentals

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

  29. Slide 29: 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:

  30. Slide 30: 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,

  31. Slide 31: 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 24 22 USGC LNG to Europe Netback  While QatarEnergy has restarted some operations 20 USGC LNG to Asia Netback at t

  32. Slide 32: 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

  33. Slide 33: 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

  34. Slide 34: 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

  35. Slide 35: Advisories

    Advisories Non–GAAP and Other Financial Measures This presentation contains the terms funds flow from operations (“FFO”), free cash flow (“FCF”), CAPEX and production costs(1) which are considered “non-GAAP financial measures”, and operating netback which is considered a “non-GAAP financial ratio”.

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