Tenaz Energy Corp. (TNZ:CA) M&A Call Prepared Remarks Transcript

Anthony Marino
President, CEO & Non-Independent Director

Hello. I’m Tony Marino, President and CEO of Tenaz Energy. I’ll cover a PowerPoint describing our GEMS acquisition. I ask you to please first note the advisories we have at the beginning and the end of the presentation. We’ll start with a brief corporate overview that will incorporate a couple of the aspects of GEMS.

First of all, the strategic model of the company remains the same, focused on acquisitions in the overseas market. Current asset base is a significant production foothold in Netherlands, making us today, we believe, the largest producer in Netherlands, except for the state company, EBN, and we continue to have our Canadian oil growth project. Two major transactions closed this year, NAM Offshore or NOBV, now called TEN within Tenaz , which we closed at the beginning of May. And the acquisition we announced today, the nonoperated interest in the GEMS project, which was a signed and closed transaction executed earlier today.

Market cap before the transaction, about CAD 575 million. After the transaction, we’ll have a little bit over $400 million in debt. That’s up from $100 million prior to the deal with that $100 million, including the estimate that we have made for the earn-out on the NOBV transaction. Pro forma production and by that, we mean had we owned both the GEMS and the NOBV assets for an entire year of 2025 would be 16,200 BOE/D. We’ll show you our new guidance number at the end of the presentation. And our drilling and development CapEx estimated for the year, CAD 100 million to CAD 110 million. This only counts CapEx after the dates of closing of the — each of these transactions and little change — no change in the