TENAZ ENERGY CORP. ANNOUNCES 2026 GUIDANCE

Executive Summary

• Tenaz Energy Corp. announced its 2026 production guidance of 19,500‑22,500 boe/d and a capital expenditure budget of $250‑$275 million.
• The guidance reflects an expected year‑over‑year production increase of roughly 115% versus 2025, with potential upside to 27,000 boe/d by year‑end 2026.
• The company highlighted ongoing drilling programs in the Dutch North Sea (three jack‑up rigs) and a three‑well horizontal program in Canada slated for Q1 2026, as well as a 42% hedge coverage for 2026.

Key Details

• Production Guidance (2026): 19,500 – 22,500 boe/d (mid‑point ≈ 21,000 boe/d).
• Capital Expenditure Budget (2026): $250 – $275 million.
• Growth Expectation: ~115% increase versus 2025 production levels; upside scenario up to 27,000 boe/d if projects proceed on schedule.
• Dutch North Sea Operations:
• Shelf Drilling Winner rig drilling K07‑FB‑103 (45.6% WI).
• Borr Prospector 1 at GEMS preparing to re‑enter an infill well in the N05 pool (33.3% WI).
• Noble Resolute drilling Eni’s L10‑M4 Malachite well (21.4% WI).
• Canadian Operations: Planned three‑well horizontal program in Q1 2026 (87.5% WI), comprising two unfracked multi‑laterals in the Ellerslie formation and one fracked lateral in the Sparky formation.
• CAPEX Allocation: ~80% to drilling, ~10% to workover/optimization, ~10% to long‑lead purchases & facilities.
• Hedging Position (as of release): 42% of full‑year 2026 production hedged on an oil‑equivalent basis; 45% of TTF exposure and 63% of AECO exposure hedged; roughly 50% of projected 2026 revenue protected.
• Forward Outlook: Anticipates continued LNG supply growth, especially from the U.S., to meet European demand as Russian supplies phase out by end‑2027.

Notable Quotes

• “Our 2026 guidance reflects a strategic focus on organic growth in natural gas production in the Netherlands and measured expansion of our Canadian oil project,” – Anthony Marino, President & CEO.

Materiality: Material – Positive (the guidance provides investors with forward‑looking operational and financial expectations that are likely to influence valuation).