Tenaz Energy: An Important Call Option On European Natural Gas Prices

Tenaz Energy is positioned for significant production growth, with 2027 output expected to reach 30,000–32,500 boe/d, predominantly European natural gas. TNZ benefits from high-margin European gas exposure, a manageable Dutch tax regime, and robust hedging, with most 2024–2027 production locked at attractive TTF prices. Free cash flow is set to accelerate, with 2027 net FCF potentially reaching C$300M, supporting rapid deleveraging and future M&A opportunities.