.png)
CALGARY, AB, June 26, 2023 /CNW/ – Tenaz Energy Corp. (“Tenaz”, “Our”, “We”, or the “Company”) ( TSX: TNZ ) is pleased to announce an agreement to acquire 100% of the issued and outstanding shares (the “Acquisition”) of XTO Netherlands Ltd. (“XTO”) from XH LLC (“XH”), a wholly owned subsidiary of ExxonMobil Corporation. Closing of the Acquisition is expected to occur in Q3 2023. Tenaz will not be issuing equity in connection with the Acquisition. Tenaz Energy Corp. Logo (CNW Group/Tenaz Energy Corp.) The Acquisition generates the following advantages for Tenaz: Expands upstream and midstream free cash flow (1) by consolidating ownership in existing Netherlands assets; Significantly increases positive adjusted working capital (1) ; Accretive on key per share measures (1) , including production, reserves, cash flow and free cash flow (1) ; Increases exposure to high-margin Dutch Title Transfer Facility (“TTF”) gas; and Demonstrates ability to transact with an international major in a geographic region of focus. Acquired Assets Upstream Assets The Acquisition increases Tenaz’s working interest in each of the L10/L11a, K9, K12 and N7b license blocks. Upon completion, our interest in the producing licenses will increase as follows: L10/L11a: from 11.35% to 21.43% K9a and K9b: […]
CamTrader offers a preview only. View original article. boereport.com
