Anthony Marino
President, CEO & Non-Independent Director
Hello. I’m Tony Marino, President and CEO of Tenaz. Thank you for joining our Q2 ’26 update. At the outset, I’d like you to note our advisories that we have at the beginning and the end of this presentation.
Let’s start with our operating and financial results. Production was up again in Q2, 6% higher than in Q1, reaching over 17,000 boe/d. And I will point out that our preliminary production that we have for July is approximately 23,000 boe/d. So continued organic growth in Tenaz as a result of the development activities that we and our operating partners are conducting on our assets, primarily in Netherlands.
Funds flow from operations, $74 million. That’s a 15% increase from Q1 on higher pricing and higher production. The better pricing, in particular, is reflected in our operating netback, which has reached over CAD 69 per BOE. That’s a 20% increase from Q1 ’26 operating netback. CapEx was significantly lower than in Q1. The total for the half year period is about $150 million. We had a heavier investment program in Q1 for a couple of different reasons.
First of all, we had our Canadian program going, which is now completed. Secondly, we had more non-op activity in the non-GEMS assets in Netherlands. And another factor was that we were running our original Seafox barge doing some light workovers at the beginning of the year, and we didn’t have that going in Q2.
I would point out, and I think we mentioned it later in this presentation, but I’ll point out that we are bringing in the Triton-10 barge to do heavier workovers
 Q2 2026 Earnings Call Prepared Remarks Transcript){kind=link}