Core Viewpoint - Tenaz Energy Corp. has announced its production and capital guidance for 2026, projecting significant growth in production and outlining a capital expenditure budget of $250 to $275 million, with expected production growth of approximately 115% year-over-year from 2025 [1][3]. Production and Capital Expenditure Guidance - The average production volume for 2026 is estimated to be between 19,500 to 22,500 barrels of oil equivalent per day (boe/d) [3]. - The capital expenditure (CAPEX) budget for 2026 is set at $250 to $275 million, which is aimed at supporting organic growth following two major acquisitions in 2025 [3][5]. - The company anticipates that the largest impact on production growth from the CAPEX program will be realized in 2027, with a potential production exit rate for 2026 as high as 27,000 boe/d [5]. Operational Plans - In the Dutch North Sea asset base, three jack-up drilling rigs are currently operational, with specific wells being drilled in the Joint Development Area and other locations [4]. - The Canadian program will consist of a three-well horizontal drilling initiative starting in Q1 2026, representing 4% of the total budget [7]. - The capital plan allocates approximately 80% of CAPEX to drilling operations, 10% to workover and optimization activities, and 10% to long-lead purchases and facilities projects [7]. Commodity Prices and Hedging Strategy - The company expects ongoing competition in securing LNG supply in Europe, particularly as reliance on Russian gas is projected to cease by the end of 2027 [8]. - As of now, Tenaz is 42% hedged for the full year 2026 on an oil-equivalent basis, with 50% of projected revenue for 2026 currently protected via hedging [9].