Highlights

  • Tenaz Energy shares have climbed roughly 18% over the past month.
  • The company released updated 2026 production and capital guidance in December.
  • Operational activity continues across Dutch North Sea and Canadian assets.

Shares of Tenaz Energy Corp. (TSX:TNZ) have gained approximately 18% over the past month, reflecting heightened market attention following recent corporate updates and forward operational disclosures. The move comes after the company outlined its production and capital guidance for 2026 and provided detailed commentary on ongoing drilling and development programs across its international portfolio.

Tenaz is an energy company focused on the acquisition and development of oil and gas assets, with operations concentrated in the Dutch sector of the North Sea and Alberta, Canada. The company is currently the largest natural gas producer in the Dutch North Sea, while also developing crude oil and natural gas assets at Leduc-Woodbend in Alberta.

2026 Production and Capital Framework

In mid-December, Tenaz announced that its Board of Directors approved a capital expenditure program of USD 250 million to USD 275 million for 2026. Average production for the year is expected to range between 19,500 and 22,500 barrels of oil equivalent per day, representing a significant increase from 2025 levels based on the midpoint of guidance.

According to the company, this capital plan follows two acquisitions completed in 2025 and is designed to support multiple years of organic production development, primarily in the Netherlands, alongside measured growth in Canada.

Operational Activity Across Key Assets

Operational momentum remains visible across Tenaz’s asset base. In the Dutch North Sea, three jack-up drilling rigs are currently active across different fields, including the Joint Development Area, GEMS, and the L10 block. In Canada, Tenaz expects to begin a three-well horizontal drilling program during the first quarter of 2026.

The company noted that the timing of drilling, workover, and tie-in activities means that the largest impact from the 2026 capital program is expected to be realized in 2027. Based on current schedules, Tenaz stated that its 2026 production exit rate could reach as high as 27,000 boe/d.

Commodity Pricing and Hedging Position

Tenaz also highlighted its hedging framework, noting that approximately 42% of 2026 production is hedged on an oil-equivalent basis. Around 50% of projected 2026 revenue is currently protected through hedging arrangements, aimed at managing cash flow variability amid shifting global energy markets.

TNZ closed at CAD28.03, up around 5% on January 06, 2026.