Fossil Energy – Acquisition
Tenaz Energy from Canada announced it has completed the acquisition of 100% of the shares of NAM Offshore from Nederlandse Aardolie Maatschappij B.V.
Concurrent with the closing of the acquisition, NOBV has been renamed Tenaz Energy Netherlands.
This sale includes offshore gas fields, platforms and pipelines, including the gas treatment plant in Den Helder with the exception of gas production near and on Ameland. In 2023, these offshore gas fields collectively produced 1.1 billion m3 of gas, enough to supply 1 million Dutch households with gas for a year.
As a result of free cash flow and other purchase price adjustments from the effective date of January 1, 2024 until May 1, 2025, Tenaz received approximately €15 million cash at closing.
Based on preliminary estimates, net working capital of our TEN subsidiary at close is approximately neutral, excluding any future contingent earn-out obligations.
Production from the acquired assets is in line with our forecast at the time Tenaz announced the acquisition.
Tenaz is an energy company focused on the acquisition and sustainable development of international oil and gas assets. Tenaz is the second largest operator of natural gas assets in the Dutch sector of the North Sea and also operates a crude oil and natural gas development project at Leduc-Woodbend in Alberta.
