Tenaz Energy has closed the previously announced acquisition of 100% of the shares of XTO Netherlands Ltd. from XH LLC, a wholly owned subsidiary of ExxonMobil Corporation. 

Acquired Assets

Upstream 
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: from 8.44% to 15.94%
• K9c: from 6.49% to 12.26%
• K12: from 5.67% to 10.71%
• N7b: from 9.45% to 17.86%

Tenaz's interest in the undeveloped F10, F11a, F17, and F18 licenses remains unchanged as a result of the Acquisition, as does their interest in the producing L10-O field, which XTO elected not to participate in when drilled.

Midstream Assets
Tenaz will also acquire an additional 10.1% ownership interest in Noordgastransport B.V. ("NGT"), bringing our total interest to 21.4% and making us the second largest shareholder of NGT. Tenaz expects to receive distributions from its ownership in NGT through annual dividends. The most recent dividend declared to the NGT shareholder group attributable to 2022 results was $27.0 million (€18.4 million), continuing a history of paying dividends to shareholders for over twenty consecutive years. Decommissioning costs for NGT are provisioned and held within NGT's working capital.

Carbon Reduction Project
The entity to be acquired does not hold rights to the L10 Carbon Capture & Storage ("CCS") Project, which is currently being evaluated by the L10 Partner Group. Tenaz holds an 11.35% interest in the CCS project, which remains unchanged as a result of the Acquisition.

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