TENAZ ENERGY CORP. ANNOUNCES AGREEMENT TO ACQUIRE NAM OFFSHORE B.V.

/NOT FOR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW/

CALGARY, AB, July 18, 2024 /CNW/ - Tenaz Energy Corp. ("Tenaz", "our", "we", or the "Company") (TSX: TNZ) has entered into an agreement with Nederlandse Aardolie Maatschappij B.V. ("NAM"), a 50/50 joint venture between Shell PLC and ExxonMobil Corporation, to acquire all of the issued and outstanding shares of NAM Offshore B.V. ("NOBV", or the "Acquisition") for base consideration of €165 million ($246 million), prior to closing adjustments and contingent payments. The transaction has an effective date of January 1, 2024 (the "Effective Date") and is expected to close mid-2025 following statutory merger clearances and operational transition activities.