Anthony Marino
President, CEO & Non-Independent Director

Hello. I'm Tony Marino, President and CEO of Tenaz Energy. Thanks for joining our Q1 2026 update. I'd first ask you to note our investment advisories on Slide 2. I'm going to begin with a discussion of our operating and financial results using the first Slide 4.

So in Q1 '26, our production was up 4%, reaching a level of approximately 16,200 BOE/D with the vast majority of that production coming out of Netherlands. FFO for Q1 '26 was approximately CAD 65 million. That was a 4% increase from the fourth quarter of '25. We certainly had our most active capital program we've ever had in the company's history, 3 offshore jack-ups running on licenses in which we have an interest.

I'll cover it more later, but one of these operated in 2 non-operated drilling rigs in the Dutch North Sea. An offshore workover campaign going in Q1 as well. And we also drilled 3 gross wells in Canada that we operated.

Our CapEx for the first quarter was CAD 92 million. That's about 1/3 of our 2026 plan. We'll talk about an increase to our capital program. It will probably end up being about 30% of the capital for the year as a whole with that increase. And certainly, I would say, probably our most capital-intensive quarter that we expect.

Our operating netback in Q1 '26 was very, very strong, over $57 per boe. Reasons for the higher netback, we had higher pricing in this quarter, in part driven by the outbreak of war in the Middle East at the end of February and driven by really an improving product mix in the company