Tenaz Energy Corp (TSE:TNZ) has released an update.
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Tenaz Energy Corp. reported a decrease in Q1 2024 production by 8% from the previous quarter, attributing it to natural declines and operational downtime, but noted a 24% increase over the same period last year due to strategic drilling and acquisitions. The company also experienced a 47% drop in funds flow from operations compared to Q4 2023, primarily due to lower production, and spent $3.8 million on capital expenditures, mainly on well stimulation in the Netherlands. Additionally, Tenaz is set to acquire a gas plant and related assets, pending regulatory approval, which is expected to enhance its operational control and provide additional revenue opportunities.
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