ExxonMobil, Shell sell North Sea O&G assets to Tenaz for $246M

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Click on the top to follow us (WO) – Tenaz Energy Corp. has entered into an agreement with Nederlandse Aardolie Maatschappij B.V. (“NAM”), a 50/50 joint venture between Shell and ExxonMobil, to acquire all of the issued and outstanding shares of NAM Offshore B.V. (“NOBV”) for $246 million. NOBV is expected to produce nearly 11,000 boed and generate approximately $134 million of free cash flow based on current strip prices in 2024. NOBV’s cash flow profile is underpinned by a combination of physical fixed-price and collar hedges for 2024 through 2026.  Highlights Delivers on M strategy. Tenaz will acquire a high margin, low-decline asset base with high-capacity infrastructure, low risk development opportunities and future exploration upside. The acquisition’s financing structure avoids dilution and maximizes value for existing shareholders. Transformational scale. The transaction adds approximately 11,000 boed of production and 53.6 MMboe of Total Proved + Probable (“2 ………………………………