Is Tenaz the Dancing Partner ?Just recapitalized, rolled back and seeking international acquire and exploit opportunities in areas that include those of Valeura .
We have the cash that they must raise....
" It is my pleasure to write to you in our first quarterly report following the transformation of Altura Energy into Tenaz Energy. Tenaz was formed to deliver returns for shareholders through an acquisitions-oriented strategy focused on international assets.
Our vision is to build a leading intermediate-size E&P (exploration and production) by targeting high-quality assets in overseas markets to support a balanced growth-and-income capital markets model.
"In pursuit of opportunities, we have outlined a geographic scope for evaluation that includes Europe, MENA (Middle East and North Africa) and South America.
We recognize that this is a substantial remit, but we prefer to have a wide set of assets to choose from as we search for the highest returns for shareholders.
Once we have made cornerstone acquisitions in one or two of these regions, we will pursue follow-on acquisitions and asset development to create meaningful scale.
Using the international experience of both our founding Tenaz team members and the existing Altura team, we intend to weigh the risk and rewards of each opportunity in search of free cash flow and high rates of return.
In our view, the lowest risk assets for returns to shareholders will be from fields that are already producing, and this will be the primary focus of our acquisition efforts.
"In addition to pursuing our international acquire-and-exploit strategy, Tenaz has inherited a high-quality semi-conventional development project in the Leduc-Woodbend area of Alberta, Canada. This project targets the Rex zone within the Mannville formation and has current production of approximately 1,100 boe per day