08:00 AM EDT, 07/18/2024 (MT Newswires) -- Tenaz Energy ( ATUUF ) entered Thursday into an agreement with Nederlandse Aardolie Maatschappij (NAM), a 50/50 joint venture between Shell and ExxonMobil, to acquire NAM Offshore for 165 million euros ($246 million).

The transaction is expected to close mid-2025.

NAM Offshore is expected to produce nearly 11,000 boe/d (99% TTF2 natural gas) and generate 90 million euros ($134 million) of free cash flow based on current strip prices in 2024.

"This acquisition is an important step in our strategy of securing value-enhancing acquisitions that have substantial organic investment opportunities," said Anthony Marino, President & CEO of Tenaz.