On October 6, 2025, Tenaz Energy Corp. ("Tenaz") announced the signing and closing of the acquisition of the issued and outstanding shares of a private company, with interests in the Gateway to the Ems ("GEMS") project on the boundary of the Dutch and German sectors of the North Sea. The economic effective date of the acquisition is December 31, 2024.

The GEMS properties consist of five highly prospective licenses, three in the Netherlands and two in Germany, covering 1,811 km² (447,000 acres) at an average distance of 30 km offshore in water depth of approximately 25 m. Assets that include the currently producing N05-A platform, installed in August 2024, with a nameplate capacity of 225 MMcf/d before future expansion. This state-of-the-art platform is tied into the NGT offshore gas gathering system, in which Tenaz has pre-existing equity ownership, via a 13 km 20" pipeline.

In addition to the prolific N05-A field, the assets include two discovered and tested fields assigned Proved Undeveloped Reserves, four fields with discovered gas that have been assigned Contingent Resources due to uncertainty around timeline to development, and 14 exploration prospects which have been assigned Prospective Resources.

The purchase price consideration for the transaction was US$244 million (C$339 million).