Hello. I'm Tony Marino, President and CEO of Tenaz Energy. I'll cover a PowerPoint describing our GEMS acquisition. I ask you to please first note the advisories we have at the beginning and the end of the presentation. We'll start with a brief corporate overview that will incorporate a couple of the aspects of GEMS. First of all, the strategic model of the company remains the same, focused on acquisitions in the overseas market. The current asset base is a significant production foothold in the Netherlands, making us today, we believe, the largest producer in the Netherlands, except for the state company EBN, and we continue to have our Canadian oil growth project. Two major transactions closed this year: NAM Offshore, or NOBV, now called TEN, within Tenaz, which we closed at the beginning of May. The acquisition we announced today, the non-operated interest in the GEMS project, which was a sign-and-close transaction executed earlier today. Market cap before the transaction: about CAD 575 million. After the transaction, we'll have a little bit over CAD 400 million in debt. That's up from CAD 100 million prior to the deal, with that CAD 100 million including the estimate that we had made for the earnout on the NOBV transaction. Proforma production, and by that we mean had we owned both the GEMS and the NOBV assets for an entire year, 2025 would be CAD 16,200 BOE/D. I will show you our new guidance number at the end of the presentation. Our drilling and development CapEx estimated for the year: CAD 100 million-CAD110 million, this only counts CapEx after the dates of closing of each of these transactions. Little change, no change in the insider ownership of the company. On slide five, we have the same four panels that we have typically shown to illustrate the progress of the company since we executed the recap in 2021, and again, in this, we will show the production for GEMS added on to the previous assets in the company, so we had owned them for the entire 2025, which we're calling our pro forma presentation. FFO, again, added from GEMS in the lower left panel. Significant increase in NPV as well, with the addition of GEMS shown at the 2P reserve level for this plot on the upper right, and the share price prior to today on the lower right panel. We just illustrate the capital structure of the company, first of all showing net debt progression in the upper left. The addition from the investment in GEMS and the issuance of additional senior secured notes to cover a portion of that brings us to our roughly CAD 400 million level as of today. On the lower left, we illustrate the addition to the notes issue, so left column, we originally placed CAD 140 million of five-year notes, two-and-a-half-year non-call at November 2024. Those had a coupon of 12% for the car bond that we issued. In this transaction, as an additional private placement, really an add-on to that offering, we placed an additional principal amount of CAD 165 million. The coupon rate on that is still 12%. Really, all the terms and conditions rate, the maturity dates, the call dates remain the same for the new increment here, the new tranche of notes. They were, however, issued at an 8.4% premium to par value. With that, you generate a 9.5% effective interest rate or yield to maturity. Call date remains May 2027. Maturity date, if never called, remains November 2029. For purposes of the instrument, it's about a 4.2-year bond with a 1.7-year non-call would be a way to think of that. If you look at the middle part of the lower half of the slide, we also point out that we have placed a revolving credit facility. This is a secured reserve-based loan. It's from a syndicate of Canadian banks led by National Bank and CIBC. Goldman Sachs is also a participant. This CAD 115 million facility is undrawn. It'll have a two-year term, and it will have semiannual redeterminations of the borrowing base. Interest rate is at a spread to Canadian or U.S. benchmark, depending on which currency is drawn. And it'll work off a pricing grid based on our total net debt to EBITDA. At the current ratio that we have versus the Canadian CORRA benchmark, we would have an initial rate of 7.13% if it was drawn. But this RBL is not drawn as of now. Upper right is the share count as last reported at the end of the second quarter. No changes to that. There is a small amount of share issuance in this deal that we'll cover later, but those shares are not included here. And actually, the number of shares will depend on the market price for the next 20 trading sessions. On the lower right, we just briefly show the metrics for the GEMS acquisition: a little bit over two times cash flow or FFO and a projected payout of less than three years on an ATAX basis in our internal projections. For the corporation as a whole, after the GEMS acquisition, we'd have a net debt to EBITDA ratio of 0.9x. That's well inside the targets of the company, but we would seek to delever that over time as we build free cash out of our assets in the company today. And as of the announcement of the deal, our ratio of the new net debt number to enterprise value, again, at the start of trading, at the end of trading last Friday, would be 41% debt to EV. This slide seven illustrates a reserve summary for the company as a whole. So this shows reserves at the PDP 1P and 2P levels based on an independent report by McDaniel using the McDaniel three-consultant average price deck. It includes both the TEN assets and the GEMS assets. Total reserve number, if you put that together with Tenaz's reserves at the beginning of this year, totals CAD 92 million equivalent, and on the lower right side, we show a production profile generated by McDaniel at the 2P level, and this would not include any production out of contingent or prospective resources. That shows pretty strong growth for the company approaching the 25,000 BOE/D level within the next four years, so let's move off of the corporate totals and talk specifically about GEMS asset that we are buying. This was an enterprise deal. We bought a private company that has a non-operated interest in this Gateway to the Ems project offshore in both the Dutch and German maritime sectors, so first of all, to note on the map, the licenses that are in blue are ones that were already TEN which Tenaz already had an interest. The ones shown in the orange color are the new licenses that come with the GEMS acquisition. You can see that they are right at the maritime border between the Netherlands and Germany. We do think that this is a great asset base. We do expect very strong production growth out of it. We think that'll, given the quality of the wells and the low-cost nature of the development, we think that it will be a pretty high rate of return development project and acquisition. And it really just builds on what we've attempted to establish in the Netherlands initially with the non-op deals a few years ago. And now, with the very key addition of the NOBV cornerstone asset, we're adding to that and adding scale in the Netherlands and improving our growth rate. So really building, I think, a very significant business here in Europe, and particularly at this point concentrated in the Netherlands jurisdiction. As we're going to talk about later, these are very, very high-rate production tests and current well production. The asset has considerable unused infrastructure at this time. And we think that the wells with development are capable of significantly utilizing that infrastructure, allowing more production and cash flow out of the asset at a pretty good growth rate. It's very high-margin production, low OpEx projected in the range of CAD 5 per BOE, including transport costs, very low royalties, really no royalty on gas on the Netherlands side, and a 5% royalty on the German side after deduction of operating expense. It's a pretty new asset, only the one platform now, very limited number of wells, and as a result, very low decommissioning cost. So high rate, high margin, and low decom, all desirable characteristics. Very unique feature of this project is that the power source to operate the platform and the things that will ultimately go with it, compression, drilling rig, are going to be powered by a wind farm that is just on the German side of the maritime border, making it one of the very lowest emission projects, I think, that you could find anywhere in the world for hydrocarbon production. Very desirable characteristic, something we're proud to be associated with. So if you put all this together, the quality of the wells, the nature of the infrastructure and its capacity today, state-of-the-art platform, ability to develop at low risk and explore at relatively low risk, we think it's really one of the very highest quality assets, if not the highest quality asset in the North Sea in this premium TTF market. So moving on to a little more specific asset description on slide 10, a little more detailed map. First of all, the wider area map showing the distribution of gas fields, including the onshore fields. This is located relatively close to shore, about 30 km on average from shore, pretty shallow water, 25 m-30 m. Pretty good operating environment, I would say, from a standpoint of weather and proximity and availability of services. So all there, again, very desirable characteristics. There are five licenses included, two on the German side of the maritime border, three on the Netherlands side. Our interests vary from 22.5% - 45% in these licenses. In the initial producing pool, this N05-A, due to unitization of two of the licenses, we have a 33.3% interest, including in this first well at 77 million cubic feet a day of current production at, again, this 33.3% interest. The existing N5 platform is tied into the NGT gas gathering and transportation system. In this system, we're already on a 21.4% interest, so I think that the project is quite a boon to the midstream asset as well, and we're happy to have that ownership in NGT as well as the upstream position that we've gained in this area with GEMS. We do expect production to increase. It's all dependent on timing and well productivity. I'll talk about the development slate here a little bit more in a minute. We would estimate currently that on a net basis over the course of the year, production should build such that it can average around 7,000 BOE/D or 42 million cubic feet a day net to Tenaz next year. That'll be after two development wells, one extension well, and probably one exploration well to be drilled over the next year. In addition to the existing producing N05-A pool, again, this is the one making 77 million cubic feet a day from a single well, highest rate well in the Netherlands. There are two other pools on the N4 license, N4A and N4C, that have been discovered and tested both at pretty high rates, 50 million cubic feet a day and 20 million cubic feet a day, respectively, that are classified as proved and developed within the 2P category, and there's a platform plan to be set that'll allow those fields to be developed, probably with production commencing in about 2028, so just three pools in the 2P report, the N05A, the N4A, and N4C, totaling about 19 million barrels equivalent to Tenaz and under McDaniel's independent analysis, an ATAX value approaching CAD 600 million, and again, we'll detail the further development activities. The producing zone is the basal Rotliegend. The Rotliegend Sandstone, of course, is kind of the mainstay of gas production in Northwest Europe. We find that it's quite consistent across the prospective fairway here, really consistent for 40 km or 50 km using well control. It's further been mapped with a combination of 2D and 3D to identify this large number of prospects, so well correlated and consistent in the prospective areas, basically those areas off the very structural highs that have proved to be bald structures in the past, so gas in the trapped areas in the lower part of these structures. Speaking to the platform, we really do have a state-of-the-art installation here, brand new platform as of August 2024. It is an automated platform under typical conditions. Unless there's special activity going on, it is not a manned installation. Our team at Tenaz visited this platform prior to the closing, and we were very impressed with what we saw. First of all, a very motivated staff on the part of operator ONE-Dyas. ONE-Dyas is the largest private gas and oil company in Netherlands. They had done a great job on design, installation. It was interesting. We actually had a chance to see this platform when it was being built as well in the dock, and now it, seen in operation, was really quite a great experience for us to see how all this design concept with automation and really a degree of artificial intelligence had been installed on the platform, so really, our hats are off to ONE-Dyas for what they have achieved here, and on the inset map, we just show a little bit more detail of the development fields, of the location of the wind farm that is going to supply power to the platform, and also a couple of the exploration prospects. With respect to development on slide 13, again, we have the one producing field, N05A, with a single well, which 77 million a day at a 33.3% interest. That well had been discovered by an earlier test at 54 million. This well, the actual production well, has been ramped up to still a choke rate of 76 million cubic feet a day, producing into NGT heat content of 809 BTUs per SCF. We think that that is probably pretty consistent throughout the area based on a number of wells that have been tested as far as heat content, a desirable gas into the Netherlands local system. The development of the N05-A pool is going to continue, we think, probably with drilling prior to the end of the year, two development wells that are required to completely develop that pool, drilling an extension prospect called the N05-A- Noord, and potentially also an exploration well to Diamant or perhaps to another prospect in the area, with the final well really to be determined as we progress that drilling program. And with the assigned volumes from McDaniel shown in the table at the bottom of the slide, the next phase of development, and actually, let me just mention the capacity of the N05-A platform, 225 million cubic feet a day on a gross basis before any further debottlenecking. We're currently using about a third of that capacity. The second phase of development will be the N4 satellite development to the north of the original N05-A. You can see the platform locations a little bit better here. N05-A and the blue dot and the yellow dot representing the future N4 satellite platform. The N4 satellite will be tied into the N5. We intend here to reuse a topside from a decommissioned block in the North Sea. That platform already identified. We expect to have the project sanctioned in 2026, with the platform probably put in place in 2027, and production from development drilling of the N4A and N4C pools beginning in 2028. There are also exploration prospects offsetting the N4 platform with Opal likely to be the first one drilled there, and at the bottom of the slide, we show McDaniel's assessment of the volumes associated with these two development pools, the N4A and N4C, that are in the 2P report. We detail some of the additional resources that have been identified, estimated on the five licenses that come with the GEMS acquisition. Now, recall that in the 2P report, there are three pools included already, the producing N05-A pool and the tested but not as yet developed N4A and N4C pools. These are the ones shown in the red color on this map. Additionally, we have McDaniel perform a resource analysis. These are estimated to be recoverable volumes in the contingent and the prospective categories. Really, the resource category that's less important to us here is a contingent resource category. Normally, it's listed first, and we follow that convention on this slide. To address the contingent resource, we'll point out that there are four pools included. The bigger of these two pools, the bigger of these four pools, the L1 and L2 pools in the northeastern part of the license area are really too distant to be tied into the N5 or N4 satellite platforms, and along with that, there's two smaller pools in the south on the end blocks that are included in the contingent category as well discovered, but not of sufficient confidence at this time for development to be included in a reserve category. In the prospective category, as I mentioned earlier, there were three relatively close-in prospects, N05- Noord, Diamant, and Opal, that we commissioned McDaniel to do an entire economic evaluation, and those prospects I discussed earlier in the development phases for GEMS, with their combined net value estimated to be around 300 million in the prospective category. There are another 11 identified exploration prospects, and these are the ones shown in the light orange color on the map for which McDaniel conducted evaluations of the potentially recoverable volumes. And in these 11, they did not take it all the way to an economic evaluation. These prospects, if drilled, are going to be drilled later in time, we believe, than the initial three. And in a number of cases, they're more distant from the existing and planned platforms and therefore would require new platforms and infrastructure to bring into production. Nonetheless, those volumes totaling a company net risk to mean of around 100 BCF are shown in this table as well. Again, no guarantees that any of the contingent or prospective resources will be developed. But nonetheless, it's likely, I think, over time that some of this will be drilled. And it's our hope that some of these would eventually, if discovered, be able to be converted into a reserve category. Underscores the very large long-term potential we think that exists on this asset base. We talk about the acquisition price. It's detailed here on slide 16. It is denominated in USD. These amounts already paid earlier today, October 6th. The cash consideration, $232 million, corresponding at current exchange rates to about CAD 322 million, and an additional equity component valued at $12 million or CAD 17 million. This will be priced based on the 20-day VWAP beginning October 6th. That amount of shares is around 830,000 at Friday's closing price, and the actual number of shares to be determined based on this post-announcement and closing average price. The effective date of the acquisition, December 31, 2024, in lockbox form. Reserves have already been discussed on the lower left, 19 million barrels equivalent at the 2P level with a value a little bit under CAD 600 million for McDaniel. On the upper right, we point out that there is a contingent component to the consideration. This is based on exploration success. There is an opportunity for the seller to earn up to $60 million if three discoveries of significant size, 50 BCF gross or more, occur within the next 10 years. There's a small variation on this for one of the prospects, N05-A- Noord. If it's substantial in size, 50 BCF, but connected to the existing N05-A pool, then that payment will only be $10 million, in which case the maximum exploration contingent consideration could be $50 million. This combination of stock and cash consideration yields an estimated flowing production multiple of about CAD 48,000 based on our expected 2026 production. As we discussed earlier, a multiple of about 2X using strip prices on cash flow or FFO and a payout a little bit less than three years on an ATAX basis. The next slide, 17, is really just a breakout of the GEMS reserves PDP through 2P level and the production profile associated with specifically these pools, these reserve qualifying pools in the McDaniel evaluation. There is further growth potential beyond just the three pools that are in the 2P report. And again, reserves and contingent and prospective resources are very different categories. If there is success in the exploration prospects that are in the prospective categories for the three prospects, N05-A- Noord, Diamant, and Opal that had the economic evaluation performed by McDaniel, there is a potential that rates could end up higher than in the 2P report, and that is what is detailed in the plot on the lower right, still staying actually basically within the existing facility capacity unless there's further expansion of the facility capability. That's kind of the more extended potential picture for production profile of the GEMS assets as envisioned today. Just to finish off with a couple of corporate items, let's talk about the 2025 guidance. We first, in the upper left, detail our activity. We've already done our Canadian drilling this year, the multilateral program that was pretty successful. There are still plans to drill at least to spud the L10- Malachite non-operated development well from our original Netherlands assets in which we have a 21% working interest. Our planned CapEx for the period after the closing of NOBV, we now call this TEN, CAD 55 million-CAD 61 million, mainly for well work drilling and workover program. The remainder to facilities projects. We have a barge moving in now to begin workover activity, and we intend to begin drilling in about the next month or so on an extended drilling program that will go into 2026. In the case of GEMS, the CapEx that we see for the remainder of the year, about CAD 15 million for the beginning of drilling activity and some other facility-oriented projects, continue to estimate CAD 1.7 million evaluation capital for the potential CCS project at L10. Of course, organizationally, we continue to evaluate other M&A opportunities. The guidance for the company revised to include GEMS post-closing. We rounded off the production impact that would occur from GEMS in the fourth quarter to the nearest 500 BOE/D and added that to the previous guidance, getting us 9,500-10,000 BOE/D for the year, and added in the CAD 15 million of D&D CapEx to bring us to a total for the company of CAD 100 million-CAD 110 million. Again, in our financials, in what we record as company production and CapEx, that is only counted after the closing date. We discussed this earlier when we closed the NOBV or TEN acquisition. Pie chart on the right illustrates the product exposures of the company. Again, this is on a pro forma basis. This is as we had only assets for the entire year. Makes us 87% exposed on that basis to TTF gas, with the majority of the remainder coming in Canadian oil and NGLs and a small amount of AECO exposure. We do continue to hedge, and we are going to lock down a significant amount of revenue for the added production that we're getting from GEMS by hedging activities that are ongoing. We estimate that on this first increment of hedging that we're doing on GEMS, that will generate a price of about EUR 30.75 per megawatt hour. That corresponds to about CAD 14.65 for MMBTU. And that will protect around EUR 100 million of revenue during the hedge period for the last quarter of this year through 2026 and 2027. And then we do intend to put additional hedges on as the GEMS production goes up. The resulting total corporate hedge position is shown on the graph at right. Significant position on for Q4 2025 and the four quarters and 2026 after that, and starting to build a meaningful position in 2027 as well. So in summary, as illustrated on slide 23, we feel that this is a very good acquisition. We feel it's completely in line with the M&A strategy, building on what we had already done in the Netherlands to really create a cornerstone asset base for Tenaz. This is certainly a high growth, high rate of return asset base. It's meaningfully accretive to our existing shareholders and certainly gives us greater participation in the high-value TTF market. The assets are very strong with respect to what they can generate in terms of cash flow and of free cash flow, putting capital work to grow the company at a faster rate and build scale in our Netherlands operation. They are ultra high-rate wells. There is a lot of infrastructure capacity that can already be utilized with further drilling. It's certainly very, very high margin production given that you've got prices in the range of CAD 15 for MMBTU and low royalties and OpEx costs that over time will probably settle into the range of about CAD 1.50 per MCF, and a significant amount of that cash flow profile already underpinned by our hedging program, which will continue. In summary, we believe we've got one of the very highest quality, if not the highest quality asset available in the North Sea. It's a state-of-the-art platform, which is placed atop an area with very prospective geology, already delivering very high rates in the existing producer, highest rate well in the Netherlands. A lot of development opportunities that we've detailed here, and additionally, quite strong long-term exploration. And we're very proud that the project has been integrated into the renewable energy system as well, being powered by the wind farm on the German side of the border. So in summary, very happy with this acquisition. We appreciate your interest in it, and we look forward to our next opportunity to discuss Tenaz at the Q3, at our Q3 release. Thank you.