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Thailand has captured more than $26.8 billion (approx. 900 billion baht) in investment applications for its semiconductor and advanced electronics sectors over the past three years, cementing its position as a primary beneficiary of global supply chain diversification away from traditional manufacturing hubs.

Driven by accelerating global demand for artificial intelligence, next-generation semiconductors, electric vehicles, and high-performance computing, Thailand has drawn 880 high-tech projects between 2023 and mid-2026. A major catalyst is the printed circuit board (PCB) sector, which accounts for $9.85 billion (approx. 331 billion baht) across 224 projects, according to the Thailand Board of Investment (BOI).

“Amid global supply chain restructuring, Thailand has emerged as a premier global manufacturing base for printed circuit boards,” said Mr. Narit Therdsteerasukdi, Secretary General of the Thailand Board of Investment (BOI).

To resolve skilled labor shortages—a primary bottleneck for advanced manufacturing relocation—the Thai government and industrial groups are launching dedicated talent initiatives alongside the event. The BOI and the Office of National Higher Education, Science, Research and Innovation Policy Council (NXPO) are establishing a talent-matching framework to align local engineering and technical workforces with international manufacturing standards required by multinational tech OEMs.

The event will also feature technical forums on Edge AI and future mobility, positioning Thailand’s domestic supply chain to supply critical components for global markets, ranging from consumer electronics to autonomous systems.

Source : ○ BOI : The Board of Investment of Thailand

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Anthony Marino
President, CEO & Non-Independent Director

Hello. I’m Tony Marino, President and CEO of Tenaz. Thank you for joining our Q2 ’26 update. At the outset, I’d like you to note our advisories that we have at the beginning and the end of this presentation.

Let’s start with our operating and financial results. Production was up again in Q2, 6% higher than in Q1, reaching over 17,000 boe/d. And I will point out that our preliminary production that we have for July is approximately 23,000 boe/d. So continued organic growth in Tenaz as a result of the development activities that we and our operating partners are conducting on our assets, primarily in Netherlands.

Funds flow from operations, $74 million. That’s a 15% increase from Q1 on higher pricing and higher production. The better pricing, in particular, is reflected in our operating netback, which has reached over CAD 69 per BOE. That’s a 20% increase from Q1 ’26 operating netback. CapEx was significantly lower than in Q1. The total for the half year period is about $150 million. We had a heavier investment program in Q1 for a couple of different reasons.

First of all, we had our Canadian program going, which is now completed. Secondly, we had more non-op activity in the non-GEMS assets in Netherlands. And another factor was that we were running our original Seafox barge doing some light workovers at the beginning of the year, and we didn’t have that going in Q2.

I would point out, and I think we mentioned it later in this presentation, but I’ll point out that we are bringing in the Triton-10 barge to do heavier workovers