In short: Not investable — the state's carried interest, and a structural feature of every Dutch licence. "EBN, the state gas producer, that has typically 40% heads up interest in all these licenses, is a key partner of ours." Named alongside ONE-Dyas, Eni and the Dutch regulators in the closing thank-you, and it is the concrete form of the "consistent, very very good" fiscal regime he cites as a core reason for being in the Netherlands.
EBN is the Dutch state's energy company, and it is not something you can invest in. It matters because it automatically takes a roughly 40% interest in essentially every Dutch oil and gas licence — the government participates as a partner rather than simply taxing the result.
That arrangement is a large part of what Marino means when he praises the Dutch "fiscal regime" as consistent and "very very good": the state's share is known in advance and does not change with the political weather, which is precisely the certainty that lets a small company underwrite a twenty-year investment. Every production and reserve figure quoted for Tenaz is already net of this arrangement, so it is a feature of the economics rather than a hidden claim on them.
1:35:46We owe everything really to them. Our partners in the industry, companies like One Dios and ENI and the others in the Netherlands industry, EBN the state gas producer that has typically 40% heads up interest in all these licenses is a key partner of ours. The regulators in Netherlands, it's all these groups that have helped us along the way.
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