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About Us

Fueling Growth through Energy

Maha Energy is a leading Swedish listed player in the oil and gas industry The Company began its journey in 2013 and was listed on Nasdaq Stockholm’s Main Market in 2020, having its main offices in Sweden and Brazil. With a unique blend of industry experts and financial markets team, Maha has transformed into an innovative independent energy platform, strategically growing by acquiring opportunistic  assets on a global basis, with the goal of building a diversified and balanced portfolio in the energy, oil & gas and minerals sectors.

Letter to shareholders

Dear Friends and Shareholders:

2024 was another dynamic year for Maha, marked by meaningful achievements across our key areas of focus: – our flagship investment in Brava Energia, the PetroUrdaneta project in Venezuela, and our oil-producing asset in the Illinois Basin. We made important progress in de-risking our portfolio and advancing our projects.

In line with Maha’s new strategic direction, we will be focused on cost optimization and a leaner operating model. The Company will be positioned as an active financial investor in the energy and minerals sectors, targeting high-value opportunities through disciplined capital allocation and an optimized cost base.

Brava Energia – Driving Brazil’s Largest O&G M&A in 2024

We began the year by acquiring 5% stake in 3R Petroleum, with the aim of capitalizing on a unique moment for consolidation in the Brazilian oil and gas market. In April, we announced a proposed merger between 3R Petroleum and Enauta, with Maha contributing its 15% stake in 3R Offshore. The transaction advanced rapidly, and today we hold 4.76% of Brava Energia – one of Latin America’s most diversified independent oil companies, with robust onshore and offshore assets.

Despite early technical challenges, Brava delivered major milestones by year-end, including first oil from the FPSO Atlanta and resumed production at Papa Terra. Brava also announced the acquisition of a 23% interest in Parque das Conchas, adding 6,000 boepd. We remain confident in Brava’s growth path to reach production levels of up to 100,000 boepd by H2 2025.

Progress in Venezuela with Disciplined Exposure

In March, we signed definitive agreements with PetroUrdaneta and made an initial payment of EUR 4.6 million, securing exclusive rights to acquire the assets until November 2025. We obtained key regulatory approval from the Venezuelan Oil Minister and conducted extensive due diligence throughout the year. In Q4, we began technical discussions with PetroUrdaneta and CVP, reaching preliminary alignment on a production roadmap by early 2025. A new business plan projects full field levels of up to 90 million barrels of oil and 180 Bscf of gas, with peak production around 40,000 boepd—exceeding our original expectations. Until licenses and agreements are finalized, we are maintaining low financial exposure and strict cost control, ensuring maximum return potential while upholding governance standards. Political uncertainty remains, and we continue engaging with authorities and monitoring developments closely.

Illinois – Solid and Scalable Cash Flow

In addition to the three wells brought online in January from our 2023 drilling campaign, we added three more in Q3 2024. This led to a 66% year-on-year production increase, reaching 328 bopd. Our Illinois operations continue to deliver strong, cost-effective results, generating steady cash flow to cover operating costs and providing attractive payback on investment.

Key financials

Sales volumes rose 67% year-on-year, driving revenue and netback growth. We ended the year with no debt and MUSD 97.6 in cash and liquid investments. We have in addition also in Q1 2025 received an additional MUSD 4.4 earn-out from the 2023 Tie and Tartaruga sale to PetroRecôncavo.

Maha is today well-capitalized, debt-free, and positioned for growth – with a strong stake in Brava, a promising opportunity in Venezuela, and record production from Illinois. The future looks bright, and we are excited for what lies ahead.

Warm Regards,

Roberto Marchiori
Chief Executive Officer
Maha Energy

April, 2025

Strategy

Maha Energy focuses on being an active financial investor in the energy and minerals industries, maximizing value, driving profitability, and working ethically and responsibly to benefit all stakeholders. Maha’s strategy is outlined according to three important pillars:

Solid Capital Structure

Leaner and Optimal Corporate Structure

Opportunistic Transactions

Solid Capital Structure and Cash Position



We are optimistic in the future production potential of Maha, as we strive to leverage our substantial position of cash and liquid investments to complete opportunistic acquisitions at attractive multiples, building a stable portfolio of producing assets that feature meaningful growth and production upside, and focusing on a solid cash flow generation to the company.

Leaner and Optimal Corporate Structure

We are aligning our efforts with Maha’s new strategic direction, which emphasizes cost optimization and a leaner operational structure. Going forward, the Company will position itself as an active financial investor in the energy and minerals sectors, focusing on value creation through disciplined capital allocation and a streamlined cost base.

Opportunistic and Accretive Transactions

With the changes and transactions advanced by Maha during 2022, the Company has reinvented its journey, evolved to become an innovative and progressive energy platform designed to grow by profitably acquiring and developing producing oil and gas assets. Building on our industry expertise, capital discipline and local partnerships, we will target mature assets globally, focusing on fields with existing production but offering sizeable growth potential in production, reserves and cash flow with relatively low-capital expenditures, stable cash flow generation and with attractive entry acquisition prices.

Opportunistic and Accretive Transactions

With the changes and transactions advanced by Maha during 2022, the Company has reinvented its journey, evolved to become an innovative and progressive energy platform designed to grow by profitably acquiring and developing producing oil and gas assets. Building on our industry expertise, capital discipline and local partnerships, we will target mature assets globally, focusing on fields with existing production but offering sizeable growth potential in production, reserves and cash flow with relatively low-capital expenditures, stable cash flow generation and with attractive entry acquisition prices.

Opportunistic and Accretive Transactions

The Company has reinvented its journey, evolved to become an innovative and progressive energy platform designed to grow by profitably acquiring and developing assets. While building on our industry expertise, capital discipline and local partnerships, we will target special situations opportunities with unique high return potential.

Meet our Board

The Board is responsible for the strategy and organization of Maha and its affairs.

Paulo Thiago Mendonça

Paulo Thiago Mendonça

Chairman of the Board of Directors since 2023

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Enrique Peña

Enrique Peña

Member of the Board of Directors since 2022

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Fabio Vassel

Fabio Vassel

Member of the Board of Directors since 2022

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Halvard Idland

Halvard Idland

Member of the Board of Directors since 2023

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Richard Norris

Richard Norris

Member of the Board of Directors since 2022

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Svein Harald Øygard

Svein Harald Øygard

Member of the Board of Directors since September 2023

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Viktor Modigh

Viktor Modigh

Member of the Board of Directors since 2022

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Management Team

Roberto Marchiori

Roberto Marchiori

CEO & CFO

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Barbara Bittencourt

Barbara Bittencourt

Chief Legal Officer

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