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:
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.
Meet our Board
The Board is responsible for the strategy and organization of Maha and its affairs.
Paulo Thiago Mendonça
Chairman of the Board of Directors since 2023
Paulo Thiago Mendonça
Born 1988
Chairman of the Board of Directors since September 2023 and board member since 2022. Chairman of the Remuneration Committee and member of the HSE, Reserves and Sustainability Committee and the Investment Committee.
Education: Degree in Mechanical Engineering (cum laude) from the Federal University of Rio de Janeiro (UFRJ).
Other assignments: Managing Director of the Starboard Group
Prior assignments (last five years): Chairman of 3R Petroleum (now Brava Energia)
Experience:Paulo Thiago Mendonça is a Managing Director at Starboard, responsible for private equity investments and advisory in special situations transactions. Paulo has previously been the Head of Investment Banking at Brasil Plural’s Investment Banking division, responsible for M&A, equity and capital market transactions and worked at the Asset Management in Brasil Plural. Paulo has extensive experience in the oil and gas industry and has led important transactions in the sector. Paulo created and led the investment of 3R Petroleum, the first upstream O&G company to make an IPO since 2017 with a current market capitalization of more than 2 billion dollars. Paulo was chairman at 3R Petroleum and was responsible for raising the equity and debt to build 3R Petroleum current success as a pioneer independent oil and gas company in Brazil. In his career, he participated in several M&A transactions, IPOs, restructuring cases and private equity investments within O&G, infrastructure, financial, industrial, retail, EPC companies, shipbuilding, real estate, and airlines sector.
Independent of the Company and the senior management: No.
Independent of major shareholders: No.
Shareholding in Maha Energy AB: –
Warrants in Maha Energy AB: 1,428,051 (LTIP 9)
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Enrique Peña
Member of the Board of Directors since 2022
Enrique Peña
Born 1974
Board member since 2022. Chairman of the Audit, Ethics & Compliance Committee.
Education: Master in Infrastructure Management and Public Services and Master in Civil Engineering from Universidad Politécnica de Madrid. MBA from The Wharton School of the University of Pennsylvania, and Master in Sustainability and Social Corporate Responsibility from Universidad UNED-UJI.
Other assignments: Director of the Starboard Group. Executive Director of the IE Negotiation and Mediation Centre and Professor of Strategy in IE University in Madrid, Spain.
Prior assignments (last five years): Senior International Manager in Renfe, Board member of the Mecca-Medinah High-Speed Train Saudi-Spanish Consortium.
Experience:Enrique Peña has over 25 years’ experience in business development and strategic management in large corporations such as Shell, Boston Consulting Group, Orange and Renfe.
Independent of the Company and the senior management: Yes.
Independent of major shareholders: No.
Shareholding in Maha Energy AB: –
Warrants in Maha Energy AB: 476,018 (LTIP 9)
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Fabio Vassel
Member of the Board of Directors since 2022
Fabio Vassel
Born 1976
Member of the Board of Directors since 2022
Education: MBA from The Wharton School of the University of Pennsylvania. BA from the University of São Paulo (FEA-USP).
Other assignments: Managing Director of the Starboard Group.
Previous assignments: Chairman of 3R Petroleum and Board Member of Gemini Energy.
Experience: Fabio Vassel has over 25 years of experience working on Private Equity buy-side and Restructuring Advisory in Latin America, North America and Europe. Fabio was previously Partner and Head of Restructuring & Private Equity at Brasil Plural. Fabio has experience from Jefferies (Zurich and London), Nomura (London) and UBS Investment Bank (New York and London).
Independent of the Company and the senior management: Yes.
Independent of major shareholders: No.
Shareholding in Maha Energy AB: –
Warrants in Maha Energy AB: 952,035 (LTIP 9)
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Halvard Idland
Member of the Board of Directors since 2023
Halvard Idland
Born 1975
Board member since March 2023. Member of the Audit, Ethics & Compliance Committee and the Investment Committee.
Education: M.Sc. in Economics and Business Administration from Norwegian School of Economics (NHH).
Other assignments: Co-founder and Director at DBO Invest and Janeiro Energy. Board member at Prosafe SE. Chairman of DreamLearnWork.
Previous assignments (last five years): Co-founder and CFO at DBO Energy and DBO 2.0 S.A. (re-named Maha Energy Offshore (Brasil) Ltda.). Audit committee member at 3R Petroleum.
Experience:Halvard Idland has more than 20 years of industrial and financial investment experience in the oil and gas industry in Norway and Brazil. Previous experience includes DNB, Pareto, Aker Yards and DOF prior to co-founding DBO Energy.
Independent of the Company and the senior management: Yes.
Independent of major shareholders: No
Shareholding in Maha Energy AB: 116,337 shares held directly and 7,312,199.33 shares held indirectly through ownership of one third of the shares of DBO Invest S.A.
Warrants in Maha Energy AB: 0
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Richard Norris
Member of the Board of Directors since 2022
Richard Norris
Born 1966
Board member since 2022. Chairman of the HSE, Reserves and Sustainability Committee and member of the Audit, Ethics & Compliance Committee.
Education: PhD in Petroleum Engineering and an MSc in Petroleum Geology from Imperial College in London and a BSc in Geology.
Other assignments:Managing Director of Pandreco Energy Advisors Inc and board member at Africa Oil Corp.
Previous assignments (last five years): Chairman of Duna Energia (Brazil)
Experience:Richard Norris has over 30 years energy related experience in both industry and finance, including roles with large and small oil companies, as well as roles in debt and equity financing. Richard has worked in engineering, management and board roles covering Africa, Europe, Former Soviet Union and South America with BP, Elf Aquitaine/Total, Geopetrol, Candax Energy and Eland Oil and Gas. In finance Richard was instrumental in building the European oil and gas structured finance group at BNP Paribas. As a Partner at Helios Investment Partners, Richard co-managed Helios’s Private Equity energy investments throughout Africa. Richard is a Fellow of the Canadian Global Affairs Institute.
Independent of the Company and the senior management: Yes.
Independent of major shareholders: Yes.
Shareholding in Maha Energy AB: –
Warrants in Maha Energy AB: 476,018 (LTIP 9)
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Svein Harald Øygard
Member of the Board of Directors since September 2023
Svein Harald Øygard
Born 1960
Board member since September 2023. Member of the Remuneration Committee and the Investment Committee.
Education: Cand. Oecon from the University of Oslo, Economist.
Other assignments: Chairman of Norwegian Air Shuttle Group since 2021 and DOF Group since 2023. Board member of TGS-NOPEC. Also board member of Akerhus University Hospital, Janeiro Energy and Energy Investors. Industry advisor and investor.
Previous assignments (last five years): Global Knowledge Leader Oil & Gas at McKinsey 2010-2014 and as leader of Oil & Gas in Latin America, based in Brazil, 2013- 2016. Senior Partner Corporate Finance in Sparebank1 Markets 2018-2021. Board member Seadrill, Nettbil and AGR Petroleum.
Experience: Svein Harald Øygard has served as economist in the Ministry of Finance of Norway, as a secretary of the Committee of Fiscal affairs in the Norwegian Parliament, as economic advisor for the Labor Party and then as Deputy Minister of Finance of Norway, 1990-1994. Thereafter McKinsey Company for 21 years, largely in oil & gas, finance and industry, among others advising oil & gas companies in the North Sea, North America, the Mid-East, South-East Asia and West Africa. He also served as Country Manager Norway, as interim Central Bank Governor of Iceland after the 2008 Global Financial Crisis, and as Chair of the Execution Committee for the Icelandic bank restructuring. Co-founder of DBO Energy 2017 and in 2020 he co-founded Janeiro Energy, a venture fund investing into businesses in the renewables sector.
Independent in relation to the Company and the Company management: Yes.
Independent in relation to the major shareholders: No.
Holdings of shares in Maha: Svein Harald holds 3,018,840 shares in Maha directly or through company and 7,312,199.33 shares in Maha indirectly through ownership of 1/3 of the shares in DBO Invest S.A.
Warrants in Maha: 0
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Viktor Modigh
Member of the Board of Directors since 2022
Viktor Modigh
Born 1980
Board member since 2022. Member of the HSE, Reserves and Sustainability Committee, the Remuneration Committee, the Audit, Ethics & Compliance Committee and the Investment Committee.
Education: Master of Law from the University of Gothenburg, Sweden with a specialization in Petroleum Law and Petroleum Contracts from the University of Oslo, Norway.
Other assignments:Chairman of Jumpgate AB, Opsy AB, Transition Energy International AB, Klash AB, Minotaurus Energi AS and Urtiven AS. Director of Grin AS. Managing Director of Tiveden AS and Infundo AB.
Prior assignments (last five years): –
Experience:Viktor Modigh is a co-founder of Transition Energy Int. AB. He has more than 20 years´ experience of investments across different sectors and has held management positions with Tethys Oil in Oman and the United Arab Emirates. He previously worked as a lawyer advising primarily oil and gas companies on regulatory and contractual matters, transactions and general corporate law. Viktor is a member of the Association of International Energy Negotiators.
Independent of the Company and the senior management: Yes.
Independent of major shareholders: Yes.
Shareholding in Maha Energy AB: –
Warrants in Maha Energy AB: 476,018 (LTIP 9)
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Roberto Marchiori
CEO & CFO
Roberto Marchiori
Born 1988
Chief Executive Officer (“CEO”) since 2025 and Chief Financial Officer (“CFO”) since 2024.
Education: BSc in Industrial Engineering from Pontifícia Universidade Católica do Rio de Janeiro, Brazil
Other assignments: –
Experience: Roberto has most recently held the position of New Business Development and M&A Director at Maha Energy, co-leading Maha’s Mergers and Acquisitions since 2022. Roberto has broad experience in investment banking and debt restructuring. During his 14 years of tenure, he has assisted top management of several companies in a diverse array of industries such as oil & gas, mining, metals, insurance and reinsurance, utilities and transmission lines, retail, and financial services. Before joining Maha, Roberto held the position of Executive Director leading Private Equity investments at Starboard.
Shareholding in Maha Energy AB: –
Options in Maha Energy AB: 1,745,397 (LTIP 8)
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Barbara Bittencourt
Chief Legal Officer
Barbara Bittencourt
Born 1985
Specialization in Maritime Regulation and Ocean Management, Harvard University, Boston, USA (2018); LL.M in Oil and Gas from the University of Aberdeen, Aberdeen, Scotland (2012); Bachelor of Laws from Universidade Milton Campos Law School, Brazil (2007).
Chief Legal Officer since 2023
Other current assignments: None
Prior assignments (last five years): Partner of Demarest Advogados (Brazilian top tier law firm); Senior Associate at Campos Mello Advogados in Cooperation with DLA Piper.
Experience: Ms. Bittencourt has over 15 years of experience within energy and natural resources, focusing her career on transactions and regulatory issues in the oil and gas industry. Before joining Maha, Barbara was a partner of the Brazilian law firm Demarest Advogados at their Energy and Natural Resources practice. Previously, Barbara was a Senior Associate of DLA Piper/Campos Mello Advogados. She holds a master’s degree in Oil and Gas from the University of Aberdeen (Scotland) and a Bachelor of Laws degree from Universidade Milton Campos (Brazil), and specialization in Maritime Regulation and Ocean Management from Harvard University.
Shareholding in Maha Energy AB: 0
Options in Maha Energy AB: 761,628 (LTIP 8)
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