WTI $76.57 -2.04
MAHA SEK7.35 0.16

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About Us

Fueling Growth through Energy

In 2013, a new chapter began: the creation of Maha, an independent international oil company, focusing on recovering oil and gas reserves and operating productive assets. With a team of industry experts and a defined purpose, Maha began the journey of building a solid base of oil and gas assets and growing strategy. 



Our first major acquisition was in the first year of operation (2013), when we acquired Lak Ranch, in the USA, and, immediately, three wells were drilled to increase the production. In the following years, after successful operations, Maha AB was created and listed on Nasdaq Stockholm First North Growth Market. With new plans defined and investments made, Maha completes acquisition in Brazil and reaches 100% of operational interest in Tie Field and in six additional concession contracts onshore in Brazil. 



In 2019, Maha received an invitation to participate in the bidding process for Block 70, a highly promising area located in Oman. The company responded with a competitive proposal, engaging in negotiations with the government, ultimately securing the rights to operate in the Block. 



With an exploration and appraisal drilling campaign at Block 70 in Oman, 2022 was a year of great results for Maha, and the beginning of a significant financial and operational transformation. Furthermore, three new members of our Board have joined us, together with new members of our management team, enhancing our existing governance structure and bringing a new vision and experience to our leadership. We also conquered a highly renowned reference shareholder through the investment fund managed by Starboard Private Equity, and announced a business combination with DBO, reinforcing the construction of a diversified and balanced portfolio between mature onshore and offshore oil and gas assets.



In the year of 2023, we have made many accomplishments. In the first quarter, the sale of the onshore assets in Brazil was completed and, in the second quarter, offshore assets were added in the same territory, upon the conclusion of our business combination with DBO. Through the transaction, we increased our reserves by 18.8 MMBOE – about the same level as before the sale of the onshore assets – at the same time as our cash balance increased substantially. We announced that 5 out of 8 wells drilled at Block 70 in Oman produced oil at an initial estimated average rate of 300 barrels of oil per day per well. These fundamental changes have meant that certain stakeholders have started talking about a “new Maha”. New or not – Maha Energy is in a strong financial position, ready to embark on a promising growth journey. That’s why we said that we had a promising start and there’s still more to come!

Strategy

Maha Energy focuses on leading the oil and gas recovery industry by developing and operating productive fields, maximizing value, driving profitability, and working ethically and responsibly to benefit all stakeholders. Our strategy is outlined according to three important pillars:

SOLID CASHFLOW

OPPORTUNISTIC TRANSACTIONS

INCREMENTAL PRODUCTION

Solid Capital Structure and Cash Position



We are optimistic in the future production potential of Maha, as we strive to leverage our substantial cash position 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.

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 producing oil and gas assets. While building on our industry expertise, capital discipline and local partnerships, we will target special situations opportunities with unique high return potential.

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.

Incremental Production

Maha pursues the growth potential in the existing assets through executing workovers, drilling new production wells, developing contingent resources and prospects near existing infrastructure. Maha’s team is composed of experts from the oil and gas industry, with individual experiences and background to support our operations and drive our growth strategy.

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

Javier Gremes Cordero

Javier Gremes Cordero

COO

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Kjetil Solbraekke

Kjetil Solbraekke

CEO

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Guilherme Guidolin de Campos

Guilherme Guidolin de Campos

CFO

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Barbara Bittencourt

Barbara Bittencourt

Chief Legal Officer

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