­­­Maha Energy AB (publ)
Strandvägen 5A
SE-114 51 Stockholm
www.mahaenergy.ca

Press release
Stockholm
February 3, 2020

Maha Energy AB (publ) (“Maha” or the “Company”) Announce January Production Volumes

Production Volumes

The Company's aggregate sales production for the month of January totaled 94,665¹ barrels of oil and 69.467 million scf of gas for a combined average production of approximately 3,427 BOE/day², before royalties and taxes.

¹   Subject to minor standard industry adjustments at the time of custody transfer.
²   Barrels of oil equivalent ("BOE") conversion ratio of 6,000 scf: 1 bbl is used.

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca

or

Victoria Berg (Investor Relations)
Tel: +46 8 611 05 11      
Email: victoria@mahaenergy.ca

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser and can be contacted at info@fnca.se or +46-8-528 00 399. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 30 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth.  After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

­­­Maha Energy AB (publ)
Strandvägen 5A
SE-114 51 Stockholm
www.mahaenergy.ca

Press release
Stockholm
January 30, 2020

Maha Energy AB (publ) Announce Approval of Additional 800 BOPD Offtake Volume for Tie Field Oil Production

Tie Field Oil Refinery Offtake Arrangement

Maha is pleased to announce the final approval by Brazilian Authorities for an increase in refined oil products volume for one of the company’s key customers. As previously communicated, Maha was waiting for the local refinery to receive a final approval by Brazilian Authorities to expand its’ refining volumes. 

The approval means that Maha can increase Tie Field oil deliveries to that specific refinery by an additional 800 BOPD. Overall delivery availability to the refinery is now 3 000 BOPD to Maha.

“We are very pleased that this approval is finally secured. Maha now have crude oil offtake agreements in place at the Tie Field for a total of 4 850 BOPD. When we assumed the field in July, 2017, offtake was limited to 1 100 BOPD.” Jonas Lindvall, CEO of Maha Energy AB said.

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca

or

Victoria Berg (Investor Relations)
Tel: +46 8 611 05 11      
Email: victoria@mahaenergy.ca

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser and can be contacted at info@fnca.se or +46-8-528 00 399. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 26 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth.  After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

Maha Energy AB (publ)
Strandvägen 5A
SE-11451 Stockholm
www.mahaenergy.ca

Press Release
Stockholm
January 30, 2020

Maha Energy AB announces December 31, 2019 Reserves Report with 25% increase in 2P reserves

Chapman Petroleum Engineering Ltd. (“Chapman”) has completed their annual reserve determination for the Company. The 2P oil reserves are up by approximately 25% compared to year end 2018, primarily due to an increase in the Tie Field reserves (as communicated in press release dated 25 September, 2019).

Maha Reserves¹ as at 31 December, 2019

^{1 Volumes are Net to Maha Energy AB and are expressed before royalties and taxes.
2 The Tartaruga Concession Agreement expires in 2025 but provides mechanisms for extension based on the continued productivity of the field.  Management is confident that such an extension will be approved and the reserves assume that the extension will be granted. The following reserve volumes are attributable to the extension period: 1P:- 2.44 m bbls, 2P:- 8.21 m bbls and 3P:- 20.11 m bbls.
3 Chapman Petroleum Engineering Ltd. uses the following oil price forecast for Brent Spot in $USD/STB:}

The average gas price for the gas reserves at Tie Field over the next five years is forecasted by Chapman to be $1.39 USD/MSCF.

The main changes to this years’ reserve volumes are:

• 1.5 million barrels increase in P90 (proven) reserves in Brazil
• 6.7 million barrels increase in P50 (probable) reserves at Tie

The increase of the P50 (probable) reserves at the Tie Field are due to seismic remapping of the Tie structure after drilling the Attic Well, where the structure top was encountered significantly deeper than what was earlier prognosticated.  In effect, the structure is now determined to be less steep and aerially larger. At Tartaruga, P90 (proven) reserve volumes were slightly increased (1.158 million bbls) because of results of the 7TTG workover and the resulting production increase from the Penedo1 sandstone.

The reserves review and issuance of this reserve report for the Company was made by the independent petroleum engineering consultants Chapman Petroleum Engineering Ltd., Calgary, Canada. The report has been calculated in accordance with the standards set out in the Canadian Oil and Gas Evaluation Handbook (COGEH), compliant with the National Instrument NI51-101 standards and the professional practice standard under the Permit to Practice.

Maha Energy AB, through its subsidiaries owns and operates a legal and beneficial 75% working interest in the SES-107D Block (Tartaruga) onshore Sergipe State Brazil, a 99% working interest in the LAK Ranch heavy oil field in Wyoming USA, and a 100% working interest in the Tie Field onshore Bahia State Brazil.

About reserves

Reserves are estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations, as of a given date, based on:

• analysis of drilling, geological, geophysical, and engineering data,
• the use of established technology, and
• specified economic conditions, which are generally accepted as being reasonable, and shall be disclosed

Reserves are classified according to the degree of certainty associated with the estimates.
Proved reserves (P90) are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves (P).

Probable reserves (P50) are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved + probable reserves (2P).

Possible reserves (P10) are those additional reserves that are less certain to be recovered than probable reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved + probable + possible reserves (3P).

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca

or

Victoria Berg (Investor Relations)
Tel: +46 8 611 05 11      
Email: victoria@mahaenergy.ca

Miscellaneous   

This information is published in accordance with the EU Market Abuse Regulation and/or the Swedish Financial Instruments Trading Act. The information was submitted for publication through the agency of the contact persons set out above on January 30, 2020, at 5:00 am CET.

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser and can be contacted at info@fnca.se or +46-8-528 00 399. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Growth Market stock exchange. Jonas Lindvall, CEO and Managing Director, has 26 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth.  After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

Maha Energy AB (publ)
Strandvägen 5A
SE-114 51 Stockholm
www.mahaenergy.ca

Press Release
Stockholm
January 29, 2020

Maha Energy AB (publ) Announces Tartaruga Operational Update.

107D (Tartaruga)

The remedial repair operations on the 107D horizontal are now complete. The split 7” casing was successfully removed and replaced with new casing. The well is now undergoing clean up flow and well testing. The well is flowing without the assistance of artificial lift. Once well testing and clean out operations are complete, the Company will disclose the results.

The 107D completion consists of a 2-7/8” downhole Jet Pump assembly, and future plans include placing the well on artificial lift. The fact that the 107D free flows to surface is very encouraging because; (a) prior to the horizontal sidetrack the 107D well was dead and required artificial lift to produce oil, and (b) by stepping away from the original wellbore and drilling horizontally, Maha has demonstrated the applicability of horizontal drilling as a very beneficial extraction technology for the Penedo sandstone reservoirs. This is the first horizontal wellbore to have been drilled in the Penedo sandstone reservoir.

The Braserv 147 workover rig was repositioned over the Maha-1 well on January 23 and after rig up and commissioning operations has now started operations to commence well stimulation and well testing. The current operation on Maha-1 is pulling out of the hole with tubing and preparing to perforate the first test interval. During the rig move, both the 107D and 7TTG wells were temporarily shut in for safety reasons. The 7TTG well is now back on production. 

Maha-1 is primarily an appraisal well to provide much needed well information for the Tartaruga Field Development Plan. Well testing on Maha-1 is expected to take between 60 – 90 days, and will target up to five different intervals in the Penedo sandstone.  Results of the first testing interval(s) will dictate the final number of testing intervals. Results of the Maha-1 well test, in line with industry practice, will be communicated at the end of the well testing operations.

Maha Energy holds a 75% working interest in the SES-107 Tartaruga oil and gas concession onshore Brazil. Petrobras holds the remaining 25% and is non-operator.

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca

or

Victoria Berg (Investor Relations)
Tel: +46 8 611 05 11      
Email: victoria@mahaenergy.ca

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on January 29, 2020, at 4:00 p.m. (CET)

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser and can be contacted at info@fnca.se or +46-8-528 00 399. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Growth Market stock exchange. Jonas Lindvall, CEO and Managing Director, has 26 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth.  After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

­­­Maha Energy AB (publ)
Strandvägen 5A
SE-114 51 Stockholm
www.mahaenergy.ca

Press Release
Stockholm
January 20, 2020

Maha Energy AB (publ) (“Maha” or the “Company”) Announce Retirement of Executive Vice President and Chief Corporate Officer Ron Panchuk

Effective January 20th 2020, Ron Panchuk, Executive Vice President and one of the founders of Maha Energy, announced his retirement from full time employment with the Maha Group.  In order to make the transition as smooth as possible for the Group, Ron will be providing part time legal consulting services to the Maha Group throughout 2020 as needed.

Jonas Lindvall, CEO of Maha Energy commented: “Ron’s energy and experience have been vital to Maha’s success to date and we wish him the best in his retirement.”

Adviser

Certified Advisor: FNCA Sweden AB, info@fnca.se, Telephone: +46-8-528 00 399.

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on January 20, 2020, at 01:00 a.m. (CET)

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Growth Market. Jonas Lindvall, CEO and Managing Director, has 26 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth.  After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

Important Information

Publication or distribution, directly or indirectly, of this press release could in some jurisdictions be subject to restrictions according to law and recipients of this press release, or part of it, are required to inform themselves of, and comply with, such legal restrictions. This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. Copies of this press release are not being made and may not be distributed or sent, in whole, or part, directly or indirectly, in violation of such restrictions. Failure to comply with such restrictions may constitute a criminal act under the United States Securities Act of 1933 (as amended) (“Securities Act”) or applicable laws in other jurisdictions.

Maha Energy AB (publ)
Strandvägen 5A
SE-114 51 Stockholm
www.mahaenergy.ca

Press Release
Stockholm
January 10, 2020

Maha Energy AB (publ) (“Maha” or the “Company”) announce its 2020 Capital Plan and Production Guidance

Maha Energy AB (publ) ("Maha" or the "Company") is pleased to provide details of its 2020 Capital Plan and Production Guidance.

2020 Capital Plan Summary- Total Budget USD 20.7¹ Million

^{1 The well in Tartaruga is contingent on positive results of the Maha-1 (“MH-1”) well tests and Partner approval.}

Tie Field – Bahia, Brazil

Tie- 2020 Capital Plan
       
      Tie South 1 and Tie South 2 Wells
      The previously announced Tie development wells (see Press Release dated 8 March 2019) will now be drilled during 2020.  These wells were originally planned to be drilled at the end of 2019, but due to delays in environmental permitting, these two wells will now be drilled as soon as the environmental permits are approved.  One well is planned as a water injector to further boost production in the field, and the second well is planned as a dual zone oil producer.
             
GTE-4
      The GTE-4 well is currently a dual completed free flowing well.  The Sergi reservoir has started to show signs of reduced flow.  Since 2017, the Company has been aware of the eventual decline in reservoir pressure in this well, and has therefore taken steps to implement an artificial lift system, similar to the GTE-3 well.  The Jet Pump has already been installed at surface, and when timing and scheduling permits, GTE-4 will be converted to a dually completed Jet Pump well using a work over rig.  It is not anticipated production at the field will be affected significantly during this operation.

Tartaruga Field – Sergipe, Brazil

Tartaruga- 2020 Capital Plan

      Delineation Well (MH-2)
      The Company plans to drill a new well from the Tartaruga site during 2020 (“MH-2”).  The objectives of the MH -2 well are to further build on the results of the recently drilled MH-1 well, maintain production at Tartaruga Field and evaluate potential completion technologies for these and future wells.  
       
      It is not anticipated that the Tartaruga Facility will be shut in during the drilling of the MH-2 well. 

      Facility Upgrade
      Work will continue during 2020 to upgrade the production facilities at Tartaruga to handle up to 2500 BOPD and 2,500 MSCFPD of gas.  The previously announced Gas-to-Wire project is now up and running at Tartaruga with further expansion planned as and when more gas production is brought on.

LAK Ranch –Wyoming USA

LAK- 2020 Capital Plan

Production Optimization
2020 will continue to be a year of production optimization and evaluation. So far, no investment decision has been made for LAK in 2020.  Capital will only be spent if: a) the results of the hot water flood show positive netback numbers for the field, b) further capital investments are ranked above other opportunities that the Company might have during 2020, and c) upon Board of Directors’ review and approval.

Production

The Company expects to complete most, if not all, of the Capital Plan prior to year-end 2020.  The exact timing of the operations is dependent upon a number of factors including delivery of long lead items, rig availability, permitting and logistics which in turn might affect Company’s total annual production

As such, this 2020 production guidance, net to the Company (but before government or freehold royalties) is expressed in the range of 5,000 – 5,500 BOEPD, of which 12% is estimated to be gas.

Please note that in order to align the Company’s production guidance with the Company’s financial reporting, it has been decided to provide this and future production guidance in Barrels of Oil Equivalents Per Day (BOEPD)². 

As the exact timing of the above operations and expected production/offtakes becomes clearer through 2020 the Company will provide updated information by Press Release.

The Company estimates its Operating costs for 2020 (including oil transportation costs), to range between $5.95 and $5.15 per BOE applying the production guidance range provided above.

Funding of 2020 Capital Plan

2020 Capital Plan Budget
The 2020 Capital Plan has a total budget of USD 20.7³ million for the above incremental projects and is expected to be funded fully through operating cash flow.

^{2 Normal units for expressing gas production is m3/day or ft3/day.  An average industry conversion factor to barrels does not use a simple volumetric conversion factor from m3 (or ft3) to barrels.  Instead the energy produced by burning 1 barrel of oil is equated to the same volume of gas required to produce the same amount of energy.  This is of course dependent on the type of gas being burned, but an industry average is that 6,000 standard cubic feet (scf) of gas generate the same amount of energy as 1 barrel of oil.  As such in this and future production guidance 6,000 scf of gas will be equal to 1 barrel of oil equivalent.
3 Includes 100% of the cost of drilling Maha-2 at Tartaruga.}

Adviser

Certified Advisor: FNCA Sweden AB, info@fnca.se, Telephone: +46-8-528 00 399.

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca

or

Ron Panchuk (EVP)
Tel: +1 403 454 7560        
Email: ron@mahaenergy.ca

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on January 10, 2020, at 3:00 a.m. (CET)

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Growth Market. Jonas Lindvall, CEO and Managing Director, has 28 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth.  After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

­­­Maha Energy AB (publ)
Strandvägen 5A
SE-114 51 Stockholm
www.mahaenergy.ca

Press release
Stockholm
January 5, 2020

Maha Energy AB (publ) (“Maha” or the “Company”) Announce December Production Volumes and Operational Update on Testing of 107D Well

Production Volumes

The Company's aggregate sales production for the month of December totaled 79,103¹ barrels of oil and 60.455 million scf of gas for a combined average production of approximately 2,877 BOE/day², before royalties and taxes.

A fire at one of the Company’s end users of gas temporarily restricted production at the Tie Field for 7 days during the month.  All GTW generators were brought on line during the month however, electrical grid stability affected up time on about half of the generator units.  The last week of December saw an average 75.6% uptime on the GTW gas generators at the Tie Field. 

Operational Update Tartaruga
Braserv “Rig 149” was mobilized to the Tartaruga Field after a lengthy delay unrelated to the Company, and is currently rigging up over the 107D well.  Once rigged up, remedial casing repair work will commence on 107D before dedicated testing will commence on the 107D horizontal wellbore.  Testing of the 500m horizontal sidetrack, which was drilled and completed during the first quarter last year, was temporarily suspended in the second quarter last year due to emulsion issues at the oil handling plant at Tartaruga.  A dedicated test spread has been mobilized to handle all effluents from the 107D test in order to not interrupt production from the 7TTG well.

¹   Subject to minor standard industry adjustments at the time of custody transfer.
²   Barrels of oil equivalent ("BOE") conversion ratio of 6,000 scf: 1 bbl is used.

Adviser

Certified Advisor: FNCA Sweden AB, info@fnca.se, Telephone: +46-8-528 00 399.

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca

or

Ron Panchuk (EVP)
Tel: +1 403 454 7560        
Email: ron@mahaenergy.ca

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on January 5, 2020, at 05:00 a.m. (CET)

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Growth Market stock exchange. Jonas Lindvall, CEO and Managing Director, has 26 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth.  After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

Important Information

Publication or distribution, directly or indirectly, of this press release could in some jurisdictions be subject to restrictions according to law and recipients of this press release, or part of it, are required to inform themselves of, and comply with, such legal restrictions. This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. Copies of this press release are not being made and may not be distributed or sent, in whole, or part, directly or indirectly, in violation of such restrictions. Failure to comply with such restrictions may constitute a criminal act under the United States Securities Act of 1933 (as amended) (“Securities Act”) or applicable laws in other jurisdictions.

­­­Maha Energy AB (publ)
Strandvägen 5A
SE-114 51 Stockholm
www.mahaenergy.ca

Press release
Stockholm
December 3, 2019

Maha Energy AB (publ) (“Maha” or the “Company”) November Production Volumes

Production Volumes

The Company's aggregate sales production for the month of November totaled 78,690¹ barrels of oil and 67.628 million scf of gas for a combined average production of approximately 2,999 BOE/day², before royalties and taxes.

Production at the Tie Field was restricted during the month due to continued commissioning work on the Gas to Wire (GTW) equipment.  Further, production was affected at the Tie Field during the month due to a three day Petrobras strike (restricting deliveries to the Petrobras delivery stations) along with a 24 hour shut down of the Tie Processing Plant due to an electrical fault in the Production Logic Control (PLC) System, which has subsequently been repaired.

¹   Subject to minor standard industry adjustments at the time of custody transfer.
²   Barrels of oil equivalent ("BOE") conversion ratio of 6,000 scf: 1 bbl is used.

Adviser

Certified Advisor: FNCA Sweden AB, info@fnca.se, Telephone: +46-8-528 00 399.

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca

or

Ron Panchuk (EVP)
Tel: +1 403 454 7560        
Email: ron@mahaenergy.ca

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on December 3, 2019, at 11:00 p.m. (CET)

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Growth Market stock exchange. Jonas Lindvall, CEO and Managing Director, has 26 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth.  After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

Important Information

Publication or distribution, directly or indirectly, of this press release could in some jurisdictions be subject to restrictions according to law and recipients of this press release, or part of it, are required to inform themselves of, and comply with, such legal restrictions. This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. Copies of this press release are not being made and may not be distributed or sent, in whole, or part, directly or indirectly, in violation of such restrictions. Failure to comply with such restrictions may constitute a criminal act under the United States Securities Act of 1933 (as amended) (“Securities Act”) or applicable laws in other jurisdictions.

­­­Maha Energy AB (publ)
Strandvägen 5A
SE-114 51 Stockholm
www.mahaenergy.ca

Press release
Stockholm
November 11, 2019

Maha Energy AB (publ) (“Maha” or the “Company”) announce change of time for Question and Answer Session Wednesday 13 November

Earlier today, the Company announced it would be holding a Question and Answer Session on Wednesday 13 November at 4 PM CET.  The time has been changed to 5 PM  (CET) the same day.

The webcast link will be posted on the Company’s website and is as follows:

Shareholders and investors can pose questions at the time of the live session, or questions can also be sent ahead of time to:
victoria@mahaenergy.ca

Adviser

Certified Advisor: FNCA Sweden AB, info@fnca.se, Telephone: +46-8-528 00 399.

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca

or

Ron Panchuk (EVP)
Tel: +1 403 454 7560        
Email: ron@mahaenergy.ca

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on November 11, 2019, at 10:00 p.m. (CET)

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 26 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth.  After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

Important Information

Publication or distribution, directly or indirectly, of this press release could in some jurisdictions be subject to restrictions according to law and recipients of this press release, or part of it, are required to inform themselves of, and comply with, such legal restrictions. This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. Copies of this press release are not being made and may not be distributed or sent, in whole, or part, directly or indirectly, in violation of such restrictions. Failure to comply with such restrictions may constitute a criminal act under the United States Securities Act of 1933 (as amended) (“Securities Act”) or applicable laws in other jurisdictions.

­­­Maha Energy AB (publ)
Strandvägen 5A
SE-114 51 Stockholm
www.mahaenergy.ca

Press release
Stockholm
November 11, 2019

Maha Energy AB (publ) (“Maha” or the “Company”) announces a revision to its 2019 Production Expectations, a General Operational Update and a Question and Answer Webcast.

Revised Production Expectations
On August 23, 2019 the Company provided a revised 2019 net annual average expected production estimate of 3,300 – 3,600 BOPD.    Continued facility commissioning delays, and regulatory gas flaring restrictions has led the Company to revise its estimate downward. The Company now estimates 2019 annual average production of between 2,750 BOPD to 2,900 BOPD.

The combination of delays in commissioning of various critical equipment at the Tie field, greater than expected associated gas production and the mid October expiry of the temporary plant commissioning gas flare dispensation permit granted in April has necessitated a reduction in gas production at the Tie field.  This in turn resulted in the Company being restricted in its ability to produce oil at the Tie Field as expected.  The reservoir deliverability from the current wells remain more than the current 4,850 BOPD plateau and is not the reason for the reduction in the 2019 annual average production rate.

The current facility delays mainly concern:

1. A main group separator, which is installed to increase separation efficiency was delayed due to a gas meter requiring volume certification by the authorities.
2. Commissioning delays at GTE-7 (water supply well) impacted lower than planned injection volumes which in turn impacted the produced Gas Oil Ratio (GOR).  
3. And though GTW has installed a total of 17 gas generators – 3 of the generators are rented by the Company to provide power to the Company’s operations and 4 of the generators are installed to supply power to the CDGN gas compression equipment. These are up and running but not running at full capacity until the overall facility is at near full capacity. Of the remaining 10 generators – 2 are now continuously running and supplying power to the local electrical grid.  The remaining generators are currently being systematically connected to the grid.

As and when GTW starts to deliver additional electricity through its generators, the waterflood reduces the GOR and the separator is running properly the Company will be able to progressively increase the oil production in line with previously communicated volumes.

Company Operational Update

Tie Field
Commissioning and tidying up the last loose ends continue at the Tie field.    The capacity of the Plant is currently 4,850 BOPD – however production is being restricted due to gas flaring limitations as above.  Current gas offtake capacity at Tie is 75,000 m3/day with a near immediate additional 30,000 m3/day of capacity being installed, hooked-up and commissioned presently.

During the month of October, the GTE-4 Sergi (long string) temporarily stopped free flowing and the Company has decided to proceed with installing artificial lift as and when operations allow.  This was not unexpected and therefore and in anticipation of this, the Company has already installed the surface jet pumping equipment on the site. Planning operations has now commenced to workover GTE-4 and install the downhole pump on the Sergi. 

As far as the Company is aware the refinery is still awaiting final clearance from the authorities to start up the previously installed expansion equipment at the refinery.  Once this permit is in place, the Company can increase its deliveries by 800 BOPD to 3,000 BOPD total to the refinery.  This final step will increase the daily oil offtake capacity at the Tie Field from the current 4,050 BOPD to 4,850 BOPD allowing the Company to safely sell its target maximum production for the field.

Tartaruga Field
Demobilization of the drilling rig is now complete.  The well test spread and the testing rig is anticipated to be on location to commence work at the end of November.  The work order will be as follows:

1. 107D: The 107D well will be re-entered, worked over, completed and flow tested.  This work is anticipated to take 21 – 28 days, depending on test results; and
2. Maha-1 (7-TTG-3D-SES) completion and flow testing of up to five different zones.  Thereafter the well will be hooked up to the Tartaruga Facilities and placed on production.

The Facilities at Tartaruga are currently sized to handle a maximum of about 800 BOPD (gross).  During the second half of 2019, work started to upgrade the facilities to handle up to 2,500 BOPD (gross) and associated gas.  Currently, engineering and design is being completed and physical work has already started.  The upgraded facilities are expected to be completed during the middle of the second quarter next year.  However, the plan is to incrementally increase production as and when capacity is brought on line.  It is not anticipated that there will be any significant production stoppages during the upgrade work.

Question and Answer Webcast
Jonas Lindvall, CEO of Maha Energy, will hold a Q&A webcast on Wednesday 13 November at 1600 hrs (CET) – details will follow on a separate Press Release and on the Company’s website.

Jonas Lindvall commented: “While I regret to issue this revised forecast – the Tie and Tartaruga fundamentals remain intact – from the Tie Field alone, we are well on our way to:

• Production capability from the current wells exceeding the Processing Capabilities,
• Processing capabilities of over 4,850 BOPD at our expanded facilities,
• Consuming and or selling all expected associated gas (up to 100,000 M3/d); and
• Offloading, delivering and selling 4,850 BOPD. 

             
With the recent exciting drilling results from the Tartaruga Field, the planned completion and testing of 107D and flow testing of Maha-1 the Company is poised to continue to grow!”

Maha Energy holds a 75% working interest in the SES-107 Tartaruga oil and gas concession onshore Brazil.  Petrobras holds the remaining 25% and is non-operator.

Adviser

Certified Advisor: FNCA Sweden AB, info@fnca.se, Telephone: +46-8-528 00 399.

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca

or

Ron Panchuk (EVP)
Tel: +1 403 454 7560        
Email: ron@mahaenergy.ca

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on November 11, 2019, at 5:00 a.m. (CET)

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Growth Market Swedish stock exchange. Jonas Lindvall, CEO and Managing Director, has 26 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth.  After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

Important Information

Publication or distribution, directly or indirectly, of this press release could in some jurisdictions be subject to restrictions according to law and recipients of this press release, or part of it, are required to inform themselves of, and comply with, such legal restrictions. This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. Copies of this press release are not being made and may not be distributed or sent, in whole, or part, directly or indirectly, in violation of such restrictions. Failure to comply with such restrictions may constitute a criminal act under the United States Securities Act of 1933 (as amended) (“Securities Act”) or applicable laws in other jurisdictions.