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

Press release
Stockholm
July 3, 2019

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

Production Volumes

The Company's aggregate sales production for the month of June totaled 81,2131 barrels of oil and 31.359 million scf of gas for a combined average production of approximately 2,881 BOE/day2, before royalties and taxes.

The Tartaruga Field began producing again on June 15 once the earlier communicated emulsion issues from the 107D well test were resolved.  At the Tie Field there were intermittent shutdowns for final hook up and commissioning of the 2018/19 expansion that affected June production volumes.

Total Brazil production on July 1st 2019 was 4,016 BOEPD.  It remains the expectation the Tie facilities will complete the planned ramp up of production to 4,850 BOPD (5,200 BOEPD) over the next few months and that Tartaruga will continue to produce at its’ current gross facility capacity of 500 – 800 BOPD (550 – 900 BOEPD). There is a planned 7 day maintenance turnaround at one of the Tie Field customer refineries in July during which Maha will recomplete GTE-3 (see below) that may affect total production in July.

Operational Update

GTE-3 (Tie Field)
Work has now started in converting the GTE-3 well from a single comingled well to a separate dual completion.  During the workover, GTE-3 will not be in production.  Upon completion, all four production and injection wells on Tie will be dually completed allowing for production redundancy and reservoir/ production-injection balancing.

7-TTG-3D-SES (Tartaruga)
A drilling rig is currently being mobilized and rigged up on the Maha-1 well (7-TTG-3D-SES) location.   The objective of this well is to delineate and test certain intervals of the Penedo sand reservoir.  To date, only four (4) of the twenty-seven (27) sandstone intervals in the Penedo sandstone has been tested and only two (2) has been placed on production.  A comprehensive evaluation program is planned for the well in order to fully evaluate the reservoir potential of the Penedo sandstone. 

Drilling is expected to take at least 60 days and subsequent reservoir evaluations and testing may take up to an additional 60 days, depending on logging results.  Spudding of the well will be the subject of a separate announcement in due course.

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.

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 (CCO)
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 July 3, 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 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.

Attachment

• 2019-07-03 Production Numbers Update

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

Press release
Stockholm
June 10, 2019

Maha Energy AB (publ) (“Maha” or the “Company”) Announces Operational Update and Well Test Results.

The Company is pleased to provide the following Operational Update from its operations in Brazil.

Attic Well (Tie Field)

After the initial single completion test of the comingled Agua Grande (AG) and Sergi reservoir zones in the Attic Well in the Tie Field, the well was recompleted using a dual 2-3/8” tubing completion.  This work is now complete and the well has now preliminary tested 2,932 BOEPD.  Initial free flowing tests from the Sergi and AG formations were 985 BOPD (1,088 BOEPD) and 1,726 BOPD (1,844 BOEPD) respectively with neither zone making any noticeable water. Of significance is that the AG had to be choked back (restricted) at 38/64” with 360 psi of tubing pressure due to surface equipment limitations. Suggested theoretical Initial Productivity Volumes for the AG may exceed 3,000 BOPD1.  The well will now be produced at approximately 2,000 BOPD and 1,200 MSCFPD (~2,200 BOEPD) to match production targets and balance production from all wells. The Company is now scaling up production from the Tie Field to achieve the month-end sales target exit rate of 4,050 BOPD. 

Additional Sales Volume

Work is continuing to finalize an Agreement to sell an additional 750 BOPD from the Tie Field.  The Company is hopeful this will be in place by the beginning of July, at which point the Company will have agreements at the Tie Field to sell oil to the market for up to 4,850 BOPD.  It is the objective of the Company to achieve a 4,500 – 5,000 BOPD production plateau for the Tie Field over the next 3 years.

The additional associated gas that will be produced with the increased oil will also need to be sold to the local market.  To that extent, the Company continues to work with two vendors to establish the most efficient and reliable offtake arrangement.  At this time, the Company is not expecting oil production to be affected due to insufficient gas off-take arrangements.

GTE-3

With the excellent results from the Attic Well, the Company will now complete the workover that was started in the summer of 2018 to convert GTE-3 to a dual producer.  At that time, a stuck pressure plug made it impossible to produce both strings. To maximize production, the AG and Sergi were commingled up a single string to allow the current (and significantly constrained) production rate of about 900 BOPD.  This workover will reconfigure the well to the intended dual completion so that production volumes can be increased and optimized.  The workover is expected to start at the end of June and will take approximately 2 weeks to complete.  During this time, GTE-3 will not produce any oil but production will be off-set by both GTE-4 and the Attic well.

When the GTE-3 workover is completed, all three wells on the Tie Field will be dually completed, allowing each well to independently control and produce the Sergi and AG producing zones.  At that point, well deliverability will exceed the current offtake and plant capabilities.

GTE-4

The workover to convert GTE-4 is planned and ready to execute when the need arises.  This operation will allow the well to be jet pumped to greatly increase flow but is currently unnecessary due to the deliverability of the other wells.

107D (Tartaruga Field)
As earlier announced on May 6, 2019, the 3-1/2” liner was successfully perforated using a Coiled Tubing Unit.  Subsequent well clean up and testing operations resulted in a continuous free flow of approximately 80 BOPD, 50 BWPD and 33 MSCFPD over a test period of seven days.  Due to excessive emulsion problems (of the produced fluid) and surface handling constraints (insufficient tank volumes and heater treater limitations) the well test was stopped before the well was completely cleaned up.  The fact that the well flowed unassisted to surface whilst still unloading large volumes of completion brine and drilling fluids is very encouraging.  Once the well is properly cleaned out and is allowed to flow without restrictions larger flow volumes are expected.

Jonas Lindvall, CEO of Maha commented: “The current results seen on 107D are very encouraging.  The fact the well is free flowing with substantial volumes of drilling mud and completion water suggests strong reservoir pressure.  We are looking forward to completing the clean out operations and returning 107D to production as soon as the Surface Facilities can handle the new volumes.”

The plan is now to return the 7TTG well on production, which is expected to fill the Tartaruga processing facility to capacity, and at the same time commence upgrading the Tartaruga production facilities to 2500 BOPD.  Once the plant is ready to handle the higher volumes, the 107D well will be placed on production.

1 The Theoretical Initial Productivity Volumes are calculated using surface measured pressures only and hence are estimates only.  Note that 6,000 SCF is equivalent to 1 bbl of oil

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 (CCO)
Tel: +1 403 454 7560        
Email: ron@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 June 10, 2019, at 9:00 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.

Attachment

• 2019-06-10 Operational Update

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

Press release
Stockholm
June 3, 2019

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

Production Volumes

The Company's aggregate sales production for the month of May totaled 74,9921 barrels of oil and 33.717 million scf of gas for a combined average production of approximately 2,600 BOE/day2, before royalties and taxes.

The Company’s anticipated production increases from its recent drilling activity and capital program are expected in its June production totals as the Company works on normal course operational “de-bugging” of its new facilities and wells. In this regard – no oil was delivered from the Tartaruga Field during the month of May as well testing of the 107D well produced ‘off spec’ oil temporarily.   During clean-up, the 107D well, produced oil, water and drilling mud which in turn created unexpected oil/water emulsion issues in the tank farm. This necessitated additional treatment procedures which in turn slowed down crude oil deliveries.  This issue is being addressed and the Tartaruga Battery is expected to return to full capacity in the next two weeks.

The Attic well which tested 1,691 BOEPD on May 6, 2019, was recompleted to a dual 2-3/8” tubing production well during the month of May in order to accommodate the tubing constrained production volumes. As part of the recompletion work, the Company carried out extensive pressure testing that caused unexpected delays in bringing the Attic well on production.  The Company is now pleased to report that the Attic well is now producing into the Tie Battery. 

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 (CCO)
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 June 3, 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 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.

Attachment

• 2019-06-03 May Production Numbers Update

                                                                                                            
Press release
Stockholm
May 23, 2019          

                                                                                                                                                                   
Annual General Meeting in Maha Energy AB

The shareholders of Maha Energy AB (publ) gathered in Stockholm, Sweden, Thursday May 23, 2019 for the Annual General Meeting.

The income statements and the balance sheets for the Company and the Group were approved and the Board of Directors and the CEO were discharged from liability for the financial year 2018.

The Meeting resolved that no dividend shall be paid for the financial year 2018 and that the company’s available funds shall be carried forward in new account.

Nicholas Walker, Jonas Lindvall, Anders Ehrenblad and Harald Pousette were elected as members of the Board of Directors. Anders Ehrenblad was elected as Chairman of the Board.

The Meeting approved fees payable to the members of the Board of Directors and the Chairman of the Board of Directors, including remuneration for committee work, to be as follows: (i) annual fees of the members of the Board of Directors of SEK 170,000 (excluding the CEO); (ii) annual fee of the Chairman of the Board of Directors of SEK 300,000; (iii) annual fees of SEK 85,000 to members of the respective committees (excluding the CEO); (iv) annual fees of SEK 125,000 to the Chairman of the respective committees; (v) members of the Board of Directors shall be entitled to invoice the Company in so far as they perform services outside the Board assignment.

The accounting firm Deloitte AB was re-elected as the auditor of the Company, with authorized public accountant Fredrik Jonsson as the auditor in charge, for a period until the end of the 2019 Annual General Meeting. The auditor’s fee shall be paid upon approval of their invoice.

The Meeting approved the Nomination Committee’s proposal not to change the principles adopted at the Annual General Meeting in 2018.

The Meeting resolved in accordance with the proposal of the Board of Directors on an incentive programme for senior management and certain key employees through issuance of warrants entitling to subscription of new shares of class A in the Company. Under the resolution, the Company may issue a maximum of 500,000 warrants. The warrants may, with deviation from the shareholders’ preferential rights, only be subscribed for by the subsidiary Maha Energy Inc., after which Maha Energy Inc. is to transfer the warrants to the participants under the programme. Each warrant entitles to subscription for one new A-share in the Company during the period from and including June 1, 2022 up to and including February 28, 2023. The subscription price shall be equal to 100 percent of the volume weighted average last closing price for the Company’s share on Nasdaq First North during the period from and including May 17, 2019 until and including May 23, 2019. The increase of the Company’s share capital will, upon exercise of the warrants, amount to not more than SEK 5,500.

The Meeting resolved to authorize the Board of Directors to – for the period up to the next Annual General Meeting and at one or more occasions – resolve upon issuance of new shares, warrants and/or convertible debentures. Payment may be made in cash, in kind, through set-off of claims or otherwise be conditional. The Company’s share capital may be by support of the authorization be increased by an amount corresponding to 20 percent of the share capital and number of shares in the Company as of on the date the Board of Directors make use of the authorization. Deviation from the shareholders’ preferential rights shall be allowed in situations where a directed issue is deemed more appropriate for the Company due to timing, commercial or similar reasons, and in order to enable acquisitions.

Adviser

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

For more information please visit www.mahaenergy.ca or contact:                          
Jonas Lindvall (CEO)
Tel: +1 403 454 7563                 
Email: jonas@mahaenergy.ca

Miscellaneous   

This information is such that Maha Energy AB must disclose in accordance with First North Rulebook. The information was submitted for publication through the agency of the contact persons set out above on May 23, 2019, at 8:30 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 stock exchange. Maha’s strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie Field in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.    

Attachments

• Press release AGM 2019 – English
• Press release AGM 2019 – Swedish

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

Press release
Stockholm
May 6, 2019

Maha Energy AB (publ) (“Maha” or the “Company”) Announces Operational Update and Well Test Results

The Company is pleased to provide the following Operational Update from its operations in Brazil.

Attic Well (Tie Field)

The Attic development well (7-TIE-1D-BA) has now been tied into the Production facilities at Tie.  Both the Agua Grande (AG) and Sergi zones are perforated and are now comingled in a 2-3/8” single tubing completion.  Initial free flow test results are constrained by tubing size and are as follows:
Oil Production                          : 1591 BOPD
Water Production                     : 8 BWPD
Gas Production                        : 600 MSCFPD
BOEPD                                    : 1691 BOEPD
Choke Size                              : 28/64”
Flowing Wellhead Pressure        : 380 psi

The well is currently shut in awaiting a workover unit to complete the well to a dual producer.  This work is expected to start this week.

107D (Tartaruga Field)
The 3-1/2” liner was successfully perforated using a Coiled Tubing Unit with immediate indications of hydrocarbons observed.  The well has now been tied in to the Tartaruga Production Facilities and well testing operations commenced on May 4.  The well is currently free flowing without assistance of a pump and once 107D has been fully tested, results will be published by a Press Release.

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.

Jonas Lindvall, CEO of Maha Energy commented “We are very happy with the initial flowing test results on both wells so far. The  107D well has produced over 782,000 barrels to date and is almost 25 years old. The fact that the well is free flowing again is very encouraging and we look forward to the completion of the well test. 

The Attic well test results speak for themselves. We look forward to completing this well as a dual producer which will allow for independent zonal production and expected higher production rates.”

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 (CCO)
Tel: +1 403 454 7560        
Email: ron@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 May 6, 2019, at 3:30 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 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.

Attachment

• 2019-05-06 Operational Update WO 107

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

Press release
Stockholm
May 2, 2019

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

Production Volumes

The Company's aggregate sales production for the month of April totaled 76,2341 barrels of oil and 36.003 million scf of gas for a combined average production of approximately 2,741 BOE/day2, before royalties and taxes.

The Tartaruga Field was shut in for a total of 22 days in April due to the perforation work on 107D.  Because the distance between well centers of 107D and 7TTG are within 7 meters, the producing 7TTG well had to be closed in whilst work proceeded to perforate the 107D well.  The 107D well is now perforated and is currently being hooked up for well testing.  The 7TTG well was put back on production on 1 May.

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.

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 (CCO)
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 May 2, 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 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.

Attachment

• 2019-05-02 April Production Volumes

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

Press release
Stockholm
April 8, 2019

Maha Energy AB (publ) (“Maha” or the “Company”) Provides Operational Update and Announces Total Depth Reached on Attic Well (7-TIE-1D-BA) and Logging Results.

The Company is pleased to provide the following Operational Update from its operations in Brazil.

Attic Well (Tie Field)

The Attic development well (7-TIE-1D-BA) reached a Total Depth of 2,607 m. on April 4.  All targets, including the Boipeba formation, were intersected.  Electric logging has been completed and the well is now being prepared for production. The previously unexplored Boipeba formation was penetrated, but poor reservoir development yielded no productive hydrocarbon zones worthy of completion.

Electric logging and drilling results confirmed the productive Agua Grande (AG) and Sergi formations are likely to be oil bearing.  The AG yielded 24 m. gross reservoir sand with a net productive thickness of 22 m.  The Sergi yielded 18 m. gross reservoir sand with a net productive thickness of 10 m.

Operations are now underway to complete the AG and Sergi formations and place 7-TIE-1D-BA on production.  As soon as the 7-TIE-1D-BA well is on production, the GTE-3 well will be converted to a dual producer.

107 D (Tartaruga Field)
The Brasserv Rig #149 was mobilized to the Tartaruga field on April 7 and has commenced operations to prepare the 107D well for production.  A 2-7/8” jet pump completion string will be run into the well followed by a coiled tubing unit that will be mobilized as soon as possible to perforate the 3-1/2” horizontal liner.  Results from this perforation will be communicated in due course. 

Jonas Lindvall, CEO of Maha Energy commented “You will recall the Boipeba formation was an exploration target we were able to penetrate during the drilling of the Attic development well at little incremental cost.  The important news here is the success of our development well penetrating the oil producing AG and Sergi formations. We look forward to this well being put on production.”
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 (CCO)
Tel: +1 403 454 7560        
Email: ron@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 April 8, 2019, at 6:00 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.

Attachment

• 2019-04-08 Operational Update

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

Press release
Stockholm
April 2, 2019

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

The Company's aggregate sales production for the month of March totaled 86,0791 barrels of oil and 34.084 million scf of gas for a combined average production of approximately 2,960 BOE/day2, before royalties and taxes.

The Tartaruga Field was shut in for a total of 5 days in March due to a broken electrical motor on the surface jet pump.  At this time, 7TTG continues to clean up and further pump optimization have increased oil production to the current limit of the Tartaruga oil and gas processing facilities.  Current production, as at 1 April, 2019, and based on a 72 hour uninterrupted pump test, from (P1 only) 7TTG is (gross) 785 BOPD (net: 589 BOPD).

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.

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 (CCO)
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 April 2, 2019, 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 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.

Attachment

• 2019-04-02 Production Numbers Update

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

Press release
Stockholm
March 8, 2019

Maha Energy AB (publ) (“Maha” or the “Company”) provides an update on the Company’s 2018 Capital Plan, announces its 2019 Capital Plan and discusses its April 2017 Five Year Capital Plan and Production Forecast

Maha Energy AB (publ) ("Maha" or the "Company") is pleased to provide an update on the completion of the Company’s 2018 Capital Plan, details of its 2019 Capital Plan and a discussion of the impact of the 2018 and 2019 Capital Plans on the previously announced – April 2017 Five Year Capital Plan and Production Forecast.

2019 Capital Plan Summary – Total Budget USD 20 Million

Tartaruga Field – Sergipe, Brazil

Tartaruga – 2018 Capital Plan Completion Update

7TTG Well
As previously announced, stimulation clean-up operations of the P1 zone were performed using a dedicated jet pump from February 17th to February 23rd.  The cleanup operation saw a significant portion of the stimulation fluids being produced back.  Before shutting the well in and removing temporary flowback equipment, the P1 zone produced at a rate of 457 BOPD, 88 BWPD and 113 MSCFPD during a 24-hour flowback period.  Note this is a dedicated test of the P1 zone only.  The newly perforated P4 zone and the previously producing P6 zone are both temporarily closed off.  Further production testing on the P1 zone is ongoing and the well is cleaning up nicely; the latest 24-hour production rate for the P1 zone before pump optimization is over 600 BOPD with negligible water.
Production is expected to be re-established very quickly after installation of permanent production equipment.  Thereafter the well will continue to clean up – with oil rates expected to increase and water rates reducing.  Once the operations team has completed pump optimization and, if required, reactivation of the P4 & P6 perforations, 7TTG is anticipated to produce hydrocarbons to the current capacity of the Tartaruga facilities which is between 500 and 800 BOPD depending on the results of the current well tests.
107 D (Tartaruga Field)
The new horizontal sidetrack reached a Total Depth of 3661 m as of 18 December, 2018 and the horizontal sidetrack has now been lined with a 3-1/2” liner that has been installed and sealed.  Certain required non-standard specialty perforating equipment has been identified and will be air freighted to Brazil as soon as possible.
       
Tartaruga – 2019 Capital Plan

      Delineation Well (MH-1)
      The Company plans to drill a new well from the Tartaruga site during 2019 (“MH-1”).  The objective of the MH -1 well is to further test hereto untested sandstone zones in the Penedo reservoir.  The Penedo reservoir consists of up to 27 sandstone zones (hereinafter referred to as ‘sands’).  All sands have been penetrated and logged in previous wells and all indications are that these sands contain oil, but only four (4) sands have been previously tested in order to confirm oil content.  All four tested sands have tested varying amounts of oil. 
       
      MH-1 will be drilled to the base of the Penedo sandstone.  Electric logging results will dictate the scope of the Drill Stem Testing Program at the time.  On the conclusion of the tests, the MH-1 well will be placed on production and connected to the Tartaruga Facility.
       
      It is not anticipated that the Tartaruga Facility will be shut in during the drilling activities of the MH-1 well.  The Company expects 7TTG and 107D (once perforated and hooked up) to produce continuously through 2019, except during shutdowns required for the Facility expansion, if any.

      Facility Upgrade
      The production test results from the 107D Sidetrack and the 7TTG Workover will dictate upgrade requirements for the production handling facilities at Tartaruga field.  Based on present understandings it is anticipated facilities will be initially upgraded during 2019 with a view to handle up to 2,500 BOPD and 500 MSCFPD of associated gas. Environmental licenses have been obtained for the implementation of a Gas-to-Wire project that will handle the excess gas for this upgrade. This facility work is expected to be completed during the second half of 2019. Further associated gas handling is currently being designed for implementation in 2020.
Tie Field – Bahia, Brazil

Tie – 2018 Capital Plan Completion Update

Attic Well
      The 2018 announced Attic Well will be completed during 2019.  Once the Boipeba exploration target has been evaluated, the Attic Well will be dually completed and placed on production.
       
GTE-3
      As soon as the Attic Well is completed and placed on production, in order to boost production from the GTE-3 well, a Workover Rig will be mobilized to recomplete the GTE-3 well from a single comingled completion to a separate zone dual completion
       
      GTE-4
In 2018, the Company announced that the free-flowing GTE-4 well will be recompleted with a Jet Pump once the Sergi and/or Agua Grande zone ceases free flowing oil.  The water injection program that commenced in October 2017 has worked above expectations such that the GTE-4 well continues to free flow and hence work will only be undertaken to recomplete the GTE-4 well to a pumping well once either zone ceases to flow freely.  The surface pumping equipment on GTE-4 is already installed such that any intervention work on GTE-4 will only entail minor work. 
       
      Facility Upgrade
      The capital program announced in 2018 for upgrading the Tie Field facility will be completed during the first half of 2019.  At the moment, the Plant is capable of handling up to 5,000 BOPD.  Remaining work to be completed during 2019 includes the construction of two additional storage tanks and a four-bay loading facility.  In the event that the Attic Well is completed before this work has been completed, the current facility is arranged to temporarily handle 5,000 BOPD until such time the four-bay loading work is completed.

Tie – 2019 Capital Plan
       
      Tie South 1 and Tie South 2 Wells
      The Company plans to drill two new wells at the Tie field (“TS-1” and “TS-2”) in order to maintain the field’s long-term production plateau.  While these wells are currently scheduled to be drilled back-to-back towards the end of 2019 the exact spud date is wholly dependent on normal course regulatory approvals such as a well license.  Permitting has already commenced and is expected to take eight months to complete.  Given this timing there is some likelihood the Company will not complete both wells prior to year-end.  It should be noted maintaining the Tie Field production plateau during 2019 is not dependent on the drilling of these wells.
             
Facility Upgrade
      There is currently no anticipated requirement for additional facilities at Tie field other than completion of the work as per above. If results from the Attic Well and other planned operations exceed expectations, the Company may re-visit further additions to the 2019 Capital Program for additional facilities at Tie.

LAK Ranch – Wyoming USA

 LAK – 2018 Capital Plan Completion Update
       
Phase I
During 2018, the Company completed the first Phase of the LAK Ranch Field Development.  The First Phase now consists of five (5) near horizontal producers and nine hot water injectors which are being tied in.  The results are now been evaluated.

LAK – 2019 Capital Plan

Production Optimization
2019 will be a year of production optimization and evaluation. So far, no investment decision has been made for LAK in 2019.  Capital will only be spent if: a) the results show positive netback numbers for the field, b) further capital investments are ranked above other opportunities that the Company might have during 2019, and c) Board of Director review and approval.

Production

The Company expects to complete most if not all of the Capital Plan prior to year-end 2019.  The exact timing of the operations is dependent upon a number of factors including delivery of long lead items, rig availability, permitting and logistics.  Depending on the results of the operations, the Company will need to find new markets and offtake arrangements for production increases.  As a minimum the Company expects to achieve, those production levels reflected in its April 2017 Five Year Capital Plan: an average annual net production of 3,990 BOPD for 2019 and 4,820 BOPD for 2020.

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

Funding of 2019 Capital Plan

2019 Capital Plan Budget
The 2019 Capital Plan has a total budget of USD 20 million for the above incremental projects and is expected to be funded fully through operating cash flow. Except if either of TS1 or the TS2 wells are delayed into 2020 (see above), it is anticipated most of these costs will be incurred in 2019.

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 (CCO)
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 March 8, 2019, 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 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.

Attachment

• 2018-03-06 Capital Plan for 2019

­­­Maha Energy AB (publ)
Biblioteksgatan 1
SE-111 46 Stockholm
www.mahaenergy.ca

Press release
Stockholm
March 2, 2019

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

Production Volumes

The Company's aggregate sales production for the month of February totaled 71,2051 barrels of oil and 33.030 million scf of gas for a combined average production of approximately 2,740 BOE/day2, before royalties and taxes.

The previously announced capital program for 2018 continues to temporarily affect production from the Tartaruga Field and will continue to do so until the work is complete.  The Tartaruga Field was shut in for a total of 25 days in February due to the planned 7TTG and 107D Well intervention work.  The 7TTG Well is now back on production and it is not envisioned that future work at Tartaruga will significantly affect future production.  At this time, the 7TTG Well continues to clean up.  Further pump optimization will in all likelihood increase oil production to the current limit of the Tartaruga oil and gas processing facilities.  Current production (1 March, 2019), based on a 72 hour uninterrupted pump test at the 7TTG Well is (gross) 643 BOPD (net) 482 BOPD.

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

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 (CCO)
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 March 2, 2019, at 6:00 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 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.

Attachment

• 2019-03-02 Production Numbers Update