Venue: GT30, Grev Turegatan 30, Stockholm
Date and Time: 29 May, 18:00 CEST
RSVP: jakob.sintring@maha-energy.com or +46 8 611 05 11 no later than 22 May

For more information, please contact:
Jakob Sintring (Head of IR), Tel: +46 8 611 05 11, jakob.sintring@maha-energy.com

Papa Terra cluster
Production at the Papa Terra cluster decreased 11% from March to April 2024 as a result of ongoing intervention in the production line of the PPT-12 well. The workover campaign to change the ESP pumps (Electrical Submersible Pump) remains in line with the established work schedule, with intervention in the PPT-17, PPT-37 and PPT-50 wells, with a return to the asset's production grid expected in 2Q 2024.

Peroá cluster
Production at the Peroá cluster decreased 7% from March to April 2024. The production was impacted by the stoppage for compressor maintenance at the Cacimbas Gas Treatment Unit, which receives production from the asset.

Illinois Basin
Production at Illinois Basin increased 6% from March to April 2024 after a new production well was repaired and brought back into production in the beginning of the month. The production in April was slightly impacted by flooding.

Maha’s Assets
Maha has an indirect working interest of 15% in the Peroá cluster and 9.375% in the Papa Terra cluster, with 3R Petroleum Offshore S.A. being the operator. Maha is also the operator holding 98.41% working interest in the Illinois Basin.

3R Petroleum
Maha announced in January that the Company acquired 5% of 3R Petroleum Óleo e Gás S.A. (“3R Petroleum”) capital stock. 3R Petroleums’ total production amounted in April 2024 to 44,300 boe/day, an increase of 2% from March to April 2024.

* Note: The information included hereunder relates only to Maha’s entitlement on Peroá and Papa Terra clusters’ production, considering its indirect participation interest on said assets. It was calculated based on the information made public by 3R Petroleum. The production from Peroá and Papa Terra clusters are not consolidated in Maha’s financial reporting. Maha’s share of results from the clusters are instead reported as Income from investment in associate. Maha’s acquisition of the assets was completed on May 23, 2023.

3R Offshore is the operator of the Papa Terra Field, under the terms of the relevant Concession Agreement, holding a 62.5% interest in the asset with Nova Técnica holding the remaining 37.5%. Maha Energy AB (publ), through its subsidiary Maha Energy Offshore Brasil Ltda., has a 15% holding in 3R Offshore.

The right to demand compulsory assignment in conditions of default on financial obligations has an express basis in the private legal instrument that governs the consortium – i.e., the Joint Operating Agreement.

Although the new GL 44A calls for a wind down any transactions that were previously authorized by GL 44 the Q&A issued by OFAC states that OFAC will consider specific license requests, on a case-by-case basis, for any party seeking to engage in transactions and activities previously authorized by GL 44.

As previously announced, following the signing of the definitive documents to potentially acquire 24 percent of the indirect equity interest in PetroUrdaneta, Maha has continued to closely monitor the development of US sanctions lifting and the impacts of a possible expiration of GN 44. This has led the Company to apply for a specific license with OFAC to cover Maha’s potential project in PetroUrdaneta. This measure is aligned with OFAC’s recent recommendation, as aforementioned.