Maha Energy AB (publ) (“Maha” or the “Company”), announces the preliminary unaudited net production data for May 2023.

* 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 will not be consolidated in Maha’s financial reporting.

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 the operator holding 97% working interest in the Illinois Basin. In addition, Maha is also the operator of Block 70 in Oman with 65% working interest, where production testing is currently being performed. In addition, Maha is also the operator of LAK Ranch in USA. The LAK Ranch heavy oil asset was shut in 2020, but incidental oil is occasionally produced as a result of testing and/ or maintenance activities.

Papa Terra cluster
The production at the Papa Terra cluster decreased 51.5% from April to May. This result is explained by the temporary interruption in the asset’s production, due to storage capacity limitation of the 3R-3 platform and a damage in the flexible hose used in the offloading operations (transfer of stored oil to shuttle tankers), as per previously indicated in material facts disclosed by 3R Petroleum on May 16 and May 29, 2023. The operations of Papa Terra Cluster was resumed, and the cluster is currently operating through three wells (i.e. PPT-16, PPT-50 and PPT-51).

Peroá cluster
The production at the Peroá Cluster grew 29.9% from April to May. This result reflects the increase in gas production at the fields, in line with greater buyer demand under the gas sale agreement.

Illinois Basin
The production at Illinois Basin in May was in line with the production in April.

For more information, please contact:
Paulo Thiago Mendonça, CEO, Phone: +46 8 611 05 11, E-mail: info@mahaenergy.ca
Guilherme Guidolin de Campos, CFO, Phone: +46 8 611 05 11, E-mail: info@mahaenergy.ca
Jakob Sintring, Head of IR, Phone: +46 8 611 05 11, info@mahaenergy.ca

Miscellaneous
The information was submitted for publication, through the agency of the contact persons set out above, 12:45 CEST on 14 June 2023.

About Maha
Maha Energy AB (publ) is a listed, international upstream oil and gas company whose business activities include exploration, development and production of crude oil and natural gas. The strategy is to target and develop underperforming hydrocarbon assets on global basis. Maha operates the Mafraq field in Block 70 in the Sultanate of Oman and assets in the United States. The shares are listed on Nasdaq Stockholm (MAHA-A). The head office is in Stockholm, Sweden with a technical office in Calgary, Canada, as well as operations offices in Grayville, Illinois, USA, Rio De Janeiro, Brazil and Muscat, Oman. For more information, please visit our website www.mahaenergy.ca.

Maha Energy AB (publ) (“Maha” or the “Company”) is pleased to announce that it has completed the previously announced business combination with DBO 2.0 S.A. (“DBO”). The consideration for all shares in DBO amounted to 34,829,057 new shares in Maha.

On 5 December 2022, Maha announced the signing of a binding term sheet and on 6 February 2023, the Company announced that a definitive agreement with the shareholders of DBO had been signed regarding the acquisition of all shares in DBO (the “Transaction”). The Transaction was subject to customary conditions precedent, which have today been fulfilled. Through the Transaction, Maha acquires 188,426 shares in DBO against payment of 34,829,057 new shares in the Company (issued pursuant to the resolution of the extraordinary general meeting held on 29 March 2023), and one (1) share in DBO is acquired by Maha Energy (Holding) Brasil Ltda., a wholly owned subsidiary of the Company, against payment of BRL 1.00. The number of shares in the Company allocated to each current DBO shareholder was adjusted as a result of the applicable Transaction costs by reason of the terms and conditions negotiated by the Parties. Following the Transaction, the Company’s share capital will increase by SEK 383,119.627 through the issue of 34,829,057 new shares, resulting in a dilution of 19.52%(calculated by dividing the share capital increase and the number of new shares and votes with the total share capital and total number of shares and votes in the Company following the Transaction). No new shares issued within the framework of the Transaction will be registered with the Swedish Companies Registrations Office or admitted to trading on Nasdaq Stockholm before a prospectus has been published by the Company, please refer to heading “About the Transaction” below for further information.

About the Transaction
A prospectus regarding the admission to trading on Nasdaq Stockholm of the new shares issued within the framework of the Transaction will be published by Maha prior to registration of the new shares with the Swedish Companies Registration Office and the admittance of the shares to trading on Nasdaq Stockholm. Paid subscribed shares (“BTA”) will be issued, but no trading will occur in the BTA. The new shares in Maha issued as consideration to DBO’s shareholders are subject to a twelve (12) month lock-up period from the closing of the Transaction.

For more information, please contact:
Paulo Thiago Mendonça, CEO, Phone: +46 8 611 05 11, E-mail: info@mahaenergy.ca
Guilherme Guidolin de Campos, CFO, Phone: +46 8 611 05 11, E-mail: info@mahaenergy.ca
Jakob Sintring, Head of IR, Phone: +46 8 611 05 11, info@mahaenergy.ca

Miscellaneous
The information was submitted for publication, through the agency of the contact person set out above, at 7:45 CEST on 24 May 2023.

About Maha
Maha Energy AB (publ) is a listed, international upstream oil and gas company whose business activities include exploration, development and production of crude oil and natural gas. The strategy is to target and develop underperforming hydrocarbon assets on global basis. Maha operates the Mafraq field in Block 70 in the Sultanate of Oman and assets in the United States. The shares are listed on Nasdaq Stockholm (MAHA-A). The head office is in Stockholm, Sweden with a technical office in Calgary, Canada, as well as operations offices in Grayville, Illinois, USA, Rio De Janeiro, Brazil and Muscat, Oman. For more information, please visit our website www.mahaenergy.ca.

Maha Energy AB (publ) (“Maha” or the “Company”) announces the initial and preliminary results from the production test on Block 70 in the Sultanate of Oman. The tests were performed on the “Alpha pad” on wells (i) Mafraq-9, (ii) Mafraq-7, (iii) Mafraq-10 and (iv) Mafraq-8.

a)   Mafraq-9 well, the first well connected to the production test facilities, flowed at a rate between 300-350 barrels of oil per day with a water cut of about 5%;
b)   This was followed by testing of Mafraq-7 which encountered startup issues and was shut-in for the moment to be re-evaluated;
c)   Mafraq-10 reached an estimated production of 430 barrels of oil per day with about 10% water cut before the test ended;
d)   And Mafraq-8 that reached an estimated production of 600 barrels of oil per day with a water cut below 5%;

The oil produced during the testing phase is heavy oil of 11-13 degrees API, with viscosity higher than pre-testing estimates. In order to get the oil to meet trucking and processing specifications for third party’s facilities, different thermal and chemical treatment options are being applied by Maha with various service providers with experience and capabilities in heavy oil processing.

The preliminary flow rates and water cut rates are encouraging and once the required specifications are achieved, the oil produced during the testing phase will be transported by heated trucks to a third party’s facilities for further processing and, afterwards, transportation through the Omani national pipeline system.

Wells will continue to be added to the test until all eight new production wells have been tested and data gathered. Each well is completed with a PCP pump. The drilling program on Block 70 has continued as per plan in the second quarter 2023 with drilling of production, exploration and appraisal wells.

Maha is the Operator of Block 70 with 65% working interest, with Mafraq Energy holds the remaining 35%.

Miscellaneous
The information was submitted for publication, through the agency of the contact person set out below, at 8:00 CEST on 22 May 2023.

For more information, please contact:
Paulo Thiago Mendonça, CEO, Phone: +46 8 611 05 11, E-mail: info@mahaenergy.ca
Guilherme Guidolin de Campos, CFO, Phone: +46 8 611 05 11, E-mail: info@mahaenergy.ca

About Maha
Maha Energy AB (publ) is a listed, international upstream oil and gas company whose business activities include exploration, development and production of crude oil and natural gas. The strategy is to target and develop underperforming hydrocarbon assets on global basis. Maha the Mafraq field in Block 70 in the Sultanate of Oman and assets in the United States. The shares are listed on Nasdaq Stockholm (MAHA-A). The head office is in Stockholm, Sweden with a technical office in Calgary, Canada, as well as operations offices in Grayville, Illinois, USA, Rio De Janeiro, Brazil and Muscat, Oman. For more information, please visit our website www.mahaenergy.ca.

Maha Energy AB (publ) (“Maha” or the “Company”) will publish the interim report for the first quarter 2023 on Monday, 22 May 2023 at approximately 7:30 CEST. The Company hereby invites all interested parties to a live webcasted presentation on the same day at 16.00 CEST. Paulo Thiago Mendonça, CEO, and Guilherme Guidolin de Campos, CFO, will present the report and recent developments.

The webcast will be held in English and will be broadcasted live. An on-demand version will also be available on Maha’s website and YouTube channel. Questions to the presenters can be emailed in advance to the Company at info@mahaenergy.ca or be made directly on the day of the presentation in the YouTube Comments/Questions field.

Link to webcast: https://youtube.com/live/lpxW_FDRDYM?feature=share

For more information, please contact:
Jakob Sintring (Head of IR), Tel: +46 8 611 05 11, info@mahaenergy.ca

Miscellaneous
The information was submitted for publication, through the agency of the contact person set out above, 16:30 CEST on 16 May 2023.

About Maha
Maha Energy AB (publ) is a listed, international upstream oil and gas company whose business activities include exploration, development and production of crude oil and natural gas. The strategy is to target and develop underperforming hydrocarbon assets on global basis. Maha operates the Mafraq field in Block 70 in the Sultanate of Oman and assets in the United States. The shares are listed on Nasdaq Stockholm (MAHA-A). The head office is in Stockholm, Sweden with a technical office in Calgary, Canada, as well as operations offices in Grayville, Illinois, USA, Rio De Janeiro, Brazil and Muscat, Oman. For more information, please visit our website www.mahaenergy.ca

3R Petroleum S.A. (“3R”) has announced the reserve report as of 31 December 2022 for 3R Offshore assets Peroá Cluster and Papa Terra. Maha will have an indirect working interest of 15% and 9.375%, respectively, in these assets upon the closing of the business combination with DBO.

DeGolyer and MacNaughton has completed their annual reserve and resource determination for 3R Offshore, 3R subsidiary where DBO holds 15% of equity interest.

* Volumes are Gross Working Interest volumes and are expressed before royalties, Government allocations and taxes.

Peroá Cluster has an additional 2.1 MMBOE in 2C resources related to Malombe, to be reclassified as reserve after the declaration of commerciality of the field.

The reserves review and issuance of this reserve report for 3R was made by the independent petroleum engineering consultants DeGolyer and MacNaughton. Estimates of reserves presented in this report have been prepared in accordance with the Petroleum Resources Management System (PRMS) approved in March 2007 and revised in June 2018 by the Society of Petroleum Engineers, the World Petroleum Council, the American Association of Petroleum Geologists, the Society of Petroleum Evaluation Engineers, the Society of Exploration Geophysicists, the Society of Petrophysicists and Well Log Analysts, and the European Association of Geoscientists & Engineers.

For more information, please contact:
Paulo Thiago Mendonça, CEO, Phone: +46 8 611 05 11, E-mail: info@mahaenergy.ca
Guilherme Campos, CFO, Phone: +46 8 611 05 11, E-mail: info@mahaenergy.ca

Miscellaneous
The information was submitted for publication, through the agency of the contact person set out below, at 13:40 CEST on 6 April 2023.

About Maha
Maha Energy AB (publ) is a listed, international upstream oil and gas company whose business activities include exploration, development and production of crude oil and natural gas. The strategy is to target and develop underperforming hydrocarbon assets on global basis. Maha operates the Mafraq field in Block 70 in the Sultanate of Oman and assets in the United States. The shares are listed on Nasdaq Stockholm (MAHA-A). The head office is in Stockholm, Sweden with a technical office in Calgary, Canada, as well as operations offices in Grayville, Illinois, USA and Muscat, Oman. For more information, please visit our website www.mahaenergy.ca