Papa Terra
On 27 December, Brava received the authorization from ANP to resume production at Papa Terra, with production restarted before the end of the year. Production at the oil field had been halted in early September. During the shutdown, significant progress was made in the maintenance and integrity recovery campaign of the production units in Papa-Terra, allowing planning for better use of the reservoir with the future expansion of its production.

Atlanta
On 30 December, Brava announced that it had received authorization from ANP to commence production at FPSO Atlanta. Production at FPSO Atlanta has begun through two wells, starting 31 December. The connection campaign for the four remaining wells continues and is expected to be completed by the second quarter of 2025. The FPSO Atlanta has the capacity to produce up to 50,000 barrels of oil per day, treat 140,000 barrels of water per day and store up to 1.6 million barrels of oil.

Parque das Conchas
After meeting all precedent conditions and with the approval of ANP, Brava announced the conclusion of its acquisition of QatarEnergy Brasil Ltda’s 23% stake in the Abalone, Ostra and Argonauta oil fields, which form the Parque das Conchas Cluster in the Campos Basin. Parque das Conchas is operated by Shell, which holds a 50% stake, and ONGC is a partner in the asset with the remaining 27%. In the period between January and November 2024, the average production was approximately 27,000 boepd, with 6,200 boepd corresponding to the stake acquired by Brava.

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During the Mesas Técnicas, topics to be discussed include infrastructure needs, suitable wells for redevelopment, production techniques and capital and operational expenditure estimates. The re-development plan will also serve as the foundation for forming a project team and determining social, environmental and personnel requirements.

“I am very pleased with this new important step in our establishment in Venezuela. Soon, we will have a clear roadmap for our future operations in the country. I look forward to sharing more details about the development plan as it progresses,” says Kjetil Solbraekke, CEO of Maha Energy.

The acquisition of indirect equity interest in the Venezuelan oil company PetroUrdaneta from Novonor Latinvest Energy continues to remain subject to certain milestones.

Maha continues to closely monitor the political developments in Venezuela, as well as liaising with the relevant stakeholders. As with all of its engagements, with respect to its activities involving Venezuela and PetroUrdaneta, Maha remains committed to compliance with all applicable laws and regulations, robust due diligence and transparency in its activities. This includes discussions and/ or request for licenses from relevant authorities.

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

Link to webcast: https://youtube.com/live/D7tlDJ1eD5k?feature=share

The consummation of the Transaction remains subject to certain milestones, including the successful negotiation of the relevant operational and collaboration agreements for the redevelopment of PetroUrdaneta’s fields.

"I am very pleased to have reached this important step in our process to start producing the vast resources of oil at the PetroUrdaneta fields. We remain very optimistic over our entry in Venezuela and continue our dialogue with the relevant stakeholders in order to address the remaining approvals and close the Transaction,” says Kjetil Solbraekke, CEO of Maha Energy.

Maha continues to closely monitor the political development in Venezuela, as well as liaising with the relevant stakeholders with diligence and transparency for the purposes of starting its activities in PetroUrdaneta, including by means of any applicable alignments and/ or license from relevant authorities.