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Maha Energy AB: Announces Company Operational Update on 107D Horizontal Sidetrack and Revised Tie Field Drilling Program and Capital Update

on Share

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

Press release
Stockholm
November 22, 2018

Maha Energy AB (publ) ("Maha" or the "Company")Announces Company Operational Update on 107D Horizontal Sidetrack and Revised Tie Field Drilling Program and Capital Update

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

Tartaruga

107D Horizontal Sidetrack ("Sidetrack")
Further to the Press Releases of October 30, and November 5, 2018, the Company is pleased to announce that the parted drillstring has now been recovered down to 2,850 meters.  A new window in the 7" casing has now also been milled and preparations have now commenced to drill the last phase of the operation – the horizontal portion of the Sidetrack.  The parted drillstring and the subsequent recovery operations have added 5 weeks to the scheduled time for the completion of the Sidetrack.   The 107D Horizontal Sidetrack is now expected to be completed in 30 days from today.

7TTG Well
Upon completion of the 107D Horizontal Sidetrack, the Drilling Rig will be moved across the production pad from the 107D well to the 7TTG well.  The move is expected to take 10 days.  Once rigged up on the 7TTG well, the rig will fish the stuck 3-1/2" tubing that was severed earlier this year.  Once the 3-1/2" tubing has been recovered, the 7TTG well will be perforated and stimulated in the Penedo 1 sand.  The perforation and stimulation is expected to take no more than 14 days.

Tie Field

Facilities Upgrades
At the Tie battery, the civil work, piping and tank construction has begun. All long lead items, such as the new 5,000 BOPD Heater Treater, are on site awaiting hook up and commissioning. The battery is expected to be capable of handling 5,000 bopd and the associated natural gas before December 31, 2018 but some minor elements of construction will carry into 2019 with completion expected before the end of Q1 2019.

The jet pump facilities at GTE3 are complete and the Company expects that the similar facilities at GTE4 will also be completed prior to December 31, 2018.  Facilities for the Attic well are underway and are synergistic with GTE4.  Upgrades to the water injection facilities are well underway with expected completion date prior to the end of 2018.  An additional water source system is currently being planned with completion expected in Q1 2019.

Attic Well
Due to the delays at Tartaruga, the Company is pleased to announce it is completing arrangements for a second drilling rig to drill the previously announced "Attic Well".  The Great Holding "Rig 105" is expected to commence operations at the Tie field at the beginning of January, 2019.  Rig 105 is a working drilling rig and will be mobilized in mid-December from where it is currently drilling about 30 km from the Tie field.

The Attic Well will drill and complete the producing Agua Grande and Sergi formations at a crestal position of the producing Tie Field.  An additional objective of the Attic well is to penetrate the previously undrilled Boipeba formation.  The Boipeba formation is a three way closed fault bounded structure that has not been explored at the Tie Field previously.

The Attic well is expected to take 30 – 60 days to drill, test and complete.

2018 Capital Plan Budget

The parted drillstring, the recovery operations and equipment lost in the hole is expected to add approximately USD 1.5 million to the cost of the 107D Sidetrack budget.  Looking at the 2018 Capital Budget as whole, the Company expects that, certain cost efficiencies will be gained at other various facility projects; thus the overall cost impact of the cost overruns at 107D (Tartaruga), 7TTG (Tartaruga) and GTE3 (Tie) will be less than 5% of the original USD 23 million 2018 Capital Budget.

Adviser

FNCA Sweden AB is the Company's Certified Adviser.

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 submitted in accordance with the EU Market Abuse Regulations.  The information was submitted for publication through the agency of the contact persons set out above on November 22, 2018, 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.

2018-11-22 Operational Update

—
This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Maha Energy AB via Globenewswire

2018-11-22 Operational Update

Maha Energy AB: Announces Company Operational Update on 107D Horizontal Sidetrack and LAK Drilling Program

on Share

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

Press release
Stockholm
November 5, 2018

Maha Energy AB (publ) ("Maha" or the "Company") Announces Company Operational Update on 107D Horizontal Sidetrack and LAK Drilling Program

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

107 D
Further to the announcement on October 30, 2018, the Company is pleased to announce that the damage to the Drilling Rig has now been assessed and repaired.  As of today, the Drilling Rig is again fully operational.  Part of the parted drillstring has already been recovered and focus is now on recovering the remaining parts of the parted drillstring and resuming drilling operations.

LAK Ranch
The Capstar #302 Drilling Rig was mobilized on September 20, 2018 to the LAK Ranch oil field.  The first of 8 wells was spudded on September 21, 2018.  The 8 well drilling program is now complete with all 8 wells having been drilled and completed.  The Drilling Rig was demobilized on 3 November, 2018 and the program was completed 2 weeks ahead of schedule and within budget.  Operations are now focused on hooking these new wells up to the facilities and commencing production and injection operations.

Adviser

FNCA Sweden AB is the Company's Certified Adviser.

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 November 5, 2018, at 3:15 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.

2018-11-05 Operational Update

—
This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Maha Energy AB via Globenewswire

2018-11-05 Operational Update

Maha Energy AB: October Production Volumes

on Share

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

Press release
Stockholm
November 2, 2018

Maha Energy AB (publ) ("Maha" or the "Company") October Production Volumes.

Production Volumes

The Company's aggregate sales production for the month of October totaled 68,0331 barrels of oil and 30.413 million scf of gas for a combined average production of approximately 2,358 BOE/day2, before royalties and taxes.

The previously announced capital program for 2018 (the "2018 Capital Plan") 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 31 days in October as the  the planned 7TTG and 107D intervention work continues.

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

Adviser

FNCA Sweden AB is the Company's Certified Adviser.

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 November 2, 2018, 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.

2018-11-02 Production Numbers Update

—
This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Maha Energy AB via Globenewswire

2018-11-02 Production Numbers Update

Maha Energy AB: Announces Delay on 107D Horizontal Sidetrack

on Share

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

Press release
Stockholm
October 30, 2018

Maha Energy AB (publ) ("Maha" or the "Company") Announces Delay on 107D Horizontal Sidetrack

The Company provides the following Operational Update from its operations on the Tartaruga 107 D Horizontal sidetrack Brazil.

107-D

As part of the current drilling operations at 107-D, the crew was pulling on the drill string to free a piece of lodged equipment.    Maha, (though operating within the operating tolerances of the Drilling Rig and drill pipe), experienced an unexpected accidental parting of the drill-string at approximately 70 meters.  The parting of the drill string did cause some damage to the topdrive system on the drilling rig the extent to which is currently being evaluated.  As of today, all operations are suspended until damage to the Drilling Rig is assessed and Maha develops its revised drilling plan, cost estimates and schedule. Maha expects to make further announcements in this regard in the next 7-10 days.

Jonas Lindvall commented "This is an unusual incident and we are investigating why the drill-pipe parted whilst operating within normal operating limits.  It is particularly frustrating that it happened so close to the end of the horizontal sidetrack."

Adviser

FNCA Sweden AB is the Company's Certified Adviser.

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 October 30, 2018, at 1:30 am (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.

2018-10-30 Operational Update

—
This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Maha Energy AB via Globenewswire

2018-10-30 Operational Update

Maha Energy AB: Nomination Committee for the AGM 2019

on Share

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

Press release
Stockholm
October 22, 2018         
                                                                                            
Maha Energy AB (publ) ("Maha" or the "Company") Nomination Committee for the AGM 2019

In accordance with the resolution at the Annual General Meeting ("AGM") of Maha Energy AB on May 30, 2018, it was resolved that a Nomination Committee shall be appointed. The Nomination Committee shall comprise of the Chairman of the Board of Directors and three members appointed by the three largest shareholders by votes at the end of September each year.

On September 30, 2018, the three largest shareholders, which desired to appoint a representative to the Nomination Committee, were Kvalitena AB, Nerthus Investments Ltd. and Jonas Lindvall. Each such shareholder has appointed a representative, as shown below, who together with the Chairman of the Board of Directors will form the Company's Nomination Committee.

The Nomination Committee's members are:

  • Harald Pousette, appointed by Kvalitena AB
  • Lars Carnestedt, appointed by Nerthus Investments Ltd.
  • John Patrik Lindvall, appointed by Jonas Lindvall
  • Wayne Thompson, Chairman of the Company's Board of Directors

The tasks of the Nomination Committee shall be to prepare and submit to the AGM 2019 proposals in respect of:

  • Number of members of the Board of Directors
  • Remuneration to the Chairman of the Board of Directors, the other members of the Board of Directors and the auditors respectively
  • Remuneration, if any, for committee work
  • The composition of the Board of Directors
  • The Chairman of the Board of Directors
  • Resolution regarding the process of the Nomination Committee 2019
  • Chairman at the AGM
  • Election of auditors

The AGM 2019 is planned to be held in Stockholm, Sweden on May 23, 2019.

Shareholders who would like to submit proposals to the Nomination Committee can do so via e-mail to nomcom@mahaenergy.ca marked "Proposal to the Nomination Committee" or by ordinary mail to the address:

Maha Energy AB
Nomination Committee
Biblioteksgatam 1 4tr
111 46 Stockholm
Sweden

To ensure that the proposals can be considered by the Nomination Committee, proposals shall be submitted in due time before the AGM 2019, but not later than February 21, 2019.

Adviser

FNCA Sweden AB is the Company's Certified Adviser.

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 October 22, 2018 at 8:00 pm 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.

Press Release – Nomination Committee

—
This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Maha Energy AB via Globenewswire

Press Release - Nomination Committee

Maha Energy AB: Announces Intention to Transfer Listing from Nasdaq Stockholm First North to the Nasdaq Stockholm Main Market

on Share

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

Press release
Stockholm
October 12, 2018

Maha Energy AB (publ) ("Maha" or the "Company") announces intention to transfer listing from Nasdaq Stockholm First North to the Nasdaq Stockholm Main Market

The Company is pleased to announce the Board of Directors has initiated a process for Maha's management and advisers to immediately commence preparations to transfer the listing of its shares from Nasdaq Stockholm First North to Nasdaq Stockholm's Main Marketwithin the next 12-18 months.

Adviser

FNCA Sweden AB is the Company's Certified Adviser.

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 October 12, 2018, 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.

Maha Energy AB Listing Press Release October 12

—
This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Maha Energy AB via Globenewswire

Maha Energy AB Listing Press Release October 12

Maha Energy AB: Announces Update to 2018 Production Expectations, Tie Field Production Update, and September Production Volumes

on Share

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

Press release
Stockholm
October 3, 2018

Maha Energy AB (publ) ("Maha" or the "Company") Announces Update to 2018 Production Expectations, Tie Field Production Update, and September Production Volumes.

Production Expectations
On February 22, 2018 the Company announced a net annual average expected production estimate of 2,040 BOPD for the year ending 2018.  The Company now expects the annual averagedaily oil production to the Company for 2018 to be in the range of 1,600 BOPD – 1,700 BOPD.

The revision is mainly explained by:

  • Tartaruga – the prolonged shut down of the field (since June) is expected to continue until December when the Drilling Rig has completed the work on both wells.  Longer than expected mobilization and Drilling Rig power plant problems delayed commencement of drilling which has a knock-on effect of delaying the resumption of production from Tartaruga;
  • Tie – slight delays in the dual completion of GTE 3 have contributed to lower than anticipated production through to the end of the year despite success in demonstrating increased deliverability from GTE 3 and GTE 4.

    • The Effect of Increased Oil Prices
    The silver lining is oil prices (Brent – USD 85/bbl) are 30% higher today compared to the USD 65/bbl February Brent forward average when the estimates were published and the Brazilian Real has weakened against the USD by approximately 25% over the same period. The net effect is while production is expected to be lower in 2018, financially the Company remains in a strong position because of continuing strong revenues (due to oil price increases) and better per barrel net backs (partly from this USD appreciation).

    Tie Field Production
    As previously announced, the newly completed GTE-3 well (see press release dated September 24, 2018) was on a series of production tests that, because of production facility constraints, curtailed GTE-4 production. Since, September 20, 2018, both wells have been producing together.  The current combined deliverability of the GTE-3 and GTE-4 wells is in excess of 2,500 BOPD (on September 30, 2018 the Field produced a record of 2,446 BOPD), but due to safe storage limitations, the production is temporarily curtailed to approximately 2,100 BOPD.

    As part of the 2018 Capital Plan, the storage capacity at the Tie Field is being increased from 2,500 bbl to 6,500 bbl.  This ongoing work is estimated to be completed by the year end and will solve the safe storage curtailment.   The previously announced Attic Well will now commence drilling in December 2018.

    Company Production Volumes – September 2018
    The Company's aggregate sales production for the month of September totaled 45,1591 barrels of oil and 18.00 million scf of gas for a combined average production of approximately 1,604 BOE/day2, before royalties and taxes.

    The 2018 Capital Program continues to temporarily affect production from the Tartaruga Field and will continue to do so until the work is complete.  The Field was shut in for all of September.  Although production from the Tie Field continued uninterrupted, testing of the GTE-3 well and facilities limitations (see above) during the first half of the month limited production from the Tie Field.

    2018 Capital Plan
    The Capital Plan (see press release dated 22 February, 2018 and 24 September, 2018) remain on track and close to budget – though delayed.  The work completed so far at the Tie Field has resulted in improved field deliverability to 2,500 BOPD.  The 107D Sidetrack (Tartaruga) has commenced and will be followed by completion of the workover at the 7TTG Well (Tartaruga) and drilling of the Attic Well at Tie Field.  Management remains confident in the plan and the positive effect it will have on production.

    Jonas Lindvall, CEO of the Company commented:

    "The overall picture for Maha remains unchanged, notwithstanding the revision to our 2018 Production Expectation.  We will end 2018 with more production deliverability than handling capacity at all our fields. With markets secured for our oil and gas, once the facilities upgrades are complete, production will be at where we predicted."

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

    Adviser

    FNCA Sweden AB is the Company's Certified Adviser.

    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 October 3, 2018, at 06:00 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.

    Press Release October 3 2018

    —
    This announcement is distributed by West Corporation on behalf of West Corporation clients.
    The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
    Source: Maha Energy AB via Globenewswire

    Press Release October 3 2018

    Maha Energy AB: Provides Operational Update and Announces Autumn Annual Investor Presentation

    on Share

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

    Press release
    Stockholm
    September 24, 2018

    Maha Energy AB (publ) ("Maha" or the "Company") Provides Operational Update and Announces Autumn Annual Investor Presentation

    The Company is pleased to provide the following Update from its operations in Brazil and Wyoming:

    TIE FIELD

    GTE-3
    As announced on July 25, 2018, the GTE-3 well was recompleted and the Sergi formation (long string) was immediately placed on production.  During August, a purpose built surface separator to power the newly acquired jet pump on GTE-3 has been installed, hooked up and commissioned.  At the same time, attempts were made to individually test the Agua Grande ("AG' or "short string"), but due to a stuck completion plug in the short string, this operation has taken longer than anticipated.  The well has now been reconfigured to allow simultaneous production from both zones (Sergi and AG) into the long string and has been producing from both zones since September 10, 2018.  During a 24 hour stabilized well test, GTE-3 flowed an average of 1,091 BOPD, 41 BWPD and 450.6 MSCFGPD.  While further testing will be required to determine the exact deliverability of the AG itself, in the past the AG has contributed approximately 45% of the comingled stream and the Sergi 55%. As of today's date, the production from GTE-3 is approximately 900 BOPD from both zones and is restricted due to surface storage limitations and further pump optimization. The well is currently undergoing pump optimization to maximize production from both zones.   Both zones will be placed on independent production at a future time when production disruption can be minimized.

    GTE-4
    GTE-4 continues to free flow and is enjoying the effects of water injection.  Current production from GTE-4 AG and Sergi formations is approximately 1500 BOPD.

    Combined production from the Tie Field on September 22, 2018 was 2,418 BOPD – the highest for a 24 hour period for the Field to date.  It should be noted production from the Tie Field is expected to fluctuate over the next three months as construction and commissioning work to upsize the facilities may impact production volumes and as offtake arrangements catch up to increased production (see Surface Facilities – Tie and Offtake Arrangements below).

    Surface Facilities – Tie
    Concurrent with the drilling and recompletion work, the Tie field is undergoing a significant expansion to handle additional production.  The current facility is constrained to treating +/- 2,500 BOPD and has limited storage facilities.  A new 5,000 BOPD Heater Treater was purchased, shipped from Canada and cleared customs in Brazil on September 20, 2018.  A contract to build additional storage tanks has been awarded with surface work for these tanks having already been commenced.  An upgraded loading dock is also being built with a view to reaching 5,000 BOPD of export capability.  The Tie Production Facilities are on track to be upgraded to handle 5,000 BOPD by year end.

    Offtake Arrangements
    The Company had earlier disclosed there had been a 2,000 BOPD constraint on its ability to market and sell all oil anticipated to be produced from the Tie Field.  New arrangements are now in place to progressively increase offtake and sales capability to +/- 4,100 BOPD over the next 6 months as production increases at the Tie Field.  At the same time the Company continues to progress increasing the contracted volumes of associated gas to be sold as it is produced with this increased oil production.

    Attic Well
    The Conductor casing was pre-driven on September 21, 2018 in anticipation of the arrival of a Drilling Rig.  Once the work at the Tartaruga field is completed, a Drilling Rig will be mobilized to the Tie field to drill the Attic well.  At this point mobilization is anticipated to commence at the end of November.

    TARTARUGA FIELD

    107-D
    Operations continue for the 107-D sidetrack.  Drilling Rig mobilization and commissioning and the 107D well preparations were all completed on September 9, 2018.  On September 20, 2018 the 107-D sidetrack was spudded and drilling operations commenced.  The 107D sidetrack is expected to take 45 days to complete from spud date.  Current operations include milling of 7" casing at the kick off point.  While the Mobilization delays (5 weeks) and rig power plant issues (3 weeks) delayed spudding, the Company is pleased to finally commence subsurface operations.

    7TTG
    The 7TTG Workover was interrupted in June due to stuck 3-1/2" tubing.  The Workover will resume upon the completion of the 107D sidetrack when the Drilling Rig will be moved across the production pad (approximately 7 meters) to the 7TTG well and commence pulling the old 3-1/2" tubing.  Upon its retrieval the previously unproduced Penedo-1 reservoir will be perforated, hydraulically stimulated, and comingled with the current productive Penedo-6 sandstone.

    Surface Facilities – Tartaruga
    Current facilities at the Tartaruga Field can process approximately 800 BOPD.  Upon completion of the 107D production tests, the Tartaruga production facilities will be upgraded to handle the increase in production anticipated from 107D and 7TTG wells.  As production from the Tartaruga Field is from a single well pad, production remains shut in at Tartaruga while the above operations are completed. Production will resume upon completion of the 107D sidetrack and 7TTG workover.  There are no offtake restrictions on the oil produced at the Tartaruga field.

    LAK RANCH

    Phase 3 Drilling Program
    A Drilling Rig was mobilized on September 20, 2018 to the LAK Ranch oil field.  The first of 8 wells was spudded on September 21, 2018.  The drilling program at LAK is expected to take 8 weeks to complete and will involve drilling 6 injector wells and 2 horizontal production wells.  The facilities at LAK Ranch has already been modified to accept the additional production.

    ANNUAL AUTUMN SHARHOLDER AND INVESTOR PRESENTATION

    Where and When
    A presentation will be held at Setterwalls Advokatbyra, Sturegatan 10, Stockholm on October 11 at 5 PM.  Jonas Lindvall, CEO of Maha Energy, will present an operational update and will be joined by the Board of Maha Energy to answer any questions.

    Live Stream
    The event will also be streamed live.  Please refer to our website www.mahaenergy.ca (Upcoming Events) for further details.

    Adviser

    FNCA Sweden AB is the Company's Certified Adviser.

    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 September 24, 2018, at 7:00 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.

    Maha Energy AB Press Release 24 Sept 2018

    —
    This announcement is distributed by West Corporation on behalf of West Corporation clients.
    The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
    Source: Maha Energy AB via Globenewswire

    Maha Energy AB Press Release 24 Sept 2018

    Maha Energy AB: Announces August Production Volumes

    on Share

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

    Press release
    Stockholm
    September 4, 2018

    Maha Energy AB (publ) ("Maha" or the "Company") Announces August Production Volumes

    Production Volumes

    The Company's aggregate sales production for the month of August totaled 47,1911 barrels of oil and 16.892 million scf of gas for a combined average production of approximately 1,613 BOE/day2, before royalties and taxes.

    The previously announced capital program for 2018 (the "Work Program") 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 31 days in August due to the planned 7TTG and 107D intervention work.  Production from the Tie Field continues uninterrupted and it is currently expected there will be no material reduction in Tie field production during the Work Program.

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

    Adviser

    FNCA Sweden AB is the Company's Certified Adviser.

    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 September 4, 2018, at 7:00 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.

    2018-09-04 Maha Energy AB August Production Volumes

    —
    This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
    The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
    Source: Maha Energy AB via Globenewswire

    2018-09-04 Maha Energy AB August Production Volumes

    Maha Energy AB (publ) (“Maha” or the “Company”) Announces Q2 Report Webcast

    on Share

    Maha Energy AB (publ)

    Biblioteksgatan 1

    SE-111 46 Stockholm

    www.mahaenergy.ca

    Press release

    Stockholm

    August 27, 2018

    Maha Energy AB (publ) ("Maha" or the "Company") Announces Q2 Report Webcast


    Half Year Report

    Maha Energy AB's second quarter and half year report will be released on 29 August and a live webcast will be held on Wednesday 29 August at 1600 hrs CET.  Further details and internet link can be found on www.mahaenergy.ca  The webcast will be hosted by Jonas Lindvall, CEO and Managing Director of Maha Energy AB and Andres Modarelli, CFO of Maha Energy Inc..  Shareholders and Investors are invited to attend and ask questions.

    Adviser

    FNCA Sweden AB is the Company's Certified Adviser.

    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 August 27, 2018, at 7:00 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.

    2018-08-26 Maha Energy – Q2 2018 Report Webcast

    —
    This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
    The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
    Source: Maha Energy AB via Globenewswire

    2018-08-26 Maha Energy - Q2 2018 Report Webcast