ArchivesEnglish

Extraordinary General Meeting in Maha Energy AB (publ)

on 3 de November de 2022 3 de November de 2022

The shareholders of Maha Energy AB (publ) (the “Company”) gathered in Stockholm, Sweden, Thursday November 3, 2022 for an extraordinary general meeting.

The extraordinary general meeting was convened following the request from Foil International Spain S.L., holder of approximately 12.2 per cent of the shares in the Company, to the board of directors to convene an extraordinary general meeting pursuant to Chapter 7, Section 13 of the Swedish Companies Act to resolve upon the proposed election of a new board of directors of the company.

The general meeting resolved in accordance with the proposal to elect Fabio Vassel, Paulo Thiago Mendonça and Enrique Penã as new ordinary board members until the close of the annual general meeting to be held in 2023, and to dismiss Jonas Lindvall, Nicholas Walker and Christer Lindholm from their assignments as ordinary board members.

The general meeting further resolved to dismiss Harald Pousette from his position as chairman of the board of directors and to appoint Fabio Vassel as chairman of the board of directors in his place. Harald Pousette will remain as an ordinary member of the board of directors until the end of the annual general meeting to be held in 2023.

For more information, please contact:
Jonas Lindvall (CEO)
Tel: +46 8 611 05 11
jonas@mahaenergy.ca

Victoria Berg (Investor Relations)
Tel: +46 8 611 05 11
victoria@mahaenergy.ca

Miscellaneous
The information was submitted for publication, through the agency of the contact person set out above, 19:00 CET on 3 November, 2022.

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 four oil fields: Tartaruga and Tie in Brazil, Powder River (LAK Ranch) and Illinois Basin 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 Rio De Janeiro, Brazil. For more information, please visit our website www.mahaenergy.ca

20221103 Maha Energy Press Release - Outcome of EGM 3 November 2022 (ENG)

Maha Energy AB revises 2022 annual average production guidance

on 2 de November de 2022 2 de November de 2022

Technical challanges experienced during the production well workover program in Brazil, and later than planned commencement of the Block 70 extended well testing program in Oman will impact the 2022 production guidance. The estimated 2022 annual average production is therefore revised to 3,000 – 3,400 BOEPD¹ from 3,500 – 4,000 BOEPD¹.
Drilling operations in Oman are proceeding as anticipated, with 2 horizontal pilot production test wells and over 2.5 kilometers of net pay successfully drilled to date. The drilling rig is currently preparing to spud the third horizontal production test well.
Production testing of the Oman wells will commence as soon as transportation and processing agreements are finalised and approved by the Government of Oman.

Jonas Lindvall, CEO of Maha Energy AB comments: “I am happy that the very challenging workover program is completed and all producing wells in the Tie field are back on production. Unfortunately theses delays combined with a late start up to the Oman extended well testing will now impact the annual average production volume for 2022.”

The workover campaign in Brazil has been successfully completed and all Tie wells are onstream and cleaning up with no further planned well activity in Brazil for the remainder of the year.

In Oman, two horizontal pilot production test wells have been successfully drilled and completed in preparation for extended production testing. Drilling results to date have been encouraging with strong oil shows during each well and good reservoir quality being penetrated. A total of 2,508 m. of oil bearing reservoir has been drilled so far. Work is ongoing to finalise offtake agreements, and these are expected to be complete by year end.

Barrels of oil equivalent ("BOE") conversion ratio of 6,000 scf: 1 bbl is used.

Miscellaneous
This information is such information that Maha Energy AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 18:40 CET on 2 November, 2022.

For more information, please contact:
Jonas Lindvall (CEO)
Tel: +46 8 611 05 11
jonas@mahaenergy.ca

Victoria Berg (Investor Relations)
Tel: +46 8 611 05 11
victoria@mahaenergy.ca

20221102 Maha Energy Press Release ENG

Notice to attend the Extraordinary General Meeting in Maha Energy AB (publ)

on 11 de October de 2022 11 de October de 2022

The shareholders in Maha Energy AB (publ), reg. no. 559018-9543, (the “Company”) are hereby given notice to attend the exraordinary general meeting on Thursday 3 November 2022 at 4:00 P.M. CET at Sturegatan 10 in Stockholm, Sweden. Registration for the meeting commences at 3:30 P.M. CET.

Background

Foil International Spain S.L., holder of approximately 12.2 per cent of the shares in the Company, has requested that the board of directors, pursuant to Chapter 7, Section 13 of the Swedish Companies Act, convene an extraordinary general meeting to resolve upon the proposed election of a new board of directors as proposed in item 6 of the agenda below.

Notice

Shareholders wishing to participate at the meeting must:

be entered in the shareholders’ register, kept by Euroclear Sweden AB (the Swedish Central Securities Depository & Clearing Organisation), on the record day which is Wednesday 26 October 2022; and
notify the Company of their attendance and any assistant no later than Friday 28 October 2022. Notification can be made via letter to Setterwalls Advokatbyrå AB, Attn: Andreas Wårdh, P.O. Box 1050, SE-101 39 Stockholm, Sweden or by e-mail to andreas.wardh@setterwalls.se.

Notification shall include full name, personal identification number or corporate registration number, address and daytime telephone number and, where appropriate, information about representative, proxy and assistants. The number of assistants may not be more than two. In order to facilitate entry to the meeting, notification should, where appropriate, be accompanied by powers of attorney, registration certificates and other documents of authority.

Personal data obtained from the share register kept by Euroclear Sweden AB, notices and attendance at the meeting and information on representatives, proxies and assistants will be used for registration, preparation of the voting list for the meeting and, where appropriate, the minutes of the meeting.

Nominee registered shares

Shareholders who have their shares registered in the name of a nominee must request temporary entry in the transcription of the share register kept by Euroclear Sweden AB in order to be entitled to participate and vote for their shares at the meeting. The shareholder must inform the nominee well in advance of Wednesday 26 October 2022 at which time the register entry must have been made. Voting rights registration that has been requested by the shareholder at such time that the registration has been completed by the nominee no later than Friday 28 October 2022, will, however, be taken into account in the preparation of the share register.

Proxy

A shareholder represented by proxy shall issue a power of attorney which shall be dated and signed by the shareholder. If issued by a legal entity the power of attorney shall be accompanied by registration certificate or, if not applicable, equivalent documents of authority. Power of attorney forms for those shareholders wishing to participate by proxy are available on the Company’s website www.mahaenergy.ca. The original version of the power of attorney shall also be presented at the meeting.

Proposed agenda

Opening of the meeting and election of chairman of the meeting;
Preparation and approval of the voting list;
Approval of the agenda;
Election of one (1) or two (2) persons who shall approve the minutes of the meeting;
Determination of whether the meeting has been duly convened;
Election of board members;
Closing of the meeting.

Proposed resolutions

Item 1. Election of chairman of the meeting

The board of directors proposes that attorney Jörgen S. Axelsson is appointed chairman of the extraordinary general meeting.

Item 6. Election of board members

The Company's board of directors currently consists of six ordinary board members without deputy board members. Foil International Spain S.L. proposes that the general meeting resolves on new-election of Paulo Thiago Mendonça, Fabio Vassel and Enrique Peña as board members until the close of the annual general meeting 2023, and that Jonas Lindvall, Christer Lindholm and Nicholas Walker are dismissed from their assignments as board members.

Furthermore, Fabio Vassel is proposed to be elected as chairman of the board of directors and that Harald Pousette is dismissed as chairman of the board of directors, but remains as board member in accordance with previous election until the close of the annual general meeting 2023. A presentation of the proposed members of the board of directors follows in below.

Presentation of proposed board members

Fabio Vassel, born 1976

Proposed chairman of the board of directors

Experience: Fabio Vassel has over 25 years of experience working on Private Equity buy-side and Restructuring Advisory in Latin America, North America and Europe. Fabio was previously Partner and Head of Restructuring & Private Equity at Brasil Plural. Fabio has experience from Jefferies (Zurich and London), Nomura (London) and UBS Investment Bank (New York and London).

Education: Master of Business Administration (MBA) from The Wharton School of the University of Pennsylvania. Bachelor of Arts (BA) from the University of São Paulo (FEA-USP).

Current assignments: Managing Director of the Starboard Group.

Previous assignments (last five years): Chairman of 3R Petroleum and Board Member of Gemini Energy.

Independent in relation to the Company and the Company management: Yes.

Independent in relation to the major shareholders: No.

Holdings of shares in Maha: None.

Paulo Thiago Mendonça, born 1988

Proposed board member

Experience: Paulo Thiago Mendonça is currently a Managing Director at Starboard, responsible for private equity investments and advisory in special situations transactions. Paulo has previously been the Head of Investment Banking at Brasil Plural's Investment Banking division, responsible for M&A, equity and capital market transactions and worked at the Asset Management in Brasil Plural. Paulo has extensive experience in the oil and gas industry and has led important transactions in the sector.

Education: Degree in Mechanical Engineering (cum laude) from the Federal University of Rio de Janeiro (UFRJ).

Current assignments: Managing Director of the Starboard Group.

Previous assignments (last five years): Chairman and Board Member as well as Director of Business Development in 3R Petroleum. Head of Investment Banking at Brasil Plural´s Investment Banking division.

Independent in relation to the Company and the Company management: Yes.

Independent in relation to the major shareholders: No.

Holdings of shares in Maha: None.

Enrique Penã, born 1974

Proposed board member

Experience: Enrique Penã has over 23 years' experience in business development and strategic management in large corporations such as Shell, Boston Consulting Group, Orange and Renfe. Enrique Penã is currently Professor of Strategy in IE Business School and Deputy Director of the IE Negotiation and Mediation Centre.

Education: Universidad Politécnica de Madrid, Master in Infrastructure Management and Public Services. Universidad Politécnica de Madrid,Technical Engineering of Roads, Canals and Ports. The Wharton School of Business. University of Pennsylvania, Master in Business Administration (MBA). Universitat Oberta de Catalunya, Master in Education and Information. Universidad UNED-UJI, Master in Sustainability and Social Corporate Responsibility.

Current assignments: Deputy Director of the IE Negotiation and Mediation Center.

Previous assignments (last five years): Chief of Staff and Senior International Manager of Renfe-Operadora.

Independent in relation to the Company and the Company management: Yes.

Independent in relation to the major shareholders: No.

Holdings of shares in Maha: None.

Number of shares and votes in the Company

The total number of shares in the Company at the time of issuance of this notice is 119,715,696. The total number of votes for all issued shares in the Company is 119,715,696 votes. The Company does not hold any of its own shares.

Shareholders’ right to request information

Pursuant to Chapter 7 section 32 of the Swedish Companies Act (Sw. aktiebolagslagen (2005:551)) the board of directors and the managing director are under a duty to, if any shareholder so requests and the board of directors deems that it can be made without material damage to the Company, provide information, regarding circumstances which may affect the assessment of a matter on the agenda.

Documentation

Documents to be dealt with at the general meeting will be kept available at the Company’s office not later than three weeks before the meeting. The documents will be sent free of charge to shareholders who so request and state their postal address. The documents will also be made available not later than the aforementioned date on the Company’s website www.mahaenergy.ca. All the above mentioned documents will also be presented at the general meeting.

_____
Stockholm, October 2022
The board of directors

Offical version of notice to attend the extraordinary general meeting
The official version of the notice to attend the extraordinary general meeting is in the Swedish language and available for download at the following link: https://mahaenergy.ca/sv/bolagsstyrning/bolagsstamma.html

For more information, please contact:
Jonas Lindvall (CEO)
Tel: +46 8 611 05 11
jonas@mahaenergy.ca

Victoria Berg (Investor Relations)
Tel: +46 8 611 05 11
victoria@mahaenergy.ca

Miscellaneous
The information was submitted for publication, through the agency of the contact person set out above, 15:00 CET on 11 October, 2022.

20221011 Maha Energy Press Release Notice to attend Extraordinary General Meeting in Maha Energy AB (publ) on 3 November 2022 ENG

Notice to attend Extraordinary General Meeting on 3 November 2022

Maha Energy AB (“Maha” or the “Company”) announce revised 2022 annual average production guidance, spud in Oman and a general operational update

on 6 de September de 2022 6 de September de 2022

The range for the 2022 annual average production is revised to 3,500 – 4,000 from 4,000 – 5,000 BOEPD¹.
Drilling in Oman started today, the Mafraq-7 well was spudded 5 weeks ahead of schedule.
A bid for Petrobras’ 25% Working Interest (“WI”) at the Tartaruga Field in Brazil was submitted on 1 September, 2022.

Delays in repairing production wells on the Tie Field in Brazil, and the effect of farming down 35% of the Mafraq Field in Oman will impact the Company’s 2022 full year production volume. On the Tie Field, in Brazil, three important producing wells (GTE-3, GTE-4 and Tie-1) have been shut in for much of 2022 primarily due to tubing leaks. The shortage of equipment and associated services in Brazil have resulted in repair delays and therefore lower than planned production at the Tie field. The new revised Maha production guidance for 2022 is 3,500 – 4,000 BOEPD. Details of the operations affecting the Company is provided below.

Jonas Lindvall, CEO of Maha Energy AB comments: “The combined effects of higher oil prices and the Petrobras onshore divestments in Brazil have created a huge demand on service contractors there. It has proven difficult to get equipment and services quickly and we were lucky to secure the “Braserv 144” workover rig earlier this summer. The rig is contracted until the end of 2022 and we are repairing the downed production wells as fast as we can.”

Details of Maha current operations:

Tie Field (Brazil)
ALV-2 (gas Injector)
The ALV-2 well was converted to a gas injector earlier this summer. This conversion allows for uninterrupted oil production at all times and the well was recompleted with new premium (gas tight) tubing.

GTE-3 (producing well)
This well is being converted from a dual jet pump completion to a single comingled Electric Submersible Pump (ESP) producer. Currently the dual packer is being retrieved and estimated completion date is later in September.

Tie-1 (producing well)
The Tie-1 production well requires a workover to retrieve stuck jet pumps in both completion strings.

GTE-4 (producing well)
The GTE-4 well suffers from a leaking tubing string and the tubing will be replaced once Tie-1 has been completed.

Tie-5 (horizontal producing well)
The Tie-5 horizontal was completed earlier this year. It has been producing steadily under natural flow with no water. However, initial production information suggest that the horizontal reservoir may have been damaged by drilling fluids during the drilling phase. The measured inflow is significantly less than what can be expected from a reservoir with such excellent properties. Plans are underway to recover the ESP and perforate parts of the horizontal liner using Tubing Conveyed Perforating (TCP) guns later in the year. This should address any damage caused whilst drilling and add production from the entire horizontal hole.

Tie-6 water injector
The Tie-6 well penetrated the Agua Grande (AG) Reservoir 12 meter higher than prognosed. The well is currently undergoing a series of production and injectivity tests and this well may be placed on temporary oil production before being converted to a water injector.

Tie Water Supply Well (WSW)
The drilling rig Faxe 2 is now being moved to drill a shallow water supply well on the Tie field. The WSW is an important water provider for the water injection program currently being implemented at the Tie field.

Tartaruga
The Tartaruga field is producing steadily from two wells with very little production decline. The Company has submitted a competitive bid for Petrobras’ 25% Working Interest in the field on 1 September, 2022. Immediate future work planned for the Tartaruga field is an additional horizontal well into the Penedo sandstone. The Tartaruga 3 (TTG-3) well has been identified as a possible candidate for the horizontal sidetrack.

Oman Block 70 (Mafraq field)
Plans are well developed to commence drilling on the Block. At the moment a total of six wells will be drilled. First, four (4) horizontal production test wells will be drilled and placed on long term test production. Two (2) appraisal wells will then be drilled to (a) identify the oil water contact on the structure, and (b) determine fracture orientation at various levels of the field. If results are deemed positive, the Company has secured sufficient equipment and services to immediately drill additional wells to add to the long term well test production volumes.

Gulf Drilling Rig 109 spudded Mafraq-7 today, 5 weeks ahead of schedule. A total of four (4) drilling pads and 18 km. of roads have been refurbished and/or constructed on Block 70. Work is proceeding to negotiate temporary offtake agreements for the extended well test produced crude oil.

Illinois Basin and LAK Ranch
Production from the IB asset is as expected, and work is progressing in identifying various quick, low cost, production gains through simple stimulation work. The LAK Ranch production was restarted in June as regulatory requirements in Wyoming necessitated multiple well reactivations. To date about 1,000 barrels of oil has been recovered from the LAK Ranch property since the wells were restarted. The Company is exploring various options, including divestment, of the LAK Ranch property.

Barrels of oil equivalent ("BOE") conversion ratio of 6,000 scf: 1 bbl is used.

2 The Block 70 Farm Out is subject to the approval of the Omani Government.

For more information, please contact:
Jonas Lindvall (CEO)
Tel: +46 8 611 05 11
jonas@mahaenergy.ca

Victoria Berg (Investor Relations)
Tel: +46 8 611 05 11
victoria@mahaenergy.ca

20220906 Maha Energy Press Release ENG

Maha Energy AB Announces Filing of Second Quarter 2022 Report & Live Webcast

on 15 de August de 2022 15 de August de 2022

Maha Energy AB (publ) (“Maha” or the “Company”) is pleased to announce its second quarter results. The report is attached to this press release and available on the Company’s website at www.mahaenergy.ca.

Second Quarter 2022

The Tie-5 well was completed free-flowing 766 BOEPD (590 BOPD and 1,054 MSCFPD) and is now producing through the Tie field’s permanent facilities.
The Tie-6 well was spudded in June and can potentially be hooked up for production during Q3.
Daily oil & gas production for Q2 2022 averaged 3,292 BOEPD (Q2 2021: 3,104 BOEPD)
Revenue of USD 24.0 million (Q2 2021: USD 15.2 million)
Operating netback of USD 17.4 million or USD 64.72 per BOE (Q2 2021: USD 9.5 million or USD 35.46 per BOE)
EBITDA of USD 14.6 million (Q2 2021: USD 9.0 million)
Net result of USD 8.2 million (Q2 2021: USD 2.6 million)
Basic and Diluted Earnings per share of USD 0.07 (Q2 2021: USD 0.02)
Cash and cash equivalents balance of USD 23.9 million (Q2 2021: 34.1 million)

Six Months Ended 30 June 2022

Daily oil & gas production for H1 2022 averaged 3,933 BOEPD (H1 2021: 3,421 BOEPD)
Revenue of USD 54.8 million (H1 2021: USD 31.0 million)
Operating netback of USD 39.9 million or USD 60.69 per BOE (H1 2021: USD 20.6 million or USD 34.56 per BOE)
EBITDA of USD 36.7 million (H1 2021: USD 19.2 million)
Net result for the period of USD 20.2 million (H1 2021: USD 8.1 million)
Basic and Diluted Earnings per share of USD 0.17 (H1 2021: USD 0.08)
Cash and cash equivalents balance of USD 23.9 million (31 December 2021: USD 25.5 million)

Financial Summary

(TUSD, unless otherwise noted)	Q2 2022	Q1 2022	Q4 2021	Q3 2021	Q2 2021	H1 2022	H1 2021	FY 2021
Net Daily Production (BOEPD)	3,292	4,580	3,098	3,610	3,104	3,933	3,421	3,387
Revenue	24,018	30,831	17,818	19,496	15,178	54,849	30,992	68,306
Operating netback	17,408	22,528	11,913	13,568	9,548	39,936	20,579	46,060
EBITDA	14,621	22,069	15,615	12,909	8,988	36,690	19,201	47,725
Net result for the period	8,219	12,030	7,363	6,083	2,603	20,249	8,141	21,587
Earnings per share – Basic (USD)	0.07	0.10	0.06	0.05	0.02	0.17	0.08	0.19
Earnings per share – Diluted (USD)	0.07	0.10	0.06	0.05	0.02	0.17	0.08	0.19
Cash and cash equivalents	23,863	29,416	25,535	31,778	34,139	23,863	34,139	25,535

Letter to shareholders

Dear Friends and Fellow Shareholders of Maha Energy AB,

Near record high oil prices helped our bottom line this quarter as our quarterly production volumes were lower than planned, and at the moment we are tracking around the bottom end of our 2022 production guidance of 4,000 BOEPD. Maha delivered a record first half of the year (H1) on all fronts, including production, revenues and net results. H1 average daily production landed at 3,933 BOEPD and H1 EBITDA was USD 36.7 million, almost double compared to last year’s record. Our result for H1 was twice that of our previous highest H1 result recorded. But even though we experienced unwanted and frustrating temporary production setbacks in Brazil during the quarter, we are making real progress in securing long-term production stability at the Tie field. Despite higher than normal operating expenses during the quarter, our Netback per barrel is at an all time high at USD 65 per BOE. Of course, we are not happy with the temporary reduction in production volumes from the Tie field, but we are working hard on getting all of our producing wells back on production again as soon as possible. Only two out of six wells contributed to our oil production at the Tie field this quarter.

Brazil
At our core asset in Brazil, the Tie field, production was lower during the second quarter due to; natural production decline, converting the Tie-3 well from an oil producer to a water injector, oil production from Tie-5 horizontal coming on late, and losing production from three key production wells (Tie-1, GTE-3, and GTE-4). These three wells are scheduled for repair using the contracted Braserv rig during the third and fourth quarters to restore production levels.

Operationally at the Tie field, the Tie-5 well was completed as a horizontal producer in July and flowed naturally 770 BOEPD on a 24 hour test. The Tie-5 continues to produce steadily with negligible water and will contribute to offset other temporary setbacks on the Tie-field. Further, unexpected positive news was encountered on Tie-6, where the Agua Grande (AG) reservoir was penetrated 12 meters higher than predicted. This is very good news, since the reservoir is higher structurally than anticipated, the seismic mapping of the structure will have to be redefined. Furthermore, and because most of the AG is now above the oil water contact, we are currently evaluating the possibility of initially producing the oil in the AG before converting the well to a water injector, as was originally planned.

Unfortunately, delays in the drilling of the Tie-4 and Tie-5 wells have adversely impacted the schedule for Tie-1, GTE-3 and GTE-4 workovers. The Brasserv workover rig was contracted in June to commence the well intervention work to restore production on the Tie field. To date, work on completing the Tie-5 oil producer and converting the ALV-2 well to a gas injector has been completed. Next, GTE-3, GTE-4 and Tie-1 will be restored to full production during the second half of the year. Importantly, Electric Submersible Pumps (ESP) will be installed in GTE-3 and then later in Tie-2 to further boost production at Tie.

Oman
After the contracted GBS-1 drilling rig was withdrawn by the drilling contractor, the Maha team in Oman acted swiftly to secure the Gulf Drilling Company Rig-109 and drilling is now expected to commence in October. The Company also decided to strategically farm down 35% of the Block 70 Exploration and Production Sharing Agreement to Mafraq Energy LLC. Not only does the farm down manage the Company’s asset risk exposure, but it also reduces cost and increase confidence in the project. Mafraq Energy brings important technical expertise as well as a strategic partnership in Oman to aid in future growth. It is probably the best proof yet of the robustness of the Mafraq field.

The Mafraq field is a delineated and tested heavy oil field onshore Oman. A previous operator tested 15,700 barrels of heavy oil from a single well over a 23 day well test period in 1991. Maha’s plan is to start drilling the first six appraisal and production pilot test wells on the field starting in October.

USA
Production from the Illinois Basin was steady during the quarter and the Company continues to evaluate the results from the 2021 drilling campaign along with potential growth opportunities in the USA. At LAK Ranch in Wyoming, the Company commenced a series of regulatory well tests and well reactivations. A strategic process was initiated during the quarter to evaluate the best future options for the LAK Ranch property.

It was a ‘mixed’ bag of events this quarter – some good and some not so good. As previously mentioned at the Tie field, we produced from only two wells, Tie-4 and Tie-2, for most of the quarter. This affected production significantly. Delays in the drilling of Tie-5 and the tubing leaks in GTE-3, GTE-4 and Tie-1 resulted in lower production volumes during the quarter. These three wells will be returned to production now that the drilling rig is moved out of the field and the workover rig has finished the work on the ALV-2 gas injection well. The fact that the AG was penetrated higher than prognoses in the Tie-6 well is very encouraging.

The future looks bright and busy for the second half of the year. With the workovers on the Tie field, we will add important barrels to our production and with the unexpected results of Tie-6, we may have a total of seven producing wells there, providing important production redundancy. Finally, in Oman, we will start the drilling of the large Mafraq structure and commence well test production at a commercial level. It is going to be a very busy second half of the year.

Finally, I wish to thank my fellow Maha colleagues who work so tirelessly for all of us, and to all loyal shareholders who support us. Thank you!

Yours truly,

Jonas Lindvall
Managing Director

Q2 Webcast today at 16:00 CET

There will be a live webcast today, 15 August at 16:00 CET (Sweden time) to present the quarterly results and provide an operational update. A link to the webcast is available on the Company’s website: www.mahaenergy.ca. Questions posted on the day of the presentation should be made directly in the YouTube Comments/Questions field. The webcast will be broadcast live on Nyhetsbyrån Direkts Youtube Channel and is hosted by Laikas’ Mr. Kaarlo Airaxin, and will feature Maha’s CEO Jonas Lindvall and CFO Andres Modarelli.

This information is such information as Maha Energy AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 07:30 CET on 15 August 2022.

For more information, please contact:
Jonas Lindvall (CEO)
Tel: +46 8 611 05 11
jonas@mahaenergy.ca

Andres Modarelli (CFO)
Tel: +46 8 611 05 11
andres@mahaenergy.ca

Victoria Berg (Investor Relations)
Tel: +46 8 611 05 11
victoria@mahaenergy.ca

2022 Q2 Maha Energy Report ENG

20220815 Maha Energy Press Release Q2 2022_ENG

Maha Energy AB enters into a Farmout Agreement with Mafraq Energy LLC for Block 70 in Oman

on 8 de August de 2022 8 de August de 2022

Maha Energy AB (publ) (“Maha” or the “Company”), through its wholly owned subsidiary Maha Energy (Oman) Ltd., has entered into an Agreement with Mafraq Energy LLC for Maha to reduce the Participating Interest in the Block 70 Exploration and Production Sharing Agreement (“EPSA”) in Oman from 100% to 65%. Maha will continue to be the Operator of the Block. The Agreement is subject to Government approval in Oman.

Maha has decided to reduce its working interest in the onshore oil-bearing Block 70 in Oman by bringing in a strategic Omani partner. The Agreement requires Mafraq Energy LLC to reimburse Maha for their prorated share of all past costs including the signature bonus. Mafraq Energy LLC will also be required to pay their share of all future expenditures on Block 70.

Jonas Lindvall, Maha’s CEO said: “We are delighted to have Mafraq Energy LLC join us on Block 70. Mafraq Energy LLC brings extensive experience of the Mafraq field and the surrounding areas in Oman. The fact that Mafraq Energy joins us is perhaps the best evidence yet of the future potential of the Mafraq field.”

Talal Al Subhi, Director of Mafraq Energy LLC said: “We are pleased and honoured to join Maha Energy to commercialize Oman’s national resources. The farm out arrangement is also completely aligned with the realisation of the Oman national 2040 vision’s “Growing the Private Sector”, and we are proud to be doing our part.”

Immediate plans for the Mafraq oil field include drilling six wells to obtain important reservoir information to assist in developing a full Field Development Plan. The Gulf Drilling rig 109 was recently contracted for this drilling. Anticipated mobilisation of the drilling rig is scheduled for October this year.

About Mafraq Energy LLC
Mafraq Energy LLC is a private Omani company whose founders come with an extensive track record in multiple business sectors. Sister Companies to Mafraq Energy LLC are active in the upstream oil and gas service sector, the downstream distribution and service sector, as well as manufacturing capabilities in the telecommunication service sectors.

About the Mafraq field
Maha was successful in securing Block 70, which contains the Mafraq heavy oil discovery, in a 2019 – 2020 Government bid round. The Mafraq structure is a delineated heavy oil field that was extensively tested by Petroleum Development Oman (PDO) in 1988 and 1991. The field tested 15,700 barrels of 13° API oil over a period of 24 days using a Progressive Cavity Pump (PCP) from a single well. The test well, MF-5, tested 100% oil for less than a day after which water production stabilized at around 25%. It is unknown why PDO did not develop the field at the time, but it is likely that prevailing commodity prices (US$ 18 – US$ 20 per barrel) and access to other lower cost opportunities precluded Mafraq as a development option at the time.

According to the independent reserve auditor, Chapman Petroleum Engineering Ltd. of Calgary, Canada, the Mafraq field may hold approximately 35 million barrels of recoverable oil (2C + 2P as at 31 December 2021). Following farmout approval by the Government of Oman, Maha’s share of its contingent resources will be reduced proportionally by 35%. The field oil-water contact has not been penetrated yet which renders possible further upside to these volumes. The Mafraq structure is an East-West fault bounded anticline with the productive interval being at +/- 430 meters below the ground level. The oil flows freely in the reservoir at 51° C and is expected to cold flow to surface in commercial quantities.

Miscellaneous
The information was submitted for publication, through the agency of the contact person set out below, 11:00 CET on 8 August, 2022.

For more information, please contact:
Jonas Lindvall (CEO)
Tel: +1 403 454 7560
Email: jonas@mahaenergy.ca

Victoria Berg (Investor Relations)
Tel: +46 8 611 05 11
Email: victoria@mahaenergy.ca

20220808 Maha Energy Press Release ENG

Maha Energy AB awards drilling contract to Gulf Drilling LLC in Oman for a six well drilling campaign

on 2 de August de 2022 2 de August de 2022

Maha Energy AB (publ) is pleased to announce the signing of an Agreement with Gulf Drilling LLC (“Gulf”) a wholly owned subsidiary of MB Petroleum Services Worldwide, in Muscat, Oman for the drilling of a minimum of six wells, on Block 70, onshore Oman.

The Drilling Rig, Gulf Drilling 109 is a 1,000 hp kelly rig and is currently located in Adam, Oman. The rig will now be prepared for the campaign and expected mobilization is in October, 2022. The drilling program will consist of a minimum of six wells on the Mafraq structure.

Immediate plans for the Mafraq oilfield include obtaining important reservoir information to assist in developing a full Field Development Plan. Information that will be acquired from two appraisal wells includes, but is not limited to, the Oil Water Contact (OWC), petrophysical and structurall properties, and the identification of possible water disposal zones. Four horizontal pilot production test wells will also be drilled on the structure to ascertain oil productivity. These four wells will be completed with state-of-the-art PCP pumps from Canada and then placed on an extended flow test.

About the Mafraq field
Maha was successful in securing Block 70, which contains the Mafraq heavy oil discovery, in a 2019 – 2020 bid round. The Mafraq structure is a delineated heavy oil field that was extensively tested by Petroleum Development Oman (PDO) in 1988 and 1991. The field tested 15,700 barrels of 13° API oil over a period of 24 days using a Progressive Cavity Pump (PCP) from a single well. The test well, MF-5, tested 100% oil for less than a day after which water encroachment stabilized at a 25 – 28% watercut. It is unknown why PDO did not develop the field at the time, but it is likely that prevailing commodity prices (US$ 18 – US$ 20 per bbl) and access to other lower cost opportunities precluded Mafraq as a development option at the time.

According to the independent reserve auditor, Chapman Petroleum Engineering Ltd. of Calgary, Canada, the Mafraq field may hold approximately 35 million barrels of recoverable oil (2C + 2P as at 31 December 2021). The OWC has not been penetrated yet which renders possible further upside to these volumes. The Mafraq structure is an East-West fault bounded anticline with the productive interval being at +/- 430 meters below the ground level. The oil flows freely in the reservoir at 51° C and is expected to cold flow to surface in commercial quantities.

Miscellaneous
The information was submitted for publication, through the agency of the contact person set out below, 17:30 CET on 2 August, 2022.

For more information, please contact:
Jonas Lindvall (CEO)
Tel: +1 403 454 7560
Email: jonas@mahaenergy.ca

Victoria Berg (Investor Relations)
Tel: +46 8 611 05 11
Email: victoria@mahaenergy.ca

20220802 Maha Energy Press Release Drilling Rig Oman ENG

Maha’s Tie-5 free flows 766 BOEPD through Tie permanent facilities without pump

on 13 de July de 2022 13 de July de 2022

Maha Energy AB (publ) (“Maha” or the “Company”) is pleased to announce that the recently completed Tie-5 well is now producing through the Tie field’s permanent production facilities. The well is naturally flowing, without the assistance of an Electrical Submersible Pump (“ESP”), 766 BOEPD¹ (590 BOPD and 1,054 MSCFPD) with a stable tubing-head flowing pressure of 220 psi and less than 1% water. The corporate annual average production guidance of 4,000 – 5,000 BOEPD for 2022 remains.

The Tie-5 horizontal well penetrated 240 meter of Agua Grande (AG) sand and was completed with a 4-1/2” uncemented pre-perforated liner to 2,409 m. A coil tubing unit was used to clean up and then stimulate the reservoir before blowing the well dry using nitrogen. An ESP was run in the hole on 3-1/2” tubing and the well immediately responded by flowing oil and gas to surface. The clean up period resulted in high gas volumes which are expected to decrease with time. The ESP is not currently in use due to the high gas volumes.

Jonas Lindvall, CEO of Maha commented; “We are encouraged by the results of Tie-5 and we are happy to see the Agua Grande flow naturally to surface. Again, the results demonstrate the quality of the Tie field and the prolific nature of the Agua Grande reservoir.”

Tie-6 (water injector)
The Tie-6 well (8-TIE-6D-BA) was spudded on June 12, 2022 and is currently drilling 8-1/2” hole at 1,740 m..

¹ BOEPD : Barrels of Oil Equivalent per Day; 6,000 SCF = 1 barrel of oil

The information was submitted for publication, through the agency of the contact person set out above, 09:45 CET on 13 July, 2022.

For more information, please contact:
Jonas Lindvall (CEO)
Tel: +46 8 611 05 11
jonas@mahaenergy.ca

Victoria Berg (Investor Relations)
Tel: +46 8 611 05 11
victoria@mahaenergy.ca

Important Notice
Reported test production levels stated in this Press Release may not be reflective of permanent sustainable production rates and future production rates may differ materially from the test production rates reflected in this news release due to, among other factors, natural decline, water and/or gas coning, sand production, pump breakdowns or difficulties and surface interruptions encountered during permanent production operations.

20220713 Maha Energy Press Release ENG Tie 5 FINAL

Maha Energy AB has been notified that contracted drilling rig has been withdrawn in Oman

on 7 de July de 2022 7 de July de 2022

Maha Energy AB (publ) has been notified by Global Business Services (“GBS”) that the contracted GBS-1 (formerly OGI-4) drilling rig will no longer be available for Maha Energy in Oman. This means that the planned start of the drilling of the six first wells on the Mafraq field will be delayed.

GBS has notified Maha Energy that they are unable to deliver the drilling rig GBS-1 (formerly OGI-4) primarily due to technical deficiencies uncovered during pre-mobilisation inspections. Maha is now evaluating alternative options, but this means that the drilling of the six wells on Mafraq will be delayed. A revised schedule will be announced as soon as further information is available.

Jonas Lindvall, CEO at Maha comments: “We have been working hard to ensure all material and equipment were available for a June 30 spud, so it is very disappointing that GBS has decided to withdraw the contracted drilling rig this late in the game. Everything else is in place so once we find a replacement drilling rig, we can start very quickly.”

The Mafraq field in Oman is a delineated and tested heavy oil field onshore Oman. A previous operator tested 15,700 barrels of heavy oil from a single well over a 23 day well test period in 1991. The plan was to start the drilling the first six wells on the field at the end of June.

Miscellaneous
The information was submitted for publication, through the agency of the contact person set out below, 15:45 CET on 7 July, 2022.

For more information, please contact:
Jonas Lindvall (CEO)
Tel: +1 403 454 7560
Email: jonas@mahaenergy.ca

Victoria Berg (Investor Relations)
Tel: +46 8 611 05 11
Email: victoria@mahaenergy.ca

20220707 Maha Energy Press Release Drilling Rig Oman - ENG FINAL

Maha Energy AB announce commencement of succession planning for Maha Energy AB CEO, Jonas Lindvall

on 27 de June de 2022 27 de June de 2022

Maha Energy AB (publ) (“Maha” or the “Company”) announce that after 10 years at the helm of the Company, Jonas Lindvall has decided to step down as the CEO of Maha Energy. The Board will action it’s succession planning and Mr Lindvall will remain as the CEO until the Board completes its work.

Jonas Lindvall co-founded Maha Energy at the end of 2012. During his tenure, he has grown the production to 4,580 BOEPD and accumulated several quality assets with lots of room for near term organic growth. The Company started with a single employee and a single asset in early 2013, and has now grown to over 85 full time employees operating five assets in three countries. Maha Energy AB debuted on Stockholm First North Growth Market during the summer of 2016 and since 2020 it has been listed on the Nasdaq main market in Stockholm.

Jonas Lindvall, CEO of Maha Energy said: “It has been a fantastic 10 years to build Maha Energy from nothing. It is time for me to pass the baton to someone new who shares my passion and energy for the Company. I look forward to spending more time with my family in the new year.”

Harald Pousette, chairman of the Board said: “Whilst we are sorry that Jonas will step down as the CEO of Maha, we respect his decision. Maha has undergone tremendeous growth under his leadership, and the Company is well set for continued future growth with the platform of quality assets we have accumulated.”

Miscellaneous
This information is such information as Maha Energy AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, 22:30 CET on June 27, 2022.

For more information, please contact:
Jonas Lindvall (CEO)
Tel: +1 403 454 7560
Email: jonas@mahaenergy.ca

Victoria Berg (Investor Relations)
Tel: +46 8 611 05 11
Email: victoria@mahaenergy.ca

20220627 Maha Energy Press Release CEO Step Down - ENG FINAL