Maha Energy AB (publ) (“Maha” or the “Company”) is pleased to announce a USD 60 million term loan financing and USD 10 million equity financing with leading Brazilian investment bank BTG Pactual

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Maha has signed a Loan Agreement and Equity Subscription with Brazilian Investment Bank Banco BTG Pactual S.A. for total proceeds of USD 70 million, before customary fees and expenses.  The proceeds will be used to redeem the outstanding SEK 300 million bond and to further accelerate and fund the Company’s oil and gas production expansion program.

With reference to the press release dated 4 February 2021, Maha Energy AB ("Maha" or the "Company") is pleased to announce that it has entered into a binding agreement with Banco BTG Pactual S.A. (“BTG Pactual”) in respect of a USD 70 million financing (the “Financing”).

The Financing consists of a four-year senior secured term loan of USD 60 million (the “Term Loan”) and a USD 10 million equity private placement (the “Private Placement”) through issuance of 7,470,491 new shares, at a price of SEK 11.59 per share, representing a 10% discount to the last 15 days volume weighted average share price.

The USD 60 million Term Loan will be amortized in stages over the 4 year period commencing 15 months after closing of the loan agreement. The Term Loan will carry a stepwise interest rate of 12.75% to 13.5% post disbursement.

Subject to completion, the net proceeds from the Financing will be used to refinance Maha’s SEK 300 million bond debt due on 29 May, 2021, finance capital expenditures across Maha’s asset portfolio and general corporate purposes.

“We are very pleased that BTG Pactual, Latin Americas largest investment bank, has decided to partner up with Maha to grow the Company further.  We have quadrupled our oil and gas production since we obtained the SEK 300 million bond in 2017, and with this capital infusion, we have a clear road map to quadruple it again.  We are happy to welcome BTG Pactual to the Maha shareholder family.”  said Jonas Lindvall, CEO of Maha Energy.

The Private Placement was resolved by the Company’s Board of Directors (the “Board”) on 30 March 2021 with support from the authorization granted to the Board by the annual general meeting of the Company held on 27 May 2020.

The Private Placement is carried out with deviation from the preferential rights of the Company’s shareholders. The purpose of the Private Placement and the reason for deviating from the shareholders’ preferential rights is that the Private Placement represents an integral part of the Financing. Further, the Private Placement involves limited financial dilution to existing shareholders, which the Board considers as justifiable when taking into account the expected contribution of the Financing, including the Private Placement, to the long-term success of the Company. The Board is of the view that the Private Placement is in the common interest of the Company and its shareholders.

Following registration of the capital increase pertaining to the Private Placement, the Company’s share capital will amount to SEK 1,203,595.173 divided into 109,417,743 shares, each with a nominal value of SEK 0.011. BTG Pactual will own 7,470,491 shares representing approximately 6.83% of the total number of shares in the Company after the Private Placement. All shares have been subscribed for by BTG Pactual. The new shares will be paid for and allocated in connection with the disbursement of the Term Loan.

The completion of the Financing is subject to customary conditions precedent. Should the Financing not complete a cancellation fee may be payable.

Pareto Securites AS is acting as financial advisor, and Setterwalls (Stockholm), Cohen & Gresser (New York) and Catao, Tocantins, Pacheco (Brazil) are acting as legal advisors, to Maha in conjunction with the Financing.

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 persons set out below, at 4:00 AM CET on 31 March, 2021.

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +46 8 611 05 11        
Email: jonas@mahaenergy.ca

or

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

About Maha
Maha Energy AB (publ) is a listed, international upstream oil and gas company whose business activities include exploration, development and production of crude oil and natural gas. The strategy is to target and develop underperforming hydrocarbon assets on global basis. Maha 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

About BTG Pactual

BTG Pactual is the biggest investment bank from Latin America, operating in Investment Banking, Corporate Lending, Sales & Trading, Wealth Management and Asset Management. Since inception, in 1983, the Bank has been run based on a meritocratic partnership culture, focused on clients, excellence and a long-term vision. We have cemented our status as one of the most innovative sector players and have won numerous national and international awards. We currently have almost 4,000 employees in offices across Brazil, as well as in Chile, Argentina, Colombia, Peru, Mexico, the US, Portugal and England. For more information go to http://www.btgpactual.com 

Important information
Publication or distribution of this press release may in some jurisdictions be subject to statutory and legal restrictions and persons in those jurisdictions where this press release has been published or distributed should inform themselves about and observe such restrictions. The information in this press release does not constitute an offer to acquire, subscribe or otherwise trade in shares or other securities in the Company.

This press release does not constitute an offer to acquire securities in the United States. The securities mentioned herein may not be sold in the United States without registration in accordance with the Securities Act of 1933 or without the application of an exception to such registration. The information in this press release may not be released, published, reproduced or distributed in or to the United States, Australia, Canada, New Zealand, Hong Kong, Japan, Switzerland, Singapore, South Africa, or any other country or jurisdiction where such action is not permitted or such action is subject to legal restrictions or would require further registration or other measures than required by Swedish law. Measures contrary to this instruction may constitute a breach of applicable securities laws.

This press release is not a prospectus. The Company has not authorised any offer of shares or rights to the public in any Member State of the EEA and no prospectus has been produced or will be produced in connection with the private placement.

Forward-looking statements
This press release contains certain forward-looking statements that reflect the Company's current views on expectations of future events as well as financial and business development, including statements regarding the private placement and statements regarding guidance, planning, prospects and strategies. Words such as "referred", "estimated", "expected", "planned", “anticipated”, "can", and other expressions that imply indications or predictions of future developments or trends, and which are not the basis of historical facts, are forward information. Although the Company believes that these statements are based on reasonable assumptions and expectations, the Company cannot guarantee that such forward-looking statements will be implemented. As these forward-looking statements include both known and unknown risks and uncertainties, real outcomes can differ substantially from what is stated in forward-looking information. Forward-looking statements in the press release only apply at the time of the press release and may change without notice. The Company makes no commitment to publish updates or revisions of forward-looking statements as a result of new information, future events or the like beyond what is required by applicable laws or stock market regulation.

Well TD was reached at a Measured Depth (MD) of 2,336 m.  Electric logging reveals 11 m. “net pay” in the Agua Grande (AG) formation, 3.1 m net pay in a new potentially productive zone at the base of the Itaparica formation and 1.6 m net pay in the Sergi (SG) formation. 

Jonas Lindvall, CEO of Maha Energy commented: “Structurally, the Tie-3 well came in exactly how we planned it.  What appears to be a new oil productive transitional zone at the base of the Itaparica and the top of the Sergi is very encouraging and is something we have not seen in any of the other Tie wells. The Tie-3 well will eventually be turned into a flank water injector, but right now it will be completed and placed on production.”

Tie-3 was spudded on December 18, 2020 with an objective to intersect the oil water contacts of both the AG and SG at the western edge of the field.  Total Depth (TD) of 2,336 m (MD) was reached on March 16, 2021.  Drilling operations were delayed due to poor hole conditions and extensive repairs of the drilling rig’s derrick. The well is initially planned to be an oil producer and later, as water cut increase, it will be converted to a water injector to support the fields reservoir pressure and increase the field’s ultimate oil recovery.

During electric logging operations, oil bearing rock was discovered above the SG formation at the base of the Itaparica formation.  The Company will continue to evaluate this new find. It is too early to determine the impact of this find on the Tie field oil volumes, if any.

The well will now be cased off, cemented, completed and placed on production.  Flowlines are already in place to handle the production from this well.

“We are very excited with the Tie-3 outcome.  This step out well confirms the Company’s interpretation of the Tie structure, and we are particularly pleased with the reservoir properties of the AG and the new oil find at the base of the Itaparica” said Jonas Lindvall. 
It is too early to determine the effect of the Itaparica find, if any, on the Tie field reserves.

This information is information that the Company 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, 22:00 CET on 21 March, 2021.

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

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

Maha Energy AB (“Maha” or the “Company”) expects to allocate approximately USD 26 million on capital projects during 2021 and estimates the corporate average annual production to be between 4,000 – 5,000 BOEPD*.  The 2021 Capital Plan will be funded through internal cashflows and a contemplated future financing.

The Company is pleased to provide details of its 2021 Capital Plan and Production Guidance as follows:

2021 Capital Plan Summary- Total Budget ~USD 26 Million

Tie Field – Bahia, Brazil

Tie- 2021 Capital Plan

Tie-3
Tie-3 is a dual oil producer drilled on the western flank of the Tie structure.  This well was originally planned for Q4 2020, but due to operational delays on Tie-2, this well was not started until late 2020.  This well will eventually be converted to a water injector.

Tie-4
Tie-4 is earmarked to be the field’s first horizontal well.  The well will be drilled from the GTE-4 pad and completed in the Agua Grande formation.  This well is under license review by the Brazilian authorities.  License approval is expected sometime in the 2^nd quarter of 2021.

*  BOEPD: Barrels of Oil Equivalents Per Day

Tie-5
Tie-5 will be drilled on the southern flank of the Tie structure as a water injector to maintain reservoir pressure and increase oil recovery.

Tie Facilities
The Tie facilities are all but complete, and the capital earmarked for the Tie facilities include tie-in work (flow lines and manifolding) for the new wells.  Additional work includes automation of the plant and minor punch-list items.

Tartaruga Field – Sergipe, Brazil

Tartaruga- 2021 Capital Plan

Facility Upgrade
With the recent results from the TTG-3 well only minor work will continue during 2021 to upgrade the production facilities at Tararuga to handle up to 2,500 BOPD and 2,500 MSCFPD of gas.

LAK Ranch –Wyoming USA

LAK- 2021 Capital Plan

LAK Ranch
The LAK Ranch heavy oil field was shut in at the beginning of the Pandemic in 2020.  No work is planned for 2021 and the field will remain shut in until oil prices recover.  Whilst the Reserves valuation continues to point towards a full field development with lower but yet positive net present value, even at the current depressed oil prices, the Company maintains better yielding investments in Brazil, Illinois Basin and Oman

Illinois Basin (IB)–Illinois and Indiana, USA

IB- 2021 Capital Plan

Wells
Production will continue from the IB area during 2021.  4 wells are planned for the year, and these wells are considered to be commitment wells to keep all leases in good standing.

Mafraq Oil Field, Oman

Oman- 2021 Capital Plan

Wells
No wells are planned for 2021 in Oman – however, preparatory work will commence whereby personnel and equipment will be mobilized so that drilling can commence during 2022.

Production

The Company expects to complete most, if not all, of the Capital Plan prior to year-end 2021.  The exact timing of the operations is dependent upon a number of factors including delivery of long lead items, rig availability, permitting and logistics which in turn might affect Company’s total annual production.  Continuing effects of the Covid-19 Pandemic is expected to affect the timing of the Capital Plan and the 2021 Production Guidance.  

As such, this 2021 Production Guidance, net to the Company (but before government or freehold royalties) is expressed in the range of 4,000 – 5,000 BOEPD*, of which approximately 8% is estimated to be gas.  The guidance assumes continuing indirect effects of the Covid-19 Pandemic, such as logistical impediments due to reduced border access and depressed commodity prices.  As the global pandemic eases and restrictions are reduced, the Company expects an increase in activity which in turn may affect the production guidance positively.

The Company estimates its Operating costs for 2021 (including oil transportation costs), to range between $7 and $8 per BOE applying the production guidance range provided above.

Funding of 2021 Capital Plan

2021 Capital Plan Budget
The 2021 Capital Plan has a total budget of ~USD 26 million for the above incremental projects and is expected to be funded fully through a combination of operating cash flow and proceeds from financing.

*  BOEPD: Barrels of Oil Equivalents Per Day

¹ Normal units for expressing gas production is m3/day or ft3/day.  An average industry conversion factor to barrels does not use a simple volumetric conversion factor from m3 (or ft3) to barrels.  Instead the energy produced by burning 1 barrel of oil is equated to the same volume of gas required to produce the same amount of energy.  This is of course dependent on the type of gas being burned, but an industry average is that 6,000 standard cubic feet (scf) of gas generate the same amount of energy as 1 barrel of oil.  As such in this and future production guidance   6,000 scf of gas will be equal to 1 barrel of oil equivalent.

Miscellaneous
The information was submitted for publication, through the agency of the contact person set out below, at 22:05 CET on February 4, 2021.

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

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

Maha Energy AB ("Maha" or the "Company") is pleased to announce that it has signed a term sheet with a banking institution with experience in the Brazilian E&P sector for future financing to support the growth of the Company (the “Financing”).  The completion of the Financing is subject to customary due diligence and final documentation, and the Company has granted an exclusivity period of 55 days to finalize due diligence and documentation. During this period, the Company retains the right to discuss a potential refinancing of its SEK 300 million bond with existing bondholders.

The net proceeds from the contemplated Financing will be used to refinance the existing bond debt, finance capital expenditures across Maha’s portfolio and general corporate purposes.

Pareto Securites AS is acting as sole financial advisor and Setterwalls is acting as legal advisor to Maha in conjunction with the Financing.

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 22:00 CET on February 4, 2021.

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

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

Maha Energy AB ("Maha" or the "Company") will incur a write down of the book value of its LAK Ranch heavy oil field in Wyoming, USA, on the Company’s balance sheet by approximately USD 20 million, subject to year-end audit review. This will be reflected in adjusted earnings in the fourth quarter 2020 results to be reported on 26 February 2021.

The LAK Ranch heavy oil asset was shut in at the beginning of the 2020 Covid-19 Pandemic and will remain shut in until oil prices recover.  Whilst the Reserves valuation continues to point towards a full field development with lower but yet positive net present value, even at the current depressed oil prices, the Company maintains better yielding investments in Brazil, Illinois Basin and Oman – making it less likely that LAK Ranch will be developed in the near future. 

The lower recoverable amount was a result of decreases in forecasted commodity prices and in accordance with IFRS principles, the Company will recognize a non-cash impairment charge with no impact on operating cash flow or EBITDA.  

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 20:20 CET February 4, 2021.

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

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

Maha Energy AB (publ) (“Maha” or the “Company”) is pleased to announce the 2020 reserve report and contingent resource booking with the following highlights:

• 2020 Reserve Replacement for 2P Reserves is 380%
• Proven Reserves increased by 183%
• Proven plus Probable (2P) reserves increased by 14%
• Contingent Resources (2C) booked at 22.3 million barrels in Oman (Mafraq)

Chapman Petroleum Engineering Ltd. (“Chapman”) has completed their annual reserve determination for the Company. Maha is pleased to announce a 183% increase in Proven (“1P”) reserves driven by successful movement of volumes from the Proved plus Probable (“2P”) category and acquisitions in the USA and Oman. The 2P oil reserves are also up by approximately 14% compared to year end 2019, primarily due to acquisitions and improvement in forecast recoveries by utilizing horizontal development wells. Overall reserve replacement ratios were very strong with 1P Reserve Replacement ratio of 1,428% and 380% on 2P.

Maha Reserves¹ as of 31 December, 2020

The main changes to this year’s reserve volumes are:

• 17.4 million-barrel of oil equivalent (“BOE”) increase in P90 (1P) reserves primarily in Brazil but with additions in Oman and the USA.
• 4.8 million barrels increase in P50 (2P) reserves in Tie, Illinois Basin and Oman (spread across Tie, Illinois Basin and Oman).

The increase of the P90 (proven) reserves at the Tie Field are due to the completion of a full field simulation model that showed horizontal development as being a very attractive development approach. This allowed Chapman to move some significant volumes from 2P to 1P based on the planned drilling in Tie this year. The Oman (0.97million) and Illinois basin (3.55million) additions to our portfolio have allowed us to add 4.52 million barrels of 2P reserves outside our largest asset base in Brazil.

[1] Volumes are Gross Working Interest volumes and are expressed before royalties and taxes.
2 The Tartaruga Concession Agreement expires in 2025 but provides mechanisms for extension based on the continued productivity of the field.  Management is confident that such an extension will be approved, and the reserves assume that the extension will be granted.  Maha has a 75%WI in the Tartaruga concession
³ Chapman Petroleum Engineering Ltd. uses the following oil price forecast for Brent Spot in $USD/STB:

The average gas price for the gas reserves at Tie Field over the next five years is forecasted by Chapman to be $1.12USD/MSCF.

The reserves review and issuance of this reserve report for the Company was made by the independent petroleum engineering consultants Chapman Petroleum Engineering Ltd., Calgary, Canada. The evaluation was carried out in accordance with standards set out in the Canadian Oil and Gas Evaluation Handbook, the professional practice standard under our Permit to Practice with APEGA and under the guidelines of the European Securities and Markets Authority (ESMA). The report has been prepared and supervised by a “Qualified Reserves Evaluator”.

Maha Energy AB, through its subsidiaries owns and operates a legal and beneficial 75% Working Interest (WI) in the SES-107D Block (Tartaruga) onshore Sergipe State Brazil, a 99% WI in the LAK Ranch heavy oil field in Wyoming USA, a 100% WI in the Tie Field onshore Bahia State Brazil, an initial 100% WI in the Block 70 Mafraq field under the Exploration and Production Sharing Agreement with the Government of Oman and approximately 96% WI in the acreage in the Illinois Basin.

About Reserves

Reserves are estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations, as of a given date, based on:

• analysis of drilling, geological, geophysical, and engineering data,
• the use of established technology, and
• specified economic conditions, which are generally accepted as being reasonable, and shall be disclosed

Reserves are classified according to the degree of certainty associated with the estimates.
Proved reserves (P90) are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves (1P).

Probable reserves (P50) are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved + probable reserves (2P).

Possible reserves (P10) are those additional reserves that are less certain to be recovered than probable reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved + probable + possible reserves (3P).

About Contingent Resources

Contingent Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development (TUD), but which are not currently considered to be commercially recoverable due to one or more contingencies. There is uncertainty that it will be commercially viable to produce any portion of the resources.

Contingent Resources are further categorized in accordance with the level of certainty associated with the estimates and may be sub-classified based on project maturity and/or characterized by their economic status.

Contingencies may include economic, environmental, social and political factors, regulatory matters, a lack of markets or prolonged timetable for development. Contingent Resources have a Chance of Development that is less than certain.

Project Maturity Sub-Classes are: Development Pending, Development on Hold, Development Unclarified and Development Not Viable.

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 20:15 CET on February 4, 2021.

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

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.