­­­Maha Energy AB (publ)
Strandvägen 5A
SE-114 51 Stockholm
www.mahaenergy.ca

Press release
Stockholm
August 23, 2019

Maha Energy AB (publ) (“Maha” or the “Company”) announces a revision to its 2019 Production Forecast, and update on Tie Field Production Commissioning

Revised Production Forecast
On March 8, 2019 the Company provided its 2019 net annual average expected production estimate of 3,990 BOPD.    Despite successful well tests in Brazil which have demonstrated a combined Company well capability in excess of 6,500 BOPD, the cumulative effect of delays in drilling, facility commissioning and regulatory approvals for its customer offtake facilities has led the Company to revise its estimate downward. The Company now estimates net annual average production of between 3,660 BOPD (-9%) to 3,300 BOPD (-17%).

The revision is mainly explained by:

Tartaruga Field – the prolonged shut down of the field due to the 107D drilling and perforating operations delayed the resumption of production at the Tartaruga Field.  The field has only produced 4 of the last 8 months in 2019. These drilling delays also had the “knock on” effect of preventing the Company from bringing the 107D Well onto production during the third quarter as originally envisaged.

Tie Field – Delays in regulatory approvals have impacted production from the Tie Field during 2019.

• Delayed regulatory approvals to commission the increased capacity at the local refinery delayed the anticipated July 800 BOPD delivery increase from 2,200 BOPD to 3,000 BOPD.
• Delayed regulatory approvals for the Petrobras Comboata oil receiving station has delayed the expected July 750 BOPD delivery increase.
• Delays in regulatory approvals and required electricity grid hook-ups from the State electricity utility has delayed the start up of the Gas to Wire (GTW) project which in turn has delayed increased oil production (because of gas flaring restrictions).

Had these approvals/commissioning occurred in July as originally envisioned, or even during the first weeks of August, the Company should have met its annual average production guidance target.  While (as announced) each of these normal course approvals are imminent – the Company is no longer confident that these approvals will now be in time to comfortably meet the 2019 Production Guidance Estimate. 

Tie Field Commissioning
All wells and production zones are now completed.  Production tests are now being undertaken to determine the gas-oil ratios of each zone in order to provide the Operators the ability to mix and match zones with oil and gas demand.  These tests are expected to be completed by the middle of September.  These tests do not impact production, but allows the Company to optimize oil and gas production.

The oil production is currently restricted due to two factors; (1) readiness of the refinery and Comboata to receive additional oil (1,550 BOPD total), and (2) the gas offtake of CDGN (the compressed gas customer) and GTW.

Subject to minor commissioning and debugging, CDGN is taking up to 60,000 m3/day of gas this week up from the previous average of 35,000 m3/day. 

GTW has mobilized 17 generators to the site.  13 of these units are now hooked up and are ready to run pending the State electricity utility final approval and commissioning which is imminent.  The remaining 4 are planned to be hooked up next week and will commence operating.  These generators have the capability to take up to 30,000 m3/day of gas. 

Jonas Lindvall commented “Naturally we are frustrated that the recent regulatory delays are now impacting our previously communicated production guidance – however the fundamentals are strong.  Our current production capacity well exceeds 6,500 BOPD; once these approvals are received, we can easily ship 5,400 BOPD at the turn of a few valves.” 

Maha Energy holds a 75% working interest in the SES-107 Tartaruga oil and gas concession onshore Brazil.  Petrobras holds the remaining 25% and is non-operator.

Adviser

Certified Advisor: FNCA Sweden AB, info@fnca.se, Telephone: +46-8-528 00 399.

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 23, 2019, at 8:00 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.

Attachment

• 2019-08-23 Production Forecast Update

­­­Maha Energy AB (publ)
Strandvägen 5A
SE-114 51 Stockholm
www.mahaenergy.ca

Press release
Stockholm
August 2, 2019

Maha Energy AB (publ) (“Maha” or the “Company”) July Production Volumes and Operational Update

Production Volumes

The Company's aggregate sales production for the month of July totaled 88,7641 barrels of oil and 36.925 million scf of gas for a combined average production of approximately 3,062 BOE/day2, before royalties and taxes.

The previously communicated customer refinery maintenance affected the production volumes during the month of July at the Tie field as did a few minor commissioning  shut downs  at the new plant facilities.  At Tartaruga, the 7TTG well produced continuously and work continued to optimize production from this well through the month.  The drilling of 7-TTG-3D-SES well is not impacting production there. 

Operational Update

GTE-3 (Tie Field)
During July, work was completed on the GTE-3 well with the notable result that all production wells at the Tie Field are now dually completed allowing for production optimization, production redundancy and reservoir/production balancing.

7-TTG-3D-SES (Tartaruga Field)
7-TTG-3D-SES well was spudded on 12 July.  As at 1 August, the 13-3/8” casing had been set and cemented at 886 m.  The objective of this well is to delineate and test certain intervals of the Penedo sand reservoir.  To date, only four (4) of the twenty-seven (27) sandstone intervals in the Penedo sandstone has been tested and only two (2) has been placed on production.  A comprehensive evaluation program is planned for the well in order to fully evaluate the reservoir potential of the Penedo sandstone. 

Tie Field Commercial Highlights

The Company is delighted to report the many and various pieces necessary to reach its previously announced production targets for the Tie field are now in place:

• With the completion of the GTE-3 well, well deliverability at the Tie field is comfortably now in excess of 5,000 BOPD. 
   
• The Tie processing facility is capable of handling up to 5,000 BOPD and associated gas. 
   
• The Company is advised expansion of the local refinery by 800 bbl/d to allow it to take up to 3000 bbl/d of Tie crude oil is complete and awaits final commissioning and regulatory sign offs. These are currently expected in mid- September. All crude oils sales agreements for this customer are in place. This refinery currently takes up to 2200 bbl/d of Tie Field production.
   
• Crude oil sales agreements are in place with Petrobras for deliveries to the existing truck receiving station for up to 1100 bbl/d of Tie crude and to a new truck receiving station 45 km from the Tie Field  (the “New Station”) to take up to 750 bbl/d.  The Company is advised necessary facility improvements at the New Station are complete and await final regulatory sign-off which is imminent.
   
• The “gas to wire” generation facilities are now fully constructed and await final hook up with the utility that runs the Bahia state electricity grid which is imminent. Once connected, the Company will supply approximately 25% of its expected associated gas production under this gas sales contract.
   
• The Company has amended its existing compressed gas sales contract to increase the minimum gas offtake to 60,000 m3/day representing 75% of the expected associated gas produced at Tie.  The Company is advised there is currently sufficient compression capacity for these volumes on site and that minor facility upgrades for the increased volumes should be completed in time for an August start up. Once the “gas to wire” and “compression” facilities are taking the full gas volumes, the Company will have sufficient associated gas takeaway to produce up to 4850 bbl/d of oil without flaring.  (Current Brazil state flaring restrictions would otherwise limit oil production).  

Once approvals are obtained for these new third-party facilities (as above) and they are successfully commissioned – all the pieces will snap into place to allow the Company achieve the forecasted production from the Tie Field of 4850 bbl/d.

Maha Energy holds a 75% working interest in the SES-107 Tartaruga oil and gas concession onshore Brazil.  Petrobras holds the remaining 25% and is non-operator.

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

Adviser

Certified Advisor: FNCA Sweden AB, info@fnca.se, Telephone: +46-8-528 00 399.

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 2, 2019, at 10:30 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.

Attachment

• 2019-08-02 Production Numbers Update

­­­Maha Energy AB (publ)
Strandvägen 5A
SE-114 51 Stockholm
www.mahaenergy.ca

Press release
Stockholm
July 12, 2019

Maha Energy AB (publ) (“Maha” or the “Company”) Announces Spud of 7-TTG-3D-SES Well (Maha-1).

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

7-TTG-3D-SES Well (Tartaruga Field)
7-TTG-3D-SES Well (earlier designated Maha-1) was spudded today.  The Five Star Offshore Servicos e Locacoes Ltd Rig #2 commenced drilling the 7-TTG-3D-SES well, the primary objective of which is to investigate the productivity of the multiple stacked sandstone zones in the Penedo reservoir.  The secondary objective is to place the well on production upon completion of a comprehensive testing program.  Up to five zones, or combined zones, may be tested depending on logging results.  It is estimated that it will take up to sixty five days to reach the Penedo sandstone.  The testing program to evaluate the Penedo sandstone that will follow will take up to a further sixty to seventy days.  

Maha Energy holds a 75% working interest in the SES-107 Tartaruga oil and gas concession onshore Brazil.  Petrobras holds the remaining 25% and is non-operator.

Adviser

Certified Advisor: FNCA Sweden AB, info@fnca.se, Telephone: +46-8-528 00 399.

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 July 12, 2019, at 5:00 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.

Attachment

• 2019-07-10 Spud of 7-TTG-3D-SES

­­­Maha Energy AB (publ)
Strandvägen 5A
SE-114 51 Stockholm
www.mahaenergy.ca

Press release
Stockholm
July 3, 2019

Maha Energy AB (publ) (“Maha” or the “Company”) June Production Volumes.

Production Volumes

The Company's aggregate sales production for the month of June totaled 81,2131 barrels of oil and 31.359 million scf of gas for a combined average production of approximately 2,881 BOE/day2, before royalties and taxes.

The Tartaruga Field began producing again on June 15 once the earlier communicated emulsion issues from the 107D well test were resolved.  At the Tie Field there were intermittent shutdowns for final hook up and commissioning of the 2018/19 expansion that affected June production volumes.

Total Brazil production on July 1st 2019 was 4,016 BOEPD.  It remains the expectation the Tie facilities will complete the planned ramp up of production to 4,850 BOPD (5,200 BOEPD) over the next few months and that Tartaruga will continue to produce at its’ current gross facility capacity of 500 – 800 BOPD (550 – 900 BOEPD). There is a planned 7 day maintenance turnaround at one of the Tie Field customer refineries in July during which Maha will recomplete GTE-3 (see below) that may affect total production in July.

Operational Update

GTE-3 (Tie Field)
Work has now started in converting the GTE-3 well from a single comingled well to a separate dual completion.  During the workover, GTE-3 will not be in production.  Upon completion, all four production and injection wells on Tie will be dually completed allowing for production redundancy and reservoir/ production-injection balancing.

7-TTG-3D-SES (Tartaruga)
A drilling rig is currently being mobilized and rigged up on the Maha-1 well (7-TTG-3D-SES) location.   The objective of this well is to delineate and test certain intervals of the Penedo sand reservoir.  To date, only four (4) of the twenty-seven (27) sandstone intervals in the Penedo sandstone has been tested and only two (2) has been placed on production.  A comprehensive evaluation program is planned for the well in order to fully evaluate the reservoir potential of the Penedo sandstone. 

Drilling is expected to take at least 60 days and subsequent reservoir evaluations and testing may take up to an additional 60 days, depending on logging results.  Spudding of the well will be the subject of a separate announcement in due course.

Maha Energy holds a 75% working interest in the SES-107 Tartaruga oil and gas concession onshore Brazil.  Petrobras holds the remaining 25% and is non-operator.

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

Adviser

Certified Advisor: FNCA Sweden AB, info@fnca.se, Telephone: +46-8-528 00 399.

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 July 3, 2019, 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.

Attachment

• 2019-07-03 Production Numbers Update

­­­Maha Energy AB (publ)
Strandvägen 5A
SE-114 51 Stockholm
www.mahaenergy.ca

Press release
Stockholm
June 10, 2019

Maha Energy AB (publ) (“Maha” or the “Company”) Announces Operational Update and Well Test Results.

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

Attic Well (Tie Field)

After the initial single completion test of the comingled Agua Grande (AG) and Sergi reservoir zones in the Attic Well in the Tie Field, the well was recompleted using a dual 2-3/8” tubing completion.  This work is now complete and the well has now preliminary tested 2,932 BOEPD.  Initial free flowing tests from the Sergi and AG formations were 985 BOPD (1,088 BOEPD) and 1,726 BOPD (1,844 BOEPD) respectively with neither zone making any noticeable water. Of significance is that the AG had to be choked back (restricted) at 38/64” with 360 psi of tubing pressure due to surface equipment limitations. Suggested theoretical Initial Productivity Volumes for the AG may exceed 3,000 BOPD1.  The well will now be produced at approximately 2,000 BOPD and 1,200 MSCFPD (~2,200 BOEPD) to match production targets and balance production from all wells. The Company is now scaling up production from the Tie Field to achieve the month-end sales target exit rate of 4,050 BOPD. 

Additional Sales Volume

Work is continuing to finalize an Agreement to sell an additional 750 BOPD from the Tie Field.  The Company is hopeful this will be in place by the beginning of July, at which point the Company will have agreements at the Tie Field to sell oil to the market for up to 4,850 BOPD.  It is the objective of the Company to achieve a 4,500 – 5,000 BOPD production plateau for the Tie Field over the next 3 years.

The additional associated gas that will be produced with the increased oil will also need to be sold to the local market.  To that extent, the Company continues to work with two vendors to establish the most efficient and reliable offtake arrangement.  At this time, the Company is not expecting oil production to be affected due to insufficient gas off-take arrangements.

GTE-3

With the excellent results from the Attic Well, the Company will now complete the workover that was started in the summer of 2018 to convert GTE-3 to a dual producer.  At that time, a stuck pressure plug made it impossible to produce both strings. To maximize production, the AG and Sergi were commingled up a single string to allow the current (and significantly constrained) production rate of about 900 BOPD.  This workover will reconfigure the well to the intended dual completion so that production volumes can be increased and optimized.  The workover is expected to start at the end of June and will take approximately 2 weeks to complete.  During this time, GTE-3 will not produce any oil but production will be off-set by both GTE-4 and the Attic well.

When the GTE-3 workover is completed, all three wells on the Tie Field will be dually completed, allowing each well to independently control and produce the Sergi and AG producing zones.  At that point, well deliverability will exceed the current offtake and plant capabilities.

GTE-4

The workover to convert GTE-4 is planned and ready to execute when the need arises.  This operation will allow the well to be jet pumped to greatly increase flow but is currently unnecessary due to the deliverability of the other wells.

107D (Tartaruga Field)
As earlier announced on May 6, 2019, the 3-1/2” liner was successfully perforated using a Coiled Tubing Unit.  Subsequent well clean up and testing operations resulted in a continuous free flow of approximately 80 BOPD, 50 BWPD and 33 MSCFPD over a test period of seven days.  Due to excessive emulsion problems (of the produced fluid) and surface handling constraints (insufficient tank volumes and heater treater limitations) the well test was stopped before the well was completely cleaned up.  The fact that the well flowed unassisted to surface whilst still unloading large volumes of completion brine and drilling fluids is very encouraging.  Once the well is properly cleaned out and is allowed to flow without restrictions larger flow volumes are expected.

Jonas Lindvall, CEO of Maha commented: “The current results seen on 107D are very encouraging.  The fact the well is free flowing with substantial volumes of drilling mud and completion water suggests strong reservoir pressure.  We are looking forward to completing the clean out operations and returning 107D to production as soon as the Surface Facilities can handle the new volumes.”

The plan is now to return the 7TTG well on production, which is expected to fill the Tartaruga processing facility to capacity, and at the same time commence upgrading the Tartaruga production facilities to 2500 BOPD.  Once the plant is ready to handle the higher volumes, the 107D well will be placed on production.

1 The Theoretical Initial Productivity Volumes are calculated using surface measured pressures only and hence are estimates only.  Note that 6,000 SCF is equivalent to 1 bbl of oil

Adviser

Certified Advisor: FNCA Sweden AB, info@fnca.se, Telephone: +46-8-528 00 399.

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 June 10, 2019, 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.

Attachment

• 2019-06-10 Operational Update

­­­Maha Energy AB (publ)
Strandvägen 5A
SE-114 51 Stockholm
www.mahaenergy.ca

Press release
Stockholm
June 3, 2019

Maha Energy AB (publ) (“Maha” or the “Company”) May Production Volumes

Production Volumes

The Company's aggregate sales production for the month of May totaled 74,9921 barrels of oil and 33.717 million scf of gas for a combined average production of approximately 2,600 BOE/day2, before royalties and taxes.

The Company’s anticipated production increases from its recent drilling activity and capital program are expected in its June production totals as the Company works on normal course operational “de-bugging” of its new facilities and wells. In this regard – no oil was delivered from the Tartaruga Field during the month of May as well testing of the 107D well produced ‘off spec’ oil temporarily.   During clean-up, the 107D well, produced oil, water and drilling mud which in turn created unexpected oil/water emulsion issues in the tank farm. This necessitated additional treatment procedures which in turn slowed down crude oil deliveries.  This issue is being addressed and the Tartaruga Battery is expected to return to full capacity in the next two weeks.

The Attic well which tested 1,691 BOEPD on May 6, 2019, was recompleted to a dual 2-3/8” tubing production well during the month of May in order to accommodate the tubing constrained production volumes. As part of the recompletion work, the Company carried out extensive pressure testing that caused unexpected delays in bringing the Attic well on production.  The Company is now pleased to report that the Attic well is now producing into the Tie Battery. 

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

Adviser

Certified Advisor: FNCA Sweden AB, info@fnca.se, Telephone: +46-8-528 00 399.

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 June 3, 2019, 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.

Attachment

• 2019-06-03 May Production Numbers Update

                                                                                                            
Press release
Stockholm
May 23, 2019          

                                                                                                                                                                   
Annual General Meeting in Maha Energy AB

The shareholders of Maha Energy AB (publ) gathered in Stockholm, Sweden, Thursday May 23, 2019 for the Annual General Meeting.

The income statements and the balance sheets for the Company and the Group were approved and the Board of Directors and the CEO were discharged from liability for the financial year 2018.

The Meeting resolved that no dividend shall be paid for the financial year 2018 and that the company’s available funds shall be carried forward in new account.

Nicholas Walker, Jonas Lindvall, Anders Ehrenblad and Harald Pousette were elected as members of the Board of Directors. Anders Ehrenblad was elected as Chairman of the Board.

The Meeting approved fees payable to the members of the Board of Directors and the Chairman of the Board of Directors, including remuneration for committee work, to be as follows: (i) annual fees of the members of the Board of Directors of SEK 170,000 (excluding the CEO); (ii) annual fee of the Chairman of the Board of Directors of SEK 300,000; (iii) annual fees of SEK 85,000 to members of the respective committees (excluding the CEO); (iv) annual fees of SEK 125,000 to the Chairman of the respective committees; (v) members of the Board of Directors shall be entitled to invoice the Company in so far as they perform services outside the Board assignment.

The accounting firm Deloitte AB was re-elected as the auditor of the Company, with authorized public accountant Fredrik Jonsson as the auditor in charge, for a period until the end of the 2019 Annual General Meeting. The auditor’s fee shall be paid upon approval of their invoice.

The Meeting approved the Nomination Committee’s proposal not to change the principles adopted at the Annual General Meeting in 2018.

The Meeting resolved in accordance with the proposal of the Board of Directors on an incentive programme for senior management and certain key employees through issuance of warrants entitling to subscription of new shares of class A in the Company. Under the resolution, the Company may issue a maximum of 500,000 warrants. The warrants may, with deviation from the shareholders’ preferential rights, only be subscribed for by the subsidiary Maha Energy Inc., after which Maha Energy Inc. is to transfer the warrants to the participants under the programme. Each warrant entitles to subscription for one new A-share in the Company during the period from and including June 1, 2022 up to and including February 28, 2023. The subscription price shall be equal to 100 percent of the volume weighted average last closing price for the Company’s share on Nasdaq First North during the period from and including May 17, 2019 until and including May 23, 2019. The increase of the Company’s share capital will, upon exercise of the warrants, amount to not more than SEK 5,500.

The Meeting resolved to authorize the Board of Directors to – for the period up to the next Annual General Meeting and at one or more occasions – resolve upon issuance of new shares, warrants and/or convertible debentures. Payment may be made in cash, in kind, through set-off of claims or otherwise be conditional. The Company’s share capital may be by support of the authorization be increased by an amount corresponding to 20 percent of the share capital and number of shares in the Company as of on the date the Board of Directors make use of the authorization. Deviation from the shareholders’ preferential rights shall be allowed in situations where a directed issue is deemed more appropriate for the Company due to timing, commercial or similar reasons, and in order to enable acquisitions.

Adviser

Certified Advisor: FNCA Sweden AB, info@fnca.se, Telephone: +46-8-528 00 399.

For more information please visit www.mahaenergy.ca or contact:                          
Jonas Lindvall (CEO)
Tel: +1 403 454 7563                 
Email: jonas@mahaenergy.ca

Miscellaneous   

This information is such that Maha Energy AB must disclose in accordance with First North Rulebook. The information was submitted for publication through the agency of the contact persons set out above on May 23, 2019, at 8:30 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 stock exchange. Maha’s strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie Field in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.    

Attachments

• Press release AGM 2019 – English
• Press release AGM 2019 – Swedish

­­­Maha Energy AB (publ)
Strandvagen 5A
SE-114 51 Stockholm
www.mahaenergy.ca

Press release
Stockholm
May 6, 2019

Maha Energy AB (publ) (“Maha” or the “Company”) Announces Operational Update and Well Test Results

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

Attic Well (Tie Field)

The Attic development well (7-TIE-1D-BA) has now been tied into the Production facilities at Tie.  Both the Agua Grande (AG) and Sergi zones are perforated and are now comingled in a 2-3/8” single tubing completion.  Initial free flow test results are constrained by tubing size and are as follows:
Oil Production                          : 1591 BOPD
Water Production                     : 8 BWPD
Gas Production                        : 600 MSCFPD
BOEPD                                    : 1691 BOEPD
Choke Size                              : 28/64”
Flowing Wellhead Pressure        : 380 psi

The well is currently shut in awaiting a workover unit to complete the well to a dual producer.  This work is expected to start this week.

107D (Tartaruga Field)
The 3-1/2” liner was successfully perforated using a Coiled Tubing Unit with immediate indications of hydrocarbons observed.  The well has now been tied in to the Tartaruga Production Facilities and well testing operations commenced on May 4.  The well is currently free flowing without assistance of a pump and once 107D has been fully tested, results will be published by a Press Release.

Maha Energy holds a 75% working interest in the SES-107 Tartaruga oil and gas concession onshore Brazil.  Petrobras holds the remaining 25% and is non-operator.

Jonas Lindvall, CEO of Maha Energy commented “We are very happy with the initial flowing test results on both wells so far. The  107D well has produced over 782,000 barrels to date and is almost 25 years old. The fact that the well is free flowing again is very encouraging and we look forward to the completion of the well test. 

The Attic well test results speak for themselves. We look forward to completing this well as a dual producer which will allow for independent zonal production and expected higher production rates.”

Adviser

Certified Advisor: FNCA Sweden AB, info@fnca.se, Telephone : +46-8-528 00 399.

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 May 6, 2019, at 3:30 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.

Attachment

• 2019-05-06 Operational Update WO 107