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Maha Energy’s Nomination Committee for the AGM 2025

on 27 de November de 2024 27 de November de 2024

Maha Energy AB (publ) (“Maha” or the “Company”) is pleased to announce the composition of the Nomination Committee for the 2025 Annual General Meeting (“AGM”) to be held on 27 May 2025 in Stockholm.

The Nomination Committee’s members are:
Rodrigo Pires, representing Turmalina Fundo de Investimento em Participações Multiestratégia
Luis Araujo, representing DBO Invest S.A.
Carlos Mello, representing Brasil Capital
Paulo Thiago Mendonça, chairman of Maha Energy AB

The tasks of the Nomination Committee shall be to prepare and submit to the AGM 2025 proposals in respect of:

Number of members of the Board of Directors
Remuneration to the Chairman of the Board of Directors, the other members of the Board of Directors and the auditors, respectively
Remuneration, if any, for committee work
The composition of the Board of Directors
The Chairman of the Board of Directors
Resolution regarding the process of the Nomination Committee 2026
Chairman at the AGM
Election of auditors

Shareholders who would like to submit proposals to the Nomination Committee can do so via e-mail to nomcom@maha-energy.com marked “Proposal to the Nomination Committee” or by ordinary mail to the address: Maha Energy AB, Nomination Committee, Eriksbergsgatan 10, 4tr, SE-114 30 Stockholm, Sweden.

To ensure that the proposals can be considered by the Nomination Committee, proposals shall be submitted in due time before the AGM 2025, but not later than February 28, 2025.

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 Company focuses on developing underperforming hydrocarbon assets, with the goal of building a diversified and balanced portfolio of producing assets that feature meaningful growth and production upside. The shares are listed on Nasdaq Stockholm (MAHA-A).

For more information, please visit Maha’s corporate website www.maha-energy.com.

Maha Energy’s Nomination Committee for the AGM 2025

Report for the Nine months ended 30 September 2024

on 19 de November de 2024 19 de November de 2024

Highlights
(all amounts are in US dollars unless otherwise noted)

Third Quarter 2024

Daily oil production from the Illinois Basin increased 54% to 276 BOEPD in Q3 2024 compared to Q3 2023, following the completion of the development program approved in Q3 2023.
Revenue of MUSD 1.8 increased 44% in Q3 2024 compared to Q3 2023.
Operating netback of MUSD 0.9 increased 71% in Q3 2024 compared to Q3 2023, mainly due to higher production.
Completion of the transaction involving the roll up of Maha’s 15% shares in 3R Offshore to Brava Energia through sale of Maha’s wholly owned subsidiary Maha Energy (Holding) Brasil Ltda. in exchange for 10,081,840 common shares in Brava Energia. Adding these shares with Maha’s previous position of 12,019,184 shares of 3R Petroleum, Maha Energy ended up with a holding of 4.76% in Brava Energia.
The price of Brava Energia shares was calculated as per closing documents to be BRL 29.78 per share, resulting in a total value of TUSD 53,021. The equity value of Maha Energy (Holding) Brasil Ltda. as of 31 of July 2024 was TUSD 35,078. The difference between the book value of the shares received and the equity value of the investment amounted to TUSD 17,943 and has been recognized as a capital gain under discontinued operations.
Net loss of continuing operations MUSD 42.8, mainly impacted by an unrealized net loss of MUSD 40.6 from the market value of Brava Energia shares during the quarter.
In September 2024, Maha’s potential acquisition of indirect interest in PetroUrdaneta was approved by the Venezuelan Oil Minister.
Total cash balance of MUSD 25.7 (including restricted cash of MUSD 5.8).
Liquid investments of MUSD 77.4, represented by Brava Energia shares and debentures issued by 3R Offshore.
Buy-back program to repurchase up to 10% of Maha Energy’s outstanding shares launched. As of September 30, 2024, the Company repurchased 1,528,922 shares (0.86% of outstanding shares).
In August 2024, Maha Energy decided to fully amortize its outstanding bank debt with BTG of TUSD 24,000 using cash collateral deposited in restricted cash accounts, resulting in approximately TUSD 600 of savings on interest for the next quarters.
In August 2024, a new loan agreement was executed for MUSD 15, with a one-year term and an interest rate of 6.9% per annum, payable quarterly.

Subsequent Events

In October 2024, approximately MUSD 4.5 held in the escrow account related to Maha Brazil Transaction was released in exchange for a bank guarantee.
In November 2024, Maha repaid its bank debt of MUSD 15 to avoid granting additional cash collaterals resulting in a higher cost of debt.

Financial Summary

The tables below present the highlights of the continuing operations:

Financial Summary (TUSD)	Q3 2024	Q3 2023	9M 2024	9M 2023	Full Year 2023
Average (BOEPD)	276	179	311	207	197
Revenue	1,805	1,250	6,165	4,061	5,226
Operating Netback	902	527	3,192	1,645	2,197
EBITDA	(1,586)	(661)	(1,719)	(2,134)	(3,900)
Net Result	(42,862)	(3,898)	(59,547)	(5,668)	(6,755)
Earnings per share (basic & diluted)	(0.25)	(0.02)	(0.35)	(0.04)	(0.03)
Financial Liabilities	(14,835)	(39,516)	(14,835)	(39,516)	(34,379)
Financial assets	83,579	9,000	83,579	9,000	1,301
Cash and cash equivalents (incl. restricted cash)	25,673	140,006	25,673	140,006	131,076

Letter to Shareholders

Dear Friends and Fellow Shareholders,

We accomplished important milestones in the third quarter of 2024. In Brazil, Maha’s proposed consolidation in the Brazilian E&P industry was successful as the merger between 3R Petroleum and Enauta closed at end of July, now under the new name Brava Energia. The merger which was executed in just 6 months included the roll-up of Maha’s ownership in 3R Offshore, and Maha is now holding 4.76% in one of Latin America’s largest E&P companies.

The merged company has experienced some unexpected headwinds, including downtime and start-up delay in the two largest assets, and the Brava share price significantly decreased during September. We are however confident that production will resume and start ramping up before year-end of 2024. With more than 700 MMBOE in 2P reserves, and a fully invested production capacity of around 100,000 BOEPD the company will generate significant free cash flows going forward.

Deleverage and dividend capacity is what drove our investment in 3R and the merger with Enauta, and it continues to be our agenda as the largest industrial owner in Brava. Maha’s internal estimates, based on public information and a Brent price of USD 70 bbl, indicate that Brava over the next 3 years will have the capacity to pay dividends to Maha equal to our entire market capitalization.

In Venezuela we received the important approval from the Venezuelan Oil Minister to acquire PetroUrdaneta. In parallel we are working on the OFAC license from US, commercial offtake agreements and on the organizational and asset development plans. Our ambition is to launch production as soon as possible. Based on our preliminary technical analysis, we believe that production of PetroUrdaneta’s fields has potential to reach above 20,000 BOEPD within a few years.

In the Illinois Basin, we added three new production wells in September and saw production increase to around 400 BOPD by the end of the quarter. Going forward the asset will generate free cash flows supporting our G&A. The increasing Illinois production resulted in revenues of MUSD 1.8 and operating netback of MUSD 0.9, up 44% and 71%, respectively, from Q3 2023.

Following the roll-up of our offshore assets, we recorded an unrealized net profit in discontinued operations during the quarter of MUSD 18. However, the market value of the Brava share price resulted in an unrealized net loss of MUSD 40.5, which significantly impacted our net result for the period.

We have continued to adjust the balance sheet. In October, we released the vast majority of the remaining cash held in the escrow account and in November, we repaid in full the Company’s outstanding short-term bank loan. In effect, Maha is now a debt free company that stands strong and continues to be well equipped to fulfill our obligations and plans.

Kjetil Braaten Solbraekke (CEO)

Q3 Webcast 19 November at 14:00 CET
The Company invites all interested parties to a live webcasted presentation on 19 November at 14.00 CET. Kjetil Solbraekke, CEO, and Roberto Marchiori, CFO, will present the report and recent developments.

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

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

For more information, please visit Maha’s corporate website www.maha-energy.com.

Q3 2024 Maha Energy ENG

Invitation to the presentation of Maha Energy’s Q3 2024

on 12 de November de 2024 12 de November de 2024

Maha Energy AB (publ) (“Maha” or the “Company”) will publish the interim report for the third quarter 2024 on Tuesday, 19 November 2024 at approximately 7:30 CET. The Company hereby invites all interested parties to a live webcasted presentation on the same day at 14.00 CET. Kjetil Solbraekke, CEO, and Roberto Marchiori, CFO, will present the report and recent developments.

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

For more information, please visit Maha’s corporate website www.maha-energy.com.

Invitation to the presentation of Maha Energy’s Q3 2024

Maha’s acquisition of indirect interest in PetroUrdaneta has been approved by the Venezuelan Oil Minister

on 24 de September de 2024 24 de September de 2024

Maha Energy AB (publ) (“Maha” or the “Company”) is pleased to announce that another important step in the acquisition of indirect equity interest in the Venezuelan oil company PetroUrdaneta from Novonor Latinvest Energy (“Transaction”) has been achieved, with the approval by the Venezuelan Oil Minister of the proposed Change of Control of PetroUrdaneta’s Partner B (i.e., ODB Spain).

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

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

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

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 a global basis. Maha holds direct and indirect interests in producing assets in Brazil and the United States, and in an exploration asset in the Sultanate of Oman. The shares are listed on Nasdaq Stockholm (MAHA-A).

For more information, please visit Maha’s corporate website www.maha-energy.com.

Maha’s acquisition of indirect interest in PetroUrdaneta has been approved by the Venezuelan Oil Minister

Share buy-backs in Maha Energy during the period 16-18 September 2024

on 23 de September de 2024 23 de September de 2024

During the period 16-18 September 2024 , Maha Energy AB (publ) ("Maha Energy" or the "Company") has repurchased a total of 142,922 own shares as part of the share buy-back program that was announced on 12 August 2024.

The share buy-backs form part of the share buy-back program of a maximum of 17,844,475 own ordinary shares that the Board of Directors of Maha Energy resolved on 12 August 2024 based on the authorization granted by the annual general meeting on 29 May 2024.

Maha Energy shares have been repurchased during the period 16-18 September 2024 as follows:

Date	Aggregated daily volume (number of shares):	Weighted average share price per day (SEK):	Total daily transaction value (SEK):
2024-09-16	65,000	7.8986	513,410
2024-09-17	55,000	7.7831	428,072
2024-09-18	22,922	7.6498	175,348

All share buy-backs have been carried out on Nasdaq Stockholm by Pareto Securities on behalf of Maha Energy. Following the acquisitions detailed above, the Company's total holdings of own shares as of 18 September 2024 amounts to 1,528,922 shares. The total number of shares in Maha Energy amounts to 178,444,753.

A full breakdown of the transactions is attached to this announcement.

For the complete repurchase authorization, resolved by the shareholders at the AGM 2024, and the press release regarding the board of director’s resolution to initiate the share buy-back program, please refer to Maha Energy's website, www.maha-energy.com.

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 a global basis. Maha holds direct and indirect interests in producing assets in Brazil and the United States, and in an exploration asset in the Sultanate of Oman. The shares are listed on Nasdaq Stockholm (MAHA-A).

For more information, please visit Maha’s corporate website www.maha-energy.com.

Share buy-backs in Maha Energy during the period 16-18 September 2024

20240923 Maha Buybacks Attachement ENG

Share buy-backs in Maha Energy during the period 9-13 September 2024

on 16 de September de 2024 16 de September de 2024

During the period 9-13 September 2024 , Maha Energy AB (publ) ("Maha Energy" or the "Company") has repurchased a total of 281,500 own shares as part of the share buy-back program that was announced on 12 August 2024.

Maha Energy shares have been repurchased during the period 9-13 September 2024 as follows:

Date	Aggregated daily volume (number of shares):	Weighted average share price per day (SEK):	Total daily transaction value (SEK):
2024-09-09	70,000	7.6634	536,441
2024-09-10	71,000	7.5072	533,009
2024-09-11	40,000	7.5470	301,882
2024-09-12	35,000	7.6513	267,794
2024-09-13	65,500	7.8949	517,116

All share buy-backs have been carried out on Nasdaq Stockholm by Pareto Securities on behalf of Maha Energy. Following the acquisitions detailed above, the Company's total holdings of own shares as of 13 September 2024 amounts to 1,386,000 shares. The total number of shares in Maha Energy amounts to 178,444,753.

A full breakdown of the transactions is attached to this announcement.

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 a global basis. Maha holds direct and indirect interests in producing assets in Brazil and the United States, and in an exploration asset in the Sultanate of Oman. The shares are listed on Nasdaq Stockholm (MAHA-A).

For more information, please visit Maha’s corporate website www.maha-energy.com.

Share buy-backs in Maha Energy during the period 9-13 September 2024

20240916 Maha Buybacks Attachement ENG

Share buy-backs in Maha Energy during the period 2-6 September 2024

on 9 de September de 2024 9 de September de 2024

During the period 2-6 September 2024 , Maha Energy AB (publ) ("Maha Energy" or the "Company") has repurchased a total of 208,500 own shares as part of the share buy-back program that was announced on 12 August 2024.

Maha Energy shares have been repurchased during the period 2-6 September 2024 as follows:

Date	Aggregated daily volume (number of shares):	Weighted average share price per day (SEK):	Total daily transaction value (SEK):
2024-09-02	30,000	7.9505	238,514
2024-09-03	75,000	7.8458	588,436
2024-09-04	16,500	7.6585	126,365
2024-09-05	24,000	7.8224	187,738
2024-09-06	63,000	7.8104	492,056

All share buy-backs have been carried out on Nasdaq Stockholm by Pareto Securities on behalf of Maha Energy. Following the acquisitions detailed above, the Company's total holdings of own shares as of 6 September 2024 amounts to 1,104,500 shares. The total number of shares in Maha Energy amounts to 178,444,753.

A full breakdown of the transactions is attached to this announcement.

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 a global basis. Maha holds direct and indirect interests in producing assets in Brazil and the United States, and in an exploration asset in the Sultanate of Oman. The shares are listed on Nasdaq Stockholm (MAHA-A).

For more information, please visit Maha’s corporate website www.maha-energy.com.

Share buy-backs in Maha Energy during the period 2-6 September 2024

20240909 Maha Buybacks Attachement ENG

Share buy-backs in Maha Energy during the period 26-30 August 2024

on 2 de September de 2024 2 de September de 2024

During the period 26-30 August 2024 , Maha Energy AB (publ) ("Maha Energy" or the "Company") has repurchased a total of 340,000 own shares as part of the share buy-back program that was announced on 12 August 2024.

Maha Energy shares have been repurchased during the period 26 – 30 August 2024 as follows:

Date	Aggregated daily volume (number of shares):	Weighted average share price per day (SEK):	Total daily transaction value (SEK):
2024-08-26	90,000	8.0817	727,350
2024-08-27	58,000	8.1988	475,529
2024-08-28	50,000	8.2518	412,590
2024-08-29	69,000	8.0745	557,141
2024-08-30	73,000	7.9951	583,640

All share buy-backs have been carried out on Nasdaq Stockholm by Pareto Securities on behalf of Maha Energy. Following the acquisitions detailed above, the Company's total holdings of own shares as of 30 August 2024 amounts to 896,000 shares. The total number of shares in Maha Energy amounts to 178,444,753.

A full breakdown of the transactions is attached to this announcement.

For more information, please contact:
Kjetil Solbraekke, CEO, Phone: +46 8 611 05 11, E-mail: info@maha-energy.com
Roberto Marchiori, CFO, Phone: +46 8 611 05 11, E-mail: info@maha-energy.com
Jakob Sintring, Head of IR, Phone: +46 8 611 05 11, jakob.sintring@maha-energy.com

About Maha

Maha Energy AB 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 a global basis. Maha holds direct and indirect interests in producing assets in Brazil and the United States, and in an exploration asset in the Sultanate of Oman. The shares are listed on Nasdaq Stockholm (MAHA-A).

For more information, please visit Maha’s corporate website www.maha-energy.com.

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 a global basis. Maha holds direct and indirect interests in producing assets in Brazil and the United States, and in an exploration asset in the Sultanate of Oman. The shares are listed on Nasdaq Stockholm (MAHA-A).

For more information, please visit Maha’s corporate website www.maha-energy.com.

Share buy-backs in Maha Energy during the period 26-30 August 2024

20240902 Maha Buybacks Attachment ENG

Share buy-backs in Maha Energy during the period 19-23 August 2024

on 26 de August de 2024 27 de August de 2024

During the period 19-23 August 2024 , Maha Energy AB (publ) ("Maha Energy" or the "Company") has repurchased a total of 189,000 own shares as part of the share buy-back program that was announced on 12 August 2024.

Maha Energy shares have been repurchased during the period 19-23 August 2024 as follows:

Date	Aggregated daily volume (number of shares):	Weighted average share price per day (SEK):	Total daily transaction value (SEK):
2024-08-19	40,000	7.5998	303,992
2024-08-20	34,000	7.7211	262,517
2024-08-21	25,000	7.9429	198,573
2024-08-22	37,354	8.1290	303,652
2024-08-23	52,646	7.9923	420,764

All share buy-backs have been carried out on Nasdaq Stockholm by Pareto Securities on behalf of Maha Energy. Following the acquisitions detailed above, the Company's total holdings of own shares as of 23 August 2024 amounts to 556,000 shares. The total number of shares in Maha Energy amounts to 178,444,753.

A full breakdown of the transactions is attached to this announcement.

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 a global basis. Maha holds direct and indirect interests in producing assets in Brazil and the United States, and in an exploration asset in the Sultanate of Oman. The shares are listed on Nasdaq Stockholm (MAHA-A).

For more information, please visit Maha’s corporate website www.maha-energy.com.

20240826 Maha Attachement ENG

Share buy-backs in Maha Energy during the period 19-23 August 2024

Share buy-backs in Maha Energy during the period 13-16 August 2024

on 19 de August de 2024 19 de August de 2024

During the period 13-16 August 2024 , Maha Energy AB (publ) ("Maha Energy" or the "Company") has repurchased a total of 367,000 own shares as part of the share buy-back program that was announced on 12 August 2024.

Maha Energy shares have been repurchased during the period 13 -16 August 2024 as follows:

Date	Aggregated daily volume (number of shares):	Weighted average share price per day (SEK):	Total daily transaction value (SEK):
2024-08-13	107,000	7.9300	848,512
2024-08-14	110,000	7.7775	855,522
2024-08-15	100,000	7.6244	762,443
2024-08-16	50,000	7.5602	378,011

All share buy-backs have been carried out on Nasdaq Stockholm by Pareto Securities on behalf of Maha Energy. Following the acquisitions detailed above, the Company's total holdings of own shares as of 16 August 2024 amounts to 367,000 shares. The total number of shares in Maha Energy amounts to 178,444,753.

A full breakdown of the transactions is attached to this announcement.

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 a global basis. Maha holds direct and indirect interests in producing assets in Brazil and the United States, and in an exploration asset in the Sultanate of Oman. The shares are listed on Nasdaq Stockholm (MAHA-A).

For more information, please visit Maha’s corporate website www.maha-energy.com.

Share buy-backs in Maha Energy during the period 13-16 August 2024

20240819 Maha Attachement ENG