3R Petroleum S.A. (“3R”) has announced the reserve report as of 31 December 2022 for 3R Offshore assets Peroá Cluster and Papa Terra. Maha will have an indirect working interest of 15% and 9.375%, respectively, in these assets upon the closing of the business combination with DBO.

DeGolyer and MacNaughton has completed their annual reserve and resource determination for 3R Offshore, 3R subsidiary where DBO holds 15% of equity interest.

* Volumes are Gross Working Interest volumes and are expressed before royalties, Government allocations and taxes.

Peroá Cluster has an additional 2.1 MMBOE in 2C resources related to Malombe, to be reclassified as reserve after the declaration of commerciality of the field.

The reserves review and issuance of this reserve report for 3R was made by the independent petroleum engineering consultants DeGolyer and MacNaughton. Estimates of reserves presented in this report have been prepared in accordance with the Petroleum Resources Management System (PRMS) approved in March 2007 and revised in June 2018 by the Society of Petroleum Engineers, the World Petroleum Council, the American Association of Petroleum Geologists, the Society of Petroleum Evaluation Engineers, the Society of Exploration Geophysicists, the Society of Petrophysicists and Well Log Analysts, and the European Association of Geoscientists & Engineers.

For more information, please contact:
Paulo Thiago Mendonça, CEO, Phone: +46 8 611 05 11, E-mail: info@mahaenergy.ca
Guilherme Campos, CFO, Phone: +46 8 611 05 11, E-mail: info@mahaenergy.ca

Miscellaneous
The information was submitted for publication, through the agency of the contact person set out below, at 13:40 CEST on 6 April 2023.

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 the Mafraq field in Block 70 in the Sultanate of Oman and assets 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 Muscat, Oman. For more information, please visit our website www.mahaenergy.ca

Maha Energy AB (publ) (“Maha” or the “Company”) is pleased to announce that the production test on Block 70, in the Sultanate of Oman, has commenced. The production test will include all eight new production wells drilled in the 2022/2023 drilling program.

The production test will start with the Mafraq-9 well. Biweekly, a new well will be added to the test until all new wells are connected to the testing system. Each well will be completed with PCP pumps before being placed on the test. Produced oil will be transported by heated trucks to a third party’s facilities for further processing and, afterwards, transportation through the Omani national pipeline system. Maha expects to be able to announce preliminary information about the quality of the oil and initial production potential by May 2023.

As previously reported, Maha entered into a Joint Operating Agreement with Mafraq Energy LLC (“Mafraq Energy”) earlier in 2023, whereby Mafraq Energy acquired 35% interest in the exploration and production sharing agreement covering Block 70. Maha is the Operator of Block 70 with 65% interest.

Miscellaneous
The information was submitted for publication, through the agency of the contact person set out below, at 16:00 CET on 17 March 2023.

For more information, please contact:
Paulo Thiago Mendonça, CEO
Phone: +46 8 611 05 11
E-mail: info@mahaenergy.ca

Guilherme Guidolin de Campos, CFO
Phone: +46 8 611 05 11
E-mail: info@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 three oil assets: Block-70 (Oman), 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 that it has completed the sale of its Brazilian subsidiary Maha Energy Brasil Ltda. (“Maha Brazil”) to PetroRecôncavo S.A. (“PetroRecôncavo”) after fulfilling all precedent conditions. The acquisition consideration amounts up to USD 174.1 million plus USD 9.3 million in adjustment of net working capital and USD 3.7 million of net cash adjustment from Maha Brazil, resulting in a total acquisition consideration of up to USD 186.9 million.

The signing of the sale of Maha Brazil to PetroRecôncavo was announced on December 28^th, 2022. After proper adjustments made at the closing date and considering possible earn-outs contractually agreed, the total acquisition consideration can reach USD 186.9 million, being comprised of the following:

1. the adjusted purchase price, equivalent to USD 138.0 million, with additional adjustment of net working capital of USD 9.3 million and net cash of USD 3.7 million, in a total amount of adjusted purchase price of USD 150,9 million to be paid in two installments: (a) USD 95.9 million, at the present date — i.e., February 28^th, 2023 (the closing date), and (b) USD 55.0 million, 6 (six) months after the closing date – i.e., at August 28^th, 2023;
2. additional earn-outs of up to USD 36.1 million, which could be paid based on certain contractual conditions being met, whereof up to USD 24.1 million refers to the average annual Brent oil price for the next three years. It will start to be payable from USD 80 per barrel with a maximum to be reached if the price is above USD 90 per barrel. The remaining payment will be subject to  synergies with Petoreconcavo’s potential new assets. Part of proceeds from the transaction will be used as collateral for Maha’s outstanding debt to BTG Pactual (related to the Credit Agreement dated 30^th  March 2021).

“This divestment is a significant step within the Company’s new strategic positioning, continuously focusing on generating value for shareholders. As a result of this sale, we will have a strong balance sheet and cash position, enabling the Company to pursue further opportunities in the O&G market. In addition, we have already announced a business combination with DBO, which will, at closing¹, add a current net production of approximately 2,000 BOEPD and 18.5 million BOE of 2P reserves (according to the public information regarding the Certificate of Reserves),” says Paulo Thiago Mendonça, CEO of Maha Energy AB.

Miscellaneous 
The information was submitted for publication, through the agency of the contact person set out below, at 18:30 CET on 28 February 2023.

For more information, please contact:        
Paulo Thiago Mendonça, CEO
Phone: +46 8 611 05 11
E-mail: info@mahaenergy.ca

Bernardo Guterres, CFO
Phone: +46 8 611 05 11
E-mail: info@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 three oil assets: Block-70 (Oman), 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

¹ Closing of DBO transaction is subject to an approval at Maha’s Extraordinary General Meeting.

Maha Energy AB (publ) (“Maha” or the ”Company”) is pleased to announce that it has signed the definitive agreement with the shareholders of DBO 2.0 S.A. (“DBO”), with respect to the previously announced (on December 5, 2022) business combination, which involves (i) a maximum issuance of 36,775,410 new shares in Maha, to be subscribed by  DBO’s shareholders as a consideration; and (ii) the transfer of DBO’s existing shares to Maha by DBO’s shareholders (“Transaction”). The Transaction is subject to customary conditions precedent, including an Extraordinary General Meeting in Maha approving the necessary resolutions. The Transaction is expected to close in the 1st half of 2023.

Founded in 2017, DBO is a private upstream oil and gas company that focus on mature offshore fields in Brazil. It has attracted North Sea investors to invest in Brazilian assets, working with Brazilian partners, and applying the most advanced Northern Sea techniques in order to: (1) identify additional reserves, (2) develop mature oil and gas fields, and (3) increase oil and gas recovery.

DBO has a 15% equity interest in 3R Petroleum Offshore S.A. ("3R Offshore"), which operates producing Brazilian offshore oil and gas fields through the Peroá cluster (100% operated working interest) and the Papa Terra cluster (62.5% operated working interest). Further to these assets, DBO is continuously working on new business development opportunities, and will incorporate all its assets and efforts into Maha with the ambition to execute further growth through the joint strengthened platform.

DBO’s major shareholders are DBO Invest (61.74%), Svein Harald Øygard (9.17%), AGR AS (9.05%), and Tore Myrholt (7.99%). The new shares in Maha issued as consideration to DBO’s shareholders will be subject to 12 (twelve) months lock-up period from Transaction’s closing. 

The Transaction reinforces the construction of a diversified portfolio for Maha, balanced between onshore and offshore mature oil and gas assets. The business combination with DBO increases Maha’s net 2P reserves around 18.5 mmboe and is estimated to add approximately 2,000 boepd net production in 2023, with further potential upside through a production ramp-up in Papa Terra field, and a potential development in the Malombe field. DBO’s 1P and 2P reserves currently have an estimated NAV of USD 86 million and USD 145 million, respectively. These represents an attractive entry price implied multiple P/NAV of approximately 0.39x and 0.23x, respectively (based on public independent reserve reports).

Independent Fairness Opinion                                                                                                                                       

Maha has engaged SpareBank 1 Markets AS (“SB1M”) to provide a fairness opinion for Maha’s Shareholders and Board of Directors regarding the overall attractiveness of the Transaction from a financial standpoint. SB1M concludes that the Transaction is attractive for the Company, supporting the Board of Directors’ decision to move forward for its closing. The Fairness Opinion dated February 5, 2023 is attached to this press release.

SB1M notes that the estimated valuation multiples implied in the proposed Transaction is materially below the current consensus trading level of Maha and its key peers in the European and Brazilian capital markets, based on a relative valuation methodology (risked NAV).

Assets Overview (under which DBO holds indirect participation):

Peroá cluster: Peroá, Cangoa and Malombe

The Peroá gas cluster is located in the Espírito Santo basin. Approximately 72.4% of the gas has been recovered and remaining 2P reserves are estimated to be around 18.5 mmboe gross per year-end 2022. The cluster has a 55km gas pipeline connection to the Cacimbas gas processing plant (operated by Petrobras) and has an unmanned platform owned by 3R Offshore with an opex of approximately USD 5/boe. Peroá cluster includes the Peroá and Cangoá producing fields and the Malombe discovery. Malombe shall be  tied back to the Peroá platform in the future and could add an estimated production of 16 kboepd (gross) at peak. During October 2022, gross production at the Peroá cluster was 2.5 kboepd (gross).

Papa Terra cluster

Papa Terra is a heavy oil field located in deep waters in the Campos Basin, approximately 100km distant from Rio de Janeiro’s coast. Approximately 2.4% of the oil has been recovered as of October 2022 and gross 2P reserves are estimated to be around 166 mmboe per year-end 2022. This represents a 11.4% recovery factor, which compares with an average of 15.6% for the Campos Basin, suggesting further upside beyond the 2P reserves. During October 2022, gross production was 16.0 kboepd and it is expected to increase in the upcoming years as a result of increased drilling activity.

Papa Terra was discovered in 2003 and production started in November 2013. The field is being developed with an FPSO (P-63) and a Tension Leg Wellhead Platform (P-61), both owned pro rata by the owners of the oil field, with a combined processing capacity of 140,000 barrels of oil per day, an injection capacity of 340,000 barrels of water per day, a storage capacity of 1.4 million barrels, and slots to connect up to 21 producing wells and 11 injecting wells. Currently, 6 production wells and 3 injection wells are active and all systems have idle capacity to implement revitalization and redevelopment activities.

Miscellaneous 
The information was submitted for publication, through the agency of the contact person set out below, at 12:05 CET on 6 February 2023.

For more information, please contact:        
Paulo Thiago Mendonça, CEO
Phone: +46 8 611 05 11
E-mail: info@mahaenergy.ca

Bernardo Guterres, CFO
Phone: +46 8 611 05 11
E-mail: info@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