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

Press Release
Stockholm
September 25, 2020

Maha Energy AB (publ) to be awarded new exploration block onshore Oman (“Block 70” or “Mafraq”)

Maha Energy AB ("Maha" or the "Company") is pleased to announce that it will be awarded a new exploration block by the Ministry of Energy and Minerals of the Sultanate of Oman. Block 70 is an onshore block that includes the shallow undeveloped Mafraq heavy oil field.  The Block is located in the middle of the prolific and oil producing Ghaba Salt Basin in the central part of Oman.  Maha will (through a wholly owned subsidiary) be the operator of the Block and hold a 100% working interest. The entry into Oman marks a milestone for the Company’s diversification strategy. The Block agreement is scheduled to be signed on 1 October 2020 and is further subject to a Royal Decree.  Further details of the Block and the future work program will be communicated after the effective date of the EPSA.

Jonas Lindvall, President and Chief Executive Officer of Maha, comments: "To be allowed an opportunity to explore and develop the Mafraq oil field is an exceptional opportunity to add value to Maha and the people of Oman.  The Mafraq oil field contains significant amounts of oil and previous and extensive pump tests has proven the productivity of the field.”

The Mafraq oil field was discovered by Petroleum Development Oman (PDO) in 1988 and was further delineated by four wells and 3D seismic in stages until 2010.  Two wells were placed on pump production tests, of which one was placed on an extended test in order to prove long term productivity.  The Mafraq field is estimated by third parties to contain between 185 – 280 million barrels of original oil in place (OIP).  The productive reservoir is shallow, at approximately 430 m. below ground level.

Jonas Lindvall further commented:” The fact that PDO did not develop this asset is by no means a reflection of the quality of the asset, it just reflects the reality of constrained resources and project ranking.”

The Block covers an area of 639 km² and is covered by both 2D and 3D seismic data that has been acquired by previous operators has been made available to Maha. Eight wells have been drilled within the block boundary, five of which are on the Mafraq oil field. 

The Exploration and Production Sharing Agreement (EPSA) for Block 70 covers an initial exploration period of three years with an optional extension period of another three years. In case of a commercial oil or gas discovery, the EPSA can be transformed into a fifteen year production license which can be extended for another five years. In case of a commercial discovery the Oman Government Oil Company has a right to acquire up to a 30% interest in Block 70 against refunding the pro rata share of past expenditure. The initial work commitments during the first period include geological studies, seismic reprocessing and well commitments.

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

The information was submitted for publication, through the agency of the contact person set out above, at 02:00 CET on 25 September 2020.

Maha in Brief
Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser and can be contacted at info@fnca.seor +46-8-528 00 399. 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 30 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 four oil fields, Tartaruga and Tie in Brazil, Powder River (LAK Ranch) and Illinois basins in the United States. For more information, please visit our website www.mahaenergy.ca.

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

Press Release
Stockholm
September 23, 2020

Maha Energy AB (publ) – Announces an operational update

• Maha’s 2 x 1,380 HP compression project at Tie has been successfully commissioned
• Drilling rig is now onsite at the “Tie 2” location in Brazil and has commenced drilling

Maha Energy AB ("Maha" or the "Company") today announce an operational update for its activities in Brazil and the United States.

Jonas Lindvall, President and Chief Executive Officer of Maha, comments: "Notwithstanding Covid-19 continuing to challenge some of our operations we have achieved two important milestones at the Tie Field. We are very happy to announce commencement of our gas compression and injection project and the spud of the next production well at the Tie field.”

Operational update

Tie Field

Compression Project
During the month of August, a dedicated commissioning team has been onsite to commission the two 1,380 HP compression units that have been installed. On 11 September, the units commenced operations and started to inject gas while simultaneously delivering conditioned gas to GTW and CDGN. Any excess gas produced at Tie will now be injected back into the reservoir affording significant operational flexibility and redundancy for Tie field oil production.  This fast track project commenced in November 2019 and teams from both Enerflex and Maha ensured an on-time delivery even whilst managing the Covid-19 pandemic.

GTE-4
During the second quarter the GTE-4 well was converted to a dual pumping well.  The Sergi zone is producing above expectations.  However, after swabbing the Agua Grande zone and running the downhole jetpump assembly in the hole, a blanking sleeve became stuck downhole which requires further fishing.  At the moment, the rig is shut down due to several active Covid-19 cases and operations will only resume once personnel are clear of Covid-19.  GTE-4 is currently only producing from the Sergi zone.

Tie 2 and Tie 3 Wells (new wells)
The Tie south drilling pad has been built and a drilling rig has mobilized to site and drilling operations at Tie 2 (previously known as TS-1) commenced at 20:00 hrs on 22 September. The Tie 3 (previously known as TS-2) injector is planned to be drilled immediately after Tie 2 is completed. Each well is anticipated to take 40 – 45 days to drill and complete. Tie 2 is a near vertical dual zone producer whilst the Tie 3 well is planned to be a dual zone water injector.

Facility and Covid-19
Due to ten positive Covid-19 tests amongst both staff and contractor personnel several smaller capital expansion projects have been temporarily suspended within the Tie station to reduce headcount and protect the core operating team. At the moment, there is no direct impact on production.

Tartaruga

The Tartaruga field continues to meet production targets and is operating currently with only limited impact from Covid-19. Gas sales from Tartaruga commenced in July via the third-party company GTW (“Gas to Wire”), who generates electricity from the associated gas produced at Tartaruga to the local grid.

Illinois Basin

Operations continue to run smoothly on our new asset in Illinois and Indiana with successful maintenance workovers being carried out to maintain production at approximately 150 bbl/d.

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

The information was submitted for publication, through the agency of the contact person set out above, at 07:52 CEST on 23 September 2020.

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser and can be contacted at info@fnca.seor +46-8-528 00 399. 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 30 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 four oil fields, Tartaruga and Tie in Brazil, Powder River (LAK Ranch) and Illinois Basin in the United States For more information, please visit our website www.mahaenergy.ca.

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

Press release
Stockholm
September 3, 2020

Maha Energy AB (publ) Announce August Production Volumes

Production Volumes

The Company's aggregate sales production for the month of August totaled 101,204¹ barrels of oil and 56.461 million scf of gas for a combined average production of approximately 3,568 BOE/day², before royalties and taxes, which was in line with the Company’s expectations for the month.

A 3 day planned shutdown of the Tie Production Facilities affected production of oil and gas from the Tie field during the month of August.  The Tie field also suffered a string of electrical power failures and shortages during the month.  Lastly, also at the Tie field, well testing and flow-back work on the GTE-4 short string (Agua Grande) necessitated the long string (Sergi) to be temporarily closed in.    

Effects, such as reduced manning and movement restrictions, of the Covid-19 Pandemic continue to adversely affect production in Brazil.

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.

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

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser and can be contacted at info@fnca.se or +46-8-528 00 399. 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 30 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 four oil fields, Tartaruga and Tie in Brazil, Powder River (LAK Ranch) and Illinois basins in the United States For more information, please visit our website www.mahaenergy.ca.

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

Press release
Stockholm
August 3, 2020

Maha Energy AB (publ) Announce July Production Volumes

Production Volumes

The Company's aggregate sales production for the month of July totaled 111,404¹ barrels of oil and 58.090 million scf of gas for a combined average production of approximately 3,906 BOE/day², before royalties and taxes.

Effects of the Covid-19 Pandemic along with planned commissioning work and individual well testing operations at the Tie field affected production this month. 

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.

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

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser and can be contacted at info@fnca.se or +46-8-528 00 399. 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 30 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 four oil fields, Tartaruga and Tie in Brazil, Powder River (LAK Ranch) and Illinois basins in the United States For more information, please visit our website www.mahaenergy.ca.

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

Press release
Stockholm
July 20, 2020

Maha Energy AB (publ) comments on acquisition strategy

Due to the recent speculation in various forums regarding potential acquisitions, and in particular a potential agreement on Block 70 in Oman, Maha has the following announcement.

As part of Maha’s exploitation strategy, the Company continuously evaluates various strategic and tactical growth opportunities around the world.  Since the Company focuses on underperforming hydrocarbon assets, the opportunities continuously being evaluated range in geographical and technical nature.  The key driver for the Company is value per barrel. The Company is currently evaluating a number of opportunities in a number of different jurisdictions. 

These opportunities are in various stages of the evaluation/negotiation process, and at this time none of the opportunities are at a stage whereby Market Abuse Regulations (MAR) (insider information) are deemed required.

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

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser and can be contacted at info@fnca.se or +46-8-528 00 399. 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 30 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, Powder River (LAK Ranch) and Illinois basins in the United States For more information, please visit our website www.mahaenergy.ca.

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

Press release
Stockholm
July 3, 2020

Maha Energy AB (publ) Announce June Production Volumes

Production Volumes

The Company's aggregate sales production for the month of June totaled 112,151¹ barrels of oil and 57.090 million scf of gas for a combined average production of approximately 4,056 BOE/day², before royalties and taxes.

Other than some minor unplanned shutdowns, production continues to be affected by the impact of the Covid-19 pandemic. 

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.

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

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser and can be contacted at info@fnca.se or +46-8-528 00 399. 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 30 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, Powder River (LAK Ranch) and Illinois basins in the United States For more information, please visit our website www.mahaenergy.ca.

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

Press release
Stockholm
June 4, 2020

Maha Energy AB (publ) Announce May Production Volumes

Production Volumes

The Company's aggregate sales production for the month of May totaled 106,248¹ barrels of oil and 52.765 million scf of gas for a combined average production of approximately 3,711 BOE/day², before royalties and taxes.

The month of May saw increasing gas sales at Tie as a new gas end-user started taking deliveries allowing for higher oil production.  Further at both Tie and Tartaruga stations, oil production was somewhat affected due to temporary surface jet pump maintenance issues which were resolved during the month.  Despite the pump issues and continuing Covid-19 movement restrictions, production and off-take volumes in Brazil remain stable.

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.

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

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser and can be contacted at info@fnca.se or +46-8-528 00 399. 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 30 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, Powder River (LAK Ranch) and Illinois basins in the United States For more information, please visit our website www.mahaenergy.ca.

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

Press release
Stockholm
May 22, 2020

Updated production guidance and capital plan for 2020 due to effects from Covid-19

Due to the effects of the Covid-19 pandemic currently sweeping across Brazil, Maha Energy AB (publ) has reduced its’ average annual production guidance from 5,000 – 5,500 BOEPD to 4,000 – 5,000 BOEPD.

“The Covid-19 pandemic is now taking a toll on our operations.  The domino effect of border closures, deliveries of vital equipment and services and lower end user gas demand, to name a few, has required us to revise our 2020 production guidance.  These factors, which are outside our control, have indirectly led to an unforeseen reduction in oil production.  At this time, we continue to be uncertain on the future impact of Covid-19 to our production volumes, but like most companies we are working hard to offset the reduction in production volumes with a corresponding reduction in expenditures.  At current oil prices, the Company’s financial condition is robust and we expect to continue to fulfill all our future financial obligations, including the full repayment of the SEK 300 million bond next year, despite the production guidance reduction” stated Jonas Lindvall, CEO of Maha Energy AB.

Natural gas is a by-product of the produced oil, and if the gas cannot be disposed of, the oil production must be curtailed accordingly.  The Brazilian Government has granted a temporary flaring easement to ensure continuous oil production during the Covid-19 pandemic, which is reducing the impact of the curtailment.  And even though the Tie oil processing plant is capable of handling oil and gas mixtures of up to 4,850 BOPD, the plant is not designed to flare 100% of the liberated gas on a continuous basis.

As a result of the annual average production guidance revision, the Company continues to revise and optimize its’ 2020 Capital Plan.  The previously announced reduction in the Capital Plan for 2020 has now been amended to include rephasing of the Tie wells (TS-1 & TS-2) and the inclusion of a new Compression Project at Tie along with some work on the newly acquired Illinois Basin assets.  Total capital expenditures for 2020 is now estimated at USD 15.5 million, down 25% from the original USD 20.7 million. 

Maha Energy’s assets are low cost, low risk producing assets, and at current oil prices ($32 – $36 per barrel), the Company estimates consolidated annual average OPEX to be +/- US$ 4.95 – US$ 5.65 per BOE.

           
CAPEX (Capital Plan)

Tie Field
-TS-1 & TS-2: These two Tie field development wells, originally scheduled for Q2/Q3 this year, will now be drilled towards the end of Q4, and TS-2 (water injector) may slip into 2021.

-Tie Compression Project (new): the addition of two (2) 1,380 HP Ariel Compressors at the Tie field to provide ‘spill over’ gas reinjection capabilities have now been added to the capital plan for 2020.

Tartaruga Field
-Maha-2: This contingent follow-up well to Maha-1 on Tartaruga has been rescheduled for 2021.

-Maha-1: The completion of the testing of this well at Tartaruga has been rescheduled for 2021. 
           
-Tartaruga expansion: With the postponement of completing Maha-1, the Tartaruga expansion project will continue, but at a slower pace. Oil production from Maha-1 (above) is needed in order to achieve the planned 2,500 BOPD capacity production at Tartaruga.

Illinois Basin (IB)
Contractual commitments may require the Company to drill one well and to complete a drilled but uncompleted well on the IB asset.  This activity is scheduled for Q3 and Q4 this year. Other 2020 commitments have been successfully rescheduled to 2021. 

OPERATIONAL UPDATE
Tie Field

New Wells TS-1 & TS-2
Location work is all but complete, a drilling rig has been identified and will be contracted in due course, but the drilling of these two wells has been pushed back to Q4 this year.  The delay in drilling and completing these wells will not affect field production at the Tie field.

GTE-4
GTE-4 was worked over and dually completed in April.  GTE-4 is now on pump and is being flow tested.

Gas Compression
Two (2) 1,380 HP (each) gas compressors have been leased by Enerflex Inc to provide gas reinjection for unsold gas at the Tie field.  Any associated gas that cannot be sold will be reinjected to provide pressure support to the reservoir and redundancy to the production operations.  The compressors will take any ‘spill over’ gas that cannot be sold downstream and reinject it to ensure that oil production can continue uninterrupted.  The gas compressors are expected to be commissioned at the end of Q3.

Tartaruga

Maha-1
The testing of Maha-1 was suspended in March due to the indirect effects of the Covid-19 Pandemic.  As Brazil started to lock down, it became more and more difficult to move goods and services to and from Tartaruga.  A key item required for the testing and stimulation for Maha-1 was perforating explosives, which became impossible to move in a timely fashion.  As a result, it was decided to suspend testing operations at Tartaruga.  Testing operations will resume as soon as services resume as normal in Brazil. 

Tartaruga Facilities
The current oil handling facilities at Tartaruga can handle up to 800 BOPD.  Work is underway to expand these facilities to handle up to 2,500 BOPD.  Equipment has been identified and purchased.  However, the 2,500 BOPD handling capacity at Tartaruga is not expected to be required until Maha-1 is brought on stream.  A temporary oil handling system will be leased to ensure sufficient handling capacity at Tartaruga whilst the Facility upgrades are being finished. 

Webcast Question & Answers Session

The Company will present its Q1 Report on Tuesday 26 May at 6 PM CET.  During this presentation, Jonas Lindvall, the CEO of Maha Energy AB, will provide a full Company operational update, comment on the production guidance revision and be available to take questions. A link to the webcast is available on the Company’s website: www.mahaenergy.ca.  Interested parties are encouraged to e-mail questions ahead of time to victoria@mahaenergy.ca.  Questions posed on the day of the presentation should be done directly in the YouTube Comments/Questions field.

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

This information is published in accordance with the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact persons set out above on 22 May 2020, at 7:00 PM CET.

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser and can be contacted at info@fnca.se or +46-8-528 00 399. 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 30 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, Powder River (LAK Ranch) and Illinois basins in the United States For more information, please visit our website www.mahaenergy.ca.

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

Press release
Stockholm
May 5, 2020

Maha Energy AB (publ) Announce April Production Volumes

Production Volumes

The Company's aggregate sales production for the month of April totaled 90,664¹ barrels of oil and 2.250 million scf of gas for a combined average production of approximately 3,035 BOE/day², before royalties and taxes.

The month of April saw unusually low gas sales at the Tie field which was due to the suspension of gas offtake by CDGN, the Company’s main gas customer.  As a result of the indirect effects of the Covid-19 pandemic, CDGN’s end customers are currently closed due to weak product demand and Covid-19 restrictions. This in turn resulted in a temporary reduction in oil production from the Tie field during the month.

The company is working at many levels to maximize oil production despite the current low gas offtake at the Tie field. A temporary easing in flaring restrictions have been received for the Tie and Tartaruga fields and CDGN have commenced trial gas deliveries to a new gas consumer at the Tie field.  If successful, this may result in increased gas offtake requirements from the Tie field whilst the regular CDGN customers are shut in due to Covid-19 effects. 

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.

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

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser and can be contacted at info@fnca.se or +46-8-528 00 399. 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 30 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, Powder River (LAK Ranch) and Illinois basins in the United States For more information, please visit our website www.mahaenergy.ca.