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

on Share

­­­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

Annual General Meeting in Maha Energy AB

on Share
Maha Energy AB (publ)
Strandvägen 5A
SE-111 46 Stockholm
www.mahaenergy.ca 

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

on Share

­­­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

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

on Share

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

Press release
Stockholm
May 2, 2019

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

Production Volumes

The Company's aggregate sales production for the month of April totaled 76,2341 barrels of oil and 36.003 million scf of gas for a combined average production of approximately 2,741 BOE/day2, before royalties and taxes.

The Tartaruga Field was shut in for a total of 22 days in April due to the perforation work on 107D.  Because the distance between well centers of 107D and 7TTG are within 7 meters, the producing 7TTG well had to be closed in whilst work proceeded to perforate the 107D well.  The 107D well is now perforated and is currently being hooked up for well testing.  The 7TTG well was put back on production on 1 May.

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 May 2, 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

2019-05-02 April Production Volumes

Maha Energy AB Announces 2018 Annual Report

on Share
Maha Energy AB (publ)
Strandvagan 5A, SE-114 51 Stockholm, Sweden
www.mahaenergy.ca

                                                                               
Press release
Stockholm
April 30, 2019          

                                                                                                                  
Maha Energy AB Announces 2018 Annual Report

Maha Energy AB (publ) (“Maha” or the “Company”) is pleased to release its 2018 Annual Report for the year ended December 31, 2018.  The Annual report is available hereto (in English and Swedish) and on the Company’s website at www.mahaenergy.ca.

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 (COO)
Tel: +1 403 454 7560        
Email: ron@mahaenergy.ca

or

Andres Modarelli (CFO)
Tel: +1-403-454-7560
Email: andres@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 April 30, 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 two oil fields, Tartaruga 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.

    

 

Attachments

Maha Energy AB Press Release - 2018 Annual Report
Maha Energy 2018 Annual Report - English
Maha Energy 2018 Annual Report - swedish

Maha Energy AB: Notice to attend the annual general meeting in Maha Energy AB (publ) to be held on May 23, 2019

on Share

­­­Maha Energy AB (publ)
Strandvagen 5A
SE-114 51 Stockholm
www.mahaenergy.ca
                                                                                                                                                
Press release
Stockholm
April 23, 2019
                                                                                                         
Maha Energy AB: Notice to attend the annual general meeting in Maha Energy AB (publ) to be held on May 23, 2019

The shareholders in Maha Energy AB (publ), reg. no. 559018-9543, are hereby given notice to attend the annual general meeting at 3:00 p.m. CET on Thursday 23 May 2019 at Setterwalls Advokatbyrå’s offices at Sturegatan 10 in Stockholm, Sweden. Registration for the meeting commences at 2:30 p.m CET.

Notice

Shareholders wishing to participate at the meeting must:

(i)            be entered in the shareholders’ register, kept by Euroclear Sweden AB (the Swedish Central Securities Depository & Clearing Organisation), on the record day which is Friday 17 May 2019; and

(ii)           notify the company of their attendance and any assistant no later than Friday 17 May 2019. Notification can be made via letter to Setterwalls Advokatbyrå AB, Attn: Lars Sundell, P.O. Box 1050, SE-101 39 Stockholm, Sweden or by e-mail to lars.sundell@setterwalls.se.

Notification shall include full name, personal identification number or corporate registration number, address and daytime telephone number and, where appropriate, information about representative, proxy and assistants. The number of assistants may not be more than two. In order to facilitate entry to the meeting, notification should, where appropriate, be accompanied by powers of attorney, registration certificates and other documents of authority.

Personal data obtained from the share register kept by Euroclear Sweden AB, notices and attendance at the meeting and information on representatives, proxies and assistants will be used for registration, preparation of the voting list for the meeting and, where appropriate, the minutes of the meeting. 

Nominee registered shares

Shareholders who have their shares registered in the name of a nominee must request temporary entry in the transcription of the share register kept by Euroclear Sweden AB in order to be entitled to participate and vote for their shares at the meeting. The shareholder must inform the nominee well in advance of the record day, at which time the register entry must have been made.

Proxy

A shareholder represented by proxy shall issue a power of attorney which shall be dated and signed by the shareholder. If issued by a legal entity the power of attorney shall be accompanied by registration certificate or, if not applicable, equivalent documents of authority. Power of attorney forms for those shareholders wishing to participate by proxy are available on the company’s website www.mahaenergy.ca. The original version of the power of attorney shall also be presented at the meeting.

Proposed agenda

1.           Opening of the meeting and election of chairman of the meeting;

  1. Preparation and approval of the voting list;
  2. Approval of the agenda;
  3. Election of one (1) or two (2) persons who shall approve the minutes of the meeting;
  4. Determination of whether the meeting has been duly convened;
  5. Presentation by the managing director;
  6. Submission of the annual report and the auditor’s report and the consolidated financial statements and the auditor’s report on the group;
  7. Resolution in respect of adoption of the profit and loss statement and the balance sheet and the consolidated profit and loss statement and the consolidated balance sheet;
  8. Resolution in respect of allocation of the company’s profit or loss according to the adopted balance sheet;  
  9. Resolution in respect of the members of the board of directors’ and the managing director’s discharge from liability;
  10. Determination of the number of members of the board of directors and the number of auditors and, where applicable, deputy auditors;
  11. Determination of the fees payable to the members of the board of directors and the auditors;
  12. Election of members of the board of directors, auditors and, where applicable, deputy auditors;
  13. Resolution regarding principles for the appointment of and instructions regarding a nomination committee;
  14. Resolution regarding an incentive programme and issuance of warrants to senior management and key employees (LTIP);
  15. Resolution regarding authorization for the board of directors to increase the share capital;
  16. Closing of the meeting.

Proposed resolutions             

Item 1. Election of chairman of the meeting

The nomination committee, consisting of Harald Pousette, representing Kvalitena AB, Lars Carnestedt, representing Nerthus Investments Ltd., Patrik Lindvall, representing Jonas Lindvall and Wayne Thomson, the chairman of the board of directors, proposes that attorney Marcus Nivinger is appointed chairman of the annual general meeting.

Item 9. Allocation of the company’s profit or loss according to the adopted balance sheet

The board of directors proposes that the company’s available funds shall be carried forward in new account and that no dividend shall be paid for the last financial year.

Item 11. Determination of the number of members of the board of directors and the number of auditors and deputy auditors

The nomination committee proposes that four board members are elected.

Further, the nomination committee proposes that a registered public auditor is appointed as auditor.

Item 12. Determination of the fees payable to the members of the board of directors and auditors

The nomination committee proposes that the fees payable to the board of directors for the period until the end of the next annual general meeting shall remain the same and amount to a total of SEK 640,000 (remuneration for committee work not included) out of which SEK 300,000 (unchanged) shall be paid to the chairman and SEK 170,000 (unchanged) to each of the other ordinary members. The managing director shall not receive a fee as an ordinary member of the board of directors.

Board members shall also be entitled to invoice the company in so far as they perform services outside the board assignment.

Furthermore, it is proposed, as remuneration for the committee work, the chairman of the audit committee is to receive SEK 125,000 (unchanged), the chairman of the compensation and governance committee SEK 125,000 (unchanged), the chairman of the reserves and health, safety and environment committee SEK 125,000 (unchanged), members of the audit committee (the chairman excluded) SEK 85,000 (unchanged) each, members of the compensation and governance committee (the chairman excluded) SEK 85,000 (unchanged) each and members of the reserves and health, safety and environment committee (the chairman excluded) SEK 85,000 (unchanged) each. The managing director shall not receive remuneration as a member of a committee.    

It is proposed that the company’s auditor shall be paid in accordance with approved invoices.

Item 13. Election of members of the board of directors and auditors

The nomination committee has noted that Wayne Thomson has advised he will not seek reelection to the board of directors at the 2019 annual general meeting.  The nomination committee thanks Wayne Thomson for his service to the Company.  The nomination committee proposes re-election of Jonas Lindvall, Anders Ehrenblad and Harald Pousette and the election of Nicholas Walker as ordinary board members. The nomination committee proposes election of Anders Ehrenblad as chairman of the board of directors.

Information on the board members proposed for re-election can be found in the annual report and on the company’s website at www.mahaenergy.ca. Information on Nicholas Walker is as follows:

Nicholas Walker (born 1962), holds a degree in Mining Engineering from Imperial College London, Computer Science from University College London as well as an MBA from City University Business School in London.  Nicholas (Nick) started his career as a petroleum engineer with BP plc and also worked in senior management positions at Bow Valley Energy Inc. Between 1994 and 2011 he worked with Talisman Energy Inc. in various senior operating and commercial roles. Nick held country general manager positions with Talisman Energy in the UK and Malaysia/Vietnam. From 2009 to 2011 Nick served as Executive Vice President International Operations with Talisman Energy. Between 2012 and 2015 he worked as Chief Operating Officer with Africa Oil Corp.  Nick is a seasoned senior executive with over 30 years of international experience in the upstream oil and gas industry across Europe, Africa, Asia and the Americas. Since 2015 Nick has held the position of Chief Operating Officer of Lundin Petroleum AB where he is responsible for the company’s exploration, development and operations activities.  Nick holds 534,211 shares in Maha.

The nomination committee further proposes re-election of the accounting firm Deloitte AB as auditor. Deloitte AB has informed that Fredrik Jonsson will continue to be appointed as the auditor-in-charge.

Item 14. Resolution regarding principles for the appointment of and instructions regarding a nomination committee

The nomination committee does not propose any changes to the principles adopted at the annual general meeting in 2018 (applicable until the general meeting decides otherwise). The principles are kept available on the company’s website at www.mahaenergy.ca.  

Item 15. Resolution regarding an incentive programme and issuance of warrants to senior management and key employees (LTIP)

The board of directors in Maha Energy AB (publ) (the “Company”) (excluding Jonas Lindvall) proposes that the annual general meeting resolves 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 (“Shares”) as set forth below.

Background

The proposal to launch an incentive programme by the issuance of warrants has been prepared and presented by the board of directors of the Company (excluding Jonas Lindvall) in order to strengthen the retention of employees with the company group and to motivate the employees to create shareholder value. The board of directors assess that these objectives are in line with all shareholders’ interests.

The programme encompasses employees employed by subsidiaries of the Company (together with the Company, the “Group”). Board members not employed by the Group are not allowed to participate. Those entitled to participate in the incentive program are hereinafter referred to as “Participants”.

Terms and conditions for the issue of warrants

  1. The Company shall issue not more than 500,000 warrants. Each warrant entitles to subscription of one (1) new Share, each with a quotient value of SEK 0.011.
  1. The warrants may, with deviation from the shareholders’ preferential rights, only be subscribed for by Maha Energy Inc (the “Subsidiary”), a subsidiary of the Company, after which the Subsidiary is to transfer the warrants to the Participants in accordance with the resolution adopted by the general meeting and instructions from the board of directors of the Company.  
  1. Subscription of warrants shall be made by the Subsidiary on a subscription list following the general meeting’s issue resolution, but no later than 1 June 2019. The board of directors of the Company shall be entitled to prolong the subscription period.
  1. The warrants shall be issued without consideration (i.e. free of charge) to the Subsidiary.
  1. If all issued warrants are subscribed for by the Subsidiary, transferred to and exercised by the Participants for subscription of new Shares, the Company’s share capital will increase with SEK 5,500 (subject to potential recalculations in accordance with standard terms and conditions applicable to the warrants).
  1. The warrants may be exercised for subscription of new Shares during the period from and including 1 June 2022 until and including 28 February 2023. Warrants that have not been exercised for subscription of new Shares by 28 February 2023 shall lapse.
  1. Each warrant shall entitle the warrant holder to subscribe for one new Share in the Company at a subscription price per Share (the “Exercise Price”) corresponding to 100 per cent of the volume weighted average last closing price for the Company’s share on Nasdaq First North during the period from and including 17 May 2019 until and including 23 May 2019. The Exercise Price thus calculated shall be rounded off to the nearest whole SEK 0.10, whereupon SEK 0.5 shall be rounded upwards. The Exercise Price may never be below the quotient value of the shares.
  1. The warrants will be subject to customary recalculation conditions.

Allocation principles to be applied in relation to Participants

Warrants subscribed for by the Subsidiary shall be transferred to the Participants in accordance with instructions from the board of directors of the Company and the principles set forth below.

The transfers of warrants from the Subsidiary to the Participants are to be made without consideration (i.e. free of charge).

The Participants’ right to receive warrants shall be differentiated based on position, responsibility and work performance in the Group and the maximum allocation of warrants for each Participant is set forth in the following schedule:

Participant Country Maximum no. of
allocated warrants
CEO Canada 45,000
CCO & VP Canada 45,000
CFO Canada 50,000
COO Canada 50,000
VP Exploration USA 25,000
Other key employees (maximum of 15) USA, Brazil and Canada 285,000
Total: – 500,000

Allocated warrants may be exercised for subscription of new Shares in the Company during the period from and including 1 June 2022 until and including 28 February 2023. Subscription of new Shares may however not take place during so-called closed periods according to the EU Market Abuse Regulation, or otherwise in breach of relevant insider rules and regulations (including the Company’s internal guidelines in this respect).

Warrant agreement

All warrants will be governed by warrant agreements to be entered into between each Participant and the Subsidiary in connection with the transfer of warrants from the Subsidiary. The warrant agreement will include certain transfer restrictions and other terms and conditions customary for such agreements.

Reasons for the deviation from the shareholders’ preferential rights

The reasons for the deviation from the shareholders’ preferential rights is that the Company wishes to offer warrants to employees of the Group in order to strengthen the retention of employees and to motivate them to contribute to the creation of shareholder value.

Dilution, costs, etc.

Upon full subscription, transfer and exercise of all 500,000 issued warrants; a total of 500,000 new Shares will be issued in the Company (subject to potential recalculations in accordance with standard terms and conditions applicable to the warrants). This would lead to a dilution corresponding to approx. 0.5 per cent of the total share capital and number of votes in the Company (based on the share capital and number of shares in the Company registered as of the date of this proposal and calculated as the maximum amount of share capital and number of shares that may be issued, divided by the total share capital and the total number of shares in the Company after all warrants have been exercised).

The incentive programme is expected to have a marginal effect on the Company's earnings per share. A preliminary estimate of the market value of the warrants is SEK 8.06 per warrant for the call period (as at 15 April 2019), assuming an underlying market value and exercise price of SEK 21.30 per share (as at 15 April 2019). The Black Scholes valuation model has been used for valuing the warrants and assumes a risk free interest of -0.33 per cent and a volatility of 53.3 per cent.

Costs related to the issuance of warrants under the incentive programme will be accounted for in accordance with IFRS 2 and recognized as an expense in the income statement during the vesting period. The preliminary estimate of total cost to be recorded during the term of the programme is SEK 4,029,489.  Ongoing administration costs and other costs of the programme are minimal.

Outstanding incentive programmes

As of the date of this proposal, the Subsidiary has 50,000 stock options outstanding under a separate stock-based incentive plan. Upon exercise of the stock options, the option holders become shareholders in the Company instead of the Subsidiary. In order to facilitate such exchange the Company has issued the shares of class C2 to be converted to shares of class A and delivered to holders upon exercise of stock options.

In addition, a total of 1,500,000 warrants are outstanding under two (2) long term incentive program for employees and senior management of the Group, of which the first program comprises of 750,000 warrants (“Program One”) and the second program comprises of 750,000 warrants (“Program Two”). Each warrant under the respective program entitles to subscribe for one new Share in the Company. The exercise price of the warrants corresponds to 100 per cent of the volume weighted average last closing price for the Company’s share on Nasdaq First North during the period from and including (i) 12 June 2017 until and including 15 June 2017 for Program One and (ii) 24 May 2018 until and including 29 May 2018 for Program Two. The warrants may be exercised from and including (i) 1 June 2020 until and including 31 December 2020 for Program One and (ii) 1 May 2021 until and including 30 November 2021 for Program Two.

Approval of transfer of warrants from the Subsidiary to Participants

A resolution to issue warrants in accordance with this proposal also includes an approval of the transfers of warrants from the Subsidiary to the Participants.    

Majority requirements

This proposal to adopt the incentive programme and to issue warrants, as well as the approval of the transfers of warrants from the Subsidiary to the Participants, is governed by the provisions in Chapter 16 of the Swedish Companies Act (Sw. Aktiebolagslagen (2005:551)), and a valid resolution therefore requires that the proposal is supported by shareholders representing at least nine-tenths (9/10) of the votes cast as well as of all shares represented at the meeting.

Item 16. Resolution regarding authorization for the board of directors to increase the share capital

The board of directors proposes that the general meeting resolves on an authorization for 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 by support of the authorization be increased by an amount corresponding to 20 per cent of the share capital and number of shares in the company as of on the date the board of directors make use of the authorisation. 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. The chairman of the board of directors, the managing director, or anyone authorized by the board of directors, shall have the right to make any minor adjustments required in order to register this resolution.

Majority requirements

For a valid decision on the proposal on an authorization for the board of directors, as outlined above, requires that the proposal is supported by shareholders representing at least two-thirds (2/3) of the votes cast and the shares represented at the meeting.

Number of shares and votes in the company

The total number of shares in the company at the time of issuance of this notice is 100,232,415 (91,412,784 A-shares, 7,960,318 convertible B-shares and 859,313 convertible C2-shares). The total number of votes for all issued shares in the company is 99,544,964 votes. The company does not hold any of its own shares.    

Shareholders’ right to request information

Pursuant to Chapter 7 section 32 of the Swedish Companies Act (Sw. aktiebolagslagen (2005:551)) the board of directors and the managing director are under a duty to, if any shareholder so requests and the board of directors deems that it can be made without material damage to the company, provide information, regarding circumstances which may affect the assessment of a matter on the agenda or of the company’s economic situation. Such duty to provide information also comprises the company’s relation to the other group companies, the consolidated financial statements and such circumstances regarding subsidiaries which are set out in the foregoing sentence.

Documentation

The financial accounts, auditor’s report, complete proposals for resolution and other documents to be dealt with at the general meeting will be kept available at the company’s office not later than three weeks before the meeting. The documents will be sent free of charge to shareholders who so request and state their postal address. The documents will also be made available not later than the aforementioned date on the company’s website www.mahaenergy.ca. All the above mentioned documents will also be presented at the general meeting.

_____

Stockholm, April 2019

The board of directors

Official version of notice to attend the annual general meeting

The official version of the notice to attend the annual general meeting is in the Swedish language and available for download at the following link: www.mahaenergy.ca

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. The information was submitted for publication through the agency of the contact persons set out above on April 23, 2019, at 4:00 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 25 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 Field 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.

 

Attachments

Maha Energy AB_Notice AGM 2019 (SWE)
Maha Press Release Notice of AGM 2019
Maha Energy AB_Notice AGM 2019 (ENG)

Maha Energy AB (publ) (“Maha” or the “Company”) Provides Operational Update and Announces Total Depth Reached on Attic Well (7-TIE-1D-BA) and Logging Results

on Share

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

Press release
Stockholm
April 8, 2019

Maha Energy AB (publ) (“Maha” or the “Company”) Provides Operational Update and Announces Total Depth Reached on Attic Well (7-TIE-1D-BA) and Logging 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) reached a Total Depth of 2,607 m. on April 4.  All targets, including the Boipeba formation, were intersected.  Electric logging has been completed and the well is now being prepared for production. The previously unexplored Boipeba formation was penetrated, but poor reservoir development yielded no productive hydrocarbon zones worthy of completion.

Electric logging and drilling results confirmed the productive Agua Grande (AG) and Sergi formations are likely to be oil bearing.  The AG yielded 24 m. gross reservoir sand with a net productive thickness of 22 m.  The Sergi yielded 18 m. gross reservoir sand with a net productive thickness of 10 m.

Operations are now underway to complete the AG and Sergi formations and place 7-TIE-1D-BA on production.  As soon as the 7-TIE-1D-BA well is on production, the GTE-3 well will be converted to a dual producer.

107 D (Tartaruga Field)
The Brasserv Rig #149 was mobilized to the Tartaruga field on April 7 and has commenced operations to prepare the 107D well for production.  A 2-7/8” jet pump completion string will be run into the well followed by a coiled tubing unit that will be mobilized as soon as possible to perforate the 3-1/2” horizontal liner.  Results from this perforation will be communicated in due course. 

Jonas Lindvall, CEO of Maha Energy commented “You will recall the Boipeba formation was an exploration target we were able to penetrate during the drilling of the Attic development well at little incremental cost.  The important news here is the success of our development well penetrating the oil producing AG and Sergi formations. We look forward to this well being put on production.”
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 April 8, 2019, at 6:00 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

2019-04-08 Operational Update

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

on Share

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

Press release
Stockholm
April 2, 2019

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

The Company's aggregate sales production for the month of March totaled 86,0791 barrels of oil and 34.084 million scf of gas for a combined average production of approximately 2,960 BOE/day2, before royalties and taxes.

The Tartaruga Field was shut in for a total of 5 days in March due to a broken electrical motor on the surface jet pump.  At this time, 7TTG continues to clean up and further pump optimization have increased oil production to the current limit of the Tartaruga oil and gas processing facilities.  Current production, as at 1 April, 2019, and based on a 72 hour uninterrupted pump test, from (P1 only) 7TTG is (gross) 785 BOPD (net: 589 BOPD).

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 April 2, 2019, at 3:00 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

2019-04-02 Production Numbers Update

Maha Energy AB (publ) (“Maha” or the “Company”) provides an update on the Company’s 2018 Capital Plan, announces its 2019 Capital Plan and discusses its April 2017 Five Year Capital Plan and Production Forecast

on Share

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

Press release
Stockholm
March 8, 2019

Maha Energy AB (publ) (“Maha” or the “Company”) provides an update on the Company’s 2018 Capital Plan, announces its 2019 Capital Plan and discusses its April 2017 Five Year Capital Plan and Production Forecast

Maha Energy AB (publ) ("Maha" or the "Company") is pleased to provide an update on the completion of the Company’s 2018 Capital Plan, details of its 2019 Capital Plan and a discussion of the impact of the 2018 and 2019 Capital Plans on the previously announced – April 2017 Five Year Capital Plan and Production Forecast.

2019 Capital Plan Summary – Total Budget USD 20 Million

Tartaruga Delineation Well DH-1 Q2 and Q3 Test up to 27 Penedo sandstones

 
Tartaruga Facilities Upgrade Q2 and Q3 Increasing processing capacity for new production
Tie New Well
TS-1		 Q4 Maintain Tie field long term production plateau
Tie New Well
TS-2		 Q4 Maintain Tie field long term production plateau
LAK None N/A N/A

Tartaruga Field – Sergipe, Brazil

Tartaruga – 2018 Capital Plan Completion Update

7TTG Well
As previously announced, stimulation clean-up operations of the P1 zone were performed using a dedicated jet pump from February 17th to February 23rd.  The cleanup operation saw a significant portion of the stimulation fluids being produced back.  Before shutting the well in and removing temporary flowback equipment, the P1 zone produced at a rate of 457 BOPD, 88 BWPD and 113 MSCFPD during a 24-hour flowback period.  Note this is a dedicated test of the P1 zone only.  The newly perforated P4 zone and the previously producing P6 zone are both temporarily closed off.  Further production testing on the P1 zone is ongoing and the well is cleaning up nicely; the latest 24-hour production rate for the P1 zone before pump optimization is over 600 BOPD with negligible water.
Production is expected to be re-established very quickly after installation of permanent production equipment.  Thereafter the well will continue to clean up – with oil rates expected to increase and water rates reducing.  Once the operations team has completed pump optimization and, if required, reactivation of the P4 & P6 perforations, 7TTG is anticipated to produce hydrocarbons to the current capacity of the Tartaruga facilities which is between 500 and 800 BOPD depending on the results of the current well tests.
107 D (Tartaruga Field)
The new horizontal sidetrack reached a Total Depth of 3661 m as of 18 December, 2018 and the horizontal sidetrack has now been lined with a 3-1/2” liner that has been installed and sealed.  Certain required non-standard specialty perforating equipment has been identified and will be air freighted to Brazil as soon as possible.
       
Tartaruga – 2019 Capital Plan

      Delineation Well (MH-1)
      The Company plans to drill a new well from the Tartaruga site during 2019 (“MH-1”).  The objective of the MH -1 well is to further test hereto untested sandstone zones in the Penedo reservoir.  The Penedo reservoir consists of up to 27 sandstone zones (hereinafter referred to as ‘sands’).  All sands have been penetrated and logged in previous wells and all indications are that these sands contain oil, but only four (4) sands have been previously tested in order to confirm oil content.  All four tested sands have tested varying amounts of oil. 
       
      MH-1 will be drilled to the base of the Penedo sandstone.  Electric logging results will dictate the scope of the Drill Stem Testing Program at the time.  On the conclusion of the tests, the MH-1 well will be placed on production and connected to the Tartaruga Facility.
       
      It is not anticipated that the Tartaruga Facility will be shut in during the drilling activities of the MH-1 well.  The Company expects 7TTG and 107D (once perforated and hooked up) to produce continuously through 2019, except during shutdowns required for the Facility expansion, if any.

      Facility Upgrade
      The production test results from the 107D Sidetrack and the 7TTG Workover will dictate upgrade requirements for the production handling facilities at Tartaruga field.  Based on present understandings it is anticipated facilities will be initially upgraded during 2019 with a view to handle up to 2,500 BOPD and 500 MSCFPD of associated gas. Environmental licenses have been obtained for the implementation of a Gas-to-Wire project that will handle the excess gas for this upgrade. This facility work is expected to be completed during the second half of 2019. Further associated gas handling is currently being designed for implementation in 2020.
Tie Field – Bahia, Brazil

Tie – 2018 Capital Plan Completion Update

Attic Well
      The 2018 announced Attic Well will be completed during 2019.  Once the Boipeba exploration target has been evaluated, the Attic Well will be dually completed and placed on production.
       
GTE-3
      As soon as the Attic Well is completed and placed on production, in order to boost production from the GTE-3 well, a Workover Rig will be mobilized to recomplete the GTE-3 well from a single comingled completion to a separate zone dual completion
       
      GTE-4
In 2018, the Company announced that the free-flowing GTE-4 well will be recompleted with a Jet Pump once the Sergi and/or Agua Grande zone ceases free flowing oil.  The water injection program that commenced in October 2017 has worked above expectations such that the GTE-4 well continues to free flow and hence work will only be undertaken to recomplete the GTE-4 well to a pumping well once either zone ceases to flow freely.  The surface pumping equipment on GTE-4 is already installed such that any intervention work on GTE-4 will only entail minor work. 
       
      Facility Upgrade
      The capital program announced in 2018 for upgrading the Tie Field facility will be completed during the first half of 2019.  At the moment, the Plant is capable of handling up to 5,000 BOPD.  Remaining work to be completed during 2019 includes the construction of two additional storage tanks and a four-bay loading facility.  In the event that the Attic Well is completed before this work has been completed, the current facility is arranged to temporarily handle 5,000 BOPD until such time the four-bay loading work is completed.

Tie – 2019 Capital Plan
       
      Tie South 1 and Tie South 2 Wells
      The Company plans to drill two new wells at the Tie field (“TS-1” and “TS-2”) in order to maintain the field’s long-term production plateau.  While these wells are currently scheduled to be drilled back-to-back towards the end of 2019 the exact spud date is wholly dependent on normal course regulatory approvals such as a well license.  Permitting has already commenced and is expected to take eight months to complete.  Given this timing there is some likelihood the Company will not complete both wells prior to year-end.  It should be noted maintaining the Tie Field production plateau during 2019 is not dependent on the drilling of these wells.
             
Facility Upgrade
      There is currently no anticipated requirement for additional facilities at Tie field other than completion of the work as per above. If results from the Attic Well and other planned operations exceed expectations, the Company may re-visit further additions to the 2019 Capital Program for additional facilities at Tie.

LAK Ranch – Wyoming USA

 LAK – 2018 Capital Plan Completion Update
       
Phase I
During 2018, the Company completed the first Phase of the LAK Ranch Field Development.  The First Phase now consists of five (5) near horizontal producers and nine hot water injectors which are being tied in.  The results are now been evaluated.

LAK – 2019 Capital Plan

Production Optimization
2019 will be a year of production optimization and evaluation. So far, no investment decision has been made for LAK in 2019.  Capital will only be spent if: a) the results show positive netback numbers for the field, b) further capital investments are ranked above other opportunities that the Company might have during 2019, and c) Board of Director review and approval.

Production

The Company expects to complete most if not all of the Capital Plan prior to year-end 2019.  The exact timing of the operations is dependent upon a number of factors including delivery of long lead items, rig availability, permitting and logistics.  Depending on the results of the operations, the Company will need to find new markets and offtake arrangements for production increases.  As a minimum the Company expects to achieve, those production levels reflected in its April 2017 Five Year Capital Plan: an average annual net production of 3,990 BOPD for 2019 and 4,820 BOPD for 2020.

As the exact timing of operations and expected production/offtakes becomes clearer the Company will provide updated information by Press Release.

Funding of 2019 Capital Plan

2019 Capital Plan Budget
The 2019 Capital Plan has a total budget of USD 20 million for the above incremental projects and is expected to be funded fully through operating cash flow. Except if either of TS1 or the TS2 wells are delayed into 2020 (see above), it is anticipated most of these costs will be incurred in 2019.

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 March 8, 2019, at 3:00 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.

Attachment

2018-03-06 Capital Plan for 2019

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

on Share

­­­Maha Energy AB (publ)
Biblioteksgatan 1
SE-111 46 Stockholm
www.mahaenergy.ca

Press release
Stockholm
March 2, 2019

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

Production Volumes

The Company's aggregate sales production for the month of February totaled 71,2051 barrels of oil and 33.030 million scf of gas for a combined average production of approximately 2,740 BOE/day2, before royalties and taxes.

The previously announced capital program for 2018 continues to temporarily affect production from the Tartaruga Field and will continue to do so until the work is complete.  The Tartaruga Field was shut in for a total of 25 days in February due to the planned 7TTG and 107D Well intervention work.  The 7TTG Well is now back on production and it is not envisioned that future work at Tartaruga will significantly affect future production.  At this time, the 7TTG Well continues to clean up.  Further pump optimization will in all likelihood increase oil production to the current limit of the Tartaruga oil and gas processing facilities.  Current production (1 March, 2019), based on a 72 hour uninterrupted pump test at the 7TTG Well is (gross) 643 BOPD (net) 482 BOPD.

Maha Energy owns a 75% working interest in the SES-107 Tartaruga oil and gas concession onshore Brazil.  Petrobras owns 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 March 2, 2019, at 6:00 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

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2019-03-02 Production Numbers Update