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

Press release
Stockholm
February 24, 2019

Maha Energy AB (publ) (“Maha” or the “Company”) Announces Preliminary Flowback production rates of 7TTG workover at Tartaruga

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

7TTG (Tartaruga Field)
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.  Prior to shutting the well in for work in January 2018, the P6 zone was producing 191 BOPD, 0.6 BWPD and 92 MSCFPD of gas.  Therefore, aggregate production from 7TTG, (not including the P4 interval,) should be approximately 650 BOPD.

Production is expected to be reestablished 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 reactivation of the P4 & P6 perforations, 7TTG is anticipated to produce hydrocarbons to the current capacity of the Tartaruga facilities – 500 – 800 BOPD.

Tartaruga Facilities
The facilities at Tartaruga are capable of treating over 1000 barrels of fluid per day however, as there is no current outlet for the associated gas, gas production will be restricted to approximately 200 MSCFD. This in turn restricts oil production to about 600 BOPD.  Environmental licenses have been obtained for the implementation of a Gas-to-Wire project that will handle the excess gas once the upgrade is completed.

Jonas Lindvall, CEO of Maha Energy, commented: “We are very pleased with the initial results, and we know from past experience from operating jet pumps at the Tartaruga wells that the P1 zone productivity will improve as the well cleans up.  Additionally, pump optimization is expected to further improve production rates.  This workover is a prime example of Maha’s business strategy; adding value to existing hydrocarbon accumulations by using modern technologies to boost 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 February 24, 2019, at 19:30 pm 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

• 2019-02-24 Operational Update Flowback

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

Press release
Stockholm
February 18, 2019

Maha Energy AB (publ) (“Maha” or the “Company”) Announces Spud of Attic Well on Tie Field and completion of 7TTG workover at Tartaruga

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

Attic Well and Tie Field Operations

The Attic development well (the “Attic Well”) was spudded today after a lengthy mobilization and rig up.  The Attic Well is targeting the Agua Grande and Sergi oil producing formations of the Tie Field.  The proposed position of the Attic Well is 55 m. higher structurally than any other producing well on the field and targets previously untapped oil volumes at the crest of the structure.  A secondary objective of the Attic Well is to investigate the previously undrilled and untested Boipeba formation which underlies the oil bearing Agua Grande and Sergi formations.

The Attic Well is expected to take 30 – 60 days to drill, test and complete depending on potential hydrocarbon shows in the Boipeba.

Upon completion of the Attic Well, GTE-3 will be worked over to increase production by recompleting the well from a single comingled completion string to a dual completion string. Maha has current offtake agreements at the Tie Field to export up to 4100 BOPD.  Management is working hard to increase these to 5000 BOPD which is the capacity of the newly expanded Tie Field Processing Plant. 

7TTG (Tartaruga Field)
The 7TTG workover is now complete.  The stuck 3-1/2” tubing has been recovered, the previously unperforated P1 and P4 zones have been perforated and the P1 zone stimulated.  The well has now been completed with a 2-7/8” dedicated jet pump and the immediate plan is to clean the well up and return it to production.  Once clean up operations are completed and the well is stable, production results of this test will be communicated in a future press release.  The Drilling Rig has now been rigged down.

107 D (Tartaruga Field)
Further to the January 7, 2019 announcement that the new horizontal sidetrack reached a Total Depth of 3661 m as of 18 December, 2018, 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.  Expected timing for the perforating is uncertain at this time and will be the subject of future communication by the Company. 

Jonas Lindvall, CEO of Maha Energy commented “The spudding of the Attic Well begins the last vital piece of the 2018 Capital Plan designed to increase production form the Tie Field from 2000 BOPD to 5000 BOPD.  The anticipated production from the Attic Well will be welcomed in the newly upgraded Processing Plant at the Field.”

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 February 18, 2019, at 8.00 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

• 2019-02-18 Operational Update(spud)

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

Press release
Stockholm
February 18, 2019

Maha Energy AB (The "Company" or "Maha") announces December 31, 2018 Reserve Report

Chapman Petroleum Engineering Ltd. (“Chapman”) has completed their annual reserve determination for the Company.  While overall oil 2P reserves are down by approximately 5% compared to year end 2017, primarily due to a decrease in the assumed recoverability of the LAK reserves; the Company’s Brazil reserves did increase markedly (see below).

Maha Reserves1 as at 31 December 2018

The main changes to this years’ reserve volumes are:

• 4.7 million-barrel reduction in P50 (probable) reserves at LAK
• 3.1 million barrels addition of P50 (probable) reserves at Tartaruga

At LAK, the probable reserves were reduced by Chapman following a review on the current rate of recovery. A significant review had not been conducted since 2014 and was required in accordance with NI51-101.  At Tartaruga, P10 (possible) reserve volumes were migrated into the P50 (probable) category by Chapman because of acceleration in development planning implemented by the Company.

1 Volumes are Net to Maha Energy AB and are expressed before royalties and taxes.
2 The Tartaruga Concession Agreement expires in 2025 but provides mechanisms for extension based on the continued productivity of the field.  Management is confident that such an extension will be approved and the reserves assume that the extension will be granted.  The following reserve volumes are attributable to the extension period: P: – 2.28 m bbls, 2P: – 6.82 m bbls and 3P: – 15.50 m bbls.
3 Chapman Petroleum Engineering Ltd. uses the following oil price forecast for Brent Spot in $USD/STB:

The average gas price for the gas reserves at Tie Field over the next five years is forecasted by Chapman to be $1.64 USD/MSCF.

The reserves review and issuance of this reserve report for the Company was made by the independent petroleum engineering consultants Chapman Petroleum Engineering Ltd., Calgary, Canada. The report has been calculated in accordance with the standards set out in the Canadian Oil and Gas Evaluation Handbook (COGEH), compliant with the National Instrument NI 51-101 standards and the professional practice standard under the Permit to Practice.

Maha Energy AB, through its subsidiaries owns and operates a legal and beneficial 75% working interest in the SES-107D Block (Tartaruga) onshore Sergipe State Brazil, a 99% working interest in the LAK Ranch heavy oil field in Wyoming USA, and a 100% working interest in the Tie Field onshore Bahia State Brazil.

About reserves

Reserves are estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations, as of a given date, based on:

• analysis of drilling, geological, geophysical, and engineering data,
• the use of established technology, and
• specified economic conditions, which are generally accepted as being reasonable, and shall be disclosed

Reserves are classified according to the degree of certainty associated with the estimates.
Proved reserves (P90) are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves (1P).

Probable reserves (P50) are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved + probable reserves (2P).

Possible reserves (P10) are those additional reserves that are less certain to be recovered than probable reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved + probable + possible reserves (3P).

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 February 18, 2019, at 3:00 am 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 to develop underperforming hydrocarbon assets on a global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil, and LAK Ranch in Wyoming, U.S.A. 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

• Maha Energy Reserve Update 02182019

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

Press release
Stockholm
February 4, 2019

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

Production Volumes

The Company's aggregate sales production for the month of January totaled 67,5541 barrels of oil and 24.874 million scf of gas for a combined average production of approximately 2,313 BOE/day2, before royalties and taxes.

The routine scheduled refinery maintenance in Brazil (see January 2, 2019 press release) continued for the first six days into January.  This resulted in approximately 7,900 barrels of oil being deferred for future delivery. During the second half of January the Company produced an average of 2,588 BOEPD.

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 31 days in January due to the planned 7TTG and 107D intervention work. 

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 February 4, 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

• 2019-02-04 Production Numbers Update

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

Press release
Stockholm
January 7, 2019

Maha Energy AB (publ) (“Maha” or the “Company”) Announces Company Operational Update on 107D Horizontal Sidetrack and Tie Field Drilling Program

The Company is pleased to provide the following update from its operations in Brazil:

Tartaruga

107D
Further to the Company’s November 22, 2018 press release – drilling of the 107D horizontal sidetrack was completed on December 18, 2018 and reached a Total Depth of 3661 m.  The total length drilled in the Penedo 1 sandstone was 504 m. and encountered a total of 409 m. of sandstone of which a total of 328 m. contained very good to excellent oil and gas shows. This confirms the Company’s expectation that by horizontally drilling the Penedo sands – a much wider productive area can be accessed than the previous wells which should result in higher production rates.

Preparations were then made to run a 4-1/2” slotted liner to complete the well, but deteriorating hole conditions made the running of the 4-1/2” liner to 3661 m. impossible. Instead, a smaller 3-1/2” liner has been worked to a depth of 3267 m. at which point it could go no further.   A gross interval of 394 m. of the horizontally drilled section of the well will be left barefoot’, (Open Hole Completion1) of which 218 m. encountered very good to excellent oil and gas shows.  The 110 m. lined section encountered 94 m of sand which were described to have ‘excellent’ oil and gas shows.

Preparations are now underway to selectively perforate the lined section of the horizontal and then complete the well using a dedicated 2-7/8” jet pump.  Because of the reduction in liner size, a non-standard perforating string will have to be mobilized which will require some specialty equipment and additional planning. As such the rig will now be moved to the adjacent 7TTG well where it will complete the fishing job, add perforations and stimulate the Penedo 1 sandstone before returning to perforate and complete the 3-1/2” liner on the 107D well.

7TTG
The 7TTG well has produced some 327,000 barrels of oil from the Penedo 6 sandstone, and the planned workover for 7TTG involves adding perforations in the Penedo 1 sandstone and recompleting the well with its own jet pump.  This work was originally planned for June/July 2018, but a stuck 3-1/2” tubing prevented the work to be completed last summer due to the workover rig limitations.  The rig currently on site is a much larger rig and is expected to recover the stuck 3-1/2” tubing quickly.  Once the drilling rig is on the 7TTG well, it is expected to take 14 days to fish, recomplete and stimulate the well, after which the well will be placed on production.  The rig move is planned to take 10 days.

Tie Field

Due to the continued delays at Tartaruga, the Company contracted a second drilling rig to commence operations at the Tie field.  This drilling rig is currently finishing up drilling operations at a nearby location and is expected to be rigged up at the Tie field in approximately 2 weeks.

The Attic well will drill and complete the producing Agua Grande and Sergi formations at a crestal position of the producing Tie Field.  An additional objective of the Attic well is to penetrate the previously undrilled Boipeba formation.  The Boipeba target is a three-way dip-closed fault bounded structure that has not been explored at the Tie Field previously.

The Attic well is expected to take 30 – 60 days to drill, test and complete.

The CEO Jonas Lindvall commented: “We are very pleased with the drilling results of the 107D horizontal hole so far.  We proved up the continuous nature of the sand which allows for this type of drainage technology to be applied on future wells.  We are also excited about the very good to excellent oil and gas shows documented throughout the drilled sandstone.  The hole conditions were very tough, and future horizontals will be designed differently whereby the hole section leading up the horizontal hole will be cased off before drilling the horizontal.”

2018 Capital Plan

The completion of the 107D Sidetrack and the workover at 7TTG took longer and were more difficult than anticipated. While the final costs are being evaluated, it is expected the two Tartaruga projects are approximately 25% over budget combined. At the Tie Field, the drilling of the Attic Well, the proposed water supply well and the last work on GTE3 will occur in 2019. Fortunately, much of the other work at the Tie Field and LAK Field in the 2018 Capital Plan that has been completed, was well under budget. As at the end of November 2018, the overall cost over run for the adjusted 2018 budget is 6%. The Company remains optimistic, once all the numbers are in, the overall cost of the adjusted 2018 Capital Program will be within 10% of original budgeted amounts notwithstanding the above delays and difficulties. 

1 Whilst an ‘Open Hole Completion’ is the preferred method of completing wells in most cases; in this case, there is a slightly heightened risk of future hole collapse which could possibly restrict production.  Given the circumstances, it is deemed as an acceptable risk. 

The Adviser

FNCA Sweden AB is the Company's Certified Adviser.   

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 January 7, 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

• 2019-01-07 Operational Update

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

Press release
Stockholm
January 2, 2019

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

Production Volumes

The Company's aggregate sales production for the month of December totaled 66,8831 barrels of oil and 23.980 million scf of gas for a combined average production of approximately 2,286 BOE/day2, before royalties and taxes.

An unexpected power outage at the beginning of December at the Tie production facility and routine scheduled maintenance at the local refinery during the Holiday period contributed to a reduction in the total production volumes from the Tie Field during the month.

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 31 days in December due to the planned 7TTG and 107D intervention work. 

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

FNCA Sweden AB is the Company's Certified Adviser.   

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 January 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

• 2019-01-02 Production Numbers Update

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

Press release
Stockholm
December 3, 2018

Maha Energy AB (publ) ("Maha" or the "Company") November Production Volumes.

Production Volumes

The Company's aggregate sales production for the month of November totaled 75,8701 barrels of oil and 35.724 million scf of gas for a combined average production of approximately 2,727 BOE/day2, before royalties and taxes.

During the month of November, the accelerated construction of a temporary second loading bay at the Tie field was completed.  This allowed for more than predicted crude oil to be sold during the month.

Jonas Lindvall, CEO of Maha Energy AB, commented: "November oil production set another production record for Maha.  We are grateful to all the Maha employees working tirelessly to get the oil to market in Brazil.  It is especially pleasing to see how the innovativeness of our production personnel led to the construction of a temporary loading bay which in turn led to higher production numbers."

The temporary loading bay will be in operation until the Tie Field upgrades are completed later this year/early 2019, when multiple new bays will be operational, allowing several trucks to be loaded simultaneously.

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 30 days in November due to the planned 7TTG and 107D intervention work.

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

Adviser

FNCA Sweden AB is the Company's Certified Adviser.

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 December 3, 2018, 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.

2018-12-03 Production Numbers Update

—
This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Maha Energy AB via Globenewswire

2018-12-03 Production Numbers Update

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

Press release
Stockholm
November 22, 2018

Maha Energy AB (publ) ("Maha" or the "Company")Announces Company Operational Update on 107D Horizontal Sidetrack and Revised Tie Field Drilling Program and Capital Update

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

Tartaruga

107D Horizontal Sidetrack ("Sidetrack")
Further to the Press Releases of October 30, and November 5, 2018, the Company is pleased to announce that the parted drillstring has now been recovered down to 2,850 meters.  A new window in the 7" casing has now also been milled and preparations have now commenced to drill the last phase of the operation – the horizontal portion of the Sidetrack.  The parted drillstring and the subsequent recovery operations have added 5 weeks to the scheduled time for the completion of the Sidetrack.   The 107D Horizontal Sidetrack is now expected to be completed in 30 days from today.

7TTG Well
Upon completion of the 107D Horizontal Sidetrack, the Drilling Rig will be moved across the production pad from the 107D well to the 7TTG well.  The move is expected to take 10 days.  Once rigged up on the 7TTG well, the rig will fish the stuck 3-1/2" tubing that was severed earlier this year.  Once the 3-1/2" tubing has been recovered, the 7TTG well will be perforated and stimulated in the Penedo 1 sand.  The perforation and stimulation is expected to take no more than 14 days.

Tie Field

Facilities Upgrades
At the Tie battery, the civil work, piping and tank construction has begun. All long lead items, such as the new 5,000 BOPD Heater Treater, are on site awaiting hook up and commissioning. The battery is expected to be capable of handling 5,000 bopd and the associated natural gas before December 31, 2018 but some minor elements of construction will carry into 2019 with completion expected before the end of Q1 2019.

The jet pump facilities at GTE3 are complete and the Company expects that the similar facilities at GTE4 will also be completed prior to December 31, 2018.  Facilities for the Attic well are underway and are synergistic with GTE4.  Upgrades to the water injection facilities are well underway with expected completion date prior to the end of 2018.  An additional water source system is currently being planned with completion expected in Q1 2019.

Attic Well
Due to the delays at Tartaruga, the Company is pleased to announce it is completing arrangements for a second drilling rig to drill the previously announced "Attic Well".  The Great Holding "Rig 105" is expected to commence operations at the Tie field at the beginning of January, 2019.  Rig 105 is a working drilling rig and will be mobilized in mid-December from where it is currently drilling about 30 km from the Tie field.

The Attic Well will drill and complete the producing Agua Grande and Sergi formations at a crestal position of the producing Tie Field.  An additional objective of the Attic well is to penetrate the previously undrilled Boipeba formation.  The Boipeba formation is a three way closed fault bounded structure that has not been explored at the Tie Field previously.

The Attic well is expected to take 30 – 60 days to drill, test and complete.

2018 Capital Plan Budget

The parted drillstring, the recovery operations and equipment lost in the hole is expected to add approximately USD 1.5 million to the cost of the 107D Sidetrack budget.  Looking at the 2018 Capital Budget as whole, the Company expects that, certain cost efficiencies will be gained at other various facility projects; thus the overall cost impact of the cost overruns at 107D (Tartaruga), 7TTG (Tartaruga) and GTE3 (Tie) will be less than 5% of the original USD 23 million 2018 Capital Budget.

Adviser

FNCA Sweden AB is the Company's Certified Adviser.

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 submitted in accordance with the EU Market Abuse Regulations.  The information was submitted for publication through the agency of the contact persons set out above on November 22, 2018, 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.

2018-11-22 Operational Update

—
This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Maha Energy AB via Globenewswire

2018-11-22 Operational Update

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

Press release
Stockholm
November 5, 2018

Maha Energy AB (publ) ("Maha" or the "Company") Announces Company Operational Update on 107D Horizontal Sidetrack and LAK Drilling Program

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

107 D
Further to the announcement on October 30, 2018, the Company is pleased to announce that the damage to the Drilling Rig has now been assessed and repaired.  As of today, the Drilling Rig is again fully operational.  Part of the parted drillstring has already been recovered and focus is now on recovering the remaining parts of the parted drillstring and resuming drilling operations.

LAK Ranch
The Capstar #302 Drilling Rig was mobilized on September 20, 2018 to the LAK Ranch oil field.  The first of 8 wells was spudded on September 21, 2018.  The 8 well drilling program is now complete with all 8 wells having been drilled and completed.  The Drilling Rig was demobilized on 3 November, 2018 and the program was completed 2 weeks ahead of schedule and within budget.  Operations are now focused on hooking these new wells up to the facilities and commencing production and injection operations.

Adviser

FNCA Sweden AB is the Company's Certified Adviser.

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 November 5, 2018, at 3:15 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.

2018-11-05 Operational Update

—
This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Maha Energy AB via Globenewswire

2018-11-05 Operational Update

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

Press release
Stockholm
November 2, 2018

Maha Energy AB (publ) ("Maha" or the "Company") October Production Volumes.

Production Volumes

The Company's aggregate sales production for the month of October totaled 68,0331 barrels of oil and 30.413 million scf of gas for a combined average production of approximately 2,358 BOE/day2, before royalties and taxes.

The previously announced capital program for 2018 (the "2018 Capital Plan") 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 31 days in October as the  the planned 7TTG and 107D intervention work continues.

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

Adviser

FNCA Sweden AB is the Company's Certified Adviser.

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 November 2, 2018, 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.

2018-11-02 Production Numbers Update

—
This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Maha Energy AB via Globenewswire

2018-11-02 Production Numbers Update