Nasdaq Stockholm's listing committee has decided that Maha Energy AB (publ) ("Maha" or the "Company") fulfills the requirements for admission to trading of the Company's shares on the main market Nasdaq Stockholm subject to customary provisions ^[1]. The first day of trading of Maha’s shares on Nasdaq Stockholm is expected to be Thursday, 17 December 2020. The last day of trading of Maha’s shares on Nasdaq First North Growth Market is expected to be Wednesday, 16 December 2020.

The shares that will be admitted to trading will be traded under the same ticker (MAHA A) and with the same ISIN code SE0008374383 as before. No new shares will be issued in connection with the listing on Nasdaq Stockholm Main Market. Shareholders of Maha do not need to take any action in connection with the change of listing venue.

For further information, please refer to the prospectus prepared in connection with the admission of trading of the Company's shares on Nasdaq Stockholm, which is expected to be approved and registered by the Swedish Financial Supervisory Authority as well as published on Maha’s website (www.mahaenergy.ca) on or about 11 December 2020.

^[1] The approval is subject to customary conditions, including the approval and registration of a prospectus by the Swedish Financial Supervisory Authority and that the Company submits the application for admission of trading of its shares on Nasdaq Stockholm.

Advisors
In conjunction with the listing on Nasdaq Stockholm Main Market, Setterwalls Advokatbyrå acts as legal advisor to the Company.

This information is such information as Maha Energy AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 16:15 CET on December 10, 2020.

For more information, please contact:        
Jonas Lindvall (CEO)
Tel: +46 8 611 05 11        
jonas@mahaenergy.ca

Victoria Berg (Investor Relations)
Tel: +46 8 611 05 11      
victoria@mahaenergy.ca

About Maha
Maha Energy AB (publ) is a listed, international upstream oil and gas company whose business activities include exploration, development and production of crude oil and natural gas. The strategy is to target and develop underperforming hydrocarbon assets on global basis. Maha operates four oil fields: Tartaruga and Tie in Brazil, Powder River (LAK Ranch) and Illinois basins in the United States. The shares are listed on Nasdaq First North Growth Market (MAHA-A) in Stockholm. FNCA Sweden AB is Certified Adviser and can be contacted at info@fnca.se or +46-8-528 00 399. The head office is in Stockholm, Sweden with a technical office in Calgary, Canada, as well as operations offices in Newcastle, WY, USA and Rio De Janeiro, Brazil. For more information, please visit our website www.mahaenergy.ca.

Maha Energy Receive Royal Decree for Block 70 and reserve and contingent resource booking for Block 70 Mafraq Field

Maha Energy AB (publ) (“Maha” or the “Company”) is pleased to announce that the Royal Decree for Block 70 in Oman has been granted by His Majesty Haitham bin Tarik Al Said. The Royal Decree signals the beginning of the earlier signed and announced Exploration and Production Sharing Agreement (EPSA) for Block 70 covering an initial exploration period of three years with an optional extension period of another three years. In case of a commercial oil or gas discovery, the EPSA can be transformed into a fifteen-year production license which can be extended for another five years.  Consideration for Block 70 is US$ 10 million and is payable within 30 days of the Royal Decree.  Block 70 contains the discovered and undeveloped Mafraq heavy oil field.  The 13° API oil has been produced from two separate wells using conventional pumps and without the use of steam.

Jonas Lindvall, President and Chief Executive Officer of Maha, comments: “The entry into Oman marks a milestone for the Company’s diversification strategy.  The Company is now firmly rooted in three jurisdictions with solid underlying oil assets on which to further grow our business.”

Under the EPSA, Maha acquires commercial rights to produce and sell any hydrocarbons discovered. As such, and in line with extensive work already undertaken on Block 70, the Maha third party reserve auditor Chapman Petroleum Engineering Ltd in Calgary, Canada, has assigned the following reserves and contingent resources to the Mafraq field as of 1 August, 2020:

About Block 70 and the Mafraq Field
Block 70 is an onshore block that includes the shallow undeveloped Mafraq oil field. The Mafraq oil field was discovered by Petroleum Development Oman (PDO) in 1988 and was further delineated by four wells and 3D seismic in stages until 2010. Two wells were placed on pump production tests, of which one was placed on a 22-day test and produced a stable and cumulative volume of over 15,700 barrels of oil before operations were suspended. The Mafraq oil field is estimated by third parties to contain between 185 – 280 million barrels of original oil in place (OOIP). The productive reservoir is shallow, at approximately 430 m. below ground level.

¹About 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 (P) 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 (P).

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).

² Contingent Resources
Contingent Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development (TUD), but which are not currently considered to be commercially recoverable due to one or more contingencies.

Contingent Resources are further categorized in accordance with the level of certainty associated with the estimates and may be sub-classified based on project maturity and/or characterized by their economic status.

Contingencies may include economic, environmental, social and political factors, regulatory matters, a lack of markets or prolonged timetable for development. Contingent Resources have a Chance of Development that is less than certain.

Contingent Resources are further categorized according to their level of certainty associated with the estimates and may be sub-classified based on project maturity and/or characterized by their economic status.

Project Maturity Sub-Classes are: Development Pending, Development on Hold, Development Unclarified and Development Not Viable.

Reports on Contingent Resources must specify the level of maturity and usually include the cumulative cases of 1C, 2C and 3C estimates, or if specified separately as incremental categories of C1, C2 and C3.

There is no certainty that it will be commercially viable to produce any portion of the Contingent Resources.

According to Chapman Petroleum Engineering Ltd, and with respect to the oil accumulation at the Mafraq Field:
“Contingent Resources are not currently considered to be commercially recoverable due to two contingencies. The Contingencies for this project include:
1) Currently unverified economics in the Pilot Project that affects the Development Plan
2) Acceptance by the Government of Oman of a "Declaration of Commerciality" and approval of a field development plan.”

The information was submitted for publication, through the agency of the contact person set out above, at 22:00 CEST on 4 November 2020.

For more information, please contact:        
Jonas Lindvall (CEO)
Tel: +46 8 611 05 11        
jonas@mahaenergy.ca

Victoria Berg (Investor Relations)
Tel: +46 8 611 05 11      
victoria@mahaenergy.ca

About Maha
Maha Energy AB (publ) is a listed, international upstream oil and gas company whose business activities include exploration, development and production of crude oil and natural gas. The strategy is to target and develop underperforming hydrocarbon assets on global basis. Maha operates four oil fields: Tartaruga and Tie in Brazil, Powder River (LAK Ranch) and Illinois basins in the United States. The shares are listed on Nasdaq First North Growth Market (MAHA-A) in Stockholm. FNCA Sweden AB is Certified Adviser and can be contacted at info@fnca.se or +46-8-528 00 399. The head office is in Stockholm, Sweden with a technical office in Calgary, Canada, as well as operations offices in Newcastle, WY, USA and Rio De Janeiro, Brazil. For more information, please visit our website www.mahaenergy.ca.

Maha Energy AB (publ) Announce October Production Volumes.

Production Volumes
The Company's aggregate sales production for the month of October totaled 84,324¹ barrels of oil and 46.622 million scf of gas for a combined average production of approximately 2,971 BOE/day², before royalties and taxes.

Tie Field
During the month of October the dual GTE-4 oil producing well continues to flow oil from the long string (Sergi) only, due to a stuck blanking sleeve in the Agua Grande (AG) short string.  The Tie field processing plant was shut down two times during the month due to planned and unplanned activities. Finally, Tie-1 (attic well) suffered production interruptions from the short string (AG) due to water loading occurring, following the planned facility shut down.  A workover rig is currently restoring production from the Tie-1 AG zone.  The workover rig will then move to restore production from the AG zone in the GTE-4 well.

The information was submitted for publication, through the agency of the contact person set out above, at 16:50 CEST on 4 November 2020.

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

For more information, please contact:        
Jonas Lindvall (CEO)
Tel: +46 8 611 05 11        
jonas@mahaenergy.ca

Victoria Berg (Investor Relations)
Tel: +46 8 611 05 11      
victoria@mahaenergy.ca

About Maha
Maha Energy AB (publ) is a listed, international upstream oil and gas company whose business activities include exploration, development and production of crude oil and natural gas. The strategy is to target and develop underperforming hydrocarbon assets on global basis. Maha operates four oil fields: Tartaruga and Tie in Brazil, Powder River (LAK Ranch) and Illinois Basin in the United States. The shares are listed on Nasdaq First North Growth Market (MAHA-A) in Stockholm. FNCA Sweden AB is Certified Adviser and can be contacted at info@fnca.se or +46-8-528 00 399. The head office is in Stockholm, Sweden with a technical office in Calgary, Canada, as well as operations offices in Newcastle, WY, USA and Rio De Janeiro, Brazil. For more information, please visit our website www.mahaenergy.ca.

Press release
Stockholm
October 26, 2020

Maha Energy announces fixed income investor meetings and 5-year operational strategy

Maha Energy AB ("Maha" or the "Company") has mandated Arctic Securities AS (Global Coordinator and Joint Bookrunner), Pareto Securites AS and SpareBank1 Markets AS (Joint Bookrunners) to arrange a series of fixed income investor meetings and calls commencing on 26 October, 2020. An up to USD 80 million senior secured bond issue with a tenor of 3 years may follow, subject to inter alia market conditions. The net proceeds from the potential bond issue will be used to refinance existing bond debt and to finance future capital expenditures and acquisitions.

To complement the anticipated bond proceeds, the Company is further pleased to announce its’ next five-year operational strategy. In brief, the strategy is to grow the Company in three core areas, Brazil, Oman¹ and USA and to continue to grow gross² company production to over 15,000 BOEPD.  Existing cash, internally generated cash flow and a potential refinancing of the Company’s bond will all contribute to achieve the operational strategy.  Please refer to the Company’s 5-year operational strategy, now available on the Company’s website:
https://mahaenergy.ca/wp-content/uploads/2020/10/20201022-corporate-presentation-v2.pdf

Jonas Lindvall, CEO at Maha comments: “Our diversification strategy is taking shape.  We now have a firm foothold in Brazil, USA and Oman¹, and this anticipated bond will provide the  Company the necessary funds to accelerate growth in all three areas.”

This information is such information that Maha Energy AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below, at 07:01 a.m. CET on 26 October, 2020.

¹ The Block 70 EPSA was signed earlier this month and is further subject to ratification by H.M. The Sultan of Oman.
² Gross production volumes before any royalties and/or production sharing with a host Government.

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +46 8 611 05 11        
Email: jonas@mahaenergy.ca

or

Victoria Berg (Investor Relations)
Tel: +46 8 611 05 11      
Email: victoria@mahaenergy.ca

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser and can be contacted at info@fnca.se or +46-8-528 00 399. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 30 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth.  After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates four oil fields, Tartaruga and Tie in Brazil, Powder River (LAK Ranch) and Illinois basins in the United States For more information, please visit our website www.mahaenergy.ca.

Press release
Stockholm
October 15, 2020

Maha Energy AB (publ) (“Maha”, or the “Company”) announce partial restoration to the revised 2020 investment capital plan and comments on 2020 production guidance

• 2020 annual average production rate is expected to land between 3,700 – 4,000 BOEPD
• 2020 Investment Capital Plan is increased by US$ 8.7 m
• Year-end expected daily production rate of 5,200 – 5,700 BOEPD

2020 Annual Production Guidance
Due to effects from Covid-19, the Company currently expects the 2020 annual average production volumes to land at about 5% below the lower end of the previously communicated guidance of 4,000 – 5,000 BOEPD.  Effects from Covid-19 still impact ‘on the ground’ logistics and personnel movements in Brazil, which in turn has a direct impact on production uptime. 

“2020 has been a tough year so far and our production capacity has been affected by the Covid-19 pandemic. Although Covid-19 continues to impact all aspects of our operations, I am pleased to announce that we are increasing our investment pace to further grow production in Brazil into 2021 and beyond. With this increase in investment we expect to end 2020 with a daily production rate between 5,200 – 5,700 BOEPD.” said Jonas Lindvall, CEO of Maha Energy AB.

2020 Investment Capital Plan
In light of the higher than budgeted oil price, and the subsequent stabilization of the oil market, the Company has decided to partially restore the 2020 revised Investment Capital Plan (as communicated on 22 May, 2020) as follows:

1. Drill and complete the Tie-2 well (TS-1) well during Q4.
2. Drill and complete the Tie-3 well (TS-2) well during Q4.
3. Resume testing operations on Maha-1 (7TTG-3D-SES) at Tartaruga in Q4.
4. Undertake a recompletion of GTE-4 to restore Agua Grande (AG) zone production.
5. Complete the previously announced work program in the Illinois Basin, of 1 production well plus complete a drilled-but-uncompleted well.
6. Commence various facility support projects at Tie and Tartaruga.

With the completion of the revised work program described above; the Company expects to end 2020 with a daily production rate in the range of 5,200 – 5,700 BOEPD.

The additional capital projects now included in 2020 is estimated at US$ 8.7 m bringing the total 2020 capital spend to US$ 24.2 million for the year. Funding of the Capital Plan is through Company cash on hand and operating cash flow.

Investment Capital Plan Details

Tie-2 & Tie-3 – Tie Field
Tie-2 is expected to be completed by 15 November and production from this well is expected by 1 December.  Tie-3 (water injector) will be drilled immediately after the Tie-2 well is completed and will provide important reservoir pressure support.

GTE-4 – Tie Field
The GTE-4 well was converted to a dual pumping well during the second quarter this year.  A subsequent well test proved inflow restrictions in the AG zone which was ultimately resolved, but unfortunately during the pump installation, a blanking sleeve became stuck in the well.  Depending on rig availability and associated manpower, a workover is now scheduled during November to recomplete and restore the GTE-4 well to a comingled producer.

Maha-1 (7TTG-3D-SES) – Tartaruga Field
The Maha-1 well testing operations were suspended in March due to Covid-19 impedements.  The Company will resume testing operations later this month.  Once tests are completed, which are expected at the end of November, the Company will communicate well test results and place the well on production.

Illinois Basin
The Company has contractual obligations to drill one production well and to complete an already drilled-but-uncompleted well before the end of the year.

This information is such information that Maha Energy AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, 02:00 a.m. CET on 15 October, 2020.

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +46 8 611 05 11        
Email: jonas@mahaenergy.ca

or

Victoria Berg (Investor Relations)
Tel: +46 8 611 05 11      
Email: victoria@mahaenergy.ca

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser and can be contacted at info@fnca.se or +46-8-528 00 399. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 30 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth.  After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates four oil fields, Tartaruga and Tie in Brazil, Powder River (LAK Ranch) and Illinois basins in the United States For more information, please visit our website www.mahaenergy.ca.

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

Press release
Stockholm
October 3, 2020

Maha Energy AB (publ) Announce September Production Volumes and extends invitation to Annual Investor Presentation 7 October.

Production Volumes

The Company's aggregate sales production for the month of September totaled 89,712¹ barrels of oil and 47.543 million scf of gas for a combined average production of approximately 3,255 BOE/day², before royalties and taxes.

During the month of September the dual GTE-4 oil producing well was shut down for 14 days, due to workover operations to fish a stuck blanking sleeve in the Agua Grande (AG) short string.  Fishing operations to date have been unsuccessful and a more rigorous workover operation is now scheduled during the fourth quarter to restore production from the AG zone.  Production from GTE-4 well (Sergi zone) was resumed on the 28^th of September and is performing as expected. Tartaruga had issues during the month with unreliable power from the local grid – back up generation is installed and production is stabilizing.

The annual Maha Energy Investor and Shareholder Presentation will be held at 17:00 CET on 7 October, 2020. Jonas Lindvall, Managing Director of Maha Energy AB will host a virtual presentation of the Company’s activities and future plans.  Questions can be posed ahead of the presentation by e-mailing Victoria@mahaenergy.ca. Please visit https://mahaenergyab.se/events/ for further details.

The information was submitted for publication, through the agency of the contact person set out above, at 22:05 CEST on 3 October 2020.

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

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +46 8 611 05 11        
Email: jonas@mahaenergy.ca

or

Victoria Berg (Investor Relations)
Tel: +46 8 611 05 11      
Email: victoria@mahaenergy.ca

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser and can be contacted at info@fnca.se or +46-8-528 00 399. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 30 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth.  After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates four oil fields, Tartaruga and Tie in Brazil, Powder River (LAK Ranch) and Illinois basins in the United States For more information, please visit our website www.mahaenergy.ca.

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

Press Release
Stockholm
September 25, 2020

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

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

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

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

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

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

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

For more information, please contact:         

Jonas Lindvall (CEO)
Tel: +46 8 611 05 11
Email: jonas@mahaenergy.ca

or

Victoria Berg (Investor Relations)
Tel: +46 8 611 05 11
Email: victoria@mahaenergy.ca

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

Maha in Brief
Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser and can be contacted at info@fnca.seor +46-8-528 00 399. The Company’s auditors are Deloitte. The Company’s predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 30 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth.  After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha’s strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates four oil fields, Tartaruga and Tie in Brazil, Powder River (LAK Ranch) and Illinois basins in the United States. For more information, please visit our website www.mahaenergy.ca.

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

Press Release
Stockholm
September 23, 2020

Maha Energy AB (publ) – Announces an operational update

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

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

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

Operational update

Tie Field

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

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

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

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

Tartaruga

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

Illinois Basin

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

For more information, please contact:         
Jonas Lindvall (CEO)
Tel: +46 8 611 05 11
Email: jonas@mahaenergy.ca

Or

Victoria Berg (Investor Relations)
Tel: +46 8 611 05 11
Email: victoria@mahaenergy.ca

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

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser and can be contacted at info@fnca.seor +46-8-528 00 399. The Company’s auditors are Deloitte. The Company’s predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 30 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth.  After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha’s strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates four oil fields, Tartaruga and Tie in Brazil, Powder River (LAK Ranch) and Illinois Basin in the United States For more information, please visit our website www.mahaenergy.ca.