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Maha Energy AB announce December 31, 2020 Reserve Report and Resource Report

on 4 de February de 2021 4 de February de 2021

Maha Energy AB (publ) (“Maha” or the “Company”) is pleased to announce the 2020 reserve report and contingent resource booking with the following highlights:

2020 Reserve Replacement for 2P Reserves is 380%
Proven Reserves increased by 183%
Proven plus Probable (2P) reserves increased by 14%
Contingent Resources (2C) booked at 22.3 million barrels in Oman (Mafraq)

Chapman Petroleum Engineering Ltd. (“Chapman”) has completed their annual reserve determination for the Company. Maha is pleased to announce a 183% increase in Proven (“1P”) reserves driven by successful movement of volumes from the Proved plus Probable (“2P”) category and acquisitions in the USA and Oman. The 2P oil reserves are also up by approximately 14% compared to year end 2019, primarily due to acquisitions and improvement in forecast recoveries by utilizing horizontal development wells. Overall reserve replacement ratios were very strong with 1P Reserve Replacement ratio of 1,428% and 380% on 2P.

Maha Reserves¹ as of 31 December, 2020

2020 Maha Energy AB Company Gross Reserves before income tax
(million barrels)
	Tie	Tartaruga²	Illinois Basin	Oman	LAK	Total
1P	16.85	6.32	2.29	0.25	0.11	25.82
2P	19.85	11.45	3.55	0.97	8.81	44.64
3P	25.43	16.51	4.45	2.04	14.24	62.66

2020 Maha Energy AB Company Gross Conventional (Sales) Natural Gas Reserves before income tax
(billion SCF)
	Tie	Tartaruga²	Illinois Basin	Oman	LAK	Total
1P	11.84	3.10				14.93
2P	13.98	5.61				19.59
3P	17.97	8.09				26.06

The main changes to this year’s reserve volumes are:

17.4 million-barrel of oil equivalent (“BOE”) increase in P90 (1P) reserves primarily in Brazil but with additions in Oman and the USA.
4.8 million barrels increase in P50 (2P) reserves in Tie, Illinois Basin and Oman (spread across Tie, Illinois Basin and Oman).

The increase of the P90 (proven) reserves at the Tie Field are due to the completion of a full field simulation model that showed horizontal development as being a very attractive development approach. This allowed Chapman to move some significant volumes from 2P to 1P based on the planned drilling in Tie this year. The Oman (0.97million) and Illinois basin (3.55million) additions to our portfolio have allowed us to add 4.52 million barrels of 2P reserves outside our largest asset base in Brazil.

[1] Volumes are Gross Working Interest volumes 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. Maha has a 75%WI in the Tartaruga concession
³ Chapman Petroleum Engineering Ltd. uses the following oil price forecast for Brent Spot in $USD/STB:

2021	2022	2023	2024	2025	2026	2027
$50.00	$52.00	$54.00	$55.08	$56.18	$57.31	$58.45

The average gas price for the gas reserves at Tie Field over the next five years is forecasted by Chapman to be $1.12USD/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 evaluation was carried out in accordance with standards set out in the Canadian Oil and Gas Evaluation Handbook, the professional practice standard under our Permit to Practice with APEGA and under the guidelines of the European Securities and Markets Authority (ESMA). The report has been prepared and supervised by a “Qualified Reserves Evaluator”.

Maha Energy AB, through its subsidiaries owns and operates a legal and beneficial 75% Working Interest (WI) in the SES-107D Block (Tartaruga) onshore Sergipe State Brazil, a 99% WI in the LAK Ranch heavy oil field in Wyoming USA, a 100% WI in the Tie Field onshore Bahia State Brazil, an initial 100% WI in the Block 70 Mafraq field under the Exploration and Production Sharing Agreement with the Government of Oman and approximately 96% WI in the acreage in the Illinois Basin.

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).

About 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. There is uncertainty that it will be commercially viable to produce any portion of the resources.

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.

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

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 20:15 CET on February 4, 2021.

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 Stockholm (MAHA-A). The head office is in Stockholm, Sweden with a technical office in Calgary, Canada, as well as operations offices in Grayville, Illinois, USA and Rio De Janeiro, Brazil. For more information, please visit our website www.mahaenergy.ca.

20210204 Maha Energy Press Release - Reserve Update FINAL ENG

Maha Energy AB (publ): Reserv- och resursrapport per 31 december 2020

on 4 de February de 2021 4 de February de 2021

Maha Energy AB (publ) (“Maha” eller “Bolaget”) meddelar idag följande resultat från 2020 års reserv- och betingande resurser rapport:

2020 (2P) Reserversättning om 380%
Bevisade reserver ökade med 183%
Bevisade och sannolika reserver ökade med 14%
Betingande resurser om 22,3 miljoner fat olja i Oman (Mafraq)

Chapman Petroleum Engineering Ltd. (“Chapman”) har genomfört den årliga utvärderingen av Bolagets olje- och gasreserver. Resultatet visar en ökning av bevisade reserver (1P) på 183 procent jämfört med 2019 på grund av en förflyttning av sannolika reserver till bevisade reserver samt till följd av de under året genomförda förvärven i USA och Oman. Bevisade och sannolika reserver (2P) ökade också med cirka 14 procent jämfört med 2019 tack vare förvärv och förbättrade utvinningstekniker, främst genom horisontal borrningsteknik. Starka reserversättningsförhållande om 1 428 procent (1P) och 380 procent (2P).

Maha reserver¹ per den 31 december 2020

Bolagets bruttooljereserver innan royalty och inkomstskatt
(miljoner fat)
	Tie	Tartaruga²	Illinois Basin	Oman	LAK	Totalt
1P	16,85	6,32	2,29	0,25	0,11	25,82
2P	19,85	11,45	3,55	0,97	8,81	44,64
3P	25,43	16,51	4,45	2,04	14,24	62,66

Bruttoförsäljningsvolymer av konventionell naturgas innan royalty och inkomstskatt
(miljarder standard kubikfot)
	Tie	Tartaruga²	Illinois Basin	Oman	LAK	Totalt
1P	11,84	3,10				14,93
2P	13,98	5,61				19,59
3P	17,97	8,09				26,06

De största skillnaderna i årets reservvolymer är:

Ökning med 17,4 miljoner fat 1P reservoljeekvavilenter (“BOE”), främst i Brasilien men även i Oman och USA.
Ökning med 4,8 miljoner fat 2P reservoljeekvavilenter (“BOE”), på Tie fältet, Illinois Basin samt i Oman.

Ökningen av 1P-reserver på Tie-fältet beror på att en under året slutförd datasimulation av oljefältet påvisade att horisontalborrning är väl lämpad som utvinningsmetod här. Eftersom Maha planerar den första horisontalborrningen på Tie-fältet under 2021 kunde Chapman flytta stora volymer av sannolika reserver till bevisade reserver.

Oman (0,97 miljoner fat) och Illinois Basin (3,55 miljoner fat) som förvärvades under 2020 bidrog med totalt 4,52 miljoner fat olja till 2P-reserverna.

[1] Avser bruttovolymer arbetsintresseandelar till Maha Energy AB men innan ev. royalties och skatter.
2 Avtalet för Tartaruga Concessionen går ut i slutet av 2025, men medhaver möjlighet till förlängning så länge olje-fältet är i produktion och med myndigheters godkännande. Då bolaget bedömer möjligheten till förlängning som mycket sannolik har reserverna på Tartaruga-fältet inkluderat framtida produktion baserat på en förlängning. Maha har 75% arbetsintresseandelar i Tartaruga licensen.
³ Chapman Petroleum Engineering Ltd. använder följande oljeprisutveckling för Brentoljan USD/STB:

2021	2022	2023	2024	2025	2026	2027
$50,00	$52,00	$54,00	$55,08	$56,18	$57,31	$58,45

Chapmans antagna snittpris för de kommande 5 åren av naturgasreserver på Tie-fältet är $1,12 USD/MSCF.

Denna oberoende redovisning av reserver har gjorts av Chapman Petroleum Engineering Ltd., Calgary, Kanada för Bolagets räkning. Utvärderingen har genomförts i enlighet med de riktlinjer och standarder som återfinns i “Canadian Oil and Gas Evaluation Handbook”, samt i “The professional practice standard under our Permit to Practice with APEGA” och slutligen i ”The Guidelines of the European Securities and Markets Authority” (ESMA). Rapporten har sammanställts och översetts av en “Qualified Reserves Evaluator”.

Genom dotterbolag äger och styr Maha Energy AB, 75 procent av intresseandelarna i SES-107D Blocket (Tartaruga) onshoredelstaten Sergipe, Brasilien, 99 procent av intresseandelarna i LAK Ranch tungoljefältet i Wyoming, USA, 100 procent av intresseandelarna i Tie-fältet onshoredelstaten Bahia, Brasilien, 100 procent av intresseandelarna i Block 70 Mafraq som styrs av ett produktionsdelningsavtal med den Omanska Staten samt cirka 96 procent av intresseandelarna i ett flertal oljeproducerande fält och formationer i Illinois Basin, USA.

Om reserver

Reserverna är beräknade återstående mängder olja och naturgas och relaterade ämnen som förväntas återvinnas från kända ansamlingar per ett visst datum, baserat på:

• analys av borrning, geologiska, geofysiska och tekniska data
• användning av etablerad teknik
• specificerade ekonomiska villkor, som allmänt accepteras som rimliga, och ska avslöjas

Reserverna klassificeras efter graden av säkerhet i samband med uppskattningarna.
Bevisade reserver (P90) är de reserver som med hög säkerhet kan beräknas vara återvinningsbara. Det är troligt att de faktiska återstående kvantiteterna kommer att överstiga de beräknade bevisade reserverna (1P).

Sannolika reserver (P50) är de ytterligare reserver som är mindre säkra att återvinnas än bevisade reserver. Det är lika troligt att de faktiska återstående kvantiteterna som återvinns kommer att vara större eller mindre än summan av de uppskattade bevisade + de troliga reserverna (2P).

Möjliga reserver (P10) är de ytterligare reserver som är mindre säkra att återvinnas än troliga reserver. Det är osannolikt att de faktiska återstående kvantiteterna kommer att överstiga summan av de uppskattade bevisade + troliga + möjliga reserverna (3P).

Om betingade resurser

Betingade resurser är de kvantiteter petroleum som vid ett visst datum uppskattas vara potentiellt återvinningsbara från kända ansamlingar med etablerad teknik eller teknik under utveckling (TUU), men som för närvarande inte anses vara kommersiellt återvinningsbara till följd av en eller flera betingelser. Det finns osäkerhet att det är möjligt att producera en eller någon del av resurserna kommersiellt.

Betingade resurser kategoriseras vidare i enlighet med säkerhetsnivån för uppskattningarna och kan del klassificeras baserat på projektets mognad och/eller kännetecknas av deras ekonomiska status.

Beredskapen kan innefatta ekonomiska, miljömässiga, sociala och politiska faktorer, regleringsfrågor, brist på marknader eller förlängd tidsplan för utveckling. Eventuella resurser har en mindre utvecklingsmöjlighet.

Underklasser för projektmognad är: Väntande på utveckling, Utveckling i vänteläge, Utveckling oklarad och Utveckling Ej genomförbar.

Denna information är sådan information som Maha Energy AB (publ) är skyldigt att offentliggöra enligt EU:s marknadsmissbruksförordning. Informationen lämnades, genom nedanstående kontaktpersons försorg, för offentliggörande den 4 februari 2021 kl.20:15 CET

För mer information, kontakta:
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

Kort om Maha

Maha Energy AB (publ) är ett listat, internationellt uppströmsolje- och gasbolag vars affärsverksamhet inkluderar prospektering, utveckling och produktion av råolja och naturgas. Strategin är att inrikta sig på att utveckla underpresterande kolvätetillgångar på en global basis. Maha är verksam på fyra oljefält, Tartaruga- och Tiefältet i Brasilien samt LAK Ranch och Illinois Basin i USA. Bolagets aktier är listade på Nasdaq Stockholm (MAHA-A). Bolagets huvudkontor ligger i Stockholm, Sverige. Bolaget har även ett tekniskt kontor i Calgary, Kanada, samt operativa kontor i Grayville, Illionis, USA och i Rio de Janeiro, Brasilien. För mer information, vänligen besök vår hemsida www.mahaenergy.ca

20210204 Maha Energy Press Release - Reserve Update FINAL SWE

Maha Energy AB (publ) (“Maha” or the “Company”) Announce Strong Tie-2 Flow Rates and an Operational Update

on 19 de December de 2020 19 de December de 2020

The Company is pleased to announce that the recently completed Tie-2 well is free flowing oil and gas at a rate of 1,825 BOPD and 1,083 MSCFPD (2,005 BOEPD¹) on a 1-1/2” choke with a stable tubing-head flowing pressure. A follow up well west of Tie 2, Tie-3, was spudded on 18^th December and is expected to take about 60 days to drill and complete. The completion issues with the GTE-4 well have been rectified and the well is now being cleaned up and flowing oil and gas to the Tie Production Facilities.

Jonas Lindvall, CEO of Maha Energy commented “The Tie-2 well is delivering oil rates above expectations and with the issues with the GTE-4 completion now behind us we are finally heading in the right direction in Brazil. We now leave 2020 behind us and look forward to a strong start to 2021 underpinned by a solid production capacity.”

Tie-2 (Tie Field)
The Tie-2 well (7-TIE-2D-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 2-7/8” single tubing completion. Initial free flow test results over a 24 hour period are as follows:
Oil Production                                                    : 1,825 BOPD
Water Production                                              : 37 BWPD
Gas Production                                                  : 1,083 MSCFPD
BOEPD                                                                 : 2,005 BOEPD
Choke Size                                                           : 1-1/2”
Flowing Wellhead Pressure    : 170 psi

Tie-3 (Tie Field)
The Tie-3 (7-Tie-3D-BA) well is being drilled on the western flank of the Tie Field. The well is expected to take around 60 days to drill and complete.

GTE-4 (Tie Field)
The troublesome workover was completed on 17 December, and is now hooked up to the production facilities as a comingled producer.

¹ BOEPD : Barrels of Oil Equivalent per Day; 6,000 SCF = 1 barrel of oil

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

MSCFPD = thousand standard cubic feet per day
BWPD = Barrel of water per day
BOPD = Barrels of Oil per Day

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 Illinois, USA and Rio De Janeiro, Brazil. For more information, please visit our website www.mahaenergy.ca.

2020-12-19 Maha Press Release ENG

Maha Energy AB (publ) (”Maha” eller ”Bolaget”) meddelar starka Tie-2 produktionstestvolymer samt en operativ uppdatering

on 19 de December de 2020 19 de December de 2020

Den nyligen färdigställda Tie-2 produktionsbrunnen flödar på egen hand 1 825 fat olja om dagen samt 1 083 tusen kubikfot gas om dagen (2 005 BOEPD¹) genom en 1–1/2 tumsventil med stabilt brunnshuvudtryck. Borrning av uppföljningsbrunnen, Tie-3, påbörjades den 18 december och beräknas ta ungefär 60 dagar att färdigställa. Den svåråterställda GTE-4 brunnen har nu färdigställts och producerar nu olja och gas till Tie produktionsanläggningen.

Jonas Lindvall, Maha Energy’s VD kommenterade: ”Tie-2 produktionsbrunnen levererar över förväntan och tillsammans med återställningen av den problematiska GTE-4 brunnen bakom oss så är vi äntligen på väg tillbaka åt rätt håll i Brasilien. Vi lämnar nu 2020 bakom oss och börjar 2021 med en stark produktionskapacitet”.

Tie-2 (Tie fältet)
Tie-2 (7-TIE-2D-BA) produktionsbrunnen har nu kopplats på till Tie produktionsanläggningen. Både Agua Grande (AG)- och Sergizonerna har perforerats och samproduceras nu genom ett 2–7/8 tums produktionsrör. Brunnen flödar under egen energi och initiala 24 timmars testvärden är enligt följande:

Oljeproduktionsvolym                                      : 1 825 fat olja per dag
Gasproduktionsvolym                                       : 1 083 tusen kubikfot per dag
Vattenproduktionsvolym    : 37 fat vatten per dag
Oljeekvivalenter per dag        : 2 005 fat oljeekvivalenter per dag
Ventil dimension                                                : 1–1/2 tum
Brunnhuvud tryck                                              : 170 psi

Tie-3 (Tie fältet)
Tie-3 (7-Tie-3D-BA) brunnen är en oljeproduktionsbrunn som kommer att borras på den västra delen av Tie fältet. Brunnen beräknas att ta omkring 60 dagar att färdigställas. Borrning av brunnen påbörjades den 18 december.

GTE-4 (Tie fältet)
Den svåråterställda GTE-4 brunnen omkonfigurerades och färdigställdes den 17 december och har nu kopplats upp till produktionsanläggningen på Tie fältet. Både AG- och Sergiformationerna bidrar nu med produktion till Tie fältet.

¹ BOEPD : Barrels of Oil Equivalent (fat oljeekvivalenter) 6.000 kubikfot gas = 1 fat olja

Denna information är sådan information som Maha Energy AB (publ) är skyldigt att offentliggöra enligt EU:s marknadsmissbruksförordning. Informationen lämnades, genom ovanstående kontaktpersons försorg, för offentliggörande den 19 december, 2020, kl. 09:00 CET.

För mer information, kontakta:
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

MSCFPD = tusen kubikfot om dagen
BWPD = fat vatten per dag
BOPD = fat olja per dag

Kort om Maha

Maha Energy AB (publ) är ett listat, internationellt uppströmsolje- och gasbolag vars affärsverksamhet inkluderar prospektering, utveckling och produktion av råolja och naturgas. Strategin är att inrikta sig på att utveckla underpresterande kolvätetillgångar på en global basis. Maha är verksamt på fyra oljefält, Tartaruga- och Tiefälten i Brasilien samt Powder River (LAK Ranch) och Illinois Basin i USA. Bolagets aktier är listade på Nasdaq First North Growth Market (MAHA-A) i Stockholm. FNCA Sweden AB har anlitats som Certified Adviser och kan kontaktas på info@fnca.se eller +46-8-528 00 399. Bolagets huvudkontor ligger i Stockholm, Sverige. Bolaget har även ett tekniskt kontor i Calgary, Kanada, samt operativa kontor i Newcastle, Wyoming, USA och i Rio de Janeiro, Brasilien. För mer information, vänligen besök vår hemsida www.mahaenergy.ca

2020-12-19 Maha Press Release SWE

Maha Energy AB (publ) (“Maha” or the “Company”) Announce Tartaruga Well Test Results and 2020 Production Guidance Update

on 14 de December de 2020 14 de December de 2020

The testing of the Tartaruga well “Maha-1” is now complete. Although primarily a delineation well, the well test results indicate a lower than expected oil production rate. Furthermore, the second wave of Covid-19 continue to directly impact logistics and personnel movements in Brazil, that in turn are causing delays in the Company’s fourth quarter Brazilian well completions programme. Therefore, the Company expects the 2020 annual average production volume to land at 3,250 BOEPD (previously communicated 3,700 – 4,000 BOEPD). The Company also expect that the previously communicated year-end exit production numbers will be affected due to the combined effects of the above reasons.

Jonas Lindvall, CEO of Maha Energy commented: ”The Maha-1 well was drilled to further delineate the Tartaruga structure and although we have proven oil in a new part of the structure, the effect of lower than expected permeability in this part of the field is disappointing. We will now have to integrate this information into the field model to determine how we can use this data to better place future production wells. The lower than expected production rates, combined with the operational delays in Brazil will unfortunately have a direct impact on the annual average production volumes. Until the well completions work at the Tie field is finished, we are unable to provide an update for the year-end production rates.”

7-TTG-3D-SES (Maha-1) Well Test Results
A total of four different sands were tested in the well. Two sands (P23/22) were tight and failed to flow any fluids, one sand (P19) flowed non-commercial amounts of oil and the P1 is being rerouted to the Production Facilities to undergo further testing.

The P1 sand is flowing oil with a unexpectedly high percentage of water, which is appears to be slowly declining. The Schlumberger test skid is now being demobilized and the well will be placed on long term test through the Maha facilities. Due to the high water cut, testing of the P1 took longer than anticipated and that in turn has impacted Tartaruga production negatively.

The 7-TTG-3D-SES well was spudded on July 12, 2019 and total depth reached on October 3, 2019. A smaller workover rig was brought in to test up to five intervals in the well. Testing started on 26 January 2020 and was temporarily suspended on 22 March, 2020 due to effects of the Covid-19 pandemic. Testing resumed on 26 October 2020 and has now been completed.

A total of four intervals were tested, and the results are as follows:

Interval           Depth (m)                                 Result
Penedo-23     3,494 – 3,495                             No flow – formation tight
Penedo-22     3,477 – 3,479                             No flow – formation tight
Penedo-19     3,376 – 3,393                             Minor oil and gas (< 50 BOPD)
Penedo-1       2,908.5 – 2,918.5                     Oil and Water (~ 140 BFPD) with high water cut

The well was drilled in a different part of the structure to further delineate the Tartaruga structure and preliminary interpretation is that the area now tested, although oil bearing, suffers from lower permeability than expected. The Tartaruga structure was discovered in 1994 by Petrobras and has produced over one million barrels of oil from two producing wells, both completed in the P1 and P6 sandstones. The structure is heavily faulted, and each fault compartment may be charged differently and have different reservoir rock properties. The sands are continuous across the delineated area and exhibit similar porosities, however, there are permeability differences across the field.

Work will now focus on understanding which areas of the structure is commercially productive before further capital is deployed to the Tartaruga field.

Operational update

GTE-4
The workover to restore the Agua Grande (AG) zone to production in this well continues. The workover has been problematic and the lost production from this zone has impacted the total production volumes for the year. Once the workover is completed, this well is expected to contribute positively to the 2021 production numbers. During the workovers the Sergi production has been shut in. The loss of production from GTE-4 during 2020 is one of the main reasons for the lower 2020 average production numbers.

Tie-1
The Tie-1 well was shut in temporarily in October to allow for new flowlines to be hooked up and tested. When the well was brought back on stream, the AG did not reach pre shut-in production volumes. A workover rig was brought in to restore production, and the well was put back on pump on November 23^rd. To date the AG zone is cleaning up as expected.

Tie-2
This new well was completed and rig released December 6^th. The drilling rig is currently 90% moved off the Tie-2 well and once clear of the well, Tie 2 will be tested and hooked up to the permanent production facilities. Due to Covid-19, it was decided to delay the spud of this well by 6 months, which in turn has impacted the Company’s yearly average production numbers negatively.

Tie-3
The drilling rig is now being moved to this new well to be drilled on the same pad as Tie-2 and it is expected that this well will spud very soon.

Illinois Basin
Three new wells have been completed in the Illinois Basin during the fourth quarter. All three wells are at various stages of clean up, and once fully cleaned up these wells will add approximately 100 – 130 BOPD of additional production.

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

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, 15:30 CET on 14 December, 2020.

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 Illinois, USA and Rio De Janeiro, Brazil. For more information, please visit our website www.mahaenergy.ca.

2020-12-14 Maha Press Release ENG

Maha Energy AB Announce Filing of Third Quarter Report & Live Webcast

on 23 de November de 2020 23 de November de 2020

Maha Energy AB (publ) (“Maha” or the “Company”) is pleased to announce its third quarter results. The report is attached to this press release and available on the Company’s website at www.mahaenergy.ca.

Third Quarter 2020

Daily oil & gas production for Q3 2020 averaged 3,580 BOEPD (Q3 2019: 3,593 BOEPD)
Revenue of USD 11.2 million (Q3 2019: USD 16.1 million)
Operating netback of USD 7.0 million or USD 21.12 per BOE (Q3 2019: USD 12.0 million or USD 38.22 per BOE)
EBITDA of USD 5.5 million (Q3 2019: USD 10.7 million)
Net result of USD 1.8 million (Q3 2019: USD 6.6 million)
Basic earnings per share of USD 0.02 (Q3 2019: USD 0.07)
Diluted earnings per share of USD 0.02 (Q3 2019: USD 0.06)
The Company signed Block 70 (Mafraq oil field) Production Sharing Agreement in Oman on 5 October, 2020 adding 23.2 million barrels of 2P + 2C volumes to the Company’s asset base.

Nine Months Ended 30 September 2020

Daily oil & gas production for the nine months 2020 averaged 3,490 BOEPD (2019: 3,004 BOEPD).
Revenue of USD 30.4 million (2019: USD 41.9 million)
Operating netback of USD 19.3 million or USD 20.67 per BOE (2019: 31.7 USD million or 40.38 USD per BOE)
EBITDA of USD 15.4 million (2019: USD 27.5 million)
Net result for the period of USD 5.4 million (2019: USD 17.0 million)
Basic Earnings per share of USD 0.05 (2019: USD 0.17)
Diluted Earnings per share of USD 0.05 (2019: USD 0.16)
Cash and cash equivalents balance of USD 18.0 million (2019: 20.4 million)

Financial Summary

(TUSD, unless otherwise noted)	Q3 2020	Q2 2020	Q1 2020	Q4 2019	Q3 2019	Nine Months2020	Nine Months2019	FY 2019
Net Daily Production (BOEPD)	3,580	3,602	3,288	3,165	3,593	3,490	3,004	3,044
Revenue	11,226	7,926	11,207	13,672	16,068	30,359	41,917	55,589
Operating netback	7,041	4,377	7,858	9,825	12,017	19,276	31,714	41,539
EBITDA	5,514	3,436	6,434	8,354	10,663	15,384	27,514	35,868
Net result for the period	1,845	407	3,191	2,679	6,570	5,443	16,975	19,654
Earnings per share – Basic (USD)	0.02	0.00	0.03	0.03	0.07	0.05	0.17	0.20
Earnings per share – Diluted (USD)	0.02	0.00	0.03	0.02	0.06	0.05	0.16	0.18
Cash and cash equivalents	18,034	15,699	19,190	22,450	20,421	18,034	20,421	22,450

Letter to shareholders

Dear Friends and Fellow Shareholders of Maha Energy AB,

12 consecutive profitable quarters

This marks the 12th consecutive profitable quarter in our Company’s short four year history. A truly remarkable achievement, given the current unprecedented economic downturn. 2020 will prove to be a disastrous year for the oil and gas industry – even worse than the 1984 – 1986 meltdown. The Baker Hughes active U.S. drilling rig count is a good barometer of the health of the global oil and gas industry. It recorded 250 active drilling rigs in the U.S. during the month of August. This is a record – by far. The number of drilling rigs in the U.S. has never been this low (average working rigs for the past 35 years is around 1,200). Previous low was 407 rigs in 2016 and 496 rigs in 1999. The lowest it got between 1984 and 1986 was 688 and still, we continue to deliver profitable numbers – that is something to celebrate!

Production volumes

Back in April, when COVID-19 was sweeping the world with uncertainty, we decided to postpone the drilling of Tie- 2 and Tie-3 along with suspending testing operations on Maha-1 (Tartaruga). This and a water loading issue in the GTE-4 Agua Grande (AG) zone (Tie) are the main reasons why the 2020 production guidance was revised in October. Happily, drilling resumed with the spudding of Tie-2 at the end of September, and testing operations recommenced at Tartaruga (Maha-1) as well. We look forward to adding these two wells to our Brazilian production volumes very soon.

At the moment we are experiencing delays and operational set backs on Tie-2, Tie-1 (AG zone) and GTE-4 (AG zone) which we are in the full swing of resolving. In addition to re-establishing production from these zones, we are finishing off stimulation work on Maha-1 and we are completing 2 wells in the Illinois Basin (IB). In fact, at the moment we have 3 rigs working in Brazil and 1 rig and 1 stimulation crew working in IB. All these wells will, individually, contribute to ensure we leave 2020 in our 5200 – 5700 BOEPD target range.

Oman

At the beginning of November, we received the Royal Decree for Block 70 from His Majesty Haitham Bin Tarik Al Said, the Sultan of Oman. This signals the start of the Exploration Production Sharing Agreement signed earlier in October. Block 70 is ideally located between multiple large and high-volume producing oil fields and contain the appraised and undeveloped Mafraq field. The Mafraq field was discovered in 1988 and is estimated to contain between 180 – 280 million barrels of 13° API Oil In Place (OIP). What is exceptional about this heavy oil field is that it cold flows – meaning it does not necessarily need heat to extract it. In fact, one of the delineation wells was tested with a progressive cavity pump for 22 days during which a total of 15,750 barrels of oil was collected. The fact Mafraq has been delineated means reserves and contingent resources can be booked against this asset. As such, we were very pleased to publish a combined 2P + 2C volumes of 23.2 million barrels to our asset base. We have great plans for developing this field.

Future

The oil price continues to be a side-show to the COVID-19 pandemic. It is clear we are in the midst of a violent upswing in COVID-19 cases, and there is lots of suffering. However, hopefully that we are nearing the end of this pandemic. The end is in sight. As vaccines are rolled out, the oil market will start to recover and I predict a strong rebound in oil prices as the world starts to open up and resume activities. We are now absolutely optimally placed to take advantage of a strengthening market with 4 solid assets. We have quadrupled our production in 4 years and now we are positioned to quadruple it again!

I want to thank all my fellow Maha colleagues for their tireless efforts during these dark days. And I want to thank all our shareholders for the continued support we receive. The many e-mails of support are truly appreciated.

Stay safe, stay healthy and stay with us – we are lining up all the pieces for a very bright future.

“Jonas Lindvall”
Managing Director

Q3 Webcast 23 November 2020

There will be a live webcast today, 23 November at 16:00 CET (Stockholm time) to present the quarterly results and provide an operational update. A link to the webcast is available on the Company’s website: www.mahaenergy.ca. Interested parties are encouraged to e-mail questions ahead of time to victoria@mahaenergy.ca. Questions posted on the day of the presentation should be made directly in the YouTube Comments/Questions field. The webcast will be broadcast live on Nyhetsbyrån Direkts Youtube Channel and hosted by Laikas’ Mr. Kaarlo Airaxin, and will feature Maha’s CEO Jonas Lindvall and CFO Andres Modarelli.

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

Andres Modarelli (CFO)
Tel: +1-403-454-7560
andres@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.

2020_Q3 Report_FINAL

Maha Energy AB Press Release - Q3 2020 Report FINAL

Maha Energy AB Announces Filing of Second Quarter Report & Live Webcast

on 24 de August de 2020 24 de August de 2020

Maha Energy AB (publ)

Strandvägen 5A
SE-114 51 Stockholm

www.mahaenergy.ca

Press release
Stockholm
24 August 2020

Maha Energy AB Announces Filing of Second Quarter Report & Live Webcast

Maha Energy AB (publ) (“Maha” or the “Company”) is pleased to announce its Second Quarter results. The report is attached to this press release and available on the Company’s website at www.mahaenergy.ca.

Second Quarter 2020

Record daily oil & gas production for Q2 2020 averaged 3,602 BOEPD (Q2 2019: 2,739 BOEPD)
Illinois Basin, acquired at the end of Q1 2020, averaged at 144 BOEPD for Q2 2020
Revenue of USD 7.9 million (Q2 2019: USD 14.1 million)
Operating netback of USD 4.4 million or USD 13.80 per BOE (Q2 2019: USD 10.7 million or USD 43.30 per BOE)
EBITDA of USD 3.4 million (Q2 2019: USD 9.2 million)
Net result of USD 0.4 million (Q2 2019: USD 6.2 million)
Basic and Diluted Earnings per share of USD 0.00 (Q2 2019: USD 0.06)
Cash and cash equivalents balance of USD 15.7 million (Q2 2019: 20.5 million)

Six Months Ended 30 June 2020

Daily oil & gas production for H1 2020 averaged 3,445 BOEPD (H1 2019: 2,704 BOEPD).
Revenue of USD 19.1 million (H1 2019: USD 25.8 million)
Operating netback of USD 12.2 million or USD 20.42 per BOE (H1 2019: 19.7 USD million or 41.83 USD per BOE)
EBITDA of USD 9.9 million (H1 2019: USD 16.9 million)
Net result for the period of USD 3.6 million (H1 2019: USD 10.4 million)
Basic Earnings per share of USD 0.04 (H1 2019: USD 0.11)
Diluted Earnings per share of USD 0.03 (H1 2019: USD 0.10)
Cash and cash equivalents balance of USD 15.7 million (2019: 22.4 million).

Financial Summary

(TUSD, unless otherwise noted)	Q2 2020	Q1 2020	Q4 2019	Q3 2019	Q2 2019	H1 2020	H1 2019	FY 2019
Net Daily Production (BOEPD)	3,602	3,288	3,165	3,593	2,739	3,445	2,704	3,044
Revenue	7,926	11,207	13,672	16,068	14,098	19,133	25,849	55,589
Operating netback	4,377	7,858	9,825	12,017	10,668	12,235	19,697	41,539
EBITDA	3,436	6,434	8,354	10,663	9,188	9,870	16,851	35,868
Net result for the period	407	3,191	2,679	6,570	6,157	3,598	10,405	19,654
Earnings per share – Basic (USD)	0.00	0.03	0.03	0.07	0.06	0.04	0.11	0.20
Earnings per share – Diluted (USD)	0.00	0.03	0.02	0.06	0.06	0.03	0.10	0.18
Cash and cash equivalents	15,699	19,190	22,450	20,421	20,504	15,699	20,504	22,450

Letter to shareholders

Dear Friends and Fellow Shareholders of Maha Energy AB,

Record Quarter
The COVID-19 pandemic continues to challenge our business. Despite a record quarter for production, quarterly revenue is just over half of the comparable period last year. Three individuals (contractors) working at the Tie field tested positive for the virus, directly impacting operations (all three have since recovered). And finally, travel restrictions continue to cause real problems for the movement of equipment and people in Brazil. Despite this, Maha had a record quarter in terms of production, the quarterly netback is a healthy US$ 13.80 per boe, OPEX is US$ 7.66 per boe and our G&A cost is a stellar US$ 2.61 per boe. Simply put at the average quarterly Brent price of US$ 29.34, Maha is still generating significant positive netbacks (US$ 13.80 per boe). Corrected for G&A expenses, on a per barrel basis, and Maha will continue to generate positive cashflows at a Brent Oil price as low as US$ 16 per bbl. We are pleased to report our highest production quarter on record and 11^th straight quarter of positive net results – we are still profitable, even at these challenging times. A true testament to the robustness of our assets and our team.

The first two months of the second quarter was in the epicenter of the COVID-19 storm. Our production capability suffered; as did the oil price. OPEX and CAPEX were reduced to conserve cash and the Company temporarily prepared for survival mode. Towards the end of the quarter, however, as the OPEC+ production cuts started to bite, and as oil prices stabilized, our operations and project work could resume. In terms of field activity, we are almost back to pre-COVID-19 levels.

Field work in Brazil
An unseasonably wet ‘rainy season’ has affected civil works for the remaining minor project works at the Tie field. The effect of this are a few weeks delay in flowline installations between GTE-4 and the battery, the compressor installation and the GTE-7 water supply line. Construction progress of the Tie south drilling locations have also been delayed by the rain. Further, and as mentioned, COVID-19 has caused labor issues as contractors reported in sick. An important event during the quarter was the recompletion of GTE-4 from a free flowing well to a dual pumping well. Positively, the GTE-4 Sergi zone is now producing 800 BOPD on pump, some 300 BOPD more than what was anticipated. Finally, at Tartaruga, Gas-To-Wire started delivering electricity to the local grid allowing for the associated gas there to be monetized.

Government Incentives
In response to the tough times, the Brazilian Government is considering temporarily reducing the oil and gas royalty from 10% to 5%. If this proposal is implemented, Maha will be profitable at an even lower oil price.

Negative Oil Price on 20 April.
On 20th April, history was made when, for one day, WTI oil was sold at a negative US$ 36.98/bbl, meaning that sellers were paying buyers to take their oil. Of course, there was no fundamental supply and demand cause for this, instead it stemmed from oil traders having to pay to get out of their future contracts. Something we are not likely to see again. Note that this event affected only WTI oil, Brent oil was largely unaffected. Even as unusual as that was, it demonstrates how uncertain and volatile the oil markets were (and still are) due to the demand erosion of COVID-19.

The short version of the current oil market is;

unprecedented reduction in demand for oil (although not as much as originally believed),
there is still a large surplus of oil available, keeping prices low,
high cost production has been hit very hard (shale oil, deepwater, oilsands)
CAPEX has been slashed from already depressed expenditure levels,
hundreds of independent oil companies have filed for bankruptcy since 2015.

Surprisingly, according to the Energy Information Agency (EIA), crude oil and gasoline inventories in the United States is only 16% and 8% higher respectively than the 5-year moving average¹. Furthermore, on 4 August, the EIA Monthly Crude Oil and Natural Gas Production Report stated: “Production of crude oil decreased in the United States in May 2020 by 1.99 million barrels per day (b/d), the largest monthly decrease since at least January 1980.”

Given the OPEC+ cuts, the smaller than originally forecasted demand reduction, the knee-jerk reaction of industry CAPEX slashing, and as the world reboots, an upcoming crude oil shortage is easy to see. The timing of the balancing of the markets have constantly been updated and brought forward. Some analysts believe that the supply/demand curves will cross already in the third quarter of this year. Of course, OPEC+ will easily be able to accommodate the increase in oil demand to the pre-COVID-19 levels, but thereafter it will become challenging. Slashing of CAPEX this year is compounded by five consecutive years of depressed investments into oil and gas projects. Given the very long lag time for oil to be brought on stream and onto the markets, the lack of investments for the past 6 years is concerning.

As the old adage goes: “the cure for high prices are high prices” – and the inverse of this is true as well.

To still turn a profit during the absolute worst quarter in modern history says a lot about the tenacity and resilience of the Maha team. I am super thankful to all of my fellow Maha colleagues for keeping the Company going whilst we all battle this pandemic. We think we are superbly prepared for the upcoming upturn in oil prices.

Stay well and stay healthy,

“Jonas Lindvall”
Managing Director

¹EIA. August 4, 2020 U.S. Energy Information Administration’s (EIA) Monthly Crude Oil and Natural Gas Production Report. And 31 July,2020 Weekly Petroleum Data Report.

Q2 Webcast 24 August 2020

There will be a live webcast today, 24 August at 16:00 CET (Stockholm time) to present the Q2 results and provide an operational update. A link to the webcast is available on the Company’s website: www.mahaenergy.ca. Interested parties are encouraged to e-mail questions ahead of time to victoria@mahaenergy.ca. Questions posted on the day of the presentation should be done directly in the YouTube Comments/Questions field. The webcast will be broadcast live on Nyhetsbyrån Direkts Youtube Channel and hosted by Laikas’ Mr.Kaarlo Airaxin, and will feature Maha’s CEO Jonas Lindvall and CFO Andres Modarelli.

Adviser

Certified Advisor: FNCA Sweden AB, info@fnca.se, Telephone: +46-8-528 00 399.

For more information, please contact:

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

Andres Modarelli (CFO)
Tel: +1-403-454-7560
Email: andres@mahaenergy.ca

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

Miscellaneous

This information is published in accordance with the EU Market Abuse Regulation.

Maha in Brief

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

Maha Energy AB 2020_Q2 Report

Maha Energy AB Press Release - Q2 2020

Maha Energy AB Announces Filing of First Quarter Report & Live Webcast

on 25 de May de 2020 25 de May de 2020

Maha Energy AB (publ)

Strandvägen 5A
SE-114 51 Stockholm

www.mahaenergy.ca

Press release
Stockholm
26 May 2020

Maha Energy AB Announces Filing of First Quarter Report & Live Webcast

Maha Energy AB (publ) (“Maha” or the “Company”) is pleased to announce its First Quarter results. The report is attached to this press release and available on the Company’s website at www.mahaenergy.ca.

First Quarter 2020

Daily oil & gas production for Q1 2020 averaged 3,288 BOEPD (Q1 2019: 2,669 BOEPD)
On 31 March 2020, the Company closed an acquisition for certain producing properties in the Illinois basin for USD 4 million (plus assumed working capital deficiency).
During the quarter, the 107D well was placed on production with initial oil rates of 939 BOPD (on pump).
Revenue of USD 11.2 million (Q1 2019: USD 11.8 million)
Operating netback of USD 7.9 million or USD 27.91 per BOE (Q1 2019: USD 9.0 million or USD 40.22 per BOE)
EBITDA of USD 6.4 million (Q1 2019: USD 7.7 million)
Net result of USD 3.2 million (Q1 2019: USD 4.2 million)
Basic Earnings per share of USD 0.03 (Q1 2019: USD 0.04)
Diluted Earnings per share of USD 0.03 (Q1 2019: USD 0.04)
Cash and cash equivalents balance of USD 19.2 million (Q1 2019: 19.8 million)

Financial Summary

(TUSD, unless otherwise noted)	Q1 2020	Q4 2019	Q3 2019	Q2 2019	Q1 2019	Full Year 2019
Net Daily Production (BOEPD)	3,288	3,165	3,593	2,739	2,669	3,044
Revenue	11,207	13,672	16,068	14,098	11,751	55,589
Operating netback	7,858	9,825	12,017	10,668	9,029	41,539
EBITDA	6,434	8,354	10,663	9,188	7,663	35,868
Net result for the period	3,191	2,679	6,570	6,157	4,248	19,654
Earnings per share – Basic (USD)	0.03	0.03	0.07	0.06	0.04	0.20
Earnings per share – Diluted (USD)	0.03	0.02	0.06	0.06	0.04	0.18
Cash and cash equivalents	19,190	22,450	20,421	20,504	19,768	22,450

Letter to shareholders

Dear Friends and Fellow Shareholders of Maha Energy AB,

“Bromsa inte i uppförsbacke!” Roughly translated this means: “Do not brake when going uphill!” This is the advice a good friend once imparted on me many years ago. And I think that with the acquisition of the Illinois Basin assets in the USA, we clearly demonstrate that Maha is not slowing down even though the rest of the world seem to have come to a complete standstill.

The brief Saudi/Russia spat along with the unprecedented and massive demand erosion caused by the COVID-19 pandemic created for oil prices not seen since the 1990’s. The low oil price environment is a huge challenge for a sector that has been under siege since the 2014 oil price collapse. Maha is not unaffected but with a cash position of USD 19 million, low operating costs (USD 6.46/BOE), and increasing production volumes we are well positioned to ride the storm out.

In fact, with most of our capital requirements for production growth behind us, we are optimally positioned for organic growth and acquisitions. The Illinois Basin assets purchased at the end of Q1 represents very low risk growth potential in the USA. These assets are conventional, shallow, and proven. As production volumes increase, our operating costs decrease on a per barrel basis. It is our intention to grow these assets to around 1,000 BOPD as soon as COVID-19 and the current economic climate permits. The acquisition metrics on this deal are outstanding. With a purchase price of USD 4.0 million (adjusted for the assumption of USD 0.25 m in liabilities), and 2P reserves of 2.941 million bbls, Maha paid USD 1.44/bbl for the oil. According to the Dome AB Inc. December 31, 2019 reserve report, Proved Developed Producing (PDP) reserves (0.458 m bbls) were valued at Net Present Value (10%) USD 7.2 million, which mean that we bought these producing assets well below the PDP value. Even though the value was based on a WTI price of USD 57/bbl – the value in the asset speaks for it-self. We are excited about the future growth in the Illinois Basin.

In Brazil, production for the first quarter was affected by a three week strike at Petrobras in February, a prolonged maintenance shutdown at one of the gas end users, and then by the COVID-19 Pandemic in March. But even with these interruptions, the quarter marked the second highest production volumes in the Company’s short history. As the COVID-19 pandemic expanded across the world and Brazil, our gas customers at the Tie field had to reduce and eventually cease receiving Tie gas deliveries. A decrease in gas deliveries meant a decrease in oil deliveries in order to comply with the country’s flaring limitations. By the middle of April, however, the Government of Brazil took swift and decisive action to safeguard oil production across the country and decreed a temporary flaring easement of up to 100,000 m3 per day. We continually monitor the oil offtake requirements with our customers, and as Brazil is a net importer of oil, we do not anticipate oil production reductions in the immediate future.

We recently announced a reduction in our 2020 production guidance which is attributable to the effects of the COVID-19 Pandemic. With the reduction in the production guidance we also reduced our 2020 OPEX and G&A costs by similar amounts. And as previously announced we have rearranged our 2020 capital investments to further reduce spending in 2020. All these efforts are made in order to ensure we can meet all our future financial obligations, but at the same time, take full advantage of the opportunities this period of unprecedented volatility presents.

Right now, in this market, Maha is almost in poll position. We can afford to keep all our options open; if we need to, we can hunker down and conserve our future cashflows, or we can use this opportunity to acquire quality assets and position us for even greater growth when the oil market returns. It’s a good place to be, right now.

Stay well, stay safe and stay with us! We are hitting the accelerator (not the brake) on this hill.

“Jonas Lindvall”
Managing Director

Q1 Webcast 26 May, 2020

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

Adviser

Certified Advisor: FNCA Sweden AB, info@fnca.se, Telephone: +46-8-528 00 399.

For more information, please contact:

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

Andres Modarelli (CFO)
Tel: +1-403-454-7560
Email: andres@mahaenergy.ca

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

Miscellaneous

This information is published in accordance with the EU Market Abuse Regulation.

Maha in Brief

Maha Energy AB - Q1 2020 Report

Maha Energy AB Press Release - Q1 2020 Report

Maha Energy AB Announces Filing of Fourth Quarter Report & Live Webcast

on 28 de February de 2020 28 de February de 2020

Maha Energy AB (publ)

Strandvägen 5A
SE-114 51 Stockholm

www.mahaenergy.ca

Press release
Stockholm
28 February 2020

Maha Energy AB Announces Filing of Fourth Quarter Report & Live Webcast

Maha Energy AB (publ) (“Maha” or the “Company”) is pleased to announce its Fourth Quarter results. The report is attached to this press release and available on the Company’s website at www.mahaenergy.ca

Fourth Quarter 2019

Daily oil & gas production for Q4 2019 averaged 3,165 BOEPD (Q4 2018: 2,454 BOEPD)
Revenue of USD 13.7 million (Q4 2018: USD 12.6 million)
Operating netback of USD 9.8 million or USD 35.00 per BOE (Q4 2018: USD 9.4 million or USD 43.26 per BOE)
EBITDA of USD 8.4 million (Q4 2018: USD 8.5 million)
Net result of USD 2.7 million (Q4 2018: USD 18.3 million, including USD 12.1 million of one-time other gains)
Basic Earnings per share of USD 0.03 (Q4 2018: USD 0.19)
Diluted Earnings per share of USD 0.02 (Q4 2018: USD 0.17)

Full Year Ended 31 December 2019

The Company grew its 2P reserves to 41.8 MMBOE, a 25% increase as compared to year end 2018
Drilled and completed the Attic well in the Tie Field and drilled a new delineation well (maha-1) in the Tartaruga block currently undergoing well testing.
Daily oil & gas production for the full year 2019 3,044 BOEPD (2018: 1,804 BOEPD)
Revenue of USD 55.6 million (2018: USD 38.1 million)
Operating netback of USD 41.5 million or USD 38.96 per BOE (2018: 26.9 USD million or 41.57 USD per BOE)
EBITDA of USD 35.9 million (2018: USD 22.4 million)
Net result for the period of USD 19.7 million (2018: USD 25.6 million, including USD 12.1 million of one-time other gains)
Basic Earnings per share of USD 0.20 (2018: USD 0.26)
Diluted Earnings per share of USD 0.18 (2018: USD 0.25)
Cash and cash equivalents balance of USD 22.4 million (2018: 20.3 million).

Financial Summary

(TUSD, unless otherwise noted)	Q4 2019	Q3 2019	Q2 2019	Q1 2019	Q4 2018	Full Year 2019	Full Year 2018
Net Daily Production (BOEPD)	3,165	3,593	2,739	2,669	2,454	3,044	1,804
Revenue	13,672	16,068	14,098	11,751	12,595	55,589	38,132
Operating netback	9,825	12,017	10,668	9,029	9,436	41,539	26,917
EBITDA	8,354	10,663	9,188	7,663	8,486	35,868	22,404
Net result for the period	2,679	6,570	6,157	4,248	18,267¹	19,654	25,645
Earnings per share – Basic (USD)	0.03	0.07	0.06	0.04	0.19	0.20	0.26
Earnings per share – Diluted (USD)	0.02	0.06	0.06	0.04	0.17	0.18	0.25
Cash and cash equivalents	22,450	20,421	20,504	19,768	20,255	22,450	20,255

Letter to shareholders

Dear Friends and Fellow Shareholders of Maha Energy AB,

The fourth quarter and the end of 2019 marked the beginning of a new era for the Company. Maha is now firmly established as a successful oil producing company with two excellent oil fields in Brazil. First, the Tie field is rapidly turning into a cash machine with two excellent and predictable oil-producing sandstone reservoirs. Second, the Tartaruga field continues to deliver more oil from the Penedo sandstone. An example is the recently tested 107D horizontal well which flowed 990 BOEPD (939 BOPD & 303 MSCFPD) from the Penedo-1 zone on a restricted jet pump.

The Company now have a solid foundation to build on. To that extent, Maha staff are slowly turning their attention to further growth opportunities, and in a sector that has suffered greatly since the 2014 oil price collapse, opportunities are abundant. Furthermore, 2019 saw a sharp increase in North American oil company bankruptcies (42) which was the highest since the 2015/16 downturn (114). According to Haynes and Boones Oil Patch Bankruptcy Monitor, 208 North American oil and gas companies have gone bankrupt since the 2014 oil crash. Furthermore, the International Energy Agency (IEA) identifies North America and Brazil as the top two oil and gas growth areas in the world (IEA, “Oil 2019”). It is therefore clear that Maha is not only optimally positioned geographically, but with a very strong balance sheet and ready access to capital, the Company is positioned for growth.

Staying true to color, the Company’s tried and tested strategy of identifying underperforming hydrocarbon assets and then adding state of the art technology to increase value will be continued.

Year on year 2P Reserves up by 25% – now at 39.750 million barrels of oil
In September 2019, the Company announced a significant oil reserve increase in the Tie Field as a result of the recently drilled ‘Attic’ Well. Also, important, and something that perhaps has gone unnoticed, is that the recent high-pressure sand stimulation work performed on the 7TTG well at Tartaruga increased the Proven reserves there by some 30%. The Company’s Proven reserves increased by 18%, year on year. And finally, the Company’s (proven) reserve replacement ratio is 147% for 2019. These numbers are excellent considering they all stem from technology implementation work done on existing and producing oil fields.

Last hurdle cleared on offtake capacity at Tie field.
After nearly a year of expansion commissioning work and licensing, our biggest customer for the Tie field oil received their final clearance to start refining more oil. Together with the recently added Petrobras operated Comboata receiving station, the Company now have offtake agreements in place to accommodate 4,850 BOPD from the Tie field. This is a significant increase from July 2017 when the Tie Field was purchased and offtake was limited to 1,100 BOPD.

Tartaruga 107D Test Results
The long awaited well test on the Tartaruga 107D horizontal was finally concluded and was better than expected. Considering that the 107D well was only intermittently ‘coughing’ oil and gas when Maha assumed the field in 2017, it was very encouraging that the well started to flow freely again. This is the whole purpose of horizontal drilling, particularly in ‘tight’ formations like the Penedo. Horizontal drilling adds valuable producible surface area in the well, and it provides for access to previously untapped parts of the reservoir. It was primarily the access to new parts of the reservoir that proved so fortuitous. In tight reservoirs, most of the inflow pressure drop occurs very close to the wellbore, so by drilling a short distance away from the original wellbore it allows for higher reservoir pressure. It is this high reservoir pressure that allows the oil to flow freely to the surface.

Because the 107D horizontal initially free flowed a mixture of oil, gas and water, it took some time to clean the well up. Over time, the water and oil emulsion reduced enough so that the oil could be treated in the Tartaruga facilities. Once the well had cleaned up enough, the well could then be placed on pump in order to evaluate the full productivity of the well. And as reported, productivity was more than what the Tartaruga facilities could currently handle. Simply put, the oil could not be trucked out fast enough.

Work is underway to increase the handling capacity of the Tartaruga facilities so that the oil from the 107D, 7TTG and predictably Maha-1 (to be tested) wells can be produced without restrictions. It is very encouraging that the Penedo sandstone contains so many zones with so much potential and at the moment the field is only producing from the Penedo-1 zone. No doubt, the added production from Tartaruga is welcomed, but currently, and although it is still early in the new year, the Company is producing in accordance with its’ production plan for 2020.

I continue to be grateful to all Maha employees for their hard work and dedication that has made all this possible.

“Jonas Lindvall” Managing Director

Q4 Webcast

There will be a live webcast today, 28 February at 16:00 CET (Stockholm time) to review and discuss the Fourth Quarter results and provide an operational update. The webcast will be broadcast live on Nyhetsbyrån Direkts Youtube Channel and hosted by Laikas’ Mr. Mats Jonsson and will feature Maha’s CEO Jonas Lindvall and CFO Andres Modarelli. For further details please consult the Company’s website: 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

Andres Modarelli (CFO)
Tel: +1-403-454-7560
Email: andres@mahaenergy.ca

Victoria Berg (Investor Relations)
Tel: +46 8 611 05 11
Email: victoria@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 28 February 2020, at 6:00 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 Growth Market 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.

¹ Q4 2018 Net result includes USD 11.3 million of recognized deferred tax recovery and USD 0.8 million of other gains.

2019_Q4 Report

Maha Energy AB Press Release - Q4 2019

Maha Energy AB Announces Filing of Third Quarter Report & Live Webcast

on 24 de November de 2019 24 de November de 2019

Maha Energy AB (publ)

Strandvägen 5A
SE-114 51 Stockholm

www.mahaenergy.ca

Press release
Stockholm
25 November 2019

Maha Energy AB Announces Filing of Third Quarter Report & Live Webcast

Maha Energy AB (publ) (“Maha” or the “Company”) is pleased to announce its Third Quarter results. The report is attached to this press release and available on the Company’s website at www.mahaenergy.ca

Third Quarter 2019

Daily oil & gas production for Q3 2019 averaged 3,593 BOEPD (Q3 2018: 1,565 BOEPD).
Effective August 1, 2019, the Company grew its Proven (1P) and Proven plus Probable (2P) reserves, by 14% and 62% respectively, at the Tie Field in Brazil.
During the quarter, the Maha-1 well on the Tartaruga Field was successfully drilled with production testing operations to follow.
Revenue of USD 16.1 million (Q3 2018: USD 9.0 million)
Operating netback of USD 12.0 million or USD 38.22 per BOE (Q3 2018: USD 6.6 million or USD 46.17 per BOE)
EBITDA of USD 10.7 million (Q3 2018: USD 5.4 million)
Net result of USD 6.6 million (Q3 2018: USD 3.2 million)
Basic Earnings per share of USD 0.07 (Q3 2018: USD 0.03)
Diluted Earnings per share of USD 0.06 (Q3 2018: USD 0.03)

Nine Months Ended 30 September 2019

Daily oil & gas production for the nine months 2019 3,004 BOEPD (2018: 1,585 BOEPD).
Revenue of USD 41.9 million (2018: USD 25.5 million)
Operating netback of USD 31.7 million or USD 40.38 per BOE (2018: 17.5 USD million or 40.70 USD per BOE)
EBITDA of USD 27.5 million (2018: USD 13.9 million)
Net result for the period of USD 17.0 million (2018: USD 7.4 million)
Basic Earnings per share of USD 0.17 (2018: USD 0.08)
Diluted Earnings per share of USD 0.16 (2018: USD 0.07)
Cash and cash equivalents balance of USD 20.4 million (2018: 22.3 million).

Financial Summary

(TUSD, unless otherwise noted)	Q3 2019	Q2 2019	Q1 2019	Q4 2018	Q3 2018	Nine Months 2019	Nine Months2018	FY 2018
Net Daily Production (BOEPD)	3,593	2,739	2,669	2,454	1,565	3,004	1,585	1,804
Revenue	16,068	14,098	11,751	12,595	9,049	41,917	25,537	38,132
Operating netback	12,017	10,668	9,029	9,436	6,553	31,714	17,481	26,917
EBITDA	10,663	9,188	7,663	8,486	5,392	27,514	13,918	22,404
Net result for the period	6,570	6,157	4,248	18,267¹	3,213	16,975	7,378	25,645
Earnings per share – Basic (USD)	0.07	0.06	0.04	0.19	0.03	0.17	0.08	0.26
Earnings per share – Diluted (USD)	0.06	0.06	0.04	0.17	0.03	0.16	0.07	0.25
Cash and cash equivalents	20,421	20,504	19,768	20,255	22,292	20,421	22,292	20,255

Letter to shareholders

Dear Friends and Fellow Shareholders of Maha Energy AB,

Notwithstanding the recently announced reduction in the estimated 2019 annual production volumes, the third quarter was very positive for Maha with many significant ‘bright spots”.

Of particular note:
– the drilling and completing of the Attic well at the Tie Field resulted in a 62% increase in Proven and Probable (2P) reserves from 10.734 MMbbl of oil to 17.365 MMbbl of oil which nearly doubled the predicted plateau production rate at the Tie field from 3 to almost 6 years;

– the successful drilling of the Maha -1 well with better than expected indications of 72 m of net pay, that will be tested using a smaller and ‘fit for purpose’ workover rig; and,

– final approval and commissioning of Petrobras’ second receiving terminal at Comboata that now takes delivery of 750 BOPD of Tie Field oil.

2019 Annual Average Production Rates were reduced to 2750 BOPD – 2900 BOPD
Subsequent to this reporting period, Maha’s 2019 estimated annual average production rate was unfortunately revised for a second time this year due to delays in start-up and commissioning of gas handling and disposal equipment at the Tie Field. A string of simultaneous events culminated in requiring to reduce oil production to prevent exceeding Government imposed flaring restrictions during the last 2 months of the year. This revision is in no way indicative of the Tie Field’s current or future oil producing capacity and we are working very hard to ”get back on track” to earlier expectations.

2P Reserves up by 62% at the Tie Field – now at 17.365 Million Barrels of Oil
By far the biggest news of the third quarter were the results of the re-mapping of the Tie structures following the results of the recently drilled ‘Attic Well’. Remapping of the structure resulted in a substantially larger structure and more “in situ” oil volumes. With these increased reserves the Field Development Plan will be revised to include more wells, and a longer plateau production rate. To this end, the Company is commencing a new field modelling project for this expansion. Notably it appears clear the Tie Field production plateau of 4,850 BOPD will extend by up to 3 years resulting in a significant corresponding positive effect on the Tie Field’s, and therefore the Company’s, Net Present Value.

Petrobras Comboata Terminal Commissioned
After nearly a year of ‘to and from’ -the Comboata Oil Terminal commenced taking oil deliveries from the Tie Field. Following 2 weeks of “teething” issues, the Terminal now takes its daily allotment of 750 BOPD and Petrobras is now therefore able to receive a total of 1,850 BOPD from the Tie Field at two terminals. With the local refinery currently taking up to 2,200 BOPD – the Company has off-take capacity for up to 4,050 BOPD for Tie Field oil right now. This is a significant increase from July 2017 when the Tie Field was purchased and offtake was limited to 1,100 BOPD.

The local refinery still awaits a final Government permit to utilize its new expansion upon which the Company can increase its deliveries from the Tie field by a further 800 BOPD. At that point – Maha will be able to sell and deliver 4,850 BOPD from the Tie field.

Tartaruga
Maha-1 (7-TTG-3D-SES) well was spudded on 12 July, 2019 and total depth was reached on 3 October, 2019. After an extensive coring and electric logging program, initial results show that all the Penedo sandstone stringers are continuous and a total of 72 m. of net pay has been calculated. The Drilling rig was demobilized allowing for a smaller workover rig (“test rig”) to be mobilized. This test rig is expected at the Tartaruga site towards the end of November, after which the Maha-1 well will be extensively tested over a period of up to 90 days. While the test rig is at the Tartaruga site, the 107D horizontal well will finally be cleaned out and tested properly. At the moment, the plan is to test 107D before commencing testing of the Maha-1 well.

As is apparent, there is a lot going on and much to be excited about. The increase in 2P reserves at the Tie field is significant to the fundamental value of the Company. The facility improvement investments already made and the newly extended Tie Field production plateau secures long term positive cash flow for the Company. The testing of new Penedo sands at Tartaruga are, if positive, a gateway to continued solid organic growth!

I continue to be grateful to all Maha employees for their hard work and dedication that has made all this possible.

“Jonas Lindvall” Managing Director

Q3 Webcast

There will be a live webcast tomorrow, 26 November 2019 at 16:00 CET (Stockholm time) to review and discuss the Third Quarter results and provide an operational update. The webcast will be broadcast live on Nyhetsbyrån Direkts Youtube Channel and hosted by Laikas’ Mr. Mats Jonsson and will feature Maha’s CEO Jonas Lindvall and CFO Andres Modarelli. For further details please consult the Company’s website: 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

Ron Panchuk (EVP)
Tel: +1 403 454 7560
Email: ron@mahaenergy.ca

Andres Modarelli (CFO)
Tel: +1-403-454-7560
Email: andres@mahaenergy.ca

Miscellaneous

Maha in Brief

Important Information

¹ Q4 2018 Net result includes USD 11.3 million of recognized deferred tax recovery and USD 0.8 million of other gains.

Attachments

Maha Energy AB - Q3 2019 Report

Maha Energy AB Press Release - Q3 2019 Results