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Maha Energy AB (publ) (“Maha” or the “Company”) Announce Retirement of Executive Vice President and Chief Corporate Officer Ron Panchuk

on Share

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

Press Release
Stockholm
January 20, 2020

Maha Energy AB (publ) (“Maha” or the “Company”) Announce Retirement of Executive Vice President and Chief Corporate Officer Ron Panchuk

Effective January 20th 2020, Ron Panchuk, Executive Vice President and one of the founders of Maha Energy, announced his retirement from full time employment with the Maha Group.  In order to make the transition as smooth as possible for the Group, Ron will be providing part time legal consulting services to the Maha Group throughout 2020 as needed.

Jonas Lindvall, CEO of Maha Energy commented: “Ron’s energy and experience have been vital to Maha’s success to date and we wish him the best in his retirement.”

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

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on January 20, 2020, at 01:00 a.m. (CET)

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Growth Market. Jonas Lindvall, CEO and Managing Director, has 26 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth.  After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

Important Information

Publication or distribution, directly or indirectly, of this press release could in some jurisdictions be subject to restrictions according to law and recipients of this press release, or part of it, are required to inform themselves of, and comply with, such legal restrictions. This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. Copies of this press release are not being made and may not be distributed or sent, in whole, or part, directly or indirectly, in violation of such restrictions. Failure to comply with such restrictions may constitute a criminal act under the United States Securities Act of 1933 (as amended) (“Securities Act”) or applicable laws in other jurisdictions.

Attachment

RP Retriement Press Release

Maha Energy AB (publ) (“Maha” or the “Company”) announce its 2020 Capital Plan and Production Guidance

on Share

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

Press Release
Stockholm
January 10, 2020

Maha Energy AB (publ) (“Maha” or the “Company”) announce its 2020 Capital Plan and Production Guidance

Maha Energy AB (publ) ("Maha" or the "Company") is pleased to provide details of its 2020 Capital Plan and Production Guidance.

2020 Capital Plan Summary- Total Budget USD 20.71 Million

Field Capital Program Quarter 2020 Description/Purpose
Tie New Well
TS-1		 Q2 – Q3 Maintain Tie field long term production plateau
Tie New Well
TS-2		 Q2 – Q3 Maintain Tie field long term production plateau
(possible water injection well)
Tie GTE-4 During 2020 Conversion to dual artificial lift system
Tartaruga Facilities Upgrade Q1 – Q2 Increasing processing capacity for new production
Tartaruga Delineation Well Maha-2 (“MH-2”)1 Q4 Well is contingent on results of Maha-1 well tests and partner approval.
Purpose of well is to increase production at the Tartaruga field and fine tune/test completion technologies.
LAK None N/A N/A

1 The well in Tartaruga is contingent on positive results of the Maha-1 (“MH-1”) well tests and Partner approval.

Tie Field – Bahia, Brazil

Tie- 2020 Capital Plan
       
      Tie South 1 and Tie South 2 Wells
      The previously announced Tie development wells (see Press Release dated 8 March 2019) will now be drilled during 2020.  These wells were originally planned to be drilled at the end of 2019, but due to delays in environmental permitting, these two wells will now be drilled as soon as the environmental permits are approved.  One well is planned as a water injector to further boost production in the field, and the second well is planned as a dual zone oil producer.
             
GTE-4
      The GTE-4 well is currently a dual completed free flowing well.  The Sergi reservoir has started to show signs of reduced flow.  Since 2017, the Company has been aware of the eventual decline in reservoir pressure in this well, and has therefore taken steps to implement an artificial lift system, similar to the GTE-3 well.  The Jet Pump has already been installed at surface, and when timing and scheduling permits, GTE-4 will be converted to a dually completed Jet Pump well using a work over rig.  It is not anticipated production at the field will be affected significantly during this operation.

Tartaruga Field – Sergipe, Brazil

Tartaruga- 2020 Capital Plan

      Delineation Well (MH-2)
      The Company plans to drill a new well from the Tartaruga site during 2020 (“MH-2”).  The objectives of the MH -2 well are to further build on the results of the recently drilled MH-1 well, maintain production at Tartaruga Field and evaluate potential completion technologies for these and future wells.  
       
      It is not anticipated that the Tartaruga Facility will be shut in during the drilling of the MH-2 well. 

      Facility Upgrade
      Work will continue during 2020 to upgrade the production facilities at Tartaruga to handle up to 2500 BOPD and 2,500 MSCFPD of gas.  The previously announced Gas-to-Wire project is now up and running at Tartaruga with further expansion planned as and when more gas production is brought on.

LAK Ranch –Wyoming USA

LAK- 2020 Capital Plan

Production Optimization
2020 will continue to be a year of production optimization and evaluation. So far, no investment decision has been made for LAK in 2020.  Capital will only be spent if: a) the results of the hot water flood show positive netback numbers for the field, b) further capital investments are ranked above other opportunities that the Company might have during 2020, and c) upon Board of Directors’ review and approval.

Production

The Company expects to complete most, if not all, of the Capital Plan prior to year-end 2020.  The exact timing of the operations is dependent upon a number of factors including delivery of long lead items, rig availability, permitting and logistics which in turn might affect Company’s total annual production

As such, this 2020 production guidance, net to the Company (but before government or freehold royalties) is expressed in the range of 5,000 – 5,500 BOEPD, of which 12% is estimated to be gas.

Please note that in order to align the Company’s production guidance with the Company’s financial reporting, it has been decided to provide this and future production guidance in Barrels of Oil Equivalents Per Day (BOEPD)2. 

As the exact timing of the above operations and expected production/offtakes becomes clearer through 2020 the Company will provide updated information by Press Release.

The Company estimates its Operating costs for 2020 (including oil transportation costs), to range between $5.95 and $5.15 per BOE applying the production guidance range provided above.

Funding of 2020 Capital Plan

2020 Capital Plan Budget
The 2020 Capital Plan has a total budget of USD 20.73 million for the above incremental projects and is expected to be funded fully through operating cash flow.

2 Normal units for expressing gas production is m3/day or ft3/day.  An average industry conversion factor to barrels does not use a simple volumetric conversion factor from m3 (or ft3) to barrels.  Instead the energy produced by burning 1 barrel of oil is equated to the same volume of gas required to produce the same amount of energy.  This is of course dependent on the type of gas being burned, but an industry average is that 6,000 standard cubic feet (scf) of gas generate the same amount of energy as 1 barrel of oil.  As such in this and future production guidance 6,000 scf of gas will be equal to 1 barrel of oil equivalent.
3 Includes 100% of the cost of drilling Maha-2 at Tartaruga.

Adviser

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

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca

or

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

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on January 10, 2020, at 3:00 a.m. (CET)

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Growth Market. Jonas Lindvall, CEO and Managing Director, has 28 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth.  After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

 

Attachment

2020-01-10 Capital Plan for 2020

Maha Energy AB (publ) (“Maha” or the “Company”) Announce December Production Volumes and Operational Update on Testing of 107D Well

on Share

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

Press release
Stockholm
January 5, 2020

Maha Energy AB (publ) (“Maha” or the “Company”) Announce December Production Volumes and Operational Update on Testing of 107D Well

Production Volumes

The Company's aggregate sales production for the month of December totaled 79,1031 barrels of oil and 60.455 million scf of gas for a combined average production of approximately 2,877 BOE/day2, before royalties and taxes.

A fire at one of the Company’s end users of gas temporarily restricted production at the Tie Field for 7 days during the month.  All GTW generators were brought on line during the month however, electrical grid stability affected up time on about half of the generator units.  The last week of December saw an average 75.6% uptime on the GTW gas generators at the Tie Field. 

Operational Update Tartaruga
Braserv “Rig 149” was mobilized to the Tartaruga Field after a lengthy delay unrelated to the Company, and is currently rigging up over the 107D well.  Once rigged up, remedial casing repair work will commence on 107D before dedicated testing will commence on the 107D horizontal wellbore.  Testing of the 500m horizontal sidetrack, which was drilled and completed during the first quarter last year, was temporarily suspended in the second quarter last year due to emulsion issues at the oil handling plant at Tartaruga.  A dedicated test spread has been mobilized to handle all effluents from the 107D test in order to not interrupt production from the 7TTG well.

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

Adviser

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

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca

or

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

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on January 5, 2020, at 05:00 a.m. (CET)

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North 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.

Attachment

2020-01-05 Production Numbers Update

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

on Share

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

Press release
Stockholm
December 3, 2019

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

Production Volumes

The Company's aggregate sales production for the month of November totaled 78,6901 barrels of oil and 67.628 million scf of gas for a combined average production of approximately 2,999 BOE/day2, before royalties and taxes.

Production at the Tie Field was restricted during the month due to continued commissioning work on the Gas to Wire (GTW) equipment.  Further, production was affected at the Tie Field during the month due to a three day Petrobras strike (restricting deliveries to the Petrobras delivery stations) along with a 24 hour shut down of the Tie Processing Plant due to an electrical fault in the Production Logic Control (PLC) System, which has subsequently been repaired.

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

Adviser

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

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca

or

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

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on December 3, 2019, at 11:00 p.m. (CET)

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North 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.

Attachment

2019-12-03 Production Numbers Update

Maha Energy AB (publ) (“Maha” or the “Company”) Nomination Committee for the AGM 2020

on Share

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

Press release
Stockholm
November 26, 2019         

                                                                                            
Maha Energy AB (publ) (“Maha” or the “Company”) Nomination Committee for the AGM 2020

In accordance with the resolution at the Annual General Meeting (“AGM”) of Maha Energy AB on May 23, 2019, it was resolved that a Nomination Committee shall be appointed. The Nomination Committee shall comprise of the Chairman of the Board of Directors and three members appointed by the three largest shareholders by votes at the end of September each year.

On September 30, 2019, the three largest shareholders, which desired to appoint a representative to the Nomination Committee, were Kvalitena AB, Nerthus Investments Ltd. and Jonas Lindvall. Each such shareholder has appointed a representative, as shown below, who together with the Chairman of the Board of Directors will form the Company’s Nomination Committee.

The Nomination Committee’s members are:

  • Harald Pousette, appointed by Kvalitena AB
     
  • Lars Carnestedt, appointed by Nerthus Investments Ltd.
     
  • John Patrik Lindvall, appointed by Jonas Lindvall
     
  • Anders Ehrenblad, Chairman of the Company’s Board of Directors

The tasks of the Nomination Committee shall be to prepare and submit to the AGM 2020 proposals in respect of:

  • Number of members of the Board of Directors
  • Remuneration to the Chairman of the Board of Directors, the other members of the Board of Directors and the auditors respectively
  • Remuneration, if any, for committee work
  • The composition of the Board of Directors
  • The Chairman of the Board of Directors
  • Resolution regarding the process of the Nomination Committee 2020
  • Chairman at the AGM
  • Election of auditors

The AGM 2020 is planned to be held in Stockholm, Sweden on May 27, 2020.

Shareholders who would like to submit proposals to the Nomination Committee can do so via e-mail to nomcom@mahaenergy.ca marked “Proposal to the Nomination Committee” or by ordinary mail to the address:

Maha Energy AB
Nomination Committee
Strandvagen 5A
SE-114 51 Stockholm

Sweden

To ensure that the proposals can be considered by the Nomination Committee, proposals shall be submitted in due time before the AGM 2020, but not later than February 26, 2020.

Adviser

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

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca

or

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

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on November 26, 2019 at 9:30 pm CET.

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 26 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth.  After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

Important Information

Publication or distribution, directly or indirectly, of this press release could in some jurisdictions be subject to restrictions according to law and recipients of this press release, or part of it, are required to inform themselves of, and comply with, such legal restrictions. This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. Copies of this press release are not being made and may not be distributed or sent, in whole, or part, directly or indirectly, in violation of such restrictions. Failure to comply with such restrictions may constitute a criminal act under the United States Securities Act of 1933 (as amended) (“Securities Act”) or applicable laws in other jurisdictions.

Attachment

Press Release - Nomination Committee

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

on Share
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

or

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

or

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

Miscellaneous      

This information is published in accordance with the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact persons set out above on 25 November 2019, at 1:00 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.

 

 

Attachments

Maha Energy AB - Q3 2019 Report
Maha Energy AB Press Release - Q3 2019 Results

Maha Energy AB (publ) (“Maha” or the “Company”) announce change of time for Question and Answer Session Wednesday 13 November

on Share

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

Press release
Stockholm
November 11, 2019

Maha Energy AB (publ) (“Maha” or the “Company”) announce change of time for Question and Answer Session Wednesday 13 November

Earlier today, the Company announced it would be holding a Question and Answer Session on Wednesday 13 November at 4 PM CET.  The time has been changed to 5 PM  (CET) the same day.

The webcast link will be posted on the Company’s website and is as follows:

Shareholders and investors can pose questions at the time of the live session, or questions can also be sent ahead of time to:
victoria@mahaenergy.ca

Adviser

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

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca

or

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

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on November 11, 2019, at 10:00 p.m. (CET)

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 26 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth.  After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

Important Information

Publication or distribution, directly or indirectly, of this press release could in some jurisdictions be subject to restrictions according to law and recipients of this press release, or part of it, are required to inform themselves of, and comply with, such legal restrictions. This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. Copies of this press release are not being made and may not be distributed or sent, in whole, or part, directly or indirectly, in violation of such restrictions. Failure to comply with such restrictions may constitute a criminal act under the United States Securities Act of 1933 (as amended) (“Securities Act”) or applicable laws in other jurisdictions.

Attachment

2019-11-11 QandA Press Release

Maha Energy AB (publ) (“Maha” or the “Company”) announces a revision to its 2019 Production Expectations, a General Operational Update and a Question and Answer Webcast

on Share

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

Press release
Stockholm
November 11, 2019

Maha Energy AB (publ) (“Maha” or the “Company”) announces a revision to its 2019 Production Expectations, a General Operational Update and a Question and Answer Webcast.

Revised Production Expectations
On August 23, 2019 the Company provided a revised 2019 net annual average expected production estimate of 3,300 – 3,600 BOPD.    Continued facility commissioning delays, and regulatory gas flaring restrictions has led the Company to revise its estimate downward. The Company now estimates 2019 annual average production of between 2,750 BOPD to 2,900 BOPD.

The combination of delays in commissioning of various critical equipment at the Tie field, greater than expected associated gas production and the mid October expiry of the temporary plant commissioning gas flare dispensation permit granted in April has necessitated a reduction in gas production at the Tie field.  This in turn resulted in the Company being restricted in its ability to produce oil at the Tie Field as expected.  The reservoir deliverability from the current wells remain more than the current 4,850 BOPD plateau and is not the reason for the reduction in the 2019 annual average production rate.

The current facility delays mainly concern:

  1. A main group separator, which is installed to increase separation efficiency was delayed due to a gas meter requiring volume certification by the authorities.
  2. Commissioning delays at GTE-7 (water supply well) impacted lower than planned injection volumes which in turn impacted the produced Gas Oil Ratio (GOR).  
  3. And though GTW has installed a total of 17 gas generators – 3 of the generators are rented by the Company to provide power to the Company’s operations and 4 of the generators are installed to supply power to the CDGN gas compression equipment. These are up and running but not running at full capacity until the overall facility is at near full capacity. Of the remaining 10 generators – 2 are now continuously running and supplying power to the local electrical grid.  The remaining generators are currently being systematically connected to the grid.

As and when GTW starts to deliver additional electricity through its generators, the waterflood reduces the GOR and the separator is running properly the Company will be able to progressively increase the oil production in line with previously communicated volumes.

Company Operational Update

Tie Field
Commissioning and tidying up the last loose ends continue at the Tie field.    The capacity of the Plant is currently 4,850 BOPD – however production is being restricted due to gas flaring limitations as above.  Current gas offtake capacity at Tie is 75,000 m3/day with a near immediate additional 30,000 m3/day of capacity being installed, hooked-up and commissioned presently.

During the month of October, the GTE-4 Sergi (long string) temporarily stopped free flowing and the Company has decided to proceed with installing artificial lift as and when operations allow.  This was not unexpected and therefore and in anticipation of this, the Company has already installed the surface jet pumping equipment on the site. Planning operations has now commenced to workover GTE-4 and install the downhole pump on the Sergi. 

As far as the Company is aware the refinery is still awaiting final clearance from the authorities to start up the previously installed expansion equipment at the refinery.  Once this permit is in place, the Company can increase its deliveries by 800 BOPD to 3,000 BOPD total to the refinery.  This final step will increase the daily oil offtake capacity at the Tie Field from the current 4,050 BOPD to 4,850 BOPD allowing the Company to safely sell its target maximum production for the field.

Tartaruga Field
Demobilization of the drilling rig is now complete.  The well test spread and the testing rig is anticipated to be on location to commence work at the end of November.  The work order will be as follows:

  1. 107D: The 107D well will be re-entered, worked over, completed and flow tested.  This work is anticipated to take 21 – 28 days, depending on test results; and
  2. Maha-1 (7-TTG-3D-SES) completion and flow testing of up to five different zones.  Thereafter the well will be hooked up to the Tartaruga Facilities and placed on production.

The Facilities at Tartaruga are currently sized to handle a maximum of about 800 BOPD (gross).  During the second half of 2019, work started to upgrade the facilities to handle up to 2,500 BOPD (gross) and associated gas.  Currently, engineering and design is being completed and physical work has already started.  The upgraded facilities are expected to be completed during the middle of the second quarter next year.  However, the plan is to incrementally increase production as and when capacity is brought on line.  It is not anticipated that there will be any significant production stoppages during the upgrade work.

Question and Answer Webcast
Jonas Lindvall, CEO of Maha Energy, will hold a Q&A webcast on Wednesday 13 November at 1600 hrs (CET) – details will follow on a separate Press Release and on the Company’s website.

Jonas Lindvall commented: “While I regret to issue this revised forecast – the Tie and Tartaruga fundamentals remain intact – from the Tie Field alone, we are well on our way to:

  • Production capability from the current wells exceeding the Processing Capabilities,
  • Processing capabilities of over 4,850 BOPD at our expanded facilities,
  • Consuming and or selling all expected associated gas (up to 100,000 M3/d); and
  • Offloading, delivering and selling 4,850 BOPD. 

             
With the recent exciting drilling results from the Tartaruga Field, the planned completion and testing of 107D and flow testing of Maha-1 the Company is poised to continue to grow!”

Maha Energy holds a 75% working interest in the SES-107 Tartaruga oil and gas concession onshore Brazil.  Petrobras holds the remaining 25% and is non-operator.

Adviser

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

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca

or

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

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on November 11, 2019, at 5:00 a.m. (CET)

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Growth Market Swedish stock exchange. Jonas Lindvall, CEO and Managing Director, has 26 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth.  After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

Important Information

Publication or distribution, directly or indirectly, of this press release could in some jurisdictions be subject to restrictions according to law and recipients of this press release, or part of it, are required to inform themselves of, and comply with, such legal restrictions. This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. Copies of this press release are not being made and may not be distributed or sent, in whole, or part, directly or indirectly, in violation of such restrictions. Failure to comply with such restrictions may constitute a criminal act under the United States Securities Act of 1933 (as amended) (“Securities Act”) or applicable laws in other jurisdictions.

Attachment

2019-11-11 Production Forecast Update

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

on Share

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

Press release
Stockholm
November 3, 2019

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

Production Volumes

The Company's aggregate sales production for the month of October totaled 99,5541 barrels of oil and 74.994 million scf of gas for a combined average production of approximately 3,614 BOE/day2, before royalties and taxes.

Production at the Tie Field was restricted during the second half of the month due to commissioning work on the Gas to Wire (GTW) equipment and well testing on GTE-3.  Oil deliveries to the new Oil Terminal at Comboata reached the maximum contracted volumes on 12 October and has remained steady to the end of the month.  Production at Tartaruga was stable during the month with no significant shutdowns.  The well testing and GTW commissioning at the Tie Field is expected to be completed during the first week of November.

Maha Energy holds a 75% working interest in the SES-107 Tartaruga oil and gas concession onshore Brazil.  Petrobras holds the remaining 25% and is non-operator.

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

Adviser

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

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca

or

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

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on November 3, 2019, at 8:00 p.m. (CET)

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 26 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth.  After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

Important Information

Publication or distribution, directly or indirectly, of this press release could in some jurisdictions be subject to restrictions according to law and recipients of this press release, or part of it, are required to inform themselves of, and comply with, such legal restrictions. This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. Copies of this press release are not being made and may not be distributed or sent, in whole, or part, directly or indirectly, in violation of such restrictions. Failure to comply with such restrictions may constitute a criminal act under the United States Securities Act of 1933 (as amended) (“Securities Act”) or applicable laws in other jurisdictions.

Attachment

2019-11-03 Production Numbers Update

Maha Energy AB (publ) (“Maha” or the “Company”) Announce Operational Update on Maha-1 (7-TTG-3D-SES) Well

on Share

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

Press release
Stockholm
October 7, 2019

Maha Energy AB (publ) (“Maha” or the “Company”) Announce Operational Update on Maha-1 (7-TTG-3D-SES) Well

The Maha-1 (7-TTG-3D-SES) well on the Tartaruga Field has reached Total Depth (TD) and has completed the 8-1/2” open hole logging program.  The results are encouraging and as expected.

The Maha-1 reached a final depth of 3,728 m on October 3, 2019.  An extensive Open hole logging program has been completed which included specialty logs and the acquisition of 40 sidewall cores.  The Penedo gross sand thickness was measured at 420 m.  and preliminary electric log analysis suggest a total net pay thickness to be 72 m.  In addition to the sidewall cores mentioned above, two (2) full size cores  were obtained in the P1 and P6 sands (97% and 100% recovery respectively).

Seven inch casing will now be run and cemented in place after which the Drilling Rig will be demobilized and replaced with a smaller, fit-for-purpose, workover rig to commence well testing.  Previously untested Penedo zones will be tested to determine reservoir fluid content and productivity.  Upon conclusion of the testing program, Maha-1 will be placed on production.  Well testing is expected to start in the middle of November and take between 60 – 90 days to complete depending on results.

Maha-1 (7-TTG-3D-SES) is primarily an appraisal well to provide much needed well information for the Tartaruga Field Development Plan. Chapman Petroleum Engineering Ltd., the Company’s independent reserve auditor, estimates the Tartaruga Field to contain 31.2 million barrels of Proved, Probable and Possible (3P) reserves net to Maha’s Working Interest.

Jonas Lindvall, Managing Director of Maha Energy AB said: “We are very pleased with the results so far on this well.  The information gathered on this well will help us finalize exactly how we will develop the Tartaruga Field.”

Maha Energy holds a 75% working interest in the SES-107 Tartaruga oil and gas concession onshore Brazil.  Petrobras holds the remaining 25% and is non-operator.

Adviser

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

For more information, please contact:        

Jonas Lindvall (CEO)
Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca

or

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

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on October 7, 2019, at 04:00 a.m. (CET)

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 26 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth.  After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

Important Information

Publication or distribution, directly or indirectly, of this press release could in some jurisdictions be subject to restrictions according to law and recipients of this press release, or part of it, are required to inform themselves of, and comply with, such legal restrictions. This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. Copies of this press release are not being made and may not be distributed or sent, in whole, or part, directly or indirectly, in violation of such restrictions. Failure to comply with such restrictions may constitute a criminal act under the United States Securities Act of 1933 (as amended) (“Securities Act”) or applicable laws in other jurisdictions.

Attachment

2019-10-07 7TTG3DSES Operatonal Update