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Maha Energy AB (publ) (“Maha” or the “Company”) Announces Operational Update and Well Test Results.

on Share

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

Press release
Stockholm
June 10, 2019

Maha Energy AB (publ) (“Maha” or the “Company”) Announces Operational Update and Well Test Results.

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

Attic Well (Tie Field)

After the initial single completion test of the comingled Agua Grande (AG) and Sergi reservoir zones in the Attic Well in the Tie Field, the well was recompleted using a dual 2-3/8” tubing completion.  This work is now complete and the well has now preliminary tested 2,932 BOEPD.  Initial free flowing tests from the Sergi and AG formations were 985 BOPD (1,088 BOEPD) and 1,726 BOPD (1,844 BOEPD) respectively with neither zone making any noticeable water. Of significance is that the AG had to be choked back (restricted) at 38/64” with 360 psi of tubing pressure due to surface equipment limitations. Suggested theoretical Initial Productivity Volumes for the AG may exceed 3,000 BOPD1.  The well will now be produced at approximately 2,000 BOPD and 1,200 MSCFPD (~2,200 BOEPD) to match production targets and balance production from all wells. The Company is now scaling up production from the Tie Field to achieve the month-end sales target exit rate of 4,050 BOPD. 

Additional Sales Volume

Work is continuing to finalize an Agreement to sell an additional 750 BOPD from the Tie Field.  The Company is hopeful this will be in place by the beginning of July, at which point the Company will have agreements at the Tie Field to sell oil to the market for up to 4,850 BOPD.  It is the objective of the Company to achieve a 4,500 – 5,000 BOPD production plateau for the Tie Field over the next 3 years.

The additional associated gas that will be produced with the increased oil will also need to be sold to the local market.  To that extent, the Company continues to work with two vendors to establish the most efficient and reliable offtake arrangement.  At this time, the Company is not expecting oil production to be affected due to insufficient gas off-take arrangements.

GTE-3

With the excellent results from the Attic Well, the Company will now complete the workover that was started in the summer of 2018 to convert GTE-3 to a dual producer.  At that time, a stuck pressure plug made it impossible to produce both strings. To maximize production, the AG and Sergi were commingled up a single string to allow the current (and significantly constrained) production rate of about 900 BOPD.  This workover will reconfigure the well to the intended dual completion so that production volumes can be increased and optimized.  The workover is expected to start at the end of June and will take approximately 2 weeks to complete.  During this time, GTE-3 will not produce any oil but production will be off-set by both GTE-4 and the Attic well.

When the GTE-3 workover is completed, all three wells on the Tie Field will be dually completed, allowing each well to independently control and produce the Sergi and AG producing zones.  At that point, well deliverability will exceed the current offtake and plant capabilities.

GTE-4

The workover to convert GTE-4 is planned and ready to execute when the need arises.  This operation will allow the well to be jet pumped to greatly increase flow but is currently unnecessary due to the deliverability of the other wells.

107D (Tartaruga Field)
As earlier announced on May 6, 2019, the 3-1/2” liner was successfully perforated using a Coiled Tubing Unit.  Subsequent well clean up and testing operations resulted in a continuous free flow of approximately 80 BOPD, 50 BWPD and 33 MSCFPD over a test period of seven days.  Due to excessive emulsion problems (of the produced fluid) and surface handling constraints (insufficient tank volumes and heater treater limitations) the well test was stopped before the well was completely cleaned up.  The fact that the well flowed unassisted to surface whilst still unloading large volumes of completion brine and drilling fluids is very encouraging.  Once the well is properly cleaned out and is allowed to flow without restrictions larger flow volumes are expected.

Jonas Lindvall, CEO of Maha commented: “The current results seen on 107D are very encouraging.  The fact the well is free flowing with substantial volumes of drilling mud and completion water suggests strong reservoir pressure.  We are looking forward to completing the clean out operations and returning 107D to production as soon as the Surface Facilities can handle the new volumes.”

The plan is now to return the 7TTG well on production, which is expected to fill the Tartaruga processing facility to capacity, and at the same time commence upgrading the Tartaruga production facilities to 2500 BOPD.  Once the plant is ready to handle the higher volumes, the 107D well will be placed on production.

1 The Theoretical Initial Productivity Volumes are calculated using surface measured pressures only and hence are estimates only.  Note that 6,000 SCF is equivalent to 1 bbl of oil

Adviser

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

For more information, please contact:        

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

or

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

Miscellaneous   

This information is published in accordance with the EU Market Abuse Regulation and/or the Swedish Financial Instruments Trading Act. The information was submitted for publication through the agency of the contact persons set out above on June 10, 2019, at 9:00 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

2019-06-10 Operational Update

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

on Share

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

Press release
Stockholm
June 3, 2019

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

Production Volumes

The Company's aggregate sales production for the month of May totaled 74,9921 barrels of oil and 33.717 million scf of gas for a combined average production of approximately 2,600 BOE/day2, before royalties and taxes.

The Company’s anticipated production increases from its recent drilling activity and capital program are expected in its June production totals as the Company works on normal course operational “de-bugging” of its new facilities and wells. In this regard – no oil was delivered from the Tartaruga Field during the month of May as well testing of the 107D well produced ‘off spec’ oil temporarily.   During clean-up, the 107D well, produced oil, water and drilling mud which in turn created unexpected oil/water emulsion issues in the tank farm. This necessitated additional treatment procedures which in turn slowed down crude oil deliveries.  This issue is being addressed and the Tartaruga Battery is expected to return to full capacity in the next two weeks.

The Attic well which tested 1,691 BOEPD on May 6, 2019, was recompleted to a dual 2-3/8” tubing production well during the month of May in order to accommodate the tubing constrained production volumes. As part of the recompletion work, the Company carried out extensive pressure testing that caused unexpected delays in bringing the Attic well on production.  The Company is now pleased to report that the Attic well is now producing into the Tie Battery. 

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

Adviser

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

For more information, please contact:        

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

or

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

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on June 3, 2019, at 5:00 a.m. (CET)

Maha in Brief

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

Important Information

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

Attachment

2019-06-03 May Production Numbers Update

Annual General Meeting in Maha Energy AB

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

                                                                                                            
Press release
Stockholm
May 23, 2019          

                                                                                                                                                                   
Annual General Meeting in Maha Energy AB

The shareholders of Maha Energy AB (publ) gathered in Stockholm, Sweden, Thursday May 23, 2019 for the Annual General Meeting.

The income statements and the balance sheets for the Company and the Group were approved and the Board of Directors and the CEO were discharged from liability for the financial year 2018.

The Meeting resolved that no dividend shall be paid for the financial year 2018 and that the company’s available funds shall be carried forward in new account.

Nicholas Walker, Jonas Lindvall, Anders Ehrenblad and Harald Pousette were elected as members of the Board of Directors. Anders Ehrenblad was elected as Chairman of the Board.

The Meeting approved fees payable to the members of the Board of Directors and the Chairman of the Board of Directors, including remuneration for committee work, to be as follows: (i) annual fees of the members of the Board of Directors of SEK 170,000 (excluding the CEO); (ii) annual fee of the Chairman of the Board of Directors of SEK 300,000; (iii) annual fees of SEK 85,000 to members of the respective committees (excluding the CEO); (iv) annual fees of SEK 125,000 to the Chairman of the respective committees; (v) members of the Board of Directors shall be entitled to invoice the Company in so far as they perform services outside the Board assignment.

The accounting firm Deloitte AB was re-elected as the auditor of the Company, with authorized public accountant Fredrik Jonsson as the auditor in charge, for a period until the end of the 2019 Annual General Meeting. The auditor’s fee shall be paid upon approval of their invoice.

The Meeting approved the Nomination Committee’s proposal not to change the principles adopted at the Annual General Meeting in 2018.

The Meeting resolved in accordance with the proposal of the Board of Directors on an incentive programme for senior management and certain key employees through issuance of warrants entitling to subscription of new shares of class A in the Company. Under the resolution, the Company may issue a maximum of 500,000 warrants. The warrants may, with deviation from the shareholders’ preferential rights, only be subscribed for by the subsidiary Maha Energy Inc., after which Maha Energy Inc. is to transfer the warrants to the participants under the programme. Each warrant entitles to subscription for one new A-share in the Company during the period from and including June 1, 2022 up to and including February 28, 2023. The subscription price shall be equal to 100 percent of the volume weighted average last closing price for the Company’s share on Nasdaq First North during the period from and including May 17, 2019 until and including May 23, 2019. The increase of the Company’s share capital will, upon exercise of the warrants, amount to not more than SEK 5,500.

The Meeting resolved to authorize the Board of Directors to – for the period up to the next Annual General Meeting and at one or more occasions – resolve upon issuance of new shares, warrants and/or convertible debentures. Payment may be made in cash, in kind, through set-off of claims or otherwise be conditional. The Company’s share capital may be by support of the authorization be increased by an amount corresponding to 20 percent of the share capital and number of shares in the Company as of on the date the Board of Directors make use of the authorization. Deviation from the shareholders’ preferential rights shall be allowed in situations where a directed issue is deemed more appropriate for the Company due to timing, commercial or similar reasons, and in order to enable acquisitions.

Adviser

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

For more information please visit www.mahaenergy.ca or contact:                          
Jonas Lindvall (CEO)
Tel: +1 403 454 7563                 
Email: jonas@mahaenergy.ca

Miscellaneous   

This information is such that Maha Energy AB must disclose in accordance with First North Rulebook. The information was submitted for publication through the agency of the contact persons set out above on May 23, 2019, at 8:30 p.m. CET.

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. The Company’s auditors are Deloitte. The Company’s predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North stock exchange. Maha’s strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie Field in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.    

Attachments

Press release AGM 2019 - English
Press release AGM 2019 - Swedish

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

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

                                                           
Press release
Stockholm
22 May 2019

                                                                                                  
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 2019

  • Daily oil & gas production for Q1 2019 averaged 2,669 BOEPD (Q1 2018: 1,762 BOEPD).
  • Revenue of USD 11.8 million (Q1 2018: USD 8.6 million)
  • EBITDA of USD 7.7 million (Q1 2018: USD 4.6 million)
  • Net result of USD 4.2 million (Q1 2018: USD 2.3 million)
  • Basic earnings per share of USD 0.04 (Q1 2018: USD 0.02)
  • Diluted earnings per share of USD 0.04 (Q1  2018: USD 0.02)
  • Operating netback of USD 9.0 million or USD 40.22/bbl (Q1 2018: USD 5.9 million or USD 37.02/bbl)
  • Cash and cash equivalents balance of USD 19.8 million

FINANCIAL SUMMARY

(TUSD, unless otherwise noted) Q1 2019 Q4 20181 Q3 2018 Q2 2018 Q1 2018 FY 2018
Net Daily Production (BOEPD) 2,669 2,454 1,565 1,429 1,762 1,804
Revenue 11,751 12,595 9,049 7,859 8,629 38,132
EBITDA 7,663 8,486 5,392 3,960 4,566 22,404
Net result for the period 4,248 18,267 3,213 1,859 2,306 25,645
Earnings per share – Basic (USD) 0.04 0.19 0.03 0.02 0.02 0.26
Earnings per share – Diluted (USD) 0.04 0.17 0.03 0.02 0.02 0.25
Cash and cash equivalents 19,768 20,255 22,292 20,914 22,779 20,255

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


Letter to Shareholders

Dear Friends and Fellow Shareholders of Maha Energy AB (“Maha” or the “Company”),

I am happy to report on another quarter of positive financial and operational results.  Revenues and net financial and operational results remain strong and are expected to grow as more production is brought online in the current positive pricing environment.

107D (Tartaruga Field)

While the year started with operational difficulties on the 107D well (Tartaruga field) requiring completion of the well in a slightly unconventional way -with perseverance 107D is now completed, perforated, hooked up and ready for production. As earlier reported, the 107D well was completed using a 3-1/2” liner instead of the planned 4-1/2” pre-perforated liner requiring specialty equipment to perforate the now ‘smaller’ liner.  This equipment was finally assembled in April and the operation was subsequently successfully completed.  Positive indications at surface in the form of pressure and hydrocarbon flows were observed immediately.  This is very encouraging, considering 107D is a 25-year-old well that has produced over 780,000 barrels of oil to date.  The well is now being tested and is free-flowing to surface. Excessive drilling debris (drilling mud and completion water) extended the clean-up period. The production team is carefully testing the well to ensure proper representative test results are obtained before the well is placed on permanent production.

Boipeba and Attic Well (Tie Field)

The much-anticipated Attic well was spudded during the quarter and in April, the well penetrated the Boipeba exploration target.  After some early delays due to a lightning strike on the derrick, the Boipeba was finally evaluated and though the Boipeba sandstone was encountered as per prognosis, the reservoir was poorly developed and filled with water. The well was subsequently completed in the Agua Grande and Sergi formations which when comingled tested 1,691 BOEPD through a 2-3/8” tubing and with a 28/64” choke. Production was constrained by surface equipment limitations.  Currently, the well is being recompleted to remove the equipment limitations and allow the well to be produced through a dual 2-3/8” completion – effectively doubling the capacity of the completion.  The Attic well did not disappoint. 

We are now in the very fortunate position that the Tie Field wells can deliver more oil than we can currently sell. We are making great progress with customers to increase our offtake capacity by another 750 BOPD, giving us the capability to sell up to 4,850 BOPD from this field.  I am hopeful this will be in place sometime during the summer.

7TTG Workover (Tartaruga)

The 7TTG Workover was completed in February with production numbers well above expectations.  As the well continued to clean up from the hydraulic stimulation, production increased steadily.  The well was producing close to 900 BOPD from the P1 zone alone (gross volume) –and that is before we optimize the pump.  We are very happy with this result. Since the P6 zone is still not opened up, we can expect even higher production rates from the 7TTG well. A very favourable result for a well that was only producing 190 BOPD prior to being shut it in last year.

Near Term Production

With all this new production coming on stream, our teams are having to quickly adjust Tie and Tartaruga plant parameters and to find new markets for the oil.  A welcome challenge!   There will be certain short-term interruptions in May and June in our production as the teams work through tie-in work and fluid treatment issues. 

I continue to be grateful for all the support and encouraging e‐mails we receive from our extended family of “Maha Investors”.

“Jonas Lindvall”
Managing Director

Q1 Webcast

There will be a live webcast today, 22 May at 16:00 CET (Stockholm time) to review and discuss the First 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 (CCO)
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 22 May 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 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.

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 - Q1 2019 Results
Maha Energy AB Press Release - Q1 2019 Results

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

on Share

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

Press release
Stockholm
May 6, 2019

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

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

Attic Well (Tie Field)

The Attic development well (7-TIE-1D-BA) has now been tied into the Production facilities at Tie.  Both the Agua Grande (AG) and Sergi zones are perforated and are now comingled in a 2-3/8” single tubing completion.  Initial free flow test results are constrained by tubing size and are as follows:
Oil Production                          : 1591 BOPD
Water Production                     : 8 BWPD
Gas Production                        : 600 MSCFPD
BOEPD                                    : 1691 BOEPD
Choke Size                              : 28/64”
Flowing Wellhead Pressure        : 380 psi

The well is currently shut in awaiting a workover unit to complete the well to a dual producer.  This work is expected to start this week.

107D (Tartaruga Field)
The 3-1/2” liner was successfully perforated using a Coiled Tubing Unit with immediate indications of hydrocarbons observed.  The well has now been tied in to the Tartaruga Production Facilities and well testing operations commenced on May 4.  The well is currently free flowing without assistance of a pump and once 107D has been fully tested, results will be published by a Press Release.

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

Jonas Lindvall, CEO of Maha Energy commented “We are very happy with the initial flowing test results on both wells so far. The  107D well has produced over 782,000 barrels to date and is almost 25 years old. The fact that the well is free flowing again is very encouraging and we look forward to the completion of the well test. 

The Attic well test results speak for themselves. We look forward to completing this well as a dual producer which will allow for independent zonal production and expected higher production rates.”

Adviser

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

For more information, please contact:        

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

or

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

Miscellaneous   

This information is published in accordance with the EU Market Abuse Regulation and/or the Swedish Financial Instruments Trading Act. The information was submitted for publication through the agency of the contact persons set out above on May 6, 2019, at 3:30 a.m. (CET)

Maha in Brief

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

Important Information

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

Attachment

2019-05-06 Operational Update WO 107

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

on Share

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

Press release
Stockholm
May 2, 2019

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

Production Volumes

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

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

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

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

Adviser

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

For more information, please contact:        

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

or

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

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on May 2, 2019, at 5:00 a.m. (CET)

Maha in Brief

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

Important Information

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

Attachment

2019-05-02 April Production Volumes

Maha Energy AB Announces 2018 Annual Report

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

                                                                               
Press release
Stockholm
April 30, 2019          

                                                                                                                  
Maha Energy AB Announces 2018 Annual Report

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

Adviser

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

For more information, please contact:          
Jonas Lindvall (CEO)
Tel: +1 403 454 7560        
Email: jonas@mahaenergy.ca

or

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

or

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

Miscellaneous      

This information is published in accordance with the EU Market Abuse Regulation and/or the Swedish Financial Instruments Trading Act. The information was submitted for publication through the agency of the contact persons set out above on April 30, 2019, at 5:00 a.m. (CET)

Maha in Brief

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

Important Information

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

    

 

Attachments

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

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

on Share

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

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

Notice

Shareholders wishing to participate at the meeting must:

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

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

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

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

Nominee registered shares

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

Proxy

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

Proposed agenda

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

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

Proposed resolutions             

Item 1. Election of chairman of the meeting

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

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

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

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

The nomination committee proposes that four board members are elected.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The board of directors in Maha Energy AB (publ) (the “Company”) (excluding Jonas Lindvall) proposes that the annual general meeting resolves on an incentive programme for senior management and certain key employees through issuance of warrants entitling to subscription of new shares of class A in the Company (“Shares”) as set forth below.

Background

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

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

Terms and conditions for the issue of warrants

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

Allocation principles to be applied in relation to Participants

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

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

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

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

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

Warrant agreement

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

Reasons for the deviation from the shareholders’ preferential rights

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

Dilution, costs, etc.

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

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

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

Outstanding incentive programmes

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

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

Approval of transfer of warrants from the Subsidiary to Participants

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

Majority requirements

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

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

The board of directors proposes that the general meeting resolves on an authorization for the board of directors to – for the period up to the next annual general meeting and at one or more occasions – resolve upon issuance of new shares, warrants and/or convertible debentures. Payment may be made in cash, in kind, through set-off of claims or otherwise be conditional. The company’s share capital may by support of the authorization be increased by an amount corresponding to 20 per cent of the share capital and number of shares in the company as of on the date the board of directors make use of the authorisation. Deviation from the shareholders’ preferential rights shall be allowed in situations where a directed issue is deemed more appropriate for the company due to timing, commercial or similar reasons, and in order to enable acquisitions. The chairman of the board of directors, the managing director, or anyone authorized by the board of directors, shall have the right to make any minor adjustments required in order to register this resolution.

Majority requirements

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

Number of shares and votes in the company

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

Shareholders’ right to request information

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

Documentation

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

_____

Stockholm, April 2019

The board of directors

Official version of notice to attend the annual general meeting

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

Adviser

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

For more information, please contact:                 
Jonas Lindvall (CEO)
Tel: +1 403 454 7560                  
Email: jonas@mahaenergy.ca

or

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

Miscellaneous   
This information is published in accordance with the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact persons set out above on April 23, 2019, at 4:00 P.m. CET.

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. The Company’s auditors are Deloitte. The Company’s predecessor Maha Energy Inc was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 25 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth.  After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha’s strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie Field in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.    

Important Information

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

 

Attachments

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

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

on Share

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

Press release
Stockholm
April 8, 2019

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

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

Attic Well (Tie Field)

The Attic development well (7-TIE-1D-BA) reached a Total Depth of 2,607 m. on April 4.  All targets, including the Boipeba formation, were intersected.  Electric logging has been completed and the well is now being prepared for production. The previously unexplored Boipeba formation was penetrated, but poor reservoir development yielded no productive hydrocarbon zones worthy of completion.

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

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

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

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

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

For more information, please contact:        

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

or

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

Miscellaneous   

This information is published in accordance with the EU Market Abuse Regulation and/or the Swedish Financial Instruments Trading Act. The information was submitted for publication through the agency of the contact persons set out above on April 8, 2019, at 6:00 p.m. (CET)

Maha in Brief

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

Important Information

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

Attachment

2019-04-08 Operational Update

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

on Share

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

Press release
Stockholm
April 2, 2019

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

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

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

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

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

Adviser

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

For more information, please contact:        

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

or

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

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on April 2, 2019, at 3:00 a.m. (CET)

Maha in Brief

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

Important Information

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Attachment

2019-04-02 Production Numbers Update