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

Press release
Stockholm
March 8, 2019

Maha Energy AB (publ) (“Maha” or the “Company”) provides an update on the Company’s 2018 Capital Plan, announces its 2019 Capital Plan and discusses its April 2017 Five Year Capital Plan and Production Forecast

Maha Energy AB (publ) ("Maha" or the "Company") is pleased to provide an update on the completion of the Company’s 2018 Capital Plan, details of its 2019 Capital Plan and a discussion of the impact of the 2018 and 2019 Capital Plans on the previously announced – April 2017 Five Year Capital Plan and Production Forecast.

2019 Capital Plan Summary – Total Budget USD 20 Million

Tartaruga Field – Sergipe, Brazil

Tartaruga – 2018 Capital Plan Completion Update

7TTG Well
As previously announced, stimulation clean-up operations of the P1 zone were performed using a dedicated jet pump from February 17th to February 23rd.  The cleanup operation saw a significant portion of the stimulation fluids being produced back.  Before shutting the well in and removing temporary flowback equipment, the P1 zone produced at a rate of 457 BOPD, 88 BWPD and 113 MSCFPD during a 24-hour flowback period.  Note this is a dedicated test of the P1 zone only.  The newly perforated P4 zone and the previously producing P6 zone are both temporarily closed off.  Further production testing on the P1 zone is ongoing and the well is cleaning up nicely; the latest 24-hour production rate for the P1 zone before pump optimization is over 600 BOPD with negligible water.
Production is expected to be re-established very quickly after installation of permanent production equipment.  Thereafter the well will continue to clean up – with oil rates expected to increase and water rates reducing.  Once the operations team has completed pump optimization and, if required, reactivation of the P4 & P6 perforations, 7TTG is anticipated to produce hydrocarbons to the current capacity of the Tartaruga facilities which is between 500 and 800 BOPD depending on the results of the current well tests.
107 D (Tartaruga Field)
The new horizontal sidetrack reached a Total Depth of 3661 m as of 18 December, 2018 and the horizontal sidetrack has now been lined with a 3-1/2” liner that has been installed and sealed.  Certain required non-standard specialty perforating equipment has been identified and will be air freighted to Brazil as soon as possible.
       
Tartaruga – 2019 Capital Plan

      Delineation Well (MH-1)
      The Company plans to drill a new well from the Tartaruga site during 2019 (“MH-1”).  The objective of the MH -1 well is to further test hereto untested sandstone zones in the Penedo reservoir.  The Penedo reservoir consists of up to 27 sandstone zones (hereinafter referred to as ‘sands’).  All sands have been penetrated and logged in previous wells and all indications are that these sands contain oil, but only four (4) sands have been previously tested in order to confirm oil content.  All four tested sands have tested varying amounts of oil. 
       
      MH-1 will be drilled to the base of the Penedo sandstone.  Electric logging results will dictate the scope of the Drill Stem Testing Program at the time.  On the conclusion of the tests, the MH-1 well will be placed on production and connected to the Tartaruga Facility.
       
      It is not anticipated that the Tartaruga Facility will be shut in during the drilling activities of the MH-1 well.  The Company expects 7TTG and 107D (once perforated and hooked up) to produce continuously through 2019, except during shutdowns required for the Facility expansion, if any.

      Facility Upgrade
      The production test results from the 107D Sidetrack and the 7TTG Workover will dictate upgrade requirements for the production handling facilities at Tartaruga field.  Based on present understandings it is anticipated facilities will be initially upgraded during 2019 with a view to handle up to 2,500 BOPD and 500 MSCFPD of associated gas. Environmental licenses have been obtained for the implementation of a Gas-to-Wire project that will handle the excess gas for this upgrade. This facility work is expected to be completed during the second half of 2019. Further associated gas handling is currently being designed for implementation in 2020.
Tie Field – Bahia, Brazil

Tie – 2018 Capital Plan Completion Update

Attic Well
      The 2018 announced Attic Well will be completed during 2019.  Once the Boipeba exploration target has been evaluated, the Attic Well will be dually completed and placed on production.
       
GTE-3
      As soon as the Attic Well is completed and placed on production, in order to boost production from the GTE-3 well, a Workover Rig will be mobilized to recomplete the GTE-3 well from a single comingled completion to a separate zone dual completion
       
      GTE-4
In 2018, the Company announced that the free-flowing GTE-4 well will be recompleted with a Jet Pump once the Sergi and/or Agua Grande zone ceases free flowing oil.  The water injection program that commenced in October 2017 has worked above expectations such that the GTE-4 well continues to free flow and hence work will only be undertaken to recomplete the GTE-4 well to a pumping well once either zone ceases to flow freely.  The surface pumping equipment on GTE-4 is already installed such that any intervention work on GTE-4 will only entail minor work. 
       
      Facility Upgrade
      The capital program announced in 2018 for upgrading the Tie Field facility will be completed during the first half of 2019.  At the moment, the Plant is capable of handling up to 5,000 BOPD.  Remaining work to be completed during 2019 includes the construction of two additional storage tanks and a four-bay loading facility.  In the event that the Attic Well is completed before this work has been completed, the current facility is arranged to temporarily handle 5,000 BOPD until such time the four-bay loading work is completed.

Tie – 2019 Capital Plan
       
      Tie South 1 and Tie South 2 Wells
      The Company plans to drill two new wells at the Tie field (“TS-1” and “TS-2”) in order to maintain the field’s long-term production plateau.  While these wells are currently scheduled to be drilled back-to-back towards the end of 2019 the exact spud date is wholly dependent on normal course regulatory approvals such as a well license.  Permitting has already commenced and is expected to take eight months to complete.  Given this timing there is some likelihood the Company will not complete both wells prior to year-end.  It should be noted maintaining the Tie Field production plateau during 2019 is not dependent on the drilling of these wells.
             
Facility Upgrade
      There is currently no anticipated requirement for additional facilities at Tie field other than completion of the work as per above. If results from the Attic Well and other planned operations exceed expectations, the Company may re-visit further additions to the 2019 Capital Program for additional facilities at Tie.

LAK Ranch – Wyoming USA

 LAK – 2018 Capital Plan Completion Update
       
Phase I
During 2018, the Company completed the first Phase of the LAK Ranch Field Development.  The First Phase now consists of five (5) near horizontal producers and nine hot water injectors which are being tied in.  The results are now been evaluated.

LAK – 2019 Capital Plan

Production Optimization
2019 will be a year of production optimization and evaluation. So far, no investment decision has been made for LAK in 2019.  Capital will only be spent if: a) the results show positive netback numbers for the field, b) further capital investments are ranked above other opportunities that the Company might have during 2019, and c) Board of Director review and approval.

Production

The Company expects to complete most if not all of the Capital Plan prior to year-end 2019.  The exact timing of the operations is dependent upon a number of factors including delivery of long lead items, rig availability, permitting and logistics.  Depending on the results of the operations, the Company will need to find new markets and offtake arrangements for production increases.  As a minimum the Company expects to achieve, those production levels reflected in its April 2017 Five Year Capital Plan: an average annual net production of 3,990 BOPD for 2019 and 4,820 BOPD for 2020.

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

Funding of 2019 Capital Plan

2019 Capital Plan Budget
The 2019 Capital Plan has a total budget of USD 20 million for the above incremental projects and is expected to be funded fully through operating cash flow. Except if either of TS1 or the TS2 wells are delayed into 2020 (see above), it is anticipated most of these costs will be incurred in 2019.

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 March 8, 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.

Attachment

• 2018-03-06 Capital Plan for 2019

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

Press release
Stockholm
March 2, 2019

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

Production Volumes

The Company's aggregate sales production for the month of February totaled 71,2051 barrels of oil and 33.030 million scf of gas for a combined average production of approximately 2,740 BOE/day2, before royalties and taxes.

The previously announced capital program for 2018 continues to temporarily affect production from the Tartaruga Field and will continue to do so until the work is complete.  The Tartaruga Field was shut in for a total of 25 days in February due to the planned 7TTG and 107D Well intervention work.  The 7TTG Well is now back on production and it is not envisioned that future work at Tartaruga will significantly affect future production.  At this time, the 7TTG Well continues to clean up.  Further pump optimization will in all likelihood increase oil production to the current limit of the Tartaruga oil and gas processing facilities.  Current production (1 March, 2019), based on a 72 hour uninterrupted pump test at the 7TTG Well is (gross) 643 BOPD (net) 482 BOPD.

Maha Energy owns a 75% working interest in the SES-107 Tartaruga oil and gas concession onshore Brazil.  Petrobras owns 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 March 2, 2019, at 6:00 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

• 2019-03-02 Production Numbers Update

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

Press release
Stockholm
February 24, 2019

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

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

7TTG (Tartaruga Field)
Stimulation clean-up operations of the P1 zone were performed using a dedicated jet pump from February 17th to February 23rd.  The cleanup operation saw a significant portion of the stimulation fluids being produced back.  Before shutting the well in and removing temporary flowback equipment, the P1 zone produced at a rate of 457 BOPD, 88 BWPD and 113 MSCFPD during a 24-hour flowback period.  Note this is a dedicated test of the P1 zone only.  The newly perforated P4 zone and the previously producing P6 zone are both temporarily closed off.  Prior to shutting the well in for work in January 2018, the P6 zone was producing 191 BOPD, 0.6 BWPD and 92 MSCFPD of gas.  Therefore, aggregate production from 7TTG, (not including the P4 interval,) should be approximately 650 BOPD.

Production is expected to be reestablished very quickly after installation of permanent production equipment.  Thereafter the well will continue to clean up – with oil rates expected to increase and water rates reducing.  Once the operations team has completed pump optimization and reactivation of the P4 & P6 perforations, 7TTG is anticipated to produce hydrocarbons to the current capacity of the Tartaruga facilities – 500 – 800 BOPD.

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

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

Adviser

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

For more information, please contact:        

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

or

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

Miscellaneous   

This information is published in accordance with the EU Market Abuse Regulation and/or the Swedish Financial Instruments Trading Act. The information was submitted for publication through the agency of the contact persons set out above on February 24, 2019, at 19:30 pm CET.

Maha in Brief

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

Important Information

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

Attachment

• 2019-02-24 Operational Update Flowback

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

Press release
Stockholm
February 18, 2019

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

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

Attic Well and Tie Field Operations

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

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

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

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

107 D (Tartaruga Field)
Further to the January 7, 2019 announcement that the new horizontal sidetrack reached a Total Depth of 3661 m as of 18 December, 2018, the horizontal sidetrack has now been lined with a 3-1/2” liner that has been installed and sealed.  Certain required non-standard specialty perforating equipment has been identified and will be air freighted to Brazil as soon as possible.  Expected timing for the perforating is uncertain at this time and will be the subject of future communication by the Company. 

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

Adviser

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

For more information, please contact:        

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

or

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

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on February 18, 2019, at 8.00 p.m. (CET)

Maha in Brief

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

Important Information

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

Attachment

• 2019-02-18 Operational Update(spud)

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

Press release
Stockholm
February 18, 2019

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

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

Maha Reserves1 as at 31 December 2018

The main changes to this years’ reserve volumes are:

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

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

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

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

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

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

About reserves

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

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

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

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

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

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

For more information, please contact:        

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

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

Miscellaneous   

This information is published in accordance with the EU Market Abuse Regulation and/or the Swedish Financial Instruments Trading Act. The information was submitted for publication through the agency of the contact persons set out above on February 18, 2019, at 3:00 am CET.

Maha in Brief

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

Important Information

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

Attachment

• Maha Energy Reserve Update 02182019

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

Press release
Stockholm
February 4, 2019

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

Production Volumes

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

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

The previously announced capital program for 2018 continues to temporarily affect production from the Tartaruga Field and will continue to do so until the work is complete.  The Tartaruga Field was shut in for a total of 31 days in January due to the planned 7TTG and 107D intervention work. 

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

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

For more information, please contact:        

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

or

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

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on February 4, 2019, at 3:00 a.m. (CET)

Maha in Brief

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

Important Information

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

Attachment

• 2019-02-04 Production Numbers Update

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

Press release
Stockholm
January 7, 2019

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

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

Tartaruga

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

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

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

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

Tie Field

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

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

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

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

2018 Capital Plan

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

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

The Adviser

FNCA Sweden AB is the Company's Certified Adviser.   

For more information, please contact:        

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

or

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

Miscellaneous   

The information was submitted for publication through the agency of the contact persons set out above on January 7, 2019, at 3:00 a.m. (CET)

Maha in Brief

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

Important Information

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

Attachment

• 2019-01-07 Operational Update

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

Press release
Stockholm
January 2, 2019

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

Production Volumes

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

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

The previously announced capital program for 2018 continues to temporarily affect production from the Tartaruga Field and will continue to do so until the work is complete.  The Tartaruga Field was shut in for a total of 31 days in December due to the planned 7TTG and 107D intervention work. 

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

Adviser

FNCA Sweden AB is the Company's Certified Adviser.   

For more information, please contact:        

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

or

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

Miscellaneous   

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

Maha in Brief

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

Important Information

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

Attachment

• 2019-01-02 Production Numbers Update

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

Press release
Stockholm
December 3, 2018

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

Production Volumes

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

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

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

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

The previously announced capital program for 2018 continues to temporarily affect production from the Tartaruga Field and will continue to do so until the work is complete.  The Tartaruga Field was shut in for a total of 30 days in November due to the planned 7TTG and 107D intervention work.

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

Adviser

FNCA Sweden AB is the Company's Certified Adviser.

For more information, please contact:

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

or

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

Miscellaneous

The information was submitted for publication through the agency of the contact persons set out above on December 3, 2018, at 3:00 a.m. (CET)

Maha in Brief

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

Important Information

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

2018-12-03 Production Numbers Update

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

2018-12-03 Production Numbers Update