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Maha Energy AB: FILING OF SECOND QUARTER REPORT

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

Press release

Stockholm

29 August 2018

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.

Maha Energy AB Announces Filing of Second Quarter Report

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


Second Quarter 2018

  • Daily oil & gas production for the second quarter averaged 1,429 BOEPD (Q2 2017: 259 BOEPD). Planned production shutdowns at the Tartaruga field due to well workover operations reduced second quarter production compared to first quarter of 2018
  • Revenue of USD 7.9 million (Q2 2017: USD 1.0 million)
  • EBITDA of USD 4.0 million (Q2 2017: USD -1.0 million)
  • Net result for the period of USD 1.9 million (Q2 2017: USD -3.6 million)
  • Earnings per share of USD 0.02 (Q2 2017: USD -0.04)
  • Operating netback of USD 5.1 million or USD 39.22 per barrel (Q2 2017: USD 0.2 million or USD 11.76 per barrel)
  • Following the quarter end, the Company recompleted the GTE-3 well. The Sergi formation has, on its own, initially tested at 960 BOPD, 218 BWPD and 261 MSCFPD of gas with the assistance of the newly acquired jet pump and has now been placed on production.

Financial Summary

(TUSD, unless otherwise noted) Q2 2018 Q1 2018 Q4 2017[1] Q3 2017 Q2 2017 H1 2018 H1 2017 FY 2017
Net Daily Production (BOEPD) 1,429 1,762 1,597 1,671 259 1,595 187 917
Revenue 7,859 8,629 6,939 6,173 1,043 16,488 1,492 14,604
EBITDA 3,960 4,566 2,930 2,259 (967) 8,526 (1,976) 3,213
Net result for the period 1,859 2,306 2,482[2] (402) (3,626) 4,165 (4,875) (2,849)
Earnings per share (USD) 0.02 0.02 0.03 (0.00) (0.04) 0.04 (0.06) (0.03)
Cash and equivalents 20,914 22,779 18,729 18,372 13,324 20,914 13,324 18,729

Letter to Shareholders

Dear Friends and Fellow Shareholders of Maha Energy AB,

It is noteworthy Maha's acquisition of the Tie and Tartaruga producing oil fields in Brazil is well timed with the ongoing recovery and stabilization of world oil markets. Globally:

 "2017 was the third consecutive year of decline in global energy investment with energy efficiency the lone sector of growth" (*) writes the International Energy Agency (IEA) in the World Energy Investment Report for 2018 that was released in July, 2018.  The report goes on:

"Oil and gas companies are doing more with less …

Following the peaks in oil and gas upstream investment reached in 2014, investment collapsed abruptly as a result of lower prices. 2017 investment rebounded by 2% in real terms, and we estimate the same level of growth for 2018.The oil and gas industry has been traditionally characterized by long-lead time projects with predictable production profiles. Yet as a result of the shale revolution in the United States this trend is changing and the industry is re-thinking the way they choose, execute and manages projects. Furthermore, investment in conventional assets (responsible for the bulk of supply) remains focused on expansion of existing projects rather than developing new sources of production."

(See Table in PDF version attached)

 
The report shows that after the recent downturn, capital investment in the upstream oil and gas sector bottomed out in 2016. In 2017 there was a slight (2%) increase in capital spending – but annual spending is still 40% less than what it was in 2014.  At the peak in 2014, annual capital expenditures in the oil and gas sector were almost USD 800 billion. In 2017, capital spending was USD 440 billion, up modestly from USD 425 billion in 2016.

It is 4 years since world oil price fell from USD 110/bbl to a low of USD 26/bbl.  The evidence would suggest it is now safe to assume that the sector has stabilized; Oil prices are up and stable; capital investment has stabilized; the US rig count is stable.  Demand, on the other hand, continues its' relentless upward march with the world poised to breach a 100 million barrel/day of consumption this year notwithstanding efforts towards electric vehicles and efficiencies.  Demand has increased, on average, about 1.5% per year since 1980.  Rising consumption, the shift away from investment in long-term projects and the USD 1 trillion reduction in upstream investments from 2015-2017 raises serious questions about the industry's ability to adequately supply the world's future oil & gas requirements.  The threat of new sanctions on Russia and Iran will also, in all likelihood, affect supply.

These observations should be cause for concern.  I encourage everyone to read the report – it is full of interesting analysis and facts, including the rise of Electric Vehicles (EV's) and the corresponding massive demand for mobility as China, India and Africa continue to modernize their economies.

That said I remain bullish on the oil price and I think Maha's timing is near perfect.  The work in Brazil will increase production just as price fully recovers.  There is a lot going on, the most exciting of which are Maha's two announced drilling projects in Brazil.

The first – the 107D sidetrack will be the first horizontal well drilled at Tartaruga. It should spud any day.  The Penedo sandstone target is an excellent candidate for this type of technology. The aim is to drill a 500 meter horizontal production hole into a zone that has produced over 650,000 barrels of oil with hardly any water.  We are confident the outcome will be oil – drilling will tell how much.

The second – a vertical production well (the Attic Well) is planned to be drilled on the crest of the Tie structure.  The structure is a 3-way fault bounded structure that extends across multiple reservoirs.  Both the Agua Grande and the Sergi reservoirs are known to be oil bearing and the structurally high well location is expected to access previously unproduced oil and gas from both reservoirs.  Both zones are expected to be free flowing and will not initially require artificial lift. The Attic well is now anticipated to be spudded in October. The Attic Well will also explore the previously undrilled Boipeba structure, which could contain oil.

Financially, the second quarter was healthy for Maha despite the planned production shutdowns at the Tartaruga field.  Higher oil prices and more production at the Tie field contributed to good consistent results for Maha.

Operationally, while work at Tartaruga did run into some problems because the work over unit hired was too small to pull an (unexpected) stuck existing completion string, the plan is to move the contracted drilling rig across the Tartaruga license area to the 7TTG well to finish the recompletion after the 107D sidetrack is finished.

At the Tie Field there is excellent response to the water flood project started in October last year.  The Agua Grande zone remains free flowing with very little water and the gas oil rate has returned to normal.  While the Sergi zone has started to experience some water influx which could lead to an accelerated decline, the introduction of the newly purchased (and delivered) jet pump at GTE4 will increase production from both zones and prevent the decline in the Sergi zone.

We thank you for your continued support.

"Jonas Lindvall"

Managing Director

(*)World Energy Investment 2018, International Energy Agency (IEA) 17 July, 2018. (https://webstore.iea.org/world-energy-investment-2018)

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

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 August 29, 2018, at 7:00 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 2017 figures include previously disclosed changes to the 2017 Fourth Quarter Report in April 30, 2018 press release

[2] Includes positive adjustment of TUSD 1,423 in relation to FY 2017. Result for the Q4 2017 period before adjustment was $1,059 and Earnings per share of 0.01.

Maha Energy AB Press Release – Q2 2018 Report
Maha Energy Q2 2018 Report

—
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions 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

Maha Energy Q2 2018 Report
Maha Energy AB Press Release - Q2 2018 Report

Maha Energy AB (publ) (“Maha” or the “Company”) Announces Q2 Report Webcast

on Share

Maha Energy AB (publ)

Biblioteksgatan 1

SE-111 46 Stockholm

www.mahaenergy.ca

Press release

Stockholm

August 27, 2018

Maha Energy AB (publ) ("Maha" or the "Company") Announces Q2 Report Webcast


Half Year Report

Maha Energy AB's second quarter and half year report will be released on 29 August and a live webcast will be held on Wednesday 29 August at 1600 hrs CET.  Further details and internet link can be found on www.mahaenergy.ca  The webcast will be hosted by Jonas Lindvall, CEO and Managing Director of Maha Energy AB and Andres Modarelli, CFO of Maha Energy Inc..  Shareholders and Investors are invited to attend and ask questions.

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 August 27, 2018, at 7:00 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.

2018-08-26 Maha Energy – Q2 2018 Report Webcast

—
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions 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

2018-08-26 Maha Energy - Q2 2018 Report Webcast

Maha Energy AB: Announces July Production Volumes

on Share

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

Press release
Stockholm
August 3, 2018

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

Production Volumes

The Company's aggregate sales production for the month of July totaled 43,3641 barrels of oil and 14.961 million scf of gas for a combined average production of approximately 1,479 BOE/day2, before royalties and taxes.

The previously announced capital program for 2018 (the "Work Program") 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 29 days in July due to the planned 7TTG and 107D intervention work.  Production from the Tie Field continues uninterrupted and it is currently expected there will be no material reduction in Tie field production during the Work Program.

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 August 3, 2018, at 7:00 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.

2018-08-03 Production Numbers and Operational Update

—
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions 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

2018-08-03 Production Numbers and Operational Update

Maha Energy AB: Announces Update on GTE-3 Workover in the Tie Field

on Share

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

Press release
Stockholm
July 25, 2018

Maha Energy AB (publ) ("Maha" or the "Company") Announces Update on GTE-3 Workover in the Tie Field.

The Company is pleased to announce the dual recompletion of two zones in the GTE-3 well is now complete by use of a long production string for the Sergi formation (the "long string") and a short production string for the Agua Grande ("AG" or the "short string").

Sergi – "Long String"

The Sergi formation has, on its own, initially tested at 960 BOPD, 218 BWPD and 261 MSCFPD of gas with the assistance of the newly acquired jet pump and will now be placed on production.  The Sergi long string will continue to be produced until the AG short string is ready to be tested and put on stream (see below).

Agua Grande- "Short String"

Additional purpose built equipment is being brought to the Tie field to test and place the Agua Grande short string on stream.   Once the Agua Grande is tested and ready for production, the surface pumping equipment will be properly calibrated and both zones will then be produced simultaneously.

Jonas Lindvall, managing director of Maha Energy AB said: "This is a good example of the Maha Energy business model: "applying state of the art technology to under exploited resources to increase production".  Here, a very custom-tailored solution – a single hydraulic triplex jet pump driving a dual completion in a single well – propelled a previously dead-well to become an important producer.  The initial results of the long string exceed our expectations."

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 July 25, 2018, at 7:00 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.

2018-07-25 GT3 Pump Installation Test Update

—
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions 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

2018-07-25 GT3 Pump Installation Test Update

Maha Energy AB: Announces June Production Volumes, Operational Update for Brazil and New Liquidity Provider

on Share

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

Press release
Stockholm
July 4, 2018

Maha Energy AB (publ) ("Maha" or the "Company") Announces June Production Volumes, Operational Update for Brazil and New Liquidity Provider

Production Volumes

The Company's aggregate sales production for the month of June totaled 36,5741 barrels of oil and 16.671 million scf of gas for a combined average production of approximately 1,312 BOE/day2, before royalties and taxes.

The previously announced capital program for 2018 (the "Capital Program") continues to temporarily affect production from the Tartaruga field and will continue to do so until the work is complete.  The field was shut in for a total of 8 days in May and 20 days in June due to the planned 7TTG intervention work.  The totalcurrent anticipated shut in period is 60 days.  Production from the Tie field continues uninterrupted and it is currently expected there will be no material reduction in Tie field production during the Work Program.

Operational Highlights:

  • The GTE-3 workover to install the downhole components of the hydraulic jet pump commenced on June 30 and is now well under way.
  • The Surface Jet Pumps arrived at the Tie field and work is completed for a quick tie in once the GTE-3 workover is completed.
  • The Faxe-2 Drilling Rig completed the required pre-mobilization test on June 30th.  Mobilization of the drilling rig (a total of 45 loads) is scheduled to commence on July 5th and it is anticipated to take 15 days to complete.

Below details current steps and current timing of the Brazil part of the Capital Program underway:

7TTG Workover
The workover to recomplete the 7TTG well with larger tubing and a dedicated jet pump has been delayed due to stuck tubing.  Work commenced in May to recover 1.5 inch coiled tubing and 3.5 inch production tubing in the well.  After several attempts to free the downhole packer, the 1.5" tubing had to be chemically cut just above the packer.

A last minute change of workover rigs due to scheduling problems delayed mobilizing of the EBS Rig 113.  Once mobilized, the 3.5 inch tubing was latched and pulled, however, the string parted at a weak joint.  Fishing tools were connected but the EBS Rig 113 was unable of providing sufficient power to free the pipe.  A decision was taken to demobilize the rig and postpone the workover until after the 107D well has been sidetracked.  The Faxe Rig 2 will move across and complete the 7TTG workover upon completion of the 107D well.  The overall result is a 4 week delay and a potential cost over run on the 7TTG well operation of approximately USD 500,000.

107 D Re-entry
The Faxe 2 Drilling Rig passed its pre-acceptance test on June 30 and will now be mobilized to the Tartaruga field.  Mobilization is expected to be completed by July 20 and drilling operations are expected to start shortly thereafter.  The re-entry is expected to take 45 days to drill and complete once the rig is rigged up over the well.  At this time, commencement of the sidetrack is approximately 3 weeks late.  There is no impact on cost at this time.

GTE-3
The EBS Rig 113 was mobilized to the GTE-3 site on June 29 with the objective of installing the downhole components of the newly acquired (and delivered) jet pump.   Once rigged up, it is anticipated to take 8 days to recover and re-run the dual completion in this well.  Upon completion, the pump will be hooked up and the well put on production.  There has been a delay with the GTE-3 operations because of the 7TTG delays.  Originally it was anticipated that the GTE-3 workover would be completed by the end of June. It is now anticipated the well will be producing oil by the end of July – a delay of 4 weeks but with no anticipated cost overruns.

Attic Well
The 7TTG delays- delayed the commencement of the 107D well by about 3 weeks- which will in turn likely impact the commencement of the Attic Well. Upon completion of 107D Well, the Faxe 2 Rig will be moved to finish the recovery of the 3.5-inch tubing from the 7TTG well and the workover which includes perforating the P1 sand and conducting hydraulic stimulation.  This work, all going well, is expected to take 8 – 10 days.  The result is the commencement of the Attic Well is now anticipated to start in late September, a delay of about 4 – 5 weeks but with no anticipated cost overruns.

Change of Liquidity Provider

The Company changed the contracted Liquidity Provider from Remium to Penser Bank AB.   During this process a total of 30,000 shares were placed on loan to the Liquidity Provider by Jonas Lindvall, CEO of Maha Energy AB.

"Despite all the best planning – workovers often encounter unforeseen difficulties that the Maha team is well trained to react to.  Previous operators have used undersized and weaker components which continue to affect production and operations.  While it is premature to assess the precise effect of the delays and cost over-runs on the overall Capital Program budget and schedule – I am confident that we will claw back time lost and cost as no doubt other parts of the program will go smoother than anticipated," stated Jonas Lindvall, CEO of Maha Energy AB.

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 July 4, 2018, at 7:00 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.

2018-07-04 Production Numbers and Operational Update

—
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions 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

2018-07-04 Production Numbers and Operational Update

Maha Energy AB: Announces May Production Volumes

on Share

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

Press release
Stockholm
June 4, 2018

Maha Energy AB (publ) ("Maha" or the "Company") Announces May Production Volumes

The Company's aggregate sales production for the month of May totaled 38,4371 barrels of oil and 19.725 million scf of gas for a combined average production of approximately 1,346 BOE/day2, before royalties and taxes.

The previously announced capital program for 2018 is now temporarily affecting production form the Tartaruga Field and is expected to continue to affect the Tartaruga Field until the work is completed.

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 June 4, 2018, at 6:00 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.

2018-06-04 May Production Numbers

—
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions 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

2018-06-04 May Production Numbers

Maha Energy AB: Annual General Meeting in Maha Energy AB

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

                                                                                                                                                
Press release
Stockholm
May 30, 2018

                                                                                                                                                                                                
Annual General Meeting in Maha Energy AB

The shareholders of Maha Energy AB (publ) gathered in Stockholm, Sweden, Wednesday May 30, 2018 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 2017.

The Meeting resolved that no dividend shall be paid for the financial year 2017 and that the company's available funds shall be carried forward in new account.

Wayne Thomson, Jonas Lindvall, Anders Ehrenblad and Harald Pousette were re-elected as members of the Board of Directors. Wayne Thomson was re-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 2017.

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 750,000 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 May 1, 2021 up to and including November 31, 2021. 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 24, 2018 until and including May 29, 2018. The increase of the Company's share capital will, upon exercise of the warrants, amount to not more than SEK 8,250.

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 10 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.

For more information please visitwww.mahaenergy.ca or 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

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 30, 2018, at 6:30 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.

Maha Press Release AGM 2018 (SWE)
Maha Press Release AGM 2018 (ENG)

—
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions 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

Maha Press Release AGM 2018 (SWE)
Maha Press Release AGM 2018 (ENG)

Maha Energy AB: Filing of First Quarter Report

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

                                                           
Press release
Stockholm
29 May 2018

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.
                                                                                                  
Maha Energy AB Announces Filing of First Quarter Report

Maha Energy AB (publ) ("Maha" or the "Company") has today released 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 2018

  • Daily oil & gas production for the first quarter averaged 1,762 BOEPD (Q1 2017: 115 BOEPD)
  • Revenue of USD 8.6 million (Q1 2017: USD 0.5 million)
  • EBITDA of USD 4.5 million (Q1 2017: USD -1.0 million)
  • Result for the period of USD 2.3 million (Q1 2017: USD -1.3 million)
  • Earnings per share of USD 0.02 (Q1 2017: USD -0.02)
  • Operating netback of USD 5.9 million or USD 37.02 per barrel (Q1 2017: TUSD -9 or -1.17 per barrel)
(TUSD, unless otherwise noted) Q1 2018 Q4 2017(1) Q1 2017 FY 2017
Net Daily Production (BOEPD) 1,762 1,597 115 917
Revenue 8,629 6,939 449 14,604
EBITDA 4,566 2,930 (1,009) 3,213
Result for the period 2,306 2,482(2) (1,303) (2,849)
Earnings per share (USD) 0.02 0.03 (0.02) (0.03)
Cash and equivalents 22,779 18,729 10,961 18,729

[1] Q4 2017 figures include previously disclosed changes to the 2017 Fourth Quarter Report in April 30, 2018 press release
2 Includes positive adjustment of TUSD 1,423 in relation to FY 2017. Result for the Q4 2017 period before adjustment was $1,059 and Earnings per share of 0.01

Letter to Shareholders

Dear Friends and Fellow Shareholders of Maha Energy AB,

When the Gran Tierra Brazil operations acquisition closed in July of last year, Brent oil price was USD 48/bbl. The investment decision was easy because the acquisition made great sense even at those oil prices. The average Brent oil price for the quarter was USD 66.86/bbl. The math is simple – the rising oil price has greatly increased Maha's value and cash flow.

Maha's Strong Current Financial/Cash Position
Maha closed Q1 with a very strong available cash position of USD 22.8 million (USD 4.0 million more than what we started the year with). The 2018 Capital Plan is expected to be fully funded out of current cash flow – so barring the unforeseen this cash position should remain intact. Our Q1 2018 EBITDA is up over 54% from Q4 2017 – at USD 4.6 million. Maha's Q1 profit (after tax and finance costs) is USD 2.3 million.

Our shareholders will recall to fund the GTE Acquisition Maha issued a 300 million SEK Bond. A quick health check shows Maha has at the end of Q1 USD 22.8 million (SEK 190 million) in cash against total debt of SEK 300 million. Once the 2018 production expansion program is complete this cash balance should increase.

2018 Capital Budget Proceeding – On Track
At the Tie Field we are preparing the currently non-free flowing GTE-3 oil well to accept artificial lift. A workover will be required to recomplete the well with a jet pump, and all equipment for this has been ordered. This work is scheduled for June, although we are still awaiting some specialty equipment that will be brought in from Canada and the USA. Immediately after drilling the 107D horizontal sidetrack on Tartaruga, we will mobilize the same drilling rig to travel the 350 km from Tartaruga to Tie in order to drill a new producing well (the "Attic" well). The Attic well is anticipated to be spudded in August. The Attic well will also explore the previously undrilled Boipeba structure, which could contain oil.

When the work on the Tie field is completed towards the end of Q3, we will have 3 producing wells, instead of one. This is very beneficial not only because it will increase production, but it also allows for a more uniform pressure drawdown on the field. Hand in hand with the field work at the Tie Field, Maha is securing both gas and oil sales contracts for the incremental volumes expected from the three wells.

At Tartaruga Field, all is in place for operations to commence during the second quarter. Work has already started on the 7TTG well, where the 7TTG well will be recompleted and the previously untapped P1 and P4 sands will be perforated and placed on comingled production with the P6 sand. After changing out the small 1-1/2" tubing completion with a larger and more robust 2-7/8" completion, a dedicated jet pump will be installed. Previously a single jet pump powered both the 7TTG and 107D wells. This work will be completed during the second quarter of this year.

Once the 7TTG well is completed, a larger drilling rig will be moved in to re-enter and sidetrack the 107D producing well. We will again target the P1 sand, but in a more optimum structural position, and using horizontal drilling technology. Using horizontal drilling technology, we will expose over 400 m. of producing reservoir, compared to the existing +/- 15 m in a vertical well.

At LAK Ranch we started planning and contracting for the completion of Phase 3. Phase 3 was interrupted in 2015/16 due to low oil prices, but results from existing wells are promising and we are therefore going to drill the remaining 6 injectors and 2 horizontal producers. Spudding of the wells are expected in September this year and work is expected to take 8 weeks to complete. Upon completion of Phase 3, LAK will be netback positive, meaning that production will generate extra cash to allow further growth through internally generated cash flow.

Room for Growth
As has been previously presented – Maha has 6 blocks in the oil prone Reconcavo basin, the development potential at the Tie Field, 27 stacked sands at Tartaruga (of which 23 remain untested) and the substantial oil in place at LAK Ranch (at the shallow depth of 350 m). It is clear Maha has plenty to do and room to grow within its own suite of assets.

Website
Finally, I encourage you to visit our fresh new website and our YouTube channel. We post almost daily video clips of how work is progressing in the field.

We thank you for your continued support.

"Jonas Lindvall"
Managing Director

Webcast
There will be a live webcast today, May 29 at 1600 CET (Stockholm time) to review and discuss Maha Energy's First Quarter 2018 results and to provide an operational update. The webcast will be broadcast live on Nyhetsbyrån Direkts Youtube Channel and will be hosted by Laikas Mr. Mats Jonsson and will feature Maha Energy's CEO Jonas Lindvall and Maha Energy's CFO Andres Modarelli. For further details please consult the Company's website: www.mahaenergy.ca

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

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 May 29, 2018, at 7:00 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.

Maha Energy AB Press Release – Q1 2018
2018_Q1 Report

—
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions 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

Maha Energy AB Press Release - Q1 2018
2018_Q1 Report

Maha Energy AB: Announces Date for Q1 Report Webcast and Operational update

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

                                                           
Press release
Stockholm
May 24, 2018

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.
                                                                                                  
Maha Energy AB Announces Date for Q1 Report Webcast and Operational update

Maha Energy AB (publ) ("Maha" or the "Company") is pleased to announce that a live webcast will be held on May 29, 2018 at 1600 CET (Stockholm time) to review and discuss the First Quarter Financial Results and to provide an Operational update.  The webcast will be broadcast live on Nyhetsbyrån Direkts Youtube Channel hosted by Laikas' Mr. Mats Jonsson and featuring Maha Energy's CEO Jonas Lindvall and Maha Energy's CFO Andres Modarelli.  For further details please consult the Company's website: www.mahaenergy.ca.

Questions should be e-mailed to info@mahaenergy.ca in advance.  Questions will be answered time permitting.

Please visit www.mahaenergy.ca for the Youtube link.

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 May 24, 2018 at 20:00 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.

Maha Energy AB Press Release Q1 Financials Webcast

—
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions 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

Maha Energy AB Press Release Q1 Financials Webcast

Maha Energy AB: Announces April Production Volumes and an Operations Update in Brazil

on Share

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

Press release
Stockholm
May 2, 2018

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.

Maha Energy AB (publ) ("Maha" or the "Company") Announces April Production Volumes and an Operations Update in Brazil

The Company's aggregate sales production for the month of April totaled 45,0061 barrels of oil and 23.543 million scf of gas for a combined average production of approximately 1,633 BOE/day2, before royalties and taxes.

Tartaruga Field

The previously announced 2018 Capital Program has now commenced at the Tartaruga Field and as anticipated production from the field is temporarily affected. It is estimated the field will be completely shut down for two months while both producing wells are worked over and/or drilled as follows:

  • 7TTG Well: With workover preparations already started, the previously unproduced Penedo 1 & 4 sands will be perforated and stimulated following which the well will be recompleted with larger tubing and placed on a dedicated jet pump.  This jet pump arrived in Brazil on April 15 and is currently clearing customs.
  • 107D Well: Immediately following, the current completion string at 107D will be recovered using the workover rig. Upon arrival of the Faxe 23 Rig (the "Faxe Rig") the well will be sidetracked with an approximately 500 m horizontal sidetrack being drilled from the existing wellbore. Spudding of the sidetrack is expected in mid-June.  Upon completion, another jet pump will be installed and dedicated to the production of this well.

Tie Field

Upon completion of the 107D horizontal sidetrack, the Faxe Rig will be moved to the Tie Field where a near vertical production well will be drilled at the crest of the Agua Grande and Sergi structure (the "Attic Well").  The Attic Well will also penetrate a previously undrilled formation known as the Boipeba which seismically displays similar trapping characteristics as the overlying producing Sergi and Agua Grande formations.

Jonas Lindvall, CEO of Maha Energy said: "We are excited our 2018 Capital Plan is now well underway and expect marked production improvement at both Brazilian fields as a result.  With the recent successful recovery of the completion string at the 7TTG well last week, the path is clear to complete the ambitious work program on the Tartaruga Field.  While production at the Tartaruga will be disrupted over the next two months; it is expected to result in vastly improved production numbers long term."

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.
3 Subject to Final Contract

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 May 2, 2018, at 7:00 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.

2018-05-02 April Production Numbers

—
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions 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

2018-05-02 April Production Numbers