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Maha Energy AB meddelar resultat för första kvartalet 2023 och inbjudan till webcast

on Share

Maha Energy AB (publ) (“Maha” eller “bolaget”) presenterar resultatet för första kvartalet 2023. Rapporten är bifogad i detta pressmeddelande och finns även tillgänglig på bolagets hemsida www.mahaenergy.ca.

Första kvartalet 2023
Beloppen nedan avser enbart kvarvarande verksamhet

  • Maha slutförde den 28 februari 2023 försäljningen av sitt brasilianska dotterbolag (avvecklad verksamhet) för en köpeskilling om upp till 186,9 miljoner USD (inklusive villkorad köpeskilling), med betalning om 138 miljoner USD plus 9,3 miljoner USD i rörelsekapitaljustering, netto, justering för likvida medel om 3,7 miljoner USD, netto och 36,1 miljoner USD som ska betalas när vissa milstolpar har uppnåtts.
  • Bolagets ingår ett bindande avtal avseende förvärv av DBO 2.0 S.A. En extra bolagsstämma den 29 mars 2023 bekräftade förvärvet.
  • Utfarmning av 35 procent intresseandel i Block 70 till Mafraq Energy LLC och produktionstest inleds.
  • Genomsnittlig dagsproduktion av olja från kvarvarande verksamhet under Q1 2023 var 233 BOEPD (Q1 2022 från kvarvarande verksamhet: 462 BOEPD).
  • Intäkter om 1,5 miljoner USD (Q1 2022: 3,7 miljoner USD).
  • Rörelsens netback uppgick till 0,6 miljoner USD (Q1 2022: 1,9 miljoner USD).
  • EBITDA uppgick till -0,2 miljoner USD (Q1 2022: 0,5 miljoner USD).
  • Periodens resultat uppgick till -2,4 miljoner USD (Q1 2022: 2,7 miljoner USD).
  • Vinst per aktie före och efter utspädning uppgick till -0,02 USD (Q1 2022: -0,02 USD).
  • Likvida medel per den 31 mars 2023 uppgick till 63,8 miljoner USD (31 december 2022: 19,5 miljoner USD exklusive likvida medel från tillgångar som innehas för försäljning).
  • Spärrade likvida medel den 31 mars 2023 uppgick till 46,5 miljoner USD (31 mars 2022: noll).
  • Totala likvida medel per den 31 mars 2023 (inklusive spärrade likvida medel om 46,5 miljoner USD) uppgick till 110,4 miljoner USD (31 december 2022: 19,5 miljoner USD exklusive likvida medel från tillgångar som innehas för försäljning).

Finansiell information i sammandrag för kvarvarande verksamhet

(TUSD, om ej annat anges) Q1 2023 Q1 20221 Helår 2022
Dagsproduktion, netto (BOEPD) 233 462 401
Intäkter 1 486 3 716 12 327
Rörelsens netback 648 1 923 6 523
EBITDA -237 533 -420
Periodens resultat från kvarvarande verksamhet -2 378 -2 693 -12 529
Vinst per aktie – före och efter utspädning (USD) -0,02 -0,02 -0,10
Likvida medel 63 849 29 416 19 520

Brev till Aktieägare

Kära vänner och aktieägare i Maha Energy,

Första kvartalet 2023 var ur en finansiell och operationell synvinkel ett övergångskvartal. Maha slutförde två betydande transaktioner: försäljningen av Bolagets brasilianska dotterbolag till PetroRecôncavo samt slutförandet av utfarmningen av 35 procents intresseandel i Block 70 samt att produktionstest inleddes på blocket. Därtill offentliggjordes också undertecknandet av ett slutgiltigt avtal med aktieägarna i DBO 2.0.

Den 28 februari 2023 offentliggjorde vi att försäljningen av det brasilianska dotterbolaget Maha Energy Brasil för en sammanlagd köpeskilling om upp till 186,9 miljoner USD hade slutförts. Denna avyttring var ett viktigt steg inom Bolagets nya strategiska positionering, med kontinuerligt fokus på att skapa aktieägarvärde. Denna försäljning stärkte väsentligt vår balansräkning och kassa och gör det möjligt för oss att sträva efter ytterligare möjligheter inom olje- och gasmarknaden.

Tidigare under kvartalet offentliggjorde vi att vi ingått ett Joint Operating Agreement-avtal (”JOA”) med Mafraq Energy LLC avseende Block 70 i Oman. Denna överenskommelse innebar också att utfarmningen av 35 procents intresseandel till Mafraq Energy LLC slutfördes. Genom att bli partner med Mafraq, ett lokalt bolag med regional expertkunskap, har Maha ytterligare kunnat validera tillgångens värde.

Vi inledde också produktionstest på Block 70 i mitten av mars. Den första brunnen som kopplades upp mot testsystemet var Mafraq-9. Vi kommer att fortsätta med att utöka testet med nya brunnar tills alla åtta nya produktionsbrunnar har säkerhetstestats och kopplats upp.

Vår sammanslagning av verksamheterna med DBO 2.0 godkändes av en extra bolagsstämma i mars, och slutförandet är villkorad sedvanliga förbehåll, vilka parterna håller på att slutföra. I april rapporterades uppdaterade 2P-reserver om 18,8 miljoner fat oljeekvivalenter för klustren Peroá och Papa Terra, i vilka DBO för närvarande har indirekta intresseandelar i egenskap av aktieägare i 3R Offshore. Denna transaktion skall återställa Maha proforma-produktion till 2 291 fat oljeekvivalenter på dag (siffror för april).

Jag är också glad över att under kvartalet kunnat välkomna både vår nya CFO Guilherme Guidolin de Campos och vår nya Chief Legal and Compliance Officer Barbara Bittencourt. Guilherme är nu baserad i Oman och har en unik kombination av expertkunskap inom både ledning och finans, samt har en djup förståelse för Bolaget. Barbara har en omfattande karriär som partner i större advokatfirmor och hon har de senaste tio åren helt och hållet ägnat sig åt olje- och gasmarknaden.

Det första kvartalet var sannerligen ett omformande och spännande kvartal, som också utgör en startpunkt för det nya Maha med en robust kapitalstruktur. Vi ämnar fortsätta på vår väg mot tillväxt och vi har upprättat en robust lista med möjliga transaktioner inom förvärv- och sammanslagningar, vilken nu analyseras och utvärderas. Vi uppskattar att ni följer med oss på resan.

Med vänliga hälsningar

Paulo T. Arantes de Mendonça
Verkställande direktör

Q1 webbsändning idag kl.16:00 CEST

Maha inbjuder alla intressenter till en webbsänd presentation idag klockan 16.00. Paulo Thiago Mendonça, VD, och Guilherme Guidolin de Campos, CFO, kommer att presentera delårsrapporten och aktuella händelser.

Presentationen genomförs på engelska och sänds direkt. Presentationen spelas in och kommer att finnas tillgänglig på bolagets webbsida och YouTube kanal. Frågor till presentationen kan skickas i förväg till info@mahaenergy.ca eller ställas direkt under presentationen i kommentarsfältet på YouTube.

Länk till presentationen: https://youtube.com/live/lpxW_FDRDYM?feature=share

Denna information är sådan information som Maha Energy AB (publ) är skyldigt att offentliggöra enligt EU:s marknadsmissbruksförordning. Informationen lämnades, genom nedanstående kontaktpersons försorg, för offentliggörande den 22 maj 2023, kl. 07:30 CEST.

För mer information, kontakta:
Paulo Thiago Mendonça, VD, Telefon: +46 8 611 05 11, E-post: info@mahaenergy.ca
Guilherme Guidolin de Campos, CFO, Telefon: +46 8 611 05 11, E-post: info@mahaenergy.ca
Jakob Sintring, Head of IR, Telefon: +46 8 611 05 11, E-post: info@mahaenergy.ca

Kort om Maha

Maha Energy AB (publ) är ett listat, internationellt uppströms olje- och gasbolag vars affärsverksamhet inkluderar prospektering, utveckling och produktion av råolja och naturgas. Strategin är att inrikta sig på att utveckla underpresterande kolvätetillgångar på en global basis. Maha är operatör för Block 70 i Oman och för tillgångar i USA. Bolagets aktier är listade på Nasdaq Stockholm (MAHA-A). Bolagets huvudkontor ligger i Stockholm, Sverige. Bolaget har även ett tekniskt kontor i Calgary, Kanada, samt operativa kontor i Grayville, Illionis, USA, i Rio de Janeiro, Brasilien och i Muskat, Oman. För mer information, vänligen besök vår hemsida www.mahaenergy.ca.

1 Jämförande period (Q1 2022) har justerats för att avse kvarvarande verksamhet.

Bifogade filer

2023-Q1-Maha-Energy_SVE
230522_Q1-23_Maha_SWE

2023-Q1-Maha-Energy_SVE
230522_Q1-23_Maha_SWE

Maha Energy AB Announces Filing of First Quarter 2023 Report & Live Webcast

on Share

Maha Energy AB (publ) (“Maha” or the “Company”) is pleased to announce its first quarter 2023 results. The report is attached to this press release and available on the Company’s website at www.mahaenergy.ca.

First Quarter 2023
The amounts below are related only to continuing operations.

  • The Company completed on February 28, 2023 the sale of its Brazilian subsidiary (discontinued operations) for a total consideration of up to USD 186.9 million (including contingent consideration), with a purchase price of USD 138 million plus USD 9.3 million in net working capital adjustment, USD 3.7 million net cash adjustment, and USD 36.1 million to be paid upon successful achievement of earnout milestones.
  • The Company enters into a definitive agreement regarding the business combination with DBO 2.0 S.A. An extra general meeting on March 29, 2023, confirmed the acquisition.
  • Farmout of 35% work interest to Mafraq Energy LLC on Block 70 and launch of production test.
  • Daily oil production for Q1 2023 from continuing operations averaged 233 BOEPD (Continuing operations Q1 2022: 462 BOEPD).
  • Revenue of 1.5 million (Q1 2022: 3.7 million).
  • Operating netback of 0.6 million (Q1 2022: 1.9 million).
  • EBITDA of -0.2 million (Q1 2022: USD 0.5 million).
  • Net result of -2.4 million (Q1 2022: USD 2.7 million).
  • Basic and Diluted earnings per share of -0.02 (Q1 2022: -0.02).
  • Cash and cash equivalents balance on 31 March 2023 of USD 63.8 million (31 December: USD 19.5 million excluding cash from assets held for sale).
  • Restricted cash balance on 31 March 2023 of USD 46.5 million (31 March 2022: nil).
  • Total cash balance on 31 March 2023 (including restricted cash of USD 46.5 million) of USD 110.4 million (31 December: USD 19.5 million excluding cash from assets held for sale).

Financial Summary
The table below presents the highlights of the continuing operations:

(TUSD, unless otherwise noted) Q1
2023		 Q1
20221		 FY
2022
Net Daily Production (BOEPD) 233 462 401
Revenue 1,486 3,716 12,327
Operating netback 648 1,923 6,523
EBITDA (237) 533 (420)
Net result for the period (2,378) (2,693) (12,529)
Earnings per share – Basic & Diluted (USD) (0.02) (0.02) (0.10)
Cash and cash equivalents 63,849 29,416 19,520

Letter to shareholders

Dear Friends and Fellow Shareholders of Maha Energy AB,

The first quarter 2023 was a transitional quarter from a financial and operational standpoint. Maha completed two major transactions, being: (i) the sale of its Brazilian subsidiary, Maha Brazil, to PetroRecôncavo, and (ii) the completion of the assignment of Maha’s 35% working interest in Block 70 and the launch of the production test on the block. In addition to that, Maha also announced the signing of the definitive agreement with the shareholders of DBO 2.0.

On February 28th, 2023, we announced the completion of the sale of the Brazilian subsidiary Maha Energy Brasil for a total consideration of up to USD 186.9 million. This divestment was a significant step within the Company’s new strategic positioning, continuously focusing on generating value for shareholders. This sale strengthened our balance sheet and cash position substantially and is enabling us to pursue further opportunities in the O&G market.

Earlier in the quarter, we announced the that we had entered into a Joint Operating Agreement with Mafraq Energy LLC for Block 70 in Oman. This agreement marked the conclusion of the assignment of 35% work interest to Mafraq Energy LLC. By partnering with Mafraq, a local entity with regional expertise, Maha has gained further validation of the value of this asset.

We also launched the production test on Block 70 in mid-March. The first well connected to the testing system was Mafraq-9. We will continue to add wells to the test until all eight new production wells have been connected and safely tested.

Our business combination with DBO 2.0 was approved by an extraordinary general meeting in March, being its closing subject to customary condition precedent, which are in the process of being completed by the parties. In April, updated 2P reserves of 18.8 MMBO was reported for Peroá and Papa Terra Clusters, under which DBO currently holds indirect participating interest, as a shareholder of 3R Offshore. This transaction shall re-establish Maha’s pro-forma’s production to 2,291 boe/d (April numbers).

I am also happy to welcome both our new CFO Guilherme Guidolin de Campos and our new Chief Legal and Compliance Officer Barbara Bittencourt during the quarter. Guilherme is now based in Oman and has a unique combination of managerial and financial expertise, and a developed understanding of the company. Barbara has an extensive career as partner in top tier legal firms, with the past 10 years exclusively dedicated to the oil & gas market.

The first quarter was indeed a transformational and exciting quarter, that also marks the starting point for the new Maha with a robust capital structure. We aim to continue on our growth path, and we have established a robust pipeline of potential M&A transactions, which are now being analyzed and evaluated. We appreciate you taking this journey with us.

Yours truly,

Paulo T. Arantes de Mendonça, CEO

Q1 Webcast today at 16:00 CEST

The Company invites all interested parties to a live webcasted presentation today at 16.00 CEST. Paulo Thiago Mendonça, CEO, and Guilherme Guidolin de Campos, CFO, will present the report and recent developments.

The webcast will be held in English and will be broadcasted live. An on-demand version will also be available on Maha’s website and YouTube channel. Questions to the presenters can be emailed in advance to the Company at info@mahaenergy.ca or be made directly on the day of the presentation in the YouTube Comments/Questions field.

Link to webcast: https://youtube.com/live/lpxW_FDRDYM?feature=share

This information is such information as Maha Energy AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 07:30 CEST on 22 May 2023.

For more information, please contact:
Paulo Thiago Mendonça (CEO), Tel: +46 8 611 05 11, Email: info@mahaenergy.ca
Guilherme Guidolin de Campos (CFO), Tel: +46 8 611 05 11, Email: info@mahaenergy.ca
Jakob Sintring (Head of Investor Relations), Tel: +46 8 611 05 11, Email: info@mahaenergy.ca

About Maha
Maha Energy AB (publ) is a listed, international upstream oil and gas company whose business activities include exploration, development and production of crude oil and natural gas. The strategy is to target and develop underperforming hydrocarbon assets on global basis. Maha operates the Mafraq field in Block 70 in the Sultanate of Oman and assets in the United States. The shares are listed on Nasdaq Stockholm (MAHA-A). The head office is in Stockholm, Sweden with a technical office in Calgary, Canada, as well as operations offices in Grayville, Illinois, USA, Rio De Janeiro, Brazil and Muscat, Oman. For more information, please visit our website www.mahaenergy.ca.

1 The comparative period (Q1 2022) has been restated to reflect continuing operations.

Attachments

230522_Q1-23_Maha_ENG
2023-Q1-Maha Energy_ENG

230522_Q1-23_Maha_ENG
2023-Q1-Maha Energy_ENG

Maha Energy AB Announces Filing of First Quarter 2022 Report & Live Webcast

on Share

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

First Quarter 2022

  • Daily oil & gas production for Q1 2022 averaged 4,580 BOEPD (Q1 2021: 3,742 BOEPD)
  • Revenue of USD 30.8 million (Q1 2021: USD 15.8 million)
  • Operating netback of USD 22.5 million or USD 57.90 per BOE (Q1 2021: USD 11.0 million or USD 33.80 per BOE)
  • EBITDA of USD 22.1 million (Q1 2021: USD 10.2 million)
  • Net result of USD 12.0 million (Q1 2021: USD 5.5 million)
  • Basic Earnings per share of USD 0.10 (Q1 2021: USD 0.05)
  • Diluted Earnings per share of USD 0.10 (Q1 2021: USD 0.05)
  • Cash and cash equivalents balance of USD 29.4 million (Q1 2021: 5.7 million)

Financial Summary

(TUSD, unless otherwise noted) Q1
 2022 		Q4
 2021 		Q3
 2021 		Q2
 2021 		Q1
2021 		FY
2021
Net Daily Production (BOEPD) 4,580 3,098 3,610 3,104 3,742 3,387
Revenue 30,831 17,818 19,496 15,178 15,814 68,306
Operating netback 22,528 11,913 13,568 9,548 11,031 46,060
EBITDA 22,069 15,615 12,909 8,988 10,213 47,725
Net result for the period 12,030 7,363 6,083 2,603 5,538 21,587
Earnings per share – Basic (USD) 0.10 0.06 0.05 0.02 0.05 0.19
Earnings per share – Diluted (USD) 0.10 0.06 0.05 0.02 0.05 0.19
Cash and cash equivalents 29,416 25,535 31,778 34,139 5,698 25,535

Letter to shareholders

Dear Friends and Fellow Shareholders of Maha Energy AB,

To say that the first quarter of 2022 was very good for Maha is an understatement.  All our previous financial records were broken. First, Maha produced an average of 4,580 BOEPD during the quarter for a record revenue of USD 30.8 million. Previous Company highs were 3,610 BOEPD and USD 19.5 million. Second, the key metric of EBITDA of USD 22.1 million was significantly higher than the previous high of USD 15.6 million reached in 2021. Finally, the price of oil averaged USD 101 per barrel (Brent), a price not seen since the third quarter 2014 which led to a very healthy net result for the quarter of USD 12.0 million. 

Notwithstanding the very positive financial development of the Company, it is worth mentioning some of the key events across our assets for the quarter;

Brazil
At our core asset in Brazil, the Tie field, the Tie-4 production well was completed and tied into the production facilities.  Shortly thereafter, the Tie-5 horizontal well was spudded. Drilling of the first horizontal well in the Tie field has been slow and difficult. But perseverance pays off, and current depth is 2,548 m, and a total of 271 m of horizontal Agua Grande (AG) sand has been drilled so far. The total length of the AG horizontal is planned to approximately 600 meters, but this may be reduced in case of hole conditions and reservoir quality. 

At Tartaruga, production has now returned to pre Q4 2021 workover levels and work is proceeding with planning for a horizontal well starting at the end of this year.

Oman
A drilling rig has now been contracted to initially drill six wells on the Mafraq field. The Mafraq field is a delineated and tested heavy oil field onshore Oman. A previous operator tested 15,700 barrels of heavy oil from a single well over a 23 day well test period in 1991. Maha’s plan is to start drilling the first six wells on the field starting at the end of June. The first two wells will gather important reservoir information, whilst the remaining four wells will test oil productivity from the reservoir.

USA
The Company drilled two wells in the Illinois Basin during the first quarter. Both wells are now on production. As activity levels pick up in the region as a result of the high price of oil, we managed to secure a new lease covering 463 acres and containing up to 23 new drill sites. The lease is adjacent to our existing leases in the area and forms a natural extension to our development program in the Illinois Basin. Lastly, work continues to evaluate the production results of the 2021 drilling campaign along with sub-surface mapping of the area to determine future drilling locations.

Price of Oil and Inflation
USD 100/bbl oil is not a new occurrence. In fact, Brent oil price remained above USD 100 per bbl for 45 straight months between January 2011 – September 2014. Since then, the oil industry has endured over 7 years of depressed oil prices.  This has led to significant investment reductions which in turn has led to the current crude oil supply shortages. To address the supply shortages, significant investment into the upstream oil and gas sector is immediately required.  Unfortunately, this is easier said than done, as it takes a long time for these investments to impact the market. I believe we have entered another ‘super-cycle’ for the oil and gas commodities.

Even though our product, oil, is fetching healthy prices, we are also subject to the effects of higher oil prices. As we have seen, the combined effects of Government Covid-19 spending, and higher gasoline prices is now fueling inflation. And Maha is not immune. Apart from higher prices on casing, tubing, pumps and services, to name a few, we are experiencing a serious lack of all types of materials. Most equipment we need for our operations have seen increasing delivery times. This may have an impact on our near future operations.

To conclude; the first quarter of 2022 was the best quarter ever for the Company. We made record profits. We grew our quarter end cash balance to USD 29.4 million and we expanded our position in the USA. In Oman, we are poised to start drilling very soon which should deliver more positive news during the second half of the year. It is a very exciting time at Maha!

Finally, I wish to thank my fellow Maha colleagues who work so tirelessly for all of us, and to all loyal shareholders who support us. Thank you!

Yours truly,

“Jonas Lindvall”
Managing Director

Q1 Webcast today at 16:00 CET

There will be a live webcast today, 19 May at 16:00 CET (Sweden time) to present the quarterly results and provide an operational update. A link to the webcast is available on the Company’s website: www.mahaenergy.ca. Questions posted on the day of the presentation should be made directly in the YouTube Comments/Questions field. The webcast will be broadcast live on Nyhetsbyrån Direkts Youtube Channel and is hosted by Laikas’ Mr. Kaarlo Airaxin, and will feature Maha’s CEO Jonas Lindvall and CFO Andres Modarelli.

This information is such information as Maha Energy AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 07:30 CET on 19 May, 2022.

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

Andres Modarelli (CFO)
Tel: +46 8 611 05 11       
andres@mahaenergy.ca

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

About Maha
Maha Energy AB (publ) is a listed, international upstream oil and gas company whose business activities include exploration, development and production of crude oil and natural gas. The strategy is to target and develop underperforming hydrocarbon assets on global basis. Maha operates four oil fields: Tartaruga and Tie in Brazil, Powder River (LAK Ranch) and Illinois Basin in the United States. The shares are listed on Nasdaq Stockholm (MAHA-A). The head office is in Stockholm, Sweden with a technical office in Calgary, Canada, as well as operations offices in Grayville, Illinois, USA and Rio De Janeiro, Brazil. For more information, please visit our website www.mahaenergy.ca

Attachments

2022 Q1 Maha Energy Report (ENG) Final
20220519 Maha Energy Press Release Q1 2022_ENG

2022 Q1 Maha Energy Report (ENG) Final
20220519 Maha Energy Press Release Q1 2022_ENG

Maha Energy AB meddelar resultat för första kvartalet 2022 och inbjudan till webcast

on Share

Maha Energy AB (publ) (“Maha” eller “bolaget”) presenterar resultatet för första kvartalet 2022. Rapporten är bifogad i detta pressmeddelandet och finns även tillgänglig på bolagets hemsida  www.mahaenergy.ca.

Höjdpunkter

(alla belopp är i amerikanska dollar om ej annat anges)

Första kvartalet 2022

  • Genomsnittlig dagsproduktion av olja och gas för det första kvartalet 2022 var 4 580 BOEPD (Q1 2021: 3 742 BOEPD)
  • Intäkter om 30,8 miljoner USD (Q1 2021: 15,8 miljoner USD)
  • Rörelsens netback uppgick till 22,5 miljoner USD eller 57,90 USD per fat oljeekvivalenter (BOE) (Q1 2021: 11,0 miljoner USD eller 33,80 USD per BOE)
  • EBITDA om 22,1 miljoner USD (Q1 2021: 10,2 miljoner USD)
  • Periodens resultat uppgick till 12,0 miljoner USD (Q1 2021: 5,5 miljoner USD)
  • Vinst per aktie före utspädning om 0,10 USD (Q1 2021: 0,05 USD)
  • Vinst per aktie efter utspädning om 0,10 USD (Q1 2021: 0,05 USD)
  • Likvida medel om 29,4 miljoner USD (Q1 2021: 5,7 miljoner USD)

Finansiell information i sammandrag

(TUSD, om ej annat anges) Q1 2022 Q4 2021 Q3 2021 Q2 2021 Q1
2021		 Helår 2021
Dagsproduktion, netto (BOEPD) 4 580 3 098 3 610 3 104 3 742 3 387
Intäkter 30 831 17 818 19 496 15 178 15 814 68 306
Rörelsens netback 22 528 11 913 13 568 9 548 11 031 46 060
EBITDA 22 069 15 615 12 909 8 988 10 213 47 725
Periodens resultat 12 030 7 363 6 083 2 603 5 538 21 587
Vinst per aktie – före utspädning (USD) 0,10 0,06 0,05 0,02 0,05 0,19
Vinst per aktie – efter utspädning (USD) 0,10 0,06 0,05 0,02 0,05 0,19
Likvida medel 29 416 25 535 31 778 34 139 5 698 25 535

Brev till Aktieägare

Kära vänner och aktieägare i Maha Energy AB,

Att påstå att det första kvartalet 2022 var väldigt bra för Maha är en underdrift. Alla tidigare finansiella rekord slogs över förväntan. För det första så producerade Maha genomsnittligt 4 580 fat oljeekvivalenter per dag (BOEPD) under första kvartalet vilket motsvarade en rekordförsäljning om 30,8 miljoner USD. Tidigare högsta notering var 3 610 BOEPD och 19,5 miljoner USD. Dessutom var nyckeltalet EBITDA om 22,1 miljoner USD väsentligt högre än tidigare högsta notering om 15,6 miljoner USD vilket uppnåddes under 2021. Slutligen så uppgick oljepriset i snitt till 101 USD per fat (Brent), ett pris som inte setts sedan tredje kvartalet 2014, vilket lett till ett rekordstort nettoresultat för kvartalet om 12,0 miljoner USD.

Utöver den mycket positiva finansiella utvecklingen för Bolaget så finns det ytterligare viktiga händelser som skett under kvartalet som är värda att nämnas;

Brasilien
Vid Bolagets, i dagsläget, viktigaste tillgång, Tiefältet, färdigställdes produktionsbrunnen Tie-4 och knöts samman med produktionsanläggningen. Kort därefter påbörjades borrningen av den horisontella brunnen, Tie-5. Borrningen av den första horisontella brunnen på Tiefältet har tagit lång tid och varit svår. Men skam den som ger sig, brunnen har till dags dato nått ett djup om 2 548 meter och totalt har 271 meter av horisontell Agua Grande (AG)-sand genomborrats. Totalt planerar vi att borra en cirka 600 meter horisontal sektion i AG, men detta kan minska beroende på brunnens beskaffenhet och reservoarens kvalitet.

Vid Tartaruga har produktionen nu återvänt till de nivåer som rådde före renoveringsarbetet som gjordes i det fjärde kvartalet 2021.  Det planeras nu att påbörja en horisontell produktionsbrunn vid slutet av året.

Oman
En borrigg har nu anlitats för att initialt borra sex brunnar på Mafraqfältet i Oman. Mafraqfältet är ett utvärderat och produktions testat tjockoljefält i Oman. En tidigare operatör testade drygt 15 700 fat av tjockolja från en enda brunn vid ett 23-dagars brunnstest 1991. Mahas plan är att börja borra de första sex brunnarna på fältet i slutet av juni. De första två brunnarna kommer att samla in viktig reservoarinformation och de återstående fyra brunnarna kommer att testa oljeproduktiviteten från reservoaren.

USA
Bolaget borrade två brunnar i Illinoisbassängen under det första kvartalet. Båda brunnarna är nu i produktion. När aktivitetsnivån ökade i regionen som ett resultat av högre oljepriser lyckades Bolaget säkerställa en ny markkoncession omfattande 1,9 km2 (463 acres) med möjlighet att borra upp till 23 produktionsbrunnar. Området ligger i direkt anslutning till den mark som redan innehas av Maha och bildar en naturlig utvidgning av utvecklingsprogrammet i Illinoisbassängen. Slutligen så fortsätter arbetet med att utvärdera produktionsresultaten av 2021 års borrkampanj samtidigt med kartläggning av strukturerna under markytan för att fastställa framtida borrplatser.

Oljepris och inflation
100 USD per fat olja är ingen ny företeelse. Faktum är att Brent-oljepriset var över 100 USD per fat i 45 månader i rad mellan januari 2011 och september 2014. Sedan dess har oljeindustrin upplevt över 7 år av nedpressade oljepriser. Detta ledde till en väsentlig nedskärning av investeringar i branschen vilket i sin tur har lett till nuvarande brist på olja. För att möta den bristen på olja krävs det nu omedelbara investeringar i sektorn.  Dessvärre är detta enklare sagt än gjort då det kommer ta lång tid för investeringarna att realiseras i oljeproduktion.  Indikationerna tyder på ännu en ”super-cykel” vad gäller råolja och naturgas.

Även om Maha gynnas av det hälsosamma oljepriset så påverkas också vi av effekterna av ökade oljepriser. Till synes har den kombinerade effekten av kostnader på grund av covid-19 och ökade bensinpriser ökat på inflationen, och Maha är inte immunt. Förutom högre priser på foderrörsmaterial, produktionsutrustning, pumpar och tjänster för att nämna några, så upplever Bolaget en väsentlig brist på all typ av material. Det mesta material som krävs för vår verksamhet har nu längre leveranstider. Detta kommer sannolikt att påverka på vår framtida verksamhet.

Sammanfattningsvis; det första kvartalet 2022 är absolut det bästa kvartalet hittills för Bolaget. Vi gjorde en rekordvinst. Vi ökade kvartalets likvida medel till 29,4 miljoner USD och vi utökade vår position i USA. I Oman står vi i startgropen att börja borra mycket snart vilket kan innebära ytterligare positiva nyheter under andra halvåret. Det är mycket spännande tider hos Maha!

Slutligen vill jag tacka alla medarbetare på Maha som oförtrutet jobbar för oss alla, och till alla aktieägare som stöder oss. Stort tack!

Jonas Lindvall
Verkställande Direktör

Q1 webbsändning idag kl.16:00 CET

Det kommer att hållas en livepresentation idag den 19 maj kl. 16:00 CET (svensk tid) där bolagets VD Jonas Lindvall och CFO Andres Modarelli kommer att presentera kvartalsrapporten och ge en generell bolagsuppdatering. Länk till webbsändningen finns tillgänglig på bolagets hemsida www.mahaenergy.ca och sändningen visas också live på Nyhetsbyrån Direkts YouTube kanal. Frågor under presentationen ställs direkt i kommentarsfältet på YouTube.

Denna information är sådan information som Maha Energy AB (publ) är skyldigt att offentliggöra enligt EU:s marknadsmissbruksförordning. Informationen lämnades, genom nedanstående kontaktpersons försorg, för offentliggörande den 19 maj 2022, kl. 07:30 CET.

För mer information, kontakta:        
Jonas Lindvall (CEO)
Tel: +46 8 611 05 11        
jonas@mahaenergy.ca

Andres Modarelli (CFO)
Tel: +46 8 611 05 11       
andres@mahaenergy.ca

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

Kort om Maha

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

Bifogade filer

2022 Q1 Maha Energy Report (SVE) Final
20220519 Maha Energy Press Release Q1 2022_SVE

2022 Q1 Maha Energy Report (SVE) Final
20220519 Maha Energy Press Release Q1 2022_SVE

Maha Energy AB meddelar resultat för första kvartalet 2021 och inbjudan till webcast

on Share

Maha Energy AB (publ) (“Maha” eller “bolaget”) presenterar resultatet för första kvartalet 2021. Rapporten är bifogad i detta pressmeddelandet och finns även tillgänglig på bolagets hemsida  www.mahaenergy.ca.

Första kvartalet 2021

  • Bolaget säkerställde ett lån om 60 miljoner USD samt en riktad nyemission om 10 miljoner USD med den ledande brasilianska investeringsbanken BTG Pactual
  • Den oljeproducerande Tie-3-källan har testat totalt 628 BOEPD (549 BOPD, 0 BWPD och 470 MSCFPD av gas) från Itaparica- och Agua Grandereservoarerna. Sergireservoaren testades inte vid detta tillfället.
  • Genomsnittlig dagsproduktion av olja och gas var 3 742 fat oljeekvivalenter per dag (BOEPD) (Q1 2020: 3 288 BOEPD)
  • Intäkter om 15,8 miljoner USD (Q1 2020: 11,2 miljoner USD)
  • Rörelsens netback om 11,0 miljoner USD eller 33,80 USD per fat oljeekvivalenter (BOE) (Q1 2020: 7,9 miljoner USD eller 27,91 USD per BOE)
  • EBITDA om 10,2 miljoner USD (Q1 2020: 6,4 miljoner USD)
  • Periodens resultat uppgick till 5,5 miljoner USD (Q1 2020: 3,2 miljoner USD)
  • Vinst per aktie före utspädning om 0,05 USD (Q1 2020: 0,03 USD)
  • Vinst per aktie efter utspädning om 0,05 USD (Q1 2020: 0,03 USD)
  • Likvida medel om 5,7 miljoner USD (Q1 2020: 19,2 miljoner USD)

Finansiell information i sammandrag

(TUSD, om ej annat anges) Q1
2021		 Q4
2020		 Q3 2020 Q2 2020 Q1 2020 Helår 2020
Dagsproduktion, netto (BOEPD) 3 742 2 738 3 580 3 602 3 288 3 301
Intäkter 15 814 8 659 11 226 7 926 11 207 39 018
Rörelsens netback 11 031 4 247 7 041 4 377 7 858 23 523
EBITDA 10 213 2 720 5 514 3 436 6 434 18 104
Periodens resultat1 5 538 (15 702) 1 845 407 3 191 (10 259)
Vinst per aktie – före utspädning (USD) 0,05 (0,15) 0,02 0,00 0,03 (0,10)
Vinst per aktie – efter utspädning (USD) 0,05 (0,15) 0,02 0,00 0,03 (0,10)
Likvida medel 5 698 6 681 18 034 15 699 19 190 6 681

 

Brev till Aktieägare

Kära vänner och aktieägare i Maha Energy AB,

Jag är glad över att presentera ännu en stark kvartalsrapport med både ökad tillväxt och många positiva framsteg. Naturligtvis bidrog det ökade och sedan stabiliserade oljepriset till vår tillväxt och jämfört med förra kvartalet ser vi en förbättring av våra produktionsvolymer. En positiv nyhet var att den nyligen färdigställda produktionsbrunnen Tie-2 testade drygt 2 000 BOEPD, vilket var över förväntan. Dessutom upptäcktes en helt ny oljebärande reservoar kallad Itaparica under borrningen av Tie-3-brunnen på Tiefältets västra del. Själva utvärderingen av reservoaren drog ut på tiden då vi inte riktigt lyckades få till en stabil flödesvolym. Efter tålmodigt arbete lyckades vi få upp lättolja (42° API) till ytan under självtryck. De tryckmätningar som gjordes i hålet påvisade en relativt tät reservoar som är i en högre tryckregim än både Agua Grande- och Sergireservoarerna. Tie-3 ska nu temporärt produceras med hjälp av en pump till dess att vattenintrånget ökar tillräckligt för att brunnen ska kunna konverteras till en vatteninjiceringsbrunn.

Preliminära analyser av Itaparica visar att den breder ut sig norr- och västerut vilket potentiellt skulle kunna ge nya oljebärande volymer i framtiden. Dessutom indikerar det att Itaparica-sandstenen borde svara väl på hydraulisk stimulation, som exempelvis Penedo-sandstenen i Tartarugafältet. Dessa indikationer tillför en spännande komponent till utvecklingen av Tiefältet.

Oljepriset återhämtade sig i början av året från ett katastrofalt 2020 och verkar nu ha stabiliserat sig runt USD 65 per fat. På dessa oljeprisnivåer genererar vi en hälsosam ”netback”1 så vi kan fortsätta vår organiska tillväxt med hjälp av eget kassaflöde. En annan positiv prisrelaterad nyhet är att en av våra oljekunder i Brasilien, Petrobras, reducerade rabatten som betalas för oljan med USD 3 per fat. Det betyder att under de kommande 12 månaderna så är den nya nettorabatten USD 5,86 per fat. Vi jobbar också vidare med att försöka öka priset för våra produkter till våra andra brasilianska kunder. Växelkursen mellan den brasilianska Realen (BRL) och USD har också utvecklat sig fördelaktigt för oss.  Då merparten av våra kostnader är i BRL och intäkterna är kopplade till USD har vi uppnått en besparing på cirka 25 procent under det gångna året.

Testningen av TTG-3 (Maha-1) börjar gå mot sitt slut och tyvärr kan vi ännu inte dra någon slutsats av ursprunget av vattenintrånget. Vi kommer nu att fokusera på det södra förkastningsblocket, där TTG-1 och TTG-2 fortfarande producerar bra olja samtidigt som vi fortsätter att analysera all testdata som vi fått in. Parallellt med att vi vidareutvecklar Tartaruga ska vi hitta avsättning för den associerade naturgasen som separeras och produceras från oljan. Det kommer troligen att ta lite tid. För tillfället använder vi sex Gas to Wire (GTW) generatorer för att konvertera gasen till elektricitet och vi utvärderar även andra möjligheter utöver en expansion av GTW.

Under 2017 emitterade vi ett obligationslån om 300 miljoner kronor med återbetalning i slutet av maj detta år. Under våren lyckades vi lösa obligationen i förtid och har på så sätt säkerhetsställt bolagets kassa för vidare tillväxt, framförallt i Oman och USA. Med dagens oljepris skapar vi en bra avkastning på investeringen i USA och även om utvinningsvolymerna är relativt blygsamma i Illinoisbassängen så väger den låga risken med reservoarernas förutsägbarhet upp. Slutligen, i Oman har vi påbörjat processen med att beställa viktig utrustning som har lång leveranstid med målsättningen att starta borrningen i början av 2022.

Vi ser nu fram emot en mer normal tillvaro allt eftersom vaccinationerna mot Covid-19 fortlöper. I närtid siktar vi på att borra Tie-4, vilket är vår första horisontalborrning på Tiefältet. Tie-4 kommer borras horisontalt genom Agua Grande-reservoaren och kommer att färdigställas med en ny typ av pump, som är en elektriskt sänkbar pump (ESP).  När Tie-4 är satt i produktion kommer Tiefältet att nå sin produktiva kapacitet. För att stödja och underhålla reservoartrycket i reservoarerna kommer vi att borra en ny vatteninjiceringsbrunn direkt efter Tie-4. I Illinoisbassängen, USA, kommer vi att borra minst fyra brunnar för att underhålla produktionen där.

Den 19 april i år släppte vi även bolagets första Hållbarhetsrapport. Det nya ESG-team vi fått på plats har gjort ett fantastiskt jobb att sammanställa all information i den fullspäckade rapporten. Hållbarhetsrapporten finns tillgänglig att läsa på vår hemsida, www.mahaenergy.ca. I samband med finansieringen som avslutades i april, utfördes även en oberoende hållbarhetsgranskning av våra brasilianska producerande tillgångar.  Det känns betryggande att vi fick ett bra betyg.  Men allt går att förbättra, så vårt ESG-team är i full sving med att bemöta de förbättringar som nämndes i granskningen.

För fyra år sedan emitterade vi ett obligationslån som gjorde det möjligt för oss att fyrdubbla vår oljeproduktion. Nu, med en stadig kassa och ny finansiering i ryggen ser jag fram emot att växa vidare i alla våra tre operativa områden. Så häng med på resan – det bästa är kvar!

Ta hand om er och varandra, och framförallt önskar jag er god hälsa.

Jonas Lindvall,

Verkställande direktör

Maha Energy AB

1 ”Netback” används för att beskriva inkomst efter avdrag från Royalties och operativa kostnader per fat olje-ekvivalenter.  6.000 kubik fot gas utgör ett fat olja.

Q1 webbsändning idag kl.16:00 CET

Det kommer att hållas en livepresentation idag den 26 maj kl. 16:00 CET (svensk tid) där bolagets VD Jonas Lindvall och CFO Andres Modarelli kommer att presentera kvartalsrapporten och ge en generell bolagsuppdatering. Länk till webbsändningen finns tillgänglig på bolagets hemsida www.mahaenergy.ca och sändningen visas också live på Nyhetsbyrån Direkts YouTube kanal. Frågor under presentationen ställs direkt i kommentarsfältet på YouTube.

Denna information är sådan information som Maha Energy AB (publ) är skyldigt att offentliggöra enligt EU:s marknadsmissbruksförordning. Informationen lämnades, genom nedanstående kontaktpersons försorg, för offentliggörande den 26 maj 2021 kl. 07:30 CET.

För mer information, kontakta:        
Jonas Lindvall (CEO)
Tel: +46 8 611 05 11        
jonas@mahaenergy.ca

Andres Modarelli (CFO)
Tel: +46 8 611 05 11       
andres@mahaenergy.ca

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

Kort om Maha

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

1 Periodens resultat för fjärde kvartalet och helåret 2020 inkluderar en nedskrivning om 21 miljoner USD.

Bifogade filer

20210526 Maha Energy Press Release – 2021 Q1 SWE
Maha Energy Q1 2021 Rapport (SWE)

20210526 Maha Energy Press Release - 2021 Q1 SWE
Maha Energy Q1 2021 Rapport (SWE)

Maha Energy AB Announce Filing of First Quarter Report 2021 & Live Webcast

on Share

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

First Quarter 2021

  • The Company secured a USD 60 million loan financing and USD 10 million equity investment with leading Brazilian investment bank BTG Pactual.
  • The Tie-3 oil producing well has tested a combined 628 BOEPD, (549 BOPD, 0 BWPD and 470 MSCFPD of gas) from the Itaparica and Agua Grande reservoirs. The Sergi reservoir was not tested at this time.
  • Daily oil & gas production for Q1 2021 averaged 3,742 BOEPD (Q1 2020: 3,288 BOEPD)
  • Revenue of USD 15.8 million (Q1 2020: USD 11.2 million)
  • Operating netback of USD 11.0 million or USD 33.80 per BOE (Q1 2020: USD 7.9 million or USD 27.91 per BOE)
  • EBITDA of USD 10.2 million (Q1 2020: USD 6.4 million)
  • Net result of USD 5.5 million (Q1 2020: USD 3.2 million)
  • Basic Earnings per share of USD 0.05 (Q1 2020: USD 0.03)
  • Diluted Earnings per share of USD 0.05 (Q1 2020: USD 0.03)
  • Cash and cash equivalents balance of USD 5.7 million (Q1 2020: 19.2 million)

Financial Summary

(TUSD, unless otherwise noted) Q1 2021   Q4 2020 Q3 2020 Q2 2020 Q1 2020 Full Year 2020
Net Daily Production (BOEPD) 3,742 2,738 3,580 3,602 3,288 3,301
Revenue 15,814 8,659 11,226 7,926 11,207 39,018
Operating netback 11,031 4,247 7,041 4,377 7,858 23,523
EBITDA 10,213 2,720 5,514 3,436 6,434 18,104
Net result for the period1 5,538 (15,702) 1,845 407 3,191 (10,259)
Earnings per share – Basic (USD) 0.05 (0.15) 0.02 0.00 0.03 (0.10)
Earnings per share – Diluted (USD) 0.05 (0.15) 0.02 0.00 0.03 (0.10)
Cash and cash equivalents 5,698 6,681 18,034 15,699 19,190 6,681

Letter to shareholders

Dear Friends and Fellow Shareholders of Maha Energy AB,

I am very happy to report another strong quarter for the Company. The steady increase and stabilization in the price of oil price helped of course, but we also started the year off with good production gains compared to the prior quarter. The recently completed Tie-2 well tested just over 2,000 BOEPD to the rig tanks, which was well above our expectations. During the first quarter, drilling of Tie-3 yielded a pleasant surprise through the discovery of a brand new oil bearing reservoir on the western flank of the Tie field. Evaluation of the “Itaparica” reservoir took some time, and was somewhat hampered by unstable flow rates. However, after perseverance, 42° API oil flowed naturally into the rig tanks. Subsequent downhole pressure tests confirmed a new virgin pressure regime and that the Itaparica reservoir appears to have low permeability. The plan for Tie-3 now is to place it on temporary artificial lift until water cut increases to a point where it will be converted to a water injector. 

Preliminary interpretation of the Itaparica suggests that it extends to the north and west of the Tie oil field and could open up new reserve volumes in the future. Initial analysis also suggest that the Itaparica will respond well to hydraulic stimulation, just like the Penedo sandstone at Tartaruga. Needless to say, this new find adds further excitement to the Tie oil field development.

The price of oil recovered well during the quarter and seems to have stabilised around the USD 65/bbl mark. At these levels we generate a very healthy corporate netback which allows us to continue our organic growth by using internally generated cashflow. A further positive pricing update is that Petrobras revised the annual discount we receive for our crude oil delivered from the Tie field.  The discount for the next 12 months was reduced by USD 3/bbl, meaning our new net discount for 2021 is USD 5.86/bbl. We continue to work hard to improve our discounts with our other Brazilian customer. Furthermore, we are benefiting from the weak Brazilian Real (BRL) which has worked in our favor given that most of our expenses are in BRL whilst we effectively sell our oil in US dollars. During the past year the BRL has lost roughly 25% against the USD.

At Tartaruga, testing of the Maha-1 well is nearing its end – and unfortunately the initial results are inconclusive, meaning that we still do not understand where the produced water originates from. Until testing and analysis is complete, we will be focusing on the southern fault block where the existing TTG-1 and TTG-2 wells are producing oil. Hand in hand with the further development of Tartaruga, we will need to address handling of associated gas.  This is likely to take some time.  At the moment we are using six Gas to Wire (GTW) generators and we are evaluating other options in addition to expanding the GTW footprint at Tartaruga.

In 2017, we secured a SEK 300 million bond to purchase and develop the Tie field. The bond matured at the end of May this year, and in order to continue our growth, we refinanced the bond with new debt at the end of March. As such I am very pleased to say we redeemed the bond early and have now secured sufficient capital to continue growth in Oman and in the USA. At current oil prices, the USA assets start to generate healthy returns, and although ultimate recoveries per well are modest, the predictability of the oil reservoirs makes future wells very low risk there.   In Oman, we will be placing long lead equipment orders with a view to start drilling early 2022.

As vaccinations continue, we look forward to some resemblance of normality. Our near-term objective is to drill Tie-4, our first horizontal well in the Tie field. Tie-4 will target the Agua Grande reservoir and will eventually be completed with an Electrical Submersible Pump (ESP).  Once Tie-4 is drilled, the Tie field should reach its designed productive capacity. A water injector will immediately be drilled after Tie-4 to support important pressure maintenance in the field. We will also be drilling at least four wells in the Illinois Basin to maintain production levels there as well.

Finally, we are very pleased to see the release of our first Sustainability Report on April 19, 2021. Our newly formed ESG team did a great job in pulling together all the information for this colorful report.  You can view it on our website www.mahaenergy.ca.  Further, and as part of the due diligence conducted for the recently completed financing, a full independent ESG audit was performed on our Brazilian operations.  It is reassuring that we passed.  But as with most things, we can always improve, so the team is in full swing in addressing the improvements highlighted in the audit report.

Four years ago, our initial bond allowed us to quadruple production volumes, and with new financing secured the race is on to continue our growth in all three operational areas. So, stay with us – the best is yet to come.

As always, a big thank you to all Maha employees that I know work so hard for all of us. And to all fellow shareholders – thank you for your continued support.

Yours truly,

Jonas Lindvall
Managing Director

Q1 Webcast today at 16:00 CET

There will be a live webcast today, 26 May at 16:00 CET (Sweden time) to present the quarterly results and provide an operational update. A link to the webcast is available on the Company’s website: www.mahaenergy.ca. Questions posted on the day of the presentation should be made directly in the YouTube Comments/Questions field. The webcast will be broadcast live on Nyhetsbyrån Direkts Youtube Channel and is hosted by Laikas’ Mr. Kaarlo Airaxin, and will feature Maha’s CEO Jonas Lindvall and CFO Andres Modarelli.

This information is such information as Maha Energy AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at  07:30 CET on 26 May, 2021.

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

Andres Modarelli (CFO)
Tel: +46 8 611 05 11       
andres@mahaenergy.ca

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

About Maha
Maha Energy AB (publ) is a listed, international upstream oil and gas company whose business activities include exploration, development and production of crude oil and natural gas. The strategy is to target and develop underperforming hydrocarbon assets on global basis. Maha operates four oil fields: Tartaruga and Tie in Brazil, Powder River (LAK Ranch) and Illinois Basin in the United States. The shares are listed on Nasdaq Stockholm (MAHA-A). The head office is in Stockholm, Sweden with a technical office in Calgary, Canada, as well as operations offices in Grayville, Illinois, USA and Rio De Janeiro, Brazil. For more information, please visit our website www.mahaenergy.ca

1 Net result for Q4 2020 and full year 2020 includes an impairment charge of USD 21.0 million.

Attachments

20210526 Maha Energy Press Release – 2021 Q1 ENG
Maha Energy Q1 2021 Report (ENG)

20210526 Maha Energy Press Release - 2021 Q1 ENG
Maha Energy Q1 2021 Report (ENG)

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

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

                                                                
Press release
Stockholm
26 May 2020
                                                                                                                                                                                            
Maha Energy AB Announces Filing of First Quarter Report & Live Webcast

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

First Quarter 2020

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

Financial Summary

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


Letter to shareholders

Dear Friends and Fellow Shareholders of Maha Energy AB,

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

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

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

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

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

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

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

 “Jonas Lindvall”
Managing Director


Q1 Webcast 26 May, 2020

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

Adviser

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

For more information, please contact:              


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

or

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

or

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

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

Maha in Brief

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

Attachments

Maha Energy AB – Q1 2020 Report
Maha Energy AB Press Release – Q1 2020 Report

Maha Energy AB - Q1 2020 Report
Maha Energy AB Press Release - Q1 2020 Report

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

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

                                                           
Press release
Stockholm
22 May 2019

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

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

First Quarter 2019

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

FINANCIAL SUMMARY

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

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


Letter to Shareholders

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

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

107D (Tartaruga Field)

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

Boipeba and Attic Well (Tie Field)

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

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

7TTG Workover (Tartaruga)

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

Near Term Production

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

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

“Jonas Lindvall”
Managing Director

Q1 Webcast

There will be a live webcast today, 22 May at 16:00 CET (Stockholm time) to review and discuss the First Quarter results and provide an operational update. The webcast will be broadcast live on Nyhetsbyrån Direkts Youtube Channel and hosted by Laikas’ Mr. Mats Jonsson and will feature Maha’s CEO Jonas Lindvall and CFO Andres Modarelli. For further details please consult the Company’s website: www.mahaenergy.ca

Adviser

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

For more information, please contact:          


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

or

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

or

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

Miscellaneous      

This information is published in accordance with the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact persons set out above on 22 May 2019, at 1:00 am CET.

Maha in Brief

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

Important Information

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

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

Attachments

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

Maha Energy AB: 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 Q1 Financials

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

Press release

Stockholm

May 31, 2017

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 Q1 Financials

Maha Energy AB (publ) ("Maha" or the "Company") has today released its Q1 Financials Statements ending March 31, 2017.  The Q1 Financials Statements are attached and available on the Company's website at 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

Miscellaneous

This information is published in accordance with the EU Market Abuse Regulation and/or the Swedish Financial Instruments Trading Act. The information was submitted for publication through the agency of the contact persons set out above on May 31, 2017, 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 two oil fields, Tartaruga in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

Important Information

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

Maha Energy AB Press Release – Q1 Financials
Maha Financials Q1 2017

—
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
Maha Financials Q1 2017