ArchivesQ2

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

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

Andra kvartalet 2023
Alla belopp är i amerikanska dollar (USD) om ej annat anges. Beloppen nedan avser enbart kvarvarande verksamhet

  • Bolagets slutförde förvärvet av DBO 2.0 S.A., som har 15 procents aktieinnehav i 3R Offshore.
  • Resultat från andelar i intressebolag uppgick till 0,4 miljoner USD (Q2 2022: noll TUSD) motsvarande Mahas andel av resultatet i 3R Offshore i juni.
  • Genomsnittlig dagsproduktion av olja från kvarvarande verksamhet under Q2 2023 var 211 BOEPD (Q2 2022: 542 BOEPD) och inklusive icke-konsoliderad produktion från 3R Offshore uppgick den till i genomsnitt 1 988 BOEPD.
  • Intäkter om 1,3 miljoner USD (Q2 2022: 4,1 miljoner USD) till följd av lägre försäljningsvolymer och lägre erhållet oljepris.
  • Rörelsens netback uppgick till 0,5 miljoner USD (Q2 2022: 2,2 miljoner USD) till följd av lägre försäljningsvolymer.
  • Finansiella intäkter uppgick till 4,3 miljoner USD (Q2 2022: 16 TUSD) huvudsakligen hänförligt till intäkter från kortfristiga placeringar och investeringar.
  • Finansiella kostnader minskade till 1,9 miljoner USD (Q2 2022: 2,4 miljoner USD) då Bolaget fortsatt amortera på bankskulder.
  • EBITDA uppgick till -1,8 miljoner USD (Q2 2022: 0,6 miljoner USD).
  • Periodens resultat (positivt) uppgick till 0,1 miljoner USD (Q2 2022: -2,3 miljoner USD).

Sexmånadersperioden som avslutades 30 juni 2023
Alla belopp är i amerikanska dollar (USD) om ej annat anges. Beloppen nedan avser enbart kvarvarande verksamhet

  • Genomsnittlig dagsproduktion av olja och gas för det första halvåret 2023 var 222 BOEPD (H1 2022: 502 BOEPD)
  • Intäkter om 2,8 miljoner USD (H1 2022: 7,8 miljoner USD) till följd av lägre försäljningsvolymer och lägre erhållet oljepris.
  • Rörelsens netback uppgick till 1,1 miljoner USD (H1 2022: 4,1 miljoner USD) till följd av lägre försäljningsvolymer och lägre erhållet oljepris.
  • Finansiella intäkter för första halvåret 2023 uppgick till 4,6 miljoner USD (H1 2022: 27 TUSD).
  • EBITDA om -2,0 miljoner USD (H1 2022: 1,1 miljoner USD)
  • Periodens resultat uppgick till -2,3 miljoner USD (H1 2022: -5,0 miljoner USD)
  • Likvida medel per den 30 juni 2023 uppgick till 102,4 miljoner USD (inklusive spärrade likvida medel om 41,1 miljoner USD) (31 december 2022: 19,5 miljoner USD exklusive likvida medel från tillgångar som innehas för försäljning)

Finansiell information i sammandrag
Tabellen nedan avser kvarvarande verksamhet:

(TUSD, om ej annat anges) Q2
2023		 Q1
2023		 Q4
2022

Q3
2022

Q2
2022

H1
2023

H1
2022
Dagsproduktion, netto (BOEPD) 211 233 280 314 542 222 502
Intäkter 1 325 1,486 1 991 2 567 4 053 2 811 7 769
Rörelsens netback 470 648 1 002 1 379 2 219 1 118 4 142
EBITDA1 -1 788 -237 -1 335 -234 616 -2 025 1 149
Periodens resultat 90 -2 378 -3 579 -3 928 -2 329 –2 288 – 5 022
Vinst per aktie – före och efter utspädning (USD) 0,00 -0,02 -0,03 -0,03 -0,02 -0,02 -0,04
Likvida medel 102 406 110 395 19 520 9 317 13 066 102 406 13 066

Brev till Aktieägare
Kära vänner och aktieägare i Maha Energy,

Andra kvartalet 2023 kan ses som det första kvartalet för det nya Maha. Försäljningen av våra tillgångar onshore Brasilien (Tiê och Tartaruga) slutfördes redan under det första kvartalet, men under andra kvartalet slutförde vi sammanslagning av verksamheterna med DBO Invest och andra aktieägare avseende våra nya tillgångar offshore Brasilien (Papa Terra och Peroá), vilka vi framgent kommer hänvisa till som Maha Offshore (istället för DBO 2.0). Genom denna transaktion återställde vi vår produktion nästan till nivåerna som vi hade före försäljningen av tillgångarna onshore, dvs nästan 2 000 fat oljeekvivalenter per dag samt reserver och betingade resurser om upp till 44,7 miljoner fat oljeekvivalenter. Därtill har nått vi en väsentlig och robust kassa som möjliggör för oss att sträva efter nya attraktiva möjligheter inom olje- och gasmarknaden världen över.

Vår sammanslagning av verksamheterna med DBO Invest och andra aktieägare avseende Maha Offshore slutfördes precis före årsstämman i maj. Genom denna transaktion ökar vi våra reserver med 18,8 miljoner fat oljeeekvivalenter (indirekt ägande genom 15% i 3R Offshore) och vi är glada över att kunna rapportera att våra nya tillgångar fått en flygande start. Produktionen ökade med 24% från första till andra kvartalet och uppgick till 1 988 fat oljeekvivalenter per dag (”boepd”) (inklusive 211 boepd från våra tillgångar i USA). Men det finns fortfarande utrymme för ytterligare ökning, speciellt om hänsyn tas till det tillfälliga avbrottet (underhåll) på Papa Terraklustret i maj 2023 och pågående investeringar. För första gången redovisar vi också ’resultat från andelar i intressebolag’ från Maha Offshore, vilket uppgick till TUSD 454 (icke kassapåverkande) sedan förvärvet slutfördes 23 maj.

I Oman fortsatte vi att arbeta med det initiala kortfristiga produktionstestet som vi lanserade i mitten av mars 2023. Alla åtta nya produktionsbrunnar, som borrats i 2022/2023 års borrprogram, korttidstestades och fem flödade olja till ytan till ett initialt beräknat genomsnittligt flöde om 300 fat olja per dag och brunn. Tre brunnar behövde stängas ned efter att ha producerat vatten och gas men innan de producerat någon olja. Även om över 4 000 fat tung olja med hög viskositet (omkring 11-13 grader API) producerades, vilket fyllt upp all lagringskapacitet på Block 70, har ingen vidaretransport av oljan ännu påbörjats. Maha utvidgar nu den kemiska behandlingen av den producerade oljan för att minska viskositeten och förbättra flytegenskaperna för att få oljan att motsvara specifikationerna för vidaretransport av oljan till tredjeparts-anläggning för ytterligare bearbetning och därefter transport genom det nationella pipelinesystemet i Oman.

Under andra kvartalet 2023 har dessutom minsta arbetsåtagande under EPSA-avtalet till fullo uppfyllts enligt plan. Maha närmar sig slutet på den Initiala Fasen, vilket sker i slutet på oktober 2023, och har hos Sultanatet Omans departement för Energi och Mineraler (”MEM”) ansökt om en förlängning av den Initiala Fasen av EPSA-avtalet för licensen. Under den utökade Initiala Fasen avser Maha att genomföra aktiviteter nödvändiga för att stödja möjligt beslut avseende kommersialitet för Block 70 (declaration of commerciality)

Vår kassa uppgår till USD 102,4 miljoner (inklusive spärrade likvida medel om USD 41,1 miljoner). Därtill väntar vi i slutet av augusti den andra betalningen om USD 55 miljoner från försäljningen av av tillgångarna onshore Brasilien. Vi har aktivt förvaltat dessa medel. Under andra kvartalet 2023 rapporterar vi finansiella intäkter om USD 4,3 miljoner. Vi glädjer oss åt detta, och är säkra på att fortsätta med att investera dessa tillgångar i nya transaktioner och fortsätta vår tillväxtmomentum baserat på en robust M&A-strategi. Vi fortsätter vår resa mot tillväxt och är angelägna om att slutföra fler transaktioner till attraktiva multiplar. Vi uppskattar att ni följer med oss på resan.

Paulo T. Arantes de Mendonça
Verkställande direktör

Q2 webbsändning idag kl.18:00 CEST

Maha inbjuder alla intressenter till en webbsänd presentation idag klockan 18.00. 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/G4SJcdUBm8w

Denna information är sådan information som Maha Energy AB (publ) är skyldigt att offentliggöra enligt EU:s marknadsmissbruksförordning och lag (2007:528) om värdepappersmarknaden. Informationen lämnades, genom nedanstående kontaktpersons försorg, för offentliggörande den 11 augusti 2023, kl. 15:20 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 Se sidorna 30-31 för alternativa resultatmått.

Bifogade filer

2023-Q2_Maha_Energy_Report_SVE
230811_Q2-23_Release_SVE

2023-Q2_Maha_Energy_Report_SVE
230811_Q2-23_Release_SVE

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

on Share

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

Second Quarter 2023
All amounts are in US dollars unless otherwise noted. The amounts below are related only to continuing operations.

  • The Company completed the business combination with DBO 2.0 S.A., holding 15% equity interest in 3R Offshore.
  • Income from investment in associate amounted to 0.4 million (Q2 2022: nil), representing Maha’s share of results in 3R Offshore for the month of June.
  • Daily oil production for Q2 2023 from continuing operations averaged 211 BOEPD (Q2 2022: 542 BOEPD) and including non-consolidated production from 3R Offshore averaged 1,988 BOEPD.
  • Revenue of 1.3 million (Q2 2022: 4.1 million) following lower sales volumes and lower realized oil price.
  • Operating netback of 0.5 million (Q2 2022: 2.2 million) following lower sales volumes.
  • Finance income amounted to 4.3 million (Q2 2022: TUSD 16), mainly related to investment income generated from short-term Time Deposits and investments.
  • Finance costs reduced to 1.9 million (Q2 2022: 2.4 million) as the Company continues to amortize bank debt.
  • EBITDA of -1.8 million (Q2 2022: 0.6 million).
  • Positive net result of 0.1 million (Q2 2022: -2.3 million).

Six Months Ended 30 June 2023
All amounts are in US dollars unless otherwise noted. The amounts below are related only to continuing operations.

  • Daily oil production for H1 2023 from continuing operations averaged 222 BOEPD (H1 2022: 502 BOEPD).
  • Revenue of 2.8 million (H1 2022: 7.8 million) following lower sales volumes and lower realized oil price.
  • Operating netback of 1.1 million (H1 2022: 4.1 million) following lower sales volumes and lower realized oil price.
  • Finance income for H1 2023 amounted to 4.6 million (H1 2022: TUSD 27).
  • EBITDA of -2.0 million (H1 2022: 1.1 million).
  • Net result of -2.3 million (H1 2022: -5.0 million).
  • Total cash balance on 30 June 2023 (including restricted cash of 41.1 million) of 102.4 million (31 December: 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) Q2
2023		 Q1
2023		 Q4
2022		 Q3
2022		 Q2
2022		 H1
2023		 H1
2022
Net Daily Production (BOEPD) 211 233 280 314 542 222 502
Revenue 1,325 1,486 1991 2,567 4,053 2,811 7,769
Operating netback 470 648 1002 1,379 2,219 1,118 4,142
EBITDA1 (1,788) (237) (1335) (234) 616 (2,025) 1,149
Net result for the period 90 (2,378) (3579) (3,928) (2,329) (2,288) (5,022)
Earnings per share – Basic & Diluted (USD) 0.00 (0.02) (0.03) (0.03) (0.02) (0.02) (0.04)
Cash and cash equivalents (including restricted cash) 102,406 110,395 19,520 9.317 13,066 102,406 13,066

Letter to shareholders

Dear Friends and Fellow Shareholders of Maha Energy AB,

The second quarter 2023 could be viewed as the first quarter for the new Maha. The sale of our onshore assets (Tiê and Tartaruga) in Brazil was already closed in the first quarter, but in the second quarter we concluded the business combination with DBO Invest and other shareholders involving our new offshore assets in Brazil (Papa Terra and Peroá), which we from now on will refer to as Maha Offshore (instead of DBO 2.0). Through this transaction we restored our production to almost 2,000 BOEPD and reserves plus contingent resources up to 44.7 mm BOE, to levels as before of the sale of the onshore assets. In addition to that, we have achieved a substantial and robust cash position to pursue attractive new opportunities within the O&G sector worldwide.

The business combination with DBO Invest and other shareholders involving Maha Offshore was completed just before the AGM in May. Through the transaction, we increased our reserves with 18.8 MMBoe (indirect equity interest of 15% on 3R Offshore) and we are pleased to report that our new assets have gotten off with an excellent initial performance. The production increased by 24% from the first to the second quarter and amounted to 1,988 BOEPD (including 211 BOEPD from our US assets). But there is still room for further increases, specially if we consider that we had a temporary interruption (maintenance) at the Papa Terra cluster in May 2023 and ongoing investments. For the first time we are reporting our share in income from investment in associate from Maha Offshore (non-cash), which amounted to TUSD 454 since the date of closing May 23rd.

In Oman, we continued the work with the initial short-term production test launched in mid March 2023. All eight production wells drilled in the 2022/2023 drilling program were tested for short term and five produced oil to surface at an initial estimated average rate of 300 barrels of oil per day per well, while three had to be suspended after producing water and gas but before producing any oil. Even though more than 4,000 barrels of heavy, high viscosity oil (between 11-13 degrees API) were produced, filling all tank capacity available at Block 70, oil offloading has not yet initiated. Maha is now scaling up chemical treatment of the produced oil to reduce viscosity and enhance flowability to achieve the required specification to offload the produced oil to the third-party facility for further processing and transportation through the Omani national pipeline system.

Also, during the second quarter of 2023, the Minimum Work Obligations of the EPSA have been fully concluded as planned and, as Maha approaches the end of the Initial Phase in late October 2023, Maha has requested the extension of this Phase of the EPSA to the Ministry of Energy and Minerals of the Sultanate of Oman (“MEM”). During the extended Initial Phase, Maha intends to implement activities necessary to support any potential decision regarding Block 70’s declaration of commerciality.

Our total cash balance amounts to USD 102.4 million (including restricted cash of USD 41.1 million). On top of that, we expect the second installment of USD 55.0 million from the onshore Brazil sale later in the end of August. We have actively managed these funds. For the second quarter 2023, we report a Financial Income of USD 4.3 million. We are very excited with this moment and confident to continue investing these resources into new transactions and continue our growth momentum based on a robust M&A strategy. We stick to our growth path and are eager to conclude more transactions at attractive multiples. We appreciate you taking this journey with us.

Yours sincerely, 
Paulo T. Arantes de Mendonça (CEO)

Q2 Webcast today at 18:00 CEST

The Company invites all interested parties to a live webcasted presentation today at 18.00 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/G4SJcdUBm8w

This information is such information as Maha Energy AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out below, at 15:20 CEST on 11 August 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 See page 31-32 for the alternative performance measurement.

Attachments

2023-Q2_Maha_Energy_Report_ENG
230811_Q2-23_Release_ENG

2023-Q2_Maha_Energy_Report_ENG
230811_Q2-23_Release_ENG

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

on Share

Maha Energy AB (publ) (“Maha” eller “bolaget”) presenterar resultatet för andra 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)

Andra kvartalet 2022

  • Tie-5 brunnen färdigställdes och producerar nu i Tiefältets permanenta produktionsanläggningar
  • Tie-6 brunnen började borras i juni kommer att färdigställas och anslutas för produktion i det tredje kvartalet
  • Genomsnittlig dagsproduktion av olja och gas för det andra kvartalet 2022 var 3 292 BOEPD (Q2 2021: 3 104 BOEPD)
  • Intäkter om 24,0 miljoner USD (Q2 2021: 15,2 miljoner USD)
  • Rörelsens netback uppgick till 17,4 miljoner USD eller 64,72 USD per fat oljeekvivalenter (BOE) (Q2 2021: 9,5 miljoner USD eller 35,46 USD per BOE)
  • EBITDA om 14,6 miljoner USD (Q2 2021: 9,0 miljoner USD)
  • Periodens resultat uppgick till 8,2 miljoner USD (Q2 2021: 2,6 miljoner USD)
  • Vinst per aktie före och efter utspädning om 0,07 USD (Q2 2021: 0,02 USD)
  • Likvida medel om 23,9 miljoner USD (Q2 2021: 34,1 miljoner USD)

Sexmånadersperioden som avslutades 30 juni 2022

  • Genomsnittlig dagsproduktion av olja och gas för det första halvåret var 2022 3 933 BOEPD (H1 2021: 3 421 BOEPD)
  • Intäkter om 54,8 miljoner USD (H1 2021: 31,0 miljoner USD)
  • Rörelsens netback uppgick till 39,9 miljoner USD eller 60,69 USD per fat oljeekvivalenter (BOE) (H1 2021: 20,6 miljoner USD eller 34,56 USD per BOE)
  • EBITDA om 36,7 miljoner USD (H1 2021: 19,2 miljoner USD)
  • Periodens resultat uppgick till 20,2 miljoner USD (H1 2021: 8,1 miljoner USD)
  • Vinst per aktie före och efter utspädning om 0,17 USD (H1 2021: 0,08 USD)
  • Likvida medel om 23,9 miljoner USD (31 december 2021: 25,5 miljoner USD)

Finansiell information i sammandrag

(TUSD, om ej annat anges) Q2 2022 Q1 2022 Q4
2021		 Q3 2021 Q2 2021 H1 2022 H1 2021 Helår
2021
Dagsproduktion, netto (BOEPD) 3 292 4 580 3 098 3 610 3 104 3 933 3 421 3 387
Intäkter 24 018 30 831 17 818 19 496 15 178 54 849 30 992 68 306
Rörelsens netback 17 408 22 528 11 913 13 568 9 548 39 936 20 579 46 060
EBITDA 14 621 22 069 15 615 12 909 8 988 36 690 19 201 47 725
Periodens resultat 8 219 12 030 7 363 6 083 2 603 20 249 8 141 21 587
Vinst per aktie – före utspädning (USD) 0,07 0,10 0,06 0,05 0,02 0,17 0,08 0,19
Vinst per aktie – efter utspädning (USD) 0,07 0,10 0,06 0,05 0,02 0,17 0,08 0,19
Likvida medel 23 863 29 416 25 535 31 778 34 139 23 863 34 139 25 535

Brev till Aktieägare

Kära vänner och aktieägare i Maha Energy AB,

Nästan rekordhöga oljepriser hjälpte vårt nettoresultat detta kvartal då våra produktionsvolymer under kvartalet var lägre än planerat. I skrivande stund så ligger vi runt den nedre delen av 2022 års produktionsguidning om 4.000 BOEPD. Maha levererade rekordhöga siffror under första delen av halvåret 2022 (H1) på alla fronter, inklusive produktionsvolymer, EBITDA och resultat. Snittdagsproduktionen för H1 hamnade på 3 933 BOEPD och EBITDA blev 36,7 miljoner, nästan dubbelt jämfört mot förra årets första halva och resultatet blev dubbelt så starkt jämfört mot företagets tidigare bästa resultat. Men även om vi hade oönskade och frustrerande tillfälliga produktionsstörningar i Brasilien under kvartalet gör vi konkreta framsteg i att säkerställa långfristig produktionsstabilitet på Tiefältet i Brasilien. Trots högre rörelsekostnader än normalt under kvartalet, var vår Netback per fat den högsta någonsin om 65 USD per BOE. Självklart är vi inte nöjda med den tillfälliga reduktionen i produktionsvolymer från Tiefältet men vi arbetar intensivt med att få alla våra producerande brunnar tillbaka i produktion så snart som möjligt. Endast två brunnar av sex bidrog till vår oljeproduktion vid Tiefältet detta kvartal.

Brasilien
Vid Bolagets, i dagsläget, viktigaste tillgång i Brasilien, Tiefältet, var produktionen lägre under det andra kvartalet på grund av; naturligt sinande, konvertering av Tie-3 från en oljeproducerande brunn till en vatteninjiceringsbrunn, oljeproduktion från den horisontella Tie-5-brunnen påbörjades efter kvartalets slut, samt förlusten av produktion från tre viktiga producerande brunnar (Tie-1, GTE-3 och GTE-4). Dessa tre brunnar är schemalagda att repareras under tredje och fjärde kvartalen för att återställa produktionsnivåerna.

Verksamhetsmässigt på Tiefältet färdigställdes Tie-5-brunnen som en horisontellt producerande brunn och flödade under naturligt tryck 770 BOEPD vid ett 24-timmarstest. Tie-5 fortsätter att producera stabilt med försumbara volymer vatten och bidrar därmed att parera de temporära produktionsnedgångarna. Ytterligare oväntade positiva nyheter var att vid borrning av Tie-6 penetrerades Agua Grande (AG)-reservoaren 12 meter grundare än förutsett. Det är verkligen goda nyheter eftersom reservoaren är strukturellt högre än förväntat och den seismiska kartläggningen av strukturen måste nu omdefinieras positivt. Ytterligare, och på grund av att huvuddelen av AG reservoaren är ovanför olja-/vattenkontakten undersöker vi nu möjligheten att initialt producera olja från reservoaren innan den konverteras till en vatteninjiceringsbrunn, precis som vi gjorde med Tie-3.

Olyckligtvis har förseningar i borrningarna av Tie-4- och Tie-5-brunnarna negativt påverkat tidsschemat för underhållsarbeten i Tie-1-, GTE-3- och GTE-4-brunnarna. Brasserv-underhållsriggen kontrakterades i juni för att påbörja brunnsunderhållsarbetet för att återställa produktionen på Tiefältet. Fram tills nu har arbeten med att färdigställa oljeproduktionsbrunnen Tie-5 och konvertera ALV-2-brunnen till en gasinjiceringsbrunn avslutats. Härnäst kommer GTE-3, GTE-4 och Tie-1 att återställas till full produktion under andra halvan av året. Viktigt är att elektiska nedsänkbara pumpar (ESP-pumpar) kommer att installeras i GTE-3 och därefter i Tie-2 för att öka produktionen på Tie.

Oman
Efter att den kontrakterade GBS-1-borriggen drogs tillbaka av borrentreprenören agerade Mahateamet i Oman snabbt för att säkerställa ersättningsriggen Gulf Drilling Company Rig-109. Trots att detta ledde till oönskade förseningar förväntas nu borrning påbörjas i oktober. Bolaget beslutade också att strategiskt ”farma” ned 35 procent i Exploration and Production Sharing Contract (EPSA) för Block 70 till Mafraq Energy LLC. Inte bara kommer utfarmningen att reducera Bolagets riskexponering men kommer också att minska kostnader och öka förtroendet i projektet. Mafraq Energy LLC kommer att bidra med viktig teknisk expertis såväl som strategiskt partnerskap i Oman för att bidra till fortsatt tillväxt i Oman. Att Mafraq Energy ville köpa in sig i projektet är förmodligen det bästa beviset hittills att Mafraqfältet är en bra investering.

Mafraqfältet är ett utvärderat och produktionstestat tjockoljefält på land i Oman. En tidigare operatör testade drygt 15 700 fat av tjockolja från en enda brunn vid ett 23-dagars brunnstest 1991. Maha’s plan är att börja borra de första sex utvärderings- och pilotproduktionstestbrunnarna på fältet i oktober.

USA
Produktionen från Illinoisbassängen var stabil under kvartalet och Bolaget fortsätter att utvärdera resultaten från borrkampanjen under 2021 samt potentiella tillväxtmöjligheter i USA. Vid LAK Ranch i Wyoming har Bolaget påbörjat en serie med regulatoriska borrtester och återaktivering av brunnar. En strategisk process initierades under kvartalet för att utvärdera framtiden för LAK Ranch-tillgången.

Det var en blandning av händelser detta kvartal, några bra och några mindre bra. Som tidigare nämnts producerade vi på Tiefältet under större delen av kvartalet enbart från två brunnar, Tie-2 och Tie-4. Detta påverkade produktionen väsentligt. Förseningen av borrningen av Tie-5 och rörläckagen i GTE-3, GTE-4 och Tie-1 resulterade i lägre produktionsvolymer under kvartalet. Dessa tre brunnar kommer att återställas till produktion nu när borriggen har flyttats från fältet och underhållsriggen har slutfört arbetet på gasinjiceringsbrunnen ALV-2. Det faktum att AG penetrerades 12 meter högre än förväntat i Tie-6 brunnen är mycket positivt.

Framtiden ser ljus och händelserik ut under det andra halvåret. Med underhållsarbetena på Tiefältet kommer vi att kunna återhämta vår produktion och med det möjliga tillskottet av Tie-6-brunnen kommer vi att kanske ha totalt sju producerande brunnar där, vilket ger viktiga produktionstillskott. Slutligen, i Oman, kommer vi att påbörja borrningen av den stora Mafraqstrukturen och påbörja brunnstestproduktion på kommersiell nivå. Det kommer att bli ett intensivt andra halvår.

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
Maha Energy AB

Q2 webbsändning idag kl.16:00 CET

Det kommer att hållas en livepresentation idag den 15 augusti 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 15 augusti 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 Q2 Maha Energy Report SWE
20220815 Maha Energy Press Release Q2 2022 SWE

2022 Q2 Maha Energy Report SWE
20220815 Maha Energy Press Release Q2 2022 SWE

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

on Share

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 2022

  • The Tie-5 well was completed free-flowing 766 BOEPD (590 BOPD and 1,054 MSCFPD) and is now producing through the Tie field’s permanent facilities.
  • The Tie-6 well was spudded in June and can potentially be hooked up for production during Q3.
  • Daily oil & gas production for Q2 2022 averaged 3,292 BOEPD (Q2 2021: 3,104 BOEPD)
  • Revenue of USD 24.0 million (Q2 2021: USD 15.2 million)
  • Operating netback of USD 17.4 million or USD 64.72 per BOE (Q2 2021: USD 9.5 million or USD 35.46 per BOE)
  • EBITDA of USD 14.6 million (Q2 2021: USD 9.0 million)
  • Net result of USD 8.2 million (Q2 2021: USD 2.6 million)
  • Basic and Diluted Earnings per share of USD 0.07 (Q2 2021: USD 0.02)
  • Cash and cash equivalents balance of USD 23.9 million (Q2 2021: 34.1 million)

Six Months Ended 30 June 2022

  • Daily oil & gas production for H1 2022 averaged 3,933 BOEPD (H1 2021: 3,421 BOEPD)
  • Revenue of USD 54.8 million (H1 2021: USD 31.0 million)
  • Operating netback of USD 39.9 million or USD 60.69 per BOE (H1 2021: USD 20.6 million or USD 34.56 per BOE)
  • EBITDA of USD 36.7 million (H1 2021: USD 19.2 million)
  • Net result for the period of USD 20.2 million (H1 2021: USD 8.1 million)
  • Basic and Diluted Earnings per share of USD 0.17 (H1 2021: USD 0.08)
  • Cash and cash equivalents balance of USD 23.9 million (31 December 2021: USD 25.5 million)

Financial Summary

(TUSD, unless otherwise noted) Q2
2022		 Q1
 2022		 Q4
 2021		 Q3
 2021		 Q2
 2021		 H1
2022		 H1
2021		 FY
2021
Net Daily Production (BOEPD) 3,292 4,580 3,098 3,610 3,104 3,933 3,421 3,387
Revenue 24,018 30,831 17,818 19,496 15,178 54,849 30,992 68,306
Operating netback 17,408 22,528 11,913 13,568 9,548 39,936 20,579 46,060
EBITDA 14,621 22,069 15,615 12,909 8,988 36,690 19,201 47,725
Net result for the period 8,219 12,030 7,363 6,083 2,603 20,249 8,141 21,587
Earnings per share – Basic (USD) 0.07 0.10 0.06 0.05 0.02 0.17 0.08 0.19
Earnings per share – Diluted (USD) 0.07 0.10 0.06 0.05 0.02 0.17 0.08 0.19
Cash and cash equivalents 23,863 29,416 25,535 31,778 34,139 23,863 34,139 25,535

Letter to shareholders

Dear Friends and Fellow Shareholders of Maha Energy AB,

Near record high oil prices helped our bottom line this quarter as our quarterly production volumes were lower than planned, and at the moment we are tracking around the bottom end of our 2022 production guidance of 4,000 BOEPD.  Maha delivered a record first half of the year (H1) on all fronts, including production, revenues and net results. H1 average daily production landed at 3,933 BOEPD and H1 EBITDA was USD 36.7 million, almost double compared to last year’s record. Our result for H1 was twice that of our previous highest H1 result recorded. But even though we experienced unwanted and frustrating temporary production setbacks in Brazil during the quarter, we are making real progress in securing long-term production stability at the Tie field. Despite higher than normal operating expenses during the quarter, our Netback per barrel is at an all time high at USD 65 per BOE. Of course, we are not happy with the temporary reduction in production volumes from the Tie field, but we are working hard on getting all of our producing wells back on production again as soon as possible. Only two out of six wells contributed to our oil production at the Tie field this quarter.

Brazil
At our core asset in Brazil, the Tie field, production was lower during the second quarter due to; natural production decline, converting the Tie-3 well from an oil producer to a water injector, oil production from Tie-5 horizontal coming on late, and losing production from three key production wells (Tie-1, GTE-3, and GTE-4). These three wells are scheduled for repair using the contracted Braserv rig during the third and fourth quarters to restore production levels.

Operationally at the Tie field, the Tie-5 well was completed as a horizontal producer in July and flowed naturally 770 BOEPD on a 24 hour test. The Tie-5 continues to produce steadily with negligible water and will contribute to offset other temporary setbacks on the Tie-field. Further, unexpected positive news was encountered on Tie-6, where the Agua Grande (AG) reservoir was penetrated 12 meters higher than predicted. This is very good news, since the reservoir is higher structurally than anticipated, the seismic mapping of the structure will have to be redefined.  Furthermore, and because most of the AG is now above the oil water contact, we are currently evaluating the possibility of initially producing the oil in the AG before converting the well to a water injector, as was originally planned.

Unfortunately, delays in the drilling of the Tie-4 and Tie-5 wells have adversely impacted the schedule for Tie-1, GTE-3 and GTE-4 workovers. The Brasserv workover rig was contracted in June to commence the well intervention work to restore production on the Tie field. To date, work on completing the Tie-5 oil producer and converting the ALV-2 well to a gas injector has been completed.  Next, GTE-3, GTE-4 and Tie-1 will be restored to full production during the second half of the year. Importantly, Electric Submersible Pumps (ESP) will be installed in GTE-3 and then later in Tie-2 to further boost production at Tie.

Oman
After the contracted GBS-1 drilling rig was withdrawn by the drilling contractor, the Maha team in Oman acted swiftly to secure the Gulf Drilling Company Rig-109 and drilling is now expected to commence in October. The Company also decided to strategically farm down 35% of the Block 70 Exploration and Production Sharing Agreement to Mafraq Energy LLC. Not only does the farm down manage the Company’s asset risk exposure, but it also reduces cost and increase confidence in the project. Mafraq Energy brings important technical expertise as well as a strategic partnership in Oman to aid in future growth. It is probably the best proof yet of the robustness of 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 appraisal and production pilot test wells on the field starting in October.

USA
Production from the Illinois Basin was steady during the quarter and the Company continues to evaluate the results from the 2021 drilling campaign along with potential growth opportunities in the USA. At LAK Ranch in Wyoming, the Company commenced a series of regulatory well tests and well reactivations. A strategic process was initiated during the quarter to evaluate the best future options for the LAK Ranch property. 

It was a ‘mixed’ bag of events this quarter – some good and some not so good. As previously mentioned at the Tie field, we produced from only two wells, Tie-4 and Tie-2, for most of the quarter. This affected production significantly.  Delays in the drilling of Tie-5 and the tubing leaks in GTE-3, GTE-4 and Tie-1 resulted in lower production volumes during the quarter. These three wells will be returned to production now that the drilling rig is moved out of the field and the workover rig has finished the work on the ALV-2 gas injection well. The fact that the AG was penetrated higher than prognoses in the Tie-6 well is very encouraging. 

The future looks bright and busy for the second half of the year. With the workovers on the Tie field, we will add important barrels to our production and with the unexpected results of Tie-6, we may have a total of seven producing wells there, providing important production redundancy. Finally, in Oman, we will start the drilling of the large Mafraq structure and commence well test production at a commercial level.  It is going to be a very busy second half of the year.

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

Q2 Webcast today at 16:00 CET

There will be a live webcast today, 15 August 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 15 August 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 Q2 Maha Energy Report ENG
20220815 Maha Energy Press Release Q2 2022_ENG

2022 Q2 Maha Energy Report ENG
20220815 Maha Energy Press Release Q2 2022_ENG

Maha Energy AB Announces Filing of Second Quarter Report 2021 & Live Webcast

on Share

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 2021

  • Daily oil & gas production for Q2 2021 averaged 3,104 BOEPD (Q2 2020: 3,602 BOEPD)
  • Production at the Tie filed was interrupted during the second quarter and restored back to normal production volumes by mid-June 
  • The Company spudded its first horizontal well at the Tie field on 9 July and has so far spudded 4 wells out of the 12 oil well program in the Illinois Basin
  • Revenue of USD 15.2 million (Q2 2020: USD 7.9 million)
  • Operating netback of USD 9.5 million or USD 35.46 per BOE (Q2 2020: USD 4.4 million or USD 13.80 per BOE)
  • EBITDA of USD 9.0 million (Q2 2020: USD 3.4 million)
  • Net result of USD 2.6 million (Q2 2020: USD 0.4 million)
  • Basic Earnings per share of USD 0.02 (Q2 2020: USD 0.00)
  • Diluted Earnings per share of USD 0.02 (Q22020: USD 0.00)
  • Cash and cash equivalents balance of USD 34.1 million (Q2 2020: 15.7 million)

Six Months Ended 30 June 2021

  • Daily oil & gas production for H1 2021 averaged 3,421 BOEPD (H1 2020: 3,445 BOEPD).
  • Revenue of USD 31.0 million (H1 2020: USD 19.1 million)
  • Operating netback of USD 20.6 million or USD 34.56 per BOE (H1 2020: USD 12.2 million or USD 20.42 per BOE)
  • EBITDA of USD 19.2 million (H1 2020: USD 9.9 million)
  • Net result for the period of USD 8.1 million (H1 2020: USD 3.6 million)
  • Basic Earnings per share of USD 0.08 (H1 2020: USD 0.04)
  • Diluted Earnings per share of USD 0.08 (H1 2020: USD 0.03)
  • Cash and cash equivalents balance of USD 34.1 million (2020: USD 6.7 million)

Financial Summary

(TUSD, unless otherwise noted) Q2 2021 Q1 2021 Q4
2020		 Q3 2020 Q2 2020 H1 2021 H1 2020 FY 2020
Net Daily Production (BOEPD) 3,104 3,742 2,738 3,580 3,602 3,421 3,445 3,301
Revenue 15,178 15,814 8,659 11,226 7,926 30,992 19,133 39,018
Operating netback 9,548 11,031 4,247 7,041 4,377 20,579 12,235 23,523
EBITDA 8,988 10,213 2,720 5,514 3,436 19,201 9,870 18,104
Net result for the period1 2,603 5,538 (15,702) 1,845 407 8,141 3,598 (10,259)
Earnings per share – Basic (USD) 0.02 0.05 (0.15) 0.02 0.00 0.08 0.04 (0.10)
Earnings per share – Diluted (USD) 0.02 0.05 (0.15) 0.02 0.00 0.08 0.03 (0.10)
Cash and cash equivalents 34,139 5,698 6,681 18,034 15,699 34,139 15,699 6,681

Letter to shareholders

Dear Friends and Fellow Shareholders of Maha Energy AB,

  • Maha’s 15th consecutive profitable quarter2
  • Two of the top three onshore producing wells in Brazil belong to Maha
  • Production fully restored after mechanical issues on a key well in Brazil
  • 98% of TO-2 (2017) warrants converted to shares
  • 2021 work program expanded and accelerated in response to strong price of oil

The second quarter saw continued strengthening of the price of oil.  The average Brent oil price for the quarter landed at USD 68.97 per barrel, up some 11% compared to the previous quarter.  The average production for the Company during the quarter was 13% lower compared to the first quarter; but because of the strong price of oil, Company revenue was comparable to the year’s first three months.  The EBITDA for the quarter suffered slightly due to unplanned workovers at the Tie field which impacted operational expenditures.  But, despite these temporary setbacks, Maha remains profitable and this quarter marks the 15th straight profitable quarter, if you ignore the non-cash write down of the LAK oil field in December last year.2

Four events dominated the quarter and are worth expanding on;

Firstly, two wells in the Tie field continue to dominate production for the Company and are listed in the top three performing wells onshore Brazil, according to the ANP.  One of these wells suffered mechanical setbacks during the quarter which in turn required a series of rig based interventions to remediate.  The loss of production from this well during the quarter contributed to lower than planned production.   But as at the end of May, the well was restored to routine production, and at the end of the second quarter, the Brazilian fields were back to normal operations.

Secondly, planned and unplanned shutdowns at the Tie and Tartaruga facilities along with the unplanned well interventions mentioned above led to unexpected expenditures to restore production.  This in turn impacted production volumes and operating expenses.  The compounded effect of higher costs and lower production numbers is what caused the Company’s high operating expenses for the quarter.  Since the middle of June, production has been restored and has remained at planned levels at all fields with all wells onstream and producing.  Operating costs has also returned to a more normal USD 5 – 6/BOE range.

Thirdly, the SEK 300 million bond from 2017 was redeemed and replaced by the announced USD 70 million BTG Pactual financing.  A direct consequence of the financing was that the 2017 issued warrants (TO-2) remained ‘in the money’, which in turn generated SEK 53,018,729 of cash to the Company as warrant holders converted warrants to shares.  All in all, close to 98% of the outstanding warrants were converted to shares, which is an excellent ratio and demonstrates a very strong interest in the Company.  Coupled with the US$ 10 million private placement of shares to BTG and the strong oil price environment, the Company now sits in a position of very low net debt and a strong cash balance.

Lastly, the development pace in the Illinois Basin (IB) increased.  At the end of the quarter a total of four production wells and one water disposal well had been drilled.  All of these 4 production wells require initial stimulation and as at the same date, 3 wells had already been stimulated and the fourth was under way.  The work program was accelerated in view of the strong price of oil and favourable economic conditions with the result of higher production volumes already being recorded.  A total of 12 wells will be drilled in IB this year, and we expect to end the year between 600 – 700 BOPD coming from the IB area alone.

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.

Jonas Lindvall
Managing Director

Q2 Webcast today at 16:00 CET

There will be a live webcast today, 23 August 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 23 August, 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 of Q4 2020 and full year 2020 includes an impairment charge of USD 21.0 million.

2 The LAK Ranch asset was impaired by USD 21 million in a non-cash write down at the end of 2020 due to the low oil price environment which impacted the net result of the Company for the fourth quarter 2020.

Attachments

20210823 Maha Energy Press Release – Q2 2021 ENG FINAL
Maha Energy Q2 2021 Report ENG FINAL

20210823 Maha Energy Press Release - Q2 2021 ENG FINAL
Maha Energy Q2 2021 Report ENG FINAL

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

on Share

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

Andra kvartalet 2021

  • Genomsnittlig dagsproduktion av olja och gas för det andra kvartalet var 3 104 fat oljeekvivalenter per dag (BOEPD) (Q2 2020: 3 602 BOEPD)
  • Driftstörningar vid Tiefältet under andra kvartalet ledde till produktionsreducering men återställdes till normal produktion i mitten av juni
  • Bolaget påbörjade sin första horisontalborrning vid Tiefältet den 9 juli och har hittills borrat fyra brunnar av tolvbrunnsprogrammet i Illinoisbassängen
  • Intäkter om 15,2 miljoner USD (Q2 2020: 7,9 miljoner USD)
  • Rörelsens netback om 9,5 miljoner USD eller 35,46 USD per fat oljeekvivalenter (BOE) (Q2 2020: 4,4 miljoner USD eller 13,80 USD per BOE)
  • EBITDA om 9,0 miljoner USD (Q2 2020: 3,4 miljoner USD)
  • Periodens resultat uppgick till 2,6 miljoner USD (Q2 2020: 0,4 miljoner USD)
  • Vinst per aktie före utspädning om 0,02 USD (Q2 2020: 0,00 USD)
  • Vinst per aktie efter utspädning om 0,02 USD (Q2 2020: 0,00 USD)
  • Likvida medel om 34,1 miljoner USD (Q2 2020: 15,7 miljoner USD)

Sexmånadersperioden som avslutades 30 juni 2021

  • Genomsnittlig dagsproduktion av olja och gas för första halvåret (H1) 2021 var 3 421 BOEPD (H1 2020: 3 445 BOEPD).
  • Intäkter om 31,0 miljoner USD (H1 2020: 19,1 miljoner USD)
  • Rörelsens netback om 20,6 miljoner USD eller 34,56 USD per BOE (H1 2020: 12,2 miljoner USD eller 20,42 USD per BOE)
  • EBITDA om 19,2 miljoner USD (H1 2020: 9,9 miljoner USD)
  • Periodens resultat om 8,1 miljoner USD (H1 2020: 3,6 miljoner USD)
  • Vinst per aktie före utspädning om 0,08 USD (H1 2020: 0,04 USD)
  • Vinst per aktie efter utspädning om 0,08 USD (H1 2020: 0,03 USD)
  • Likvida medel om 34,1 miljoner USD (2020: 6,7 miljoner USD)

Finansiell information i sammandrag

(TUSD, om ej annat anges) Q2 2021 Q1 2021 Q4
2020 		Q3 2020 Q2 2020 H1 2021 H1 2020 Helår
2020
Dagsproduktion, netto (BOEPD) 3 104 3 742 2 738 3 580 3 602 3 421 3 445 3 301
Intäkter 15 178 15 814 8 659 11 226 7 926 30 992 19 133 39 018
Rörelsens netback 9 548 11 031 4 247 7 041 4 377 20 579 12 235 23 523
EBITDA 8 988 10 213 2 720 5 514 3 436 19 201 9 870 18 104
Periodens resultat1 2 603 5 538 (15 702) 1 845 407 8 141 3 598 (10 259)
Vinst per aktie – före utspädning (USD) 0,02 0,05 (0,15) 0,02 0,00 0,08 0,04 (0,10)
Vinst per aktie – efter utspädning (USD) 0,02 0,05 (0,15) 0,02 0,00 0,08 0,03 (0,10)
Likvida medel 34 139 5 698 6 681 18 034 15 699 34 139 15 699 6 681

 

Brev till Aktieägare

Kära vänner och aktieägare i Maha Energy AB,

  • 15:e kvartalet i rad med vinst2
  • Två av tre toppkällor på det brasilianska fastlandet tillhör Maha
  • Produktion helt återställd efter tekniska problem på viktig brunn i Brasilien
  • 98 procent av teckningsoptionerna av serie TO-2 konverterade till aktier
  • Arbetsprogrammet för 2021 utökades och forcerades på grund av gynnsamt oljepris

Under andra kvartalet utvecklades oljepriserna fortsatt starkt. Snittpriset för Brentoljan ökade med cirka 11 procent jämfört med föregående kvartal till 68,97 USD per fat. Trots att oljeproduktionen var 13 procent lägre jämfört med föregående kvartalet så bidrog det starka oljepriset till att andra kvartalets intäkter var i nivå med förra kvartalet. Kvartalets EBITDA belastades något på grund av oplanerat merarbete på Tiefältet som påverkade driftskostnaderna. Trots dessa tillfälliga motgångar går bolaget med vinst för det 15:e kvartalet i rad, om man bortser från nedskrivningen av LAK Ranch oljefältet i slutet av 20202.

Under kvartalet är det fyra väsentliga händelser som är värt att utveckla. För det första är det fortsatt två brunnar på Tiefältet som dominerar vår produktion och dessa är enligt brasilianska myndigheten ANP bland de tre bäst producerande oljekällorna på det brasilianska fastlandet. En av dessa viktiga brunnar drabbades av tekniska problem under kvartalet vilket i sin tur krävde ett antal riggbaserade ingrepp för att återställa. Den förlorande produktionen från brunnen bidrog till att den totala produktionsvolymen under kvartalet blev lägre än förväntat. I slutet av maj var dock brunnen återställd och vid utgången av andra kvartalet var de brasilianska brunnarna tillbaka i normal produktion.

För det andra ledde både planerade och oplanerade nedstängningar på produktions-anläggningarna vid Tie och Tartaruga och de oplanerade åtgärderna enligt ovan till oförutsedda kostnader för att återställa oljeproduktionen. Detta påverkade i sin tur både produktionsvolymen och driftskostnaderna. Den kombinerade effekten av högre kostnader och lägre produktionsvolymer orsakade koncernens höga driftskostnader under kvartalet. Sedan mitten av juni är produktionen helt återställd och sedan dess går produktionen på samtliga fält enligt plan och alla brunnar är aktiva. Driftskostnaderna är också tillbaka till de mer normala 5-6 USD per BOE.

För det tredje löstes obligationen på 300 miljoner kronor in i förtid och ersattes med en finansiering på 70 miljoner dollar från brasilianska Banco BTG Pactual (BTG). En direkt följd av detta blev att teckningsoptionerna från 2017 (TO-2) förblev lönsamma, vilket gav ett kapitaltillskott på drygt 53 miljoner kronor då optionsinnehavarna konverterade optioner till aktier. Totalt sett konverterades nästan 98 procent av de utestående optionerna till aktier, vilket är en utmärkt nivå och visar på ett stort intresse för Bolaget. Detta tillsammans med den riktade emissionen på 10 miljoner dollar till BTG och den höga oljeprisnivån gör att vi nu har en mycket låg nettoskuld och stark likviditet.

Slutligen så intensifierades utvecklingsarbetet i Illinois Basin (IB). I slutet av kvartalet hade fyra produktionsbrunnar och en vatteninjektionsbrunn blivit borrade. Alla brunnar i IB kräver initialt stimulation, och i slutet av kvartalet hade tre brunnar stimulerats och den fjärde var på gång. Arbetsprogrammet för IB forcerades för att dra fördel av det starka oljepriset och de gynnsamma ekonomiska förhållandena vilket redan börjar ge ökade produktionsvolymer. Totalt ska 12 brunnar borras under sommaren och vi förväntar oss att IB ska producera mellan 600 – 700 fat olja om dagen vid årsskiftet.

Jag vill återigen tacka alla medarbetare på Maha som jobbar så hårt för bolaget. Och stort tack till alla er trofasta aktieägare som är med oss på resan och visar oss ert stöd.

Jonas Lindvall,
Verkställande direktör
Maha Energy AB

Q2 webbsändning idag kl.16:00 CET

Det kommer att hållas en livepresentation idag den 23 augusti 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 23 augusti 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.

2 Exklusive nedskrivningen av LAK Ranch med 21 miljoner USD under fjärde kvartalet till följd av oljeprisraset.

Bifogade filer

20210823 Maha Energy Press Release – Q2 2021 SWE FINAL
Maha Energy Q2 2021 Rapport SWE FINAL

20210823 Maha Energy Press Release - Q2 2021 SWE FINAL
Maha Energy Q2 2021 Rapport SWE FINAL

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

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

                                                                
Press release
Stockholm
24 August 2020
                                                                                                                                                                                            
Maha Energy AB Announces Filing of Second Quarter Report & Live Webcast

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 2020

  • Record daily oil & gas production for Q2 2020 averaged 3,602 BOEPD (Q2 2019: 2,739 BOEPD)
  • Illinois Basin, acquired at the end of Q1 2020, averaged at 144 BOEPD for Q2 2020
  • Revenue of USD 7.9 million (Q2 2019: USD 14.1 million)
  • Operating netback of USD 4.4 million or USD 13.80 per BOE (Q2 2019: USD 10.7 million or USD 43.30 per BOE)
  • EBITDA of USD 3.4 million (Q2 2019: USD 9.2 million)
  • Net result of USD 0.4 million (Q2 2019: USD 6.2 million)
  • Basic and Diluted Earnings per share of USD 0.00 (Q2 2019: USD 0.06)
  • Cash and cash equivalents balance of USD 15.7 million (Q2 2019: 20.5 million)

Six Months Ended 30 June 2020

  • Daily oil & gas production for H1 2020 averaged 3,445 BOEPD (H1 2019: 2,704 BOEPD).
  • Revenue of USD 19.1 million (H1 2019: USD 25.8 million)
  • Operating netback of USD 12.2 million or USD 20.42 per BOE (H1 2019: 19.7 USD million or 41.83 USD per BOE)
  • EBITDA of USD 9.9 million (H1 2019: USD 16.9 million)
  • Net result for the period of USD 3.6 million (H1 2019: USD 10.4 million)
  • Basic Earnings per share of USD 0.04 (H1 2019: USD 0.11)
  • Diluted Earnings per share of USD 0.03 (H1 2019: USD 0.10)
  • Cash and cash equivalents balance of USD 15.7 million (2019: 22.4 million).

Financial Summary

(TUSD, unless otherwise noted) Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 H1 2020 H1 2019 FY 2019
Net Daily Production (BOEPD) 3,602 3,288 3,165 3,593 2,739 3,445 2,704 3,044
Revenue 7,926 11,207 13,672 16,068 14,098 19,133 25,849 55,589
Operating netback 4,377 7,858 9,825 12,017 10,668 12,235 19,697 41,539
EBITDA 3,436 6,434 8,354 10,663 9,188 9,870 16,851 35,868
Net result for the period 407 3,191 2,679 6,570 6,157 3,598 10,405 19,654
Earnings per share – Basic (USD) 0.00 0.03 0.03 0.07 0.06 0.04 0.11 0.20
Earnings per share – Diluted (USD) 0.00 0.03 0.02 0.06 0.06 0.03 0.10 0.18
Cash and cash equivalents 15,699 19,190 22,450 20,421 20,504 15,699 20,504 22,450

Letter to shareholders

Dear Friends and Fellow Shareholders of Maha Energy AB,

Record Quarter
The COVID-19 pandemic continues to challenge our business.  Despite a record quarter for production, quarterly revenue is just over half of the comparable period last year. Three individuals (contractors) working at the Tie field tested positive for the virus, directly impacting operations (all three have since recovered). And finally, travel restrictions continue to cause real problems for the movement of equipment and people in Brazil. Despite this, Maha had a record quarter in terms of production, the quarterly netback is a healthy US$ 13.80 per boe, OPEX is US$ 7.66 per boe and our G&A cost is a stellar US$ 2.61 per boe. Simply put at the average quarterly Brent price of US$ 29.34, Maha is still generating significant positive netbacks (US$ 13.80 per boe). Corrected for G&A expenses, on a per barrel basis, and Maha will continue to generate positive cashflows at a Brent Oil price as low as US$ 16 per bbl. We are pleased to report our highest production quarter on record and 11th straight quarter of positive net results – we are still profitable, even at these challenging times. A true testament to the robustness of our assets and our team.

The first two months of the second quarter was in the epicenter of the COVID-19 storm. Our production capability suffered; as did the oil price. OPEX and CAPEX were reduced to conserve cash and the Company temporarily prepared for survival mode. Towards the end of the quarter, however, as the OPEC+ production cuts started to bite, and as oil prices stabilized, our operations and project work could resume. In terms of field activity, we are almost back to pre-COVID-19 levels.

Field work in Brazil
An unseasonably wet ‘rainy season’ has affected civil works for the remaining minor project works at the Tie field.  The effect of this are a few weeks delay in flowline installations between GTE-4 and the battery, the compressor installation and the GTE-7 water supply line. Construction progress of the Tie south drilling locations have also been delayed by the rain. Further, and as mentioned, COVID-19 has caused labor issues as contractors reported in sick.  An important event during the quarter was the recompletion of GTE-4 from a free flowing well to a dual pumping well. Positively, the GTE-4 Sergi zone is now producing 800 BOPD on pump, some 300 BOPD more than what was anticipated. Finally, at Tartaruga, Gas-To-Wire started delivering electricity to the local grid allowing for the associated gas there to be monetized.

Government Incentives
In response to the tough times, the Brazilian Government is considering temporarily reducing the oil and gas royalty from 10% to 5%.  If this proposal is implemented, Maha will be profitable at an even lower oil price.

Negative Oil Price on 20 April.
On 20th April, history was made when, for one day, WTI oil was sold at a negative US$ 36.98/bbl, meaning that sellers were paying buyers to take their oil. Of course, there was no fundamental supply and demand cause for this, instead it stemmed from oil traders having to pay to get out of their future contracts. Something we are not likely to see again. Note that this event affected only WTI oil, Brent oil was largely unaffected.  Even as unusual as that was, it demonstrates how uncertain and volatile the oil markets were (and still are) due to the demand erosion of COVID-19. 

The short version of the current oil market is;

  • unprecedented reduction in demand for oil (although not as much as originally believed),
  • there is still a large surplus of oil available, keeping prices low,
  • high cost production has been hit very hard (shale oil, deepwater, oilsands)
  • CAPEX has been slashed from already depressed expenditure levels,
  • hundreds of independent oil companies have filed for bankruptcy since 2015.

Surprisingly, according to the Energy Information Agency (EIA), crude oil and gasoline inventories in the United States is only 16% and 8% higher respectively than the 5-year moving average1.  Furthermore, on 4 August, the EIA Monthly Crude Oil and Natural Gas Production Report stated: “Production of crude oil decreased in the United States in May 2020 by 1.99 million barrels per day (b/d), the largest monthly decrease since at least January 1980.”

Given the OPEC+ cuts, the smaller than originally forecasted demand reduction, the knee-jerk reaction of industry CAPEX slashing, and as the world reboots, an upcoming crude oil shortage is easy to see.  The timing of the balancing of the markets have constantly been updated and brought forward. Some analysts believe that the supply/demand curves will cross already in the third quarter of this year.  Of course, OPEC+ will easily be able to accommodate the increase in oil demand to the pre-COVID-19 levels, but thereafter it will become challenging.  Slashing of CAPEX this year is compounded by five consecutive years of depressed investments into oil and gas projects.  Given the very long lag time for oil to be brought on stream and onto the markets, the lack of investments for the past 6 years is concerning.

As the old adage goes: “the cure for high prices are high prices” – and the inverse of this is true as well.

To still turn a profit during the absolute worst quarter in modern history says a lot about the tenacity and resilience of the Maha team. I am super thankful to all of my fellow Maha colleagues for keeping the Company going whilst we all battle this pandemic. We think we are superbly prepared for the upcoming upturn in oil prices. 

Stay well and stay healthy,

 “Jonas Lindvall”
Managing Director

1 EIA.  August 4, 2020 U.S. Energy Information Administration’s (EIA) Monthly Crude Oil and Natural Gas Production Report.  And 31 July,2020 Weekly Petroleum Data Report.

Q2 Webcast 24 August 2020

There will be a live webcast today, 24 August at 16:00 CET (Stockholm time) to present the Q2 results and provide an operational update. 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 posted on the day of the presentation should be done directly in the YouTube Comments/Questions field. The webcast will be broadcast live on Nyhetsbyrån Direkts Youtube Channel and hosted by Laikas’ Mr.Kaarlo Airaxin, and will feature Maha’s CEO Jonas Lindvall and CFO Andres Modarelli.

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 2020_Q2 Report
Maha Energy AB Press Release – Q2 2020

Maha Energy AB 2020_Q2 Report
Maha Energy AB Press Release - Q2 2020

Maha Energy AB (publ) (“Maha” or the “Company”) Announces Filing of Second Quarter Report and Live Webcast

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

                                   
Press release
Stockholm
26 August 2019
                                                                                                  
Maha Energy AB Announces Filing of Second Quarter Report & Live Webcast

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 2019

  • Daily oil & gas production for Q2 2019 averaged 2,739 BOEPD (Q2 2018: 1,429 BOEPD).
  • Revenue of USD 14.1 million (Q2 2018: USD 7.9 million)
  • Operating netback of USD 10.7 million or USD 43.30 per BOE (Q2 2018: USD 5.1 million or USD 39.22 per BOE)
  • EBITDA of USD 9.2 million (Q2 2018: USD 4.0 million)
  • Net result of USD 6.2 million (Q2 2018: USD 1.9 million)
  • Basic and diluted Earnings per share of USD 0.06 (Q2 2018: USD 0.02)

      
Six Months Ended 30 June 2019

  • Daily oil & gas production for H1 2019 2,704 BOEPD (H1 2018: 1,595 BOEPD).
  • Revenue of USD 25.8 million (H1 2018: USD 16.5 million)
  • Operating netback of USD 19.7 million or USD 41.83 per BOE (H1 2018: 10.9 USD million or 38.01 USD per BOE)
  • EBITDA of USD 16.9 million (H1 2018: USD 8.5 million)
  • Net result for the period of USD 10.4 million (H1 2018: USD 4.2 million)
  • Basic Earnings per share of USD 0.11 (H1 2018: USD 0.04)
  • Diluted Earnings per share of USD 0.10 (H1 2018: USD 0.04)
  • Cash and cash equivalents balance of USD 20.5 million.

      
Financial Summary

(TUSD, unless otherwise noted) Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 H1 2019 H1 2018 FY 2018
Net Daily Production (BOEPD) 2,739 2,669 2,454 1,565 1,429 2,704 1,595 1,804
Revenue 14,098 11,751 12,595 9,049 7,859 25,849 16,488 38,132
Operating netback 10,668 9,029 9,436 6,553 5,071 19,697 10,928 26,917
EBITDA 9,188 7,663 8,486 5,392 3,960 16,851 8,526 22,404
Net result for the period 6,157 4,248 18,2671 3,213 1,859 10,405 4,165 25,645
Earnings per share – Basic (USD) 0.06 0.04 0.19 0.03 0.02 0.11 0.04 0.26
Earnings per share – Diluted (USD) 0.06 0.04 0.17 0.03 0.02 0.10 0.04 0.25
Cash and cash equivalents 20,504 19,768 20,255 22,292 20,914 20,504 20,914 20,255






Letter to Shareholders

Dear Friends and Fellow Shareholders of Maha Energy AB,

As usual the summer passed too quickly!  Here at Maha we spent the summer months ramping up production and working toward achieving our 4,850 BOPD production goal at the Tie field. In order to reach that goal, three components must converge at the same time: (1) the combined well production capability on the field must exceed 4,850 BOPD, (2) the Tie Production Facility must be able to safely handle and separate the incoming oil, water and associated gas from the wells, and, (3) there need to be somewhere to take (sell) the finished product.  To complicate matters, the Tie field is not connected to a pipeline system, the sales agreements need to cater for both oil and gas production. And since both products are co-dependent (oil and gas volumes are proportionally linked) it makes for many moving pieces that must come together, as is detailed below.

Well Productivity (Tie Field) – now at over 6,000 BOPD
During this reporting period, the Attic Well (7-Tie-1D-BA) was completed and brought on production.  Both the Agua Grande and Sergi zones were completed individually allowing for independent production of each zone. The GTE-3 well was also recompleted from a co-mingled producer to a dual producer, also providing for individual zonal production. This completes the 2018/19 work program for well deliverability on the Tie field. The total combined production from the wells in the Field currently exceeds 6,000 BOPD and the field can be optimized to selectively produce the optimum mix of oil and gas.

Facility Handling Capacity (Tie Field) – now at 5,000 BOPD
By the end of 2018, temporary modifications to the Processing Facility at the Tie field were completed to allow for handling up to 5,000 BOPD of oil and associated gas. During the first half of 2019 the temporary modifications were permanently installed and commissioned.  As of today, with only minor commissioning and testing items remaining, the Tie Processing Facility is capable of consistently gathering, separating, treating and storing up to 5,000 BOPD.  The associated gas is separated and sent for sales.

Offtake Agreements (Tie Field) – now at 4,850 BOPD and 80,000 m3/day of gas
Gas
When the Tie Field was purchased in July of 2017 it was producing about 1,300 BOPD from a single well. The oil rate was limited by how much gas could be sold.  At that time, if more gas could have been sold then more oil could have been produced.  Through a series of negotiations with two primary gas customers, Maha was quickly able to increase the gas offtake volumes. As of today, the Company has secured approximately 80,000 m3/day of gas sales to a Compressed Natural Gas (CNG) customer and a Gas to Wire (GTW) customer. Additionally, +/- 6,000 m3/d is consumed internally by generators at the Processing Facility to provide electric power to the Tie Field operations. The target production of 4,850 BOPD currently generates production of approximately 86,000 m3 of gas per day – so with respect to gas, there are now sufficient arrangements in place to handle the target production rate.

Oil
With respect to oil, Maha has managed a very complicated picture. Tie oil will be trucked to two customers at three different terminals. The largest customer is a private refinery located very close to the Tie field. This refinery has progressively increased their demand for Tie oil; starting in late 2017 at 900 BOPD and now up to 2,200 BOPD. At the end of 2018, and in conjunction with refinery’s decision to double its’ processing capacity, Maha agreed with the refinery to increase deliveries to 3,000 BOPD by the middle of 2019. The refinery undertook a series of upgrades during the first half of 2019, with the last upgrade being completed in July 2019. The refinery is now awaiting final regulatory approvals to commence processing the expansion volumes which are expected by mid-September.  Thereafter, Maha should be able to consistently deliver 3,000 BOPD to the refinery.

Petrobras, the State Oil Company of Brazil, which owns most of the oil and gas infrastructure in Bahia is the Company’s second customer.  From first production of Tie field, Petrobras has been receiving 500 – 1,100 BOPD at a nearby pipeline pumping terminal and since 2017, Maha has been in discussions with Petrobras about increasing the deliveries into the regional pipeline system. In early 2019, and as a result of these discussions, Petrobras proposed an alternative plan to accept an additional 750 BOPD through a second pumping terminal it would upgrade. There is a new agreement in place with Petrobras for that volume. In June, a test delivery of Tie crude oil to the new Pumping terminal was undertaken with no issues. Petrobras now awaits regulatory approval to commence receiving oil from Maha there. 

So long as the planned gas customer facilities are commissioned on time, the Company should regularly be able to deliver 3,300 BOPD from the Tie field from now on. Once the refinery and Petrobras receive final regulatory approvals, the Company will commence trucking the additional 1,550 BOPD (800 + 750). It is estimated that by the end of September, the Company should regularly deliver 4,850 BOPD of Tie crude oil for sale.

Tartaruga
The Tartaruga field, is producing at the current maximum plant capacity of about 500 – 800 BOPD (gross).   The 7-TTG-3D-SES well was spudded on 12 July, 2019.  As at 1 August, the 13-3/8” casing had been set and cemented at 886 m. The objective of this well is to delineate and test certain untested intervals of the Penedo sand reservoir. Upon completion of the 7-TTG-3D-SES well, the 107D well will be re-entered, recompleted, cleaned out and brought on production. Whilst currently the Tartaruga facility is operating at capacity handling production from the 7TTG well, when certain facility upgrades are completed it is expected that the 107D well will immediately increase  production at Tartaruga; following which the 7-TTG-3D-SES well will be tied in and the permanent upgrade of the processing facility completed.

Production and Current Production Guidance
In our August 23rd 2019 Press Release I expressed my frustration that delays in normal course regulatory approvals/commissioning at our customers facilities caused the Company to revise downward its annual average production forecast. The frustration is that in all other respects we have made remarkable progress; we can produce more oil than we can sell, and as outlined above all the physical construction and upgrades are completed at the various required facilities. Our current production capacity in Brazil exceeds 6,500 BOPD while our current sales capabilities limits us to 3,900 BOPD of daily sales and production. Upon the above final approvals/commissioning the Company will be in a position to produce, deliver and sell 5,400 BOPD almost immediately.  This is an outstanding accomplishment that the revised forecast should not detract from.

I continue to be grateful to all Maha employees for their hard work and dedication that has made all this possible.

“Jonas Lindvall” Managing Director

Q2 Webcast

There will be a live webcast today, 26 August 2019 at 16:00 CET (Stockholm time) to review and discuss the Second 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 26 August 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 Press Release - Q2 2019 Results
Maha Energy AB - Q2 2019 Report

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: Announces Filing of Q2 Financials

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

Press release

Stockholm

August 29th, 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 Filing of Q2 Financials

Maha Energy AB (publ) ("Maha" or the "Company") has today released its Q2 Financials Statements for the quarter ended June 30, 2017.  The Q2 Financials Statements are attached and available on the Company's website at www.mahaenergy.ca.

Highlights of Second Quarter 2017

  • The Company completed a Bond Financing for SEK 300,000,000 to finance the previously announced acquisition of the Brazilian business unit of Gran Tierra Energy Inc. ("Gran Tierra").
  • The Company completed a Guaranteed Rights Offering for gross proceeds of SEK 91,727,215 to finance the Gran Tierra acquisition.
  • The Company established July 1 as the date for closing of the acquisition of the Brazilian business unit of Gran Tierra and the Closing occurred.
  • Company sold Production on the Tartaruga Field increased by 115% to an average of 213 BOPD during the quarter.  The increase was primarily due to the successful workover of the 107D well which was completed during the first quarter.

Results of Second Quarter 2017

  • Company sold Production of 19,393 bbls for the period compared to 0 (zero) bbls for the same period 2016
  • Revenue of KUSD 995 for the period compared to KUSD 0 (zero) for the same period 2016
  • Net Result of KUSD (3,626) for the period compared to KUSD (651)  for the same period 2016
  • Net Result of (0.4) /share for the period compared to (0.2)/share for the same period 2016

Letter to Shareholders

Dear Friends and Fellow Shareholders of Maha Energy AB,

The Q2 financial results are very much as expected.  The additional production from the Tartaruga Field had a positive impact on our revenue, and LAK Ranch revenue continues to be capitalized (thus does not appear on the 'revenue' lines consistent with previous quarters).  What was unexpected was the quick approval by the Brazilian authorities of Maha's acquisition Gran Tierra Energy's ("GTE") Brazil operations which came early in the quarter.

In the Q1 Letter to Shareholders, I had indicated Maha was in the process of completing the financing for Maha's acquisition of 100% of GTE's Brazilian operations for a cash consideration of USD 35 million (before post closing adjustments) and the assumption of approximately USD 11 million in Government Guarantees and Letters of Credits (the "Acquisition").   I am pleased to report the Acquisition closed on 1 July, 2017 – much earlier than anticipated.  Naturally we are thrilled with this outcome.

The financing was very complicated and involved several inter-dependent steps, which were each critical path to success.  Our team worked tirelessly to ensure each part was successfully completed on time. I am very grateful to everyone involved.

In the end, the Bond and the Rights Issue closed in June and Maha received Brazil Government go-ahead earlier than anticipated. This in turn allowed closing of the Acquisition to occur straight away, with-out the necessity of tying up capital in an escrow account.  Completion of the Acquisition now positions us to focus on production from our assets and revenue.

It bears repeating – Maha is a value driven Company.  "We go where there is value."  The GTE Acquisition's core value lies in its' production and production related development opportunities. GTE's Q2 reported production of 1,339 BOEPD and operating net back of USD 28.96/bbl demonstrates this value.  Further value can easily be unlocked by removing certain commercials constraints currently facing the Tie field as is discussed later in this Report.

We are also undertaking a detailed review to look for "bonus" value in addition to these producing assets.  As part of the Acquisition, Maha acquired 6 exploration blocks with a total area of 41,606 acres which is in addition to the 13,201 acres of under-explored land in the Tartaruga block.  These blocks are all strategically located in established and well documented oil and gas producing basins. 

While Maha's focus is on producing assets, our business model anticipates 20% of our asset portfolio to be near field exploration opportunities. These newly acquired Blocks are great examples of 'looking for oil where there is oil'.  As the map demonstrates – the new 6 blocks are surrounded by, and on trend with world-class oil and gas discoveries.

Areas in yellow form part of Maha's acreage in the Bahia province in Brazil.

These new blocks are in varying stages of evaluation and our work in fully understanding the subterranean details has just begun.  Part of our current work is to independently verify the previously identified prospects mapped by GTE indicating approximately 48 million barrels of potentially recoverable oil. Fortunately, modern 3D seismic is available on all the blocks as an aid in this process.

Production continued to grow during the second Quarter with Tartaruga leading the way.  Company production was up 85% compared to the first Quarter (Q2 Maha production was 22,000 bbls compared to 11,885 bbls in Q1 before all Royalties).  No major shut downs occurred during the quarter, however, the 7TTG well at Tartaruga did start to show signs of reduced production due to a suspected leak in the downhole production tubing.  Plans are underway to rectify this problem during the second half of the year.   At LAK Ranch production remained steady at 2,606 bbls of oil sold this quarter. The effects of the hot water flood are stabilizing and we see a good response in the two main production wells.  Our team at LAK expects further improvements into the next half of the year.

To conclude; the second quarter was a very busy quarter with focus on completing the complicated financing for the GTE transaction and the Acquisition.  The Company is now in a good place financially, has a world class menu of assets and with laser sharp focus and execution is expecting to enjoy production increases during the second half of the year.

We thank you for your continued support.

Jonas Lindvall

Managing Director and CEO

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 August 29th, 2017, at 8:00 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.

Maha Energy AB Press Release – Q2 2017
2017-Q2 Financials

—
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 - Q2 2017
2017-Q2 Financials