ArchivesQ3

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

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Maha Energy AB (publ) (“Maha” eller “bolaget”) presenterar resultatet för tredje kvartalet 2023. Rapporten är bifogad i detta pressmeddelande och finns även tillgänglig på bolagets web www.maha-energy.com.

Tredje kvartalet 2023
Beloppen nedan avser enbart kvarvarande verksamhet

  • Genomsnittlig dagsproduktion av olja från kvarvarande verksamhet under Q3 2023 uppgick till 179 BOEPD (Q3 2022: 314 BOEPD) och icke-konsoliderad produktion från andelar i intressebolag – 3R Offshore uppgick till i genomsnitt 1 774 BOEPD.
  • Intäkter om 1,3 miljoner USD (Q3 2022: 2,6 miljoner USD) till följd av lägre försäljningsvolymer och lägre erhållet oljepris.
  • Rörelsens netback uppgick till 0,5 miljoner USD (Q3 2022: 1,4 miljoner USD) till följd av lägre försäljningsvolymer.
  • EBITDA uppgick till -0,3 miljoner USD (Q3 2022: -0,2 miljoner USD).
  • Periodens resultat uppgick till -3,4 miljoner USD (Q3 2022: -3,9 miljoner USD).
  • Resultat per aktie, före och efter utspädning -0,02 (Q3 2022: -0,03)

Niomånadersperioden som avslutades 30 september 2023
Beloppen nedan avser enbart kvarvarande verksamhet

  • Genomsnittlig dagsproduktion av olja och gas från kvarvarande verksamhet för niomånadersperioden 2023 uppgick till 207 BOEPD (nio månader 2022: 396 BOEPD) och icke-konsoliderad produktion från andelar i intressebolag – 3R Offshore uppgick till i genomsnitt 1 776 BOEPD.
  • Intäkter om 4,1 miljoner (nio månader 2022: 10,3 miljoner) till följd av lägre försäljningsvolymer och lägre erhållet oljepris.
  • Rörelsens netback uppgick till 1,6 miljoner (nio månader 2022: 5,5 miljoner) till följd av lägre försäljningsvolymer och lägre erhållet oljepris.
  • EBITDA om -2,3 miljoner (nio månader 2022: 0,9 miljoner USD)
  • Periodens resultat uppgick till -5,7 miljoner (nio månader 2022: -9,0 miljoner USD)
  • Resultat per aktie, före och efter utspädning -0,04 (nio månader 2022: -0,07)
  • Likvida medel per den 30 september 2023 uppgick till 142,8 miljoner (inklusive spärrade likvida medel om 47,8 miljoner USD) (31 december 2022: 19,5 miljoner USD exklusive likvida medel från tillgångar som innehas för försäljning)

Händelser efter rapportperiodens utgång
Maha Energy tecknar exklusivitetsöverenskommelse avseende investering och förvärv av 24% indirekt aktieägande i det venezuelanska oljebolaget PetroUrdaneta.

Finansiell information i sammandrag
Tabellen nedan avser kvarvarande verksamhet:

(TUSD, om ej annat anges) Q3
2023		 Q2
2023		 Q1
2023		 Q4
2022		 Q3
2022		 Nio månader
2023		 Nio månader
2022
Dagsproduktion, netto (BOEPD) 179 211 233 280 314 207 438
Intäkter 1 250 1 325 1 486 1 991 2 567 4 061 10 336
Rörelsens netback 527 470 648 1 002 1 379 1 645 5 521
EBITDA -323 -1 788 -237 -1 335 -234 -2 348 915
Periodens resultat -3 406 90 -2 378 -3 579 -3 928 -5 694 -8 950
Resultat per aktie – före och efter utspädning (USD) -0.02 0.00 -0.02 -0.03 -0.03 -0.04 -0.07
Likvida medel (inkl. spärrade likvida medel) 142 785 102 406 110 395 19 520 9 317 142 785 9 317

Brev till aktieägarna
Kära vänner och aktieägare,

Låt mig börja med Venezuela – landet med världens största bevisade oljereserver. Under fjärde kvartalet 2023 offentliggjorde vi att vi tecknat ett exklusivitetsinstrument med Novonor Latinvest Energy vilket ger Maha rätt att förvärva 24% indirekt aktieägande i det venezuelanska olje- och gasbolaget PetroUrdaneta med verksamhet i Venezuela. Novonors portfölj i Venezuela innehåller över 8 miljarder fat olja (”oil in place”) enligt det oberoende energi-undersökningsföretaget Rystad Energy. PetroUrdaneta har omfattande reserver och ett stort antal inaktiva brunnar, vilket innebär möjligheter för snabb upptrappning genom mindre arbeten i nedstängda brunnar till låga investeringskostnader. Efter att erforderliga tillstånd erhållits, ser vi fram emot att förstärka verksamheten genom möjliga investeringar med målsättningen att återställa produktion och kassaflöden så snart som möjligt. Detta förvärv ligger i linje med Mahas ambition att vara pionjärer och skapa värde åt aktieägarna, samtidigt som vi bevisar vår strategi om icke-organisk tillväxt till attraktiva låga ingångsmultiplar. Vi är fullt medvetna om utmaningarna med att bedriva verksamhet i Venezuela och har under flera månader lagt ned mycket arbete innan vi beslutade att gå vidare med denna transaktion. Jag ser fram emot att framöver kunna uppdatera er om hur denna transaktion utvecklas.

Om vi blickar tillbaka på händelserna under det tredje kvartalet, så kan vi rapportera en produktion om 1 953 fat oljeekvivalenter per dag (”boepd”), varav den största delen kommer från våra ej konsoliderade tillgångar klustren Papa Terra och Peroá offshore Brasilien. Denna produktion uppnåddes trots den eftersläpning i underhåll som den tidigare operatören lämnade över. Betydande förebyggande åtgärder och underhåll har utförts på Papa Terra under året, vilket resulterat i ökad stabilitet i produktionen. I slutet på kvartalet nådde vi under september en produktion om 2 127 boepd. Båda våra offshorekluster är dock tillgångar med en betydande möjlig uppsida som vi siktar på att realisera under de kommande åren. De framtida arbetsprogrammen på tillgångarna diskuteras nu med 3R Offshore, bolaget som är operatör för tillgångarna och som Maha äger 15% intresseandel i.

Vi rapporterar för det tredje kvartalet intäkter från vår konsoliderade produktion om 1 250 TUSD och resultat från andelar i intressebolag om 1 698 TUSD, Mahas icke kassapåverkande andel, netto, av produktionen från Papa Terra och Peroá. Vårt EBITDA låg i linje med tredje kvartalet föregående år och uppgick till -323 TUSD under tredje kvartalet 2023. Efter att den andra delbetalningen av köpeskillingen erhållits, hänförlig till försäljningen av våra tillgångar onshore Brasilien, ökade våra likvida medel (inklusive spärrade likvida medel) från 102 miljoner USD till 143 miljoner USD.

Vårt arbete på vårt prospekteringsblock i Oman fortsätter. Vi beviljades en förlängning av den Initiala Fasen av prospekterings- och produktionsdelningsavtalet (EPSA-avtalet) för Block 70 fram till 31 december 2023. Vi inledde ett produktionstest på Blocket i mars och vi kommer att använda denna tid till att samla information för att stödja ett beslut om framtiden för Blocket.

I USA har vi avyttrat vår tillgång LAK och fokuserat våra ansträngningar på Illinoisbassängen. I början på fjärde kvartalet inledde vi ett arbetsprogram om tre nya produktionsbrunnar och installation av produktionsanläggningar. Efter att brunnarna har färdigställts, beräknas de att vid slutet av året börja öka Mahas nuvarande produktion från Illinoisbassängen.

När vi nu offentliggör Mahas rapport för det tredje kvartalet 2023 kan vi också se tillbaka på ett år av betydande förändringar för vårt bolag. Under året har vi fått nya stora aktieägare och förstärkt styrelsen, ledningen och personalen med högt motiverade kollegor, med siktet inställt på tillväxt! Vi har vässat vår tillgångsportfölj och förstärkt vår balansräkning genom att sälja våra tidigare tillgångar onshore Brasilien för en betydande summa pengar och fått nya tillgångar offshore Brasilien. Och nu under det fjärde kvartalet offentliggjorde vi transaktionen i Venezuela.

Därtill är jag hedrad över att under kvartalet ha blivit utsedd till ny verkställande direktör för Maha Energy, i en mycket smidig och effektiv process. Paulo T. Mendonça, vår tidigare verkställande direktör, valdes till ny styrelseordförande för Maha. Paulo och jag har arbetat tillsammans under lång tid, och genom att befria honom från den dagliga ledningen av bolaget kommer han att ha möjlighet att fokusera än mer på vår M&A-strategi framgent.

Maha har nu en stark finansiell ställning, fullt rustade att fortsätta på vår tillväxtväg. Vi har fått en lovande start, men resan fortsätter och det kommer mera! Även om utmaningar kvarstår, är vi spända på vad som ligger framför oss och ser fram emot att leverera starka resultat. I takt med vår resa, kommer vi hålla er uppdaterade om utvecklingen och milstolpar.

Tack för ert stöd och förtroende för Maha Energy.

Med vänliga hälsningar

Kjetil Solbraekke
Verkställande direktör

Q3 webbsändning idag kl. 12:00 CET
Maha inbjuder alla intressenter till en webbsänd presentation idag klockan 12.00. Kjetil Solbraekke, 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@maha-energy.com eller ställas direkt under presentationen i kommentarsfältet på YouTube.

Länk till presentationen: https://youtube.com/live/o_1qrnXzvj8?feature=share

Kontakter
Kjetil Solbraekke, CEO, Telefon: +46 8 611 05 11, E-mail: info@maha-energy.com
Guilherme Guidolin de Campos, CFO, Telefon: +46 8 611 05 11, E-mail: info@maha-energy.com
Jakob Sintring, Head of IR, Telefon: +46 8 611 05 11, jakob.sintring@maha-energy.com

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 har direkta och indirekta intresseandelar i producerande tillgångar i Brasilien och USA samt i en prospekteringstillgång i Oman. Bolagets aktier är listade på Nasdaq Stockholm (MAHA-A).

För mer information, vänligen besök www.maha-energy.com.

Denna information är sådan information som Maha Energy är skyldigt att offentliggöra enligt EU:s marknadsmissbruksförordning. Informationen lämnades, genom ovanstående kontaktpersoners försorg, för offentliggörande den 2023-11-14 07:30 CET.

Bifogade filer
2023 Q3 Maha Energy Report SWE

2023 Q3 Maha Energy Report SWE

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

on Share

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

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

  • Daily oil production for Q3 2023 from continuing operations averaged 179 BOEPD (Q3 2022: 314 BOEPD). In addition, non-consolidated production from investment in associate – 3R Offshore averaged 1,774 BOEPD.
  • Revenue of 1.3 million (Q3 2022: 2.6 million) following lower sales volumes and lower realized oil price.
  • Operating netback of 0.5 million (Q3 2022: 1.4 million) following lower sales volumes.
  • EBITDA of –0.3 million (Q3 2022: -0.2 million).
  • Net result of -3.4 million (Q3 2022: -3.9 million).
  • Earnings per share basic and diluted of -0.02 (Q3 2022: -0.03).

Nine Months Ended 30 September 2023
The amounts below are related only to continuing operations.

  • Daily oil production from continuing operations averaged 207 BOEPD (Nine months 2022: 396 BOEPD). In addition, non-consolidated production from investment in associate – 3R Offshore averaged 1,776 BOEPD.
  • Revenue of 4.1 million (Nine months 2022: 10.3 million) following lower sales volumes and lower realized oil price.
  • Operating netback of 1.6 million (Nine months 2022: 5.5 million) following lower sales volumes and lower realized oil price.
  • EBITDA of -2.3 million (Nine months 2022: 0.9 million).
  • Net result of -5.7 million (Nine months 2022: -9.0 million).
  • Earnings per share basic and diluted of -0.04 (Nine months 2022: -0.07).
  • Total cash balance on 30 September 2023 of 142.8 million (including restricted cash of 47.8 million) (31 December: 19.5 million excluding cash from assets held for sale).

Subsequent Events
Maha Energy signed in October 2023 an exclusive agreement to invest and acquire 24 percent of the indirect equity interest in the Venezuelan oil company PetroUrdaneta.

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

(TUSD, unless otherwise noted) Q3
2023		 Q2
2023		 Q1
2023		 Q4
2022		 Q3
2022		 Nine Months
2023		 Nine Months
2022
Net Daily Production (BOEPD) 179 211 233 280 314 207 438
Revenue 1,250 1,325 1,486 1,991 2,567 4,061 10,336
Operating netback 527 470 648 1,002 1,379 1,645 5,521
EBITDA (323) (1,788) (237) (1,335) (234) (2,348) 915
Net result for the period (3,406) 90 (2,378) (3,579) (3,928) (5,694) (8,950)
Earnings per share – Basic & Diluted (USD) (0.02) 0.00 (0.02) (0.03) (0.03) (0.04) (0.07)
Cash and cash equivalents (including restricted cash) 142,785 102,406 110,395 19,520 9,317 142,785 9,317

Letter to shareholders

Dear Friends and Fellow Shareholders,

Let me start with Venezuela – the country with the largest proven oil reserves in the world. In the fourth quarter 2023, we announced that we had signed an exclusivity instrument with Novonor Latinvest Energy, allowing Maha to indirectly acquire 24 percent of the oil and gas company PetroUrdaneta, operating in Venezuela. Novonor’s asset in Venezuela holds over 8 billion barrels of oil in place, according to the independent energy research company Rystad Energy. PetroUrdaneta’s vast reserves and large stock of inactive wells, means opportunities for rapid ramp-ups through small interventions of shut-in wells at low investment costs. Upon the obtaining of proper authorizations, we look forward to enhancing the operations with potential investments in the area, targeting to restore production and cashflow as fast as possible. This acquisition is in line with Maha's ambition to be pioneers and create value for shareholders, while proving our strategy of non-organic growth at attractive low entry multiples. Maha is fully aware of the challenges of operating in Venezuela and had put enormous efforts for several months before deciding to move forward with this transaction. I look forward to updating you as we progress with this transaction.

Looking at the events during the third quarter, we can report a healthy production of 1,953 boepd, with the vast majority being unconsolidated and coming from our assets Papa Terra and Peroá clusters offshore Brazil. This production was reached despite backlog in maintenance inherited from the previous operator. Significant preventive and corrective maintenance have been conducted on Papa Terra during the year, which have resulted in greater production stability. As we ended the quarter, we reached a September production of 2,127 boepd. Both our offshore clusters, however, hold substantial upside to be realized over the coming years. The future work programs on the assets are currently being discussed with the 3R Offshore, the company that Maha holds 15% equity interest in and which operate the assets.

We report revenue from our consolidated production of TUSD 1,250 and share of income from investment in associate, Maha’s net non-cash income portion from the Papa Terra and Peroá assets, of TUSD 1,698 for the third quarter. Our EBITDA was in line with third quarter last year and amounted to TUSD -323 in the third quarter 2023. Following the payment in the third quarter of the second instalment of the purchase price related to the sale of our assets onshore Brazil, our total cash balance (including restricted cash) increased from USD 102 million to USD 143 million.

Our work on our exploration Block in Oman continues. We were granted an extension of the Initial Phase of the Exploration and Production Sharing Agreement for Block 70 until 31st of December 2023. We launched a production test on the Block in March, and we will use this extended time to gather information necessary to support any decision regarding the future of the Block.

In US, we have divested our LAK asset and focused our efforts on the Illinois Basin. In the beginning of the fourth quarter, we kicked off a program consisting of three production wells and production battery installation. After completion, the wells are expected to increase Maha’s current production from the Illinois Basin with production ramp up starting at the end of the year.

With the release of Maha’s third quarter 2023 report, we could also look back on a year of significant changes for our company. During the year, we have gained new reference shareholders and strengthened board, management, and staff with highly motivated colleagues, incentivized for growth! We have sharpened our asset portfolio and strengthened our balance sheet by selling our previous assets onshore Brazil for a substantial amount of cash and gained new assets offshore Brazil. And now in the fourth quarter, we announced the Venezuela transaction.

In addition, I am honored to have been appointed as new CEO of Maha Energy during the quarter, in a very smooth and efficient process. Paulo T. Mendonça, our previous CEO, was elected as new chairman of Maha. Paulo and I have been working together for a long time, and releasing Paulo from the daily management of the company will allow him to focus even harder on our M&A strategy going forward.

Maha is now in a strong financial position, fully equipped to continue our growth trajectory. We have had a promising start, but the journey continues and there is much more to come! While challenges remain, we are excited about what lies ahead and look forward to delivering strong results. As we move forward, we will keep you updated on our progress and milestones.

Thank you for your support and trust in Maha Energy.

Yours sincerely,

Kjetil Braaten Solbraekke (CEO)

Q3 Webcast today at 12:00 CET
The Company invites all interested parties to a live webcasted presentation today at 12.00 CET. Kjetil Solbraekke, 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@maha-energy.com or be made directly on the day of the presentation in the YouTube Comments/Questions field.

Link to webcast: https://youtube.com/live/o_1qrnXzvj8?feature=share

Contacts
Kjetil Solbraekke, CEO, Phone: +46 8 611 05 11, E-mail: info@maha-energy.com
Guilherme Guidolin de Campos, CFO, Phone: +46 8 611 05 11, E-mail: info@maha-energy.com
Jakob Sintring, Head of IR, Phone: +46 8 611 05 11, jakob.sintring@maha-energy.com

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 a global basis. Maha holds direct and indirect interests in producing assets in Brazil and the United States, and in an exploration asset in the Sultanate of Oman. The shares are listed on Nasdaq Stockholm (MAHA-A).

For more information, please visit Maha’s corporate website www.maha-energy.com.

This information is information that Maha Energy is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2023-11-14 07:30 CET.

Attachments
2023 Q3 Maha Energy Report ENG

2023 Q3 Maha Energy Report ENG

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

on Share

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

Third Quarter 2022

  • Daily oil & gas production for Q3 2022 averaged 2,389 BOEPD (Q3 2021: 3,610 BOEPD)
  • Revenue of USD 17.7 million (Q3 2021: USD 19.5 million)
  • Operating netback of USD 11.0 million or USD 50.81 per BOE (Q3 2021: USD 13.6 million or USD 41.17 per BOE)
  • EBITDA of USD 9.6 million (Q3 2021: USD 12.9 million)
  • Net result of USD 2.6 million (Q3 2021: USD 6.1 million)
  • Basic and Diluted Earnings per share of USD 0.02 (Q3 2021: USD 0.05)

Nine Months Ended 30 September 2022

  • Daily oil & gas production averaged 3,412 BOEPD (Nine months 2021: 3,485 BOEPD)
  • Revenue of USD 72.5 million (Nine months 2021: USD 50.5 million)
  • Operating netback of USD 50.9 million or USD 58.25 per BOE (Nine months 2021: USD 34.1 million or USD 36.92 per BOE)
  • EBITDA of USD 46.3 million (Nine months 2021: USD 32.1 million)
  • Net result for the period of USD 22.8 million (Nine months 2021: USD 14.2 million)
  • Basic and Diluted Earnings per share of USD 0.19 (Nine months 2021: USD 0.13)
  • Cash and cash equivalents balance of USD 11.3 million (31 December 2021: USD 25.5 million)

Financial Summary

(TUSD, unless otherwise noted) Q3
2022		 Q2
2022		 Q1
2022		 Q4
2021		 Q3
2021		 Nine Months
2022		 Nine Months
2021		 FY
2021
Net Daily Production (BOEPD) 2,389 3,292 4,580 3,098 3,610 3,412 3,485 3,387
Revenue 17,657 24,018 30,831 17,818 19,496 72,506 50,488 68,306
Operating netback 10,998 17,408 22,528 11,913 13,568 50,934 34,147 46,060
EBITDA 9,648 14,621 22,069 15,615 12,909 46,338 32,110 47,725
Net result for the period 2,593 8,219 12,030 7,363 6,083 22,842 14,224 21,587
Earnings per share – Basic (USD) 0.02 0.07 0.10 0.06 0.05 0.19 0.13 0.19
Earnings per share – Diluted (USD) 0.02 0.07 0.10 0.06 0.05 0.19 0.13 0.19
Cash and cash equivalents 11,338 23,863 29,416 25,535 31,778 11,338 31,778 25,535

Letter to shareholders

Dear Friends and Fellow Shareholders of Maha Energy AB,

We are pleased to announce that throughout the third quarter of 2022, the Company has completed a number of important changes in its board of directors and executive management positions, enhancing Maha’s governance structure and leadership. First, the shareholders of Maha resolved to elect Fabio Vassel, Paulo Thiago Mendonça and Enrique Peña as new ordinary board members until the next annual general meeting to be held in 2023, replacing Jonas Lindvall, Nicholas Walker, and Christer Lindholm, and to elect Fabio as chairman of the board, replacing Harald Pousette who will remain as an ordinary member of the board of directors. The new board members are representatives of Starboard Group, a Brazilian private equity firm with significant experience and a strong track record in the oil and gas business, especially in the Brazilian market.

Starboard was the architect and creator of 3R Petroleum, a Brazilian independent oil and gas company listed on the Brazilian Stock Exchange with a current market cap of over USD 2 billion. 3R was the most successful participant in Petrobras’ divestment program, raising more than USD 2 billion in equity and debt. Paulo and Fabio are former chairmen and board members of 3R and were paramount in developing 3R into one of the leading junior oil companies in Latin America.

The new board has appointed Paulo Mendonça as the new CEO of the Company and Bernardo Guterres as the new CFO. Along with his experience at 3R, Paulo has also led over USD 5 billion in significant transactions in the O&G industry. Prior to this, Paulo was Head of Investment Banking at Brasil Plural’s Investment Banking division, responsible for M&A, equity, and capital market transactions.

Bernardo has an extensive background in the Brazilian financial market and O&G sectors, working at top-tier firms such as Itaú BBA, Deutsche Bank, Opportunity Private Equity, and Safra’s Private Equity and Investment Banking division. He is also a former board member of Petroreconcavo, an important Brazilian junior oil company, where he structured and led the first O&G onshore acquisition financing in Brazil, amounting to around USD 300 million.

These changes are part of the Company’s new strategic positioning, which will focus on expanding the Company´s footprint through organic and inorganic growth, maximizing the return to shareholders. Procurement and execution of opportunistic M&A transactions will be essential to the realization of this objective.

This new direction also comes with workstreams to materialize, such as:

  1. Improvement of Maha’s current capital structure, strengthening the balance sheet and cash position;
  2. Optimization of Capex and Opex to capture enhanced returns for deployed capital;
  3. Analysis of asset portfolio optimization, including divestments and new developments.
  4. Appointment of a new independent company to assess and certify reserves and resources;
  5. Design of a dynamic and agile workplan for drilling and workover activities.

The third quarter was not Maha’s strongest, as quarterly production volumes were lower than planned and expected. Consequently, 2022 annual production guidance has been revised to 3,000 to 3,400 BOEPD. Production for the nine months ending September 2022 was 3,412 BOEPD; however, due to higher prices, revenues, and net results for the first nine months have increased, with nine months 2022 EBITDA of USD 46.3 million compared to EBITDA of USD 32.1 million for the same period last year. Nine months 2022 revenue was USD 72.5 million compared to nine months 2021 revenue of USD 50.5 million. Operating netback for the third quarter was impacted by workover costs and lost production; however, Maha’s nine months 2022 operating netback of USD 50.9 million has already surpassed the full year 2021 operating netback of USD 46.1 million. Maha closed the quarter with gross debt of USD 49.4 million and a cash position of USD 11.3 million, resulting in a Net Debt/EBITDA of 0.62. On a more operational prospective, there is robust indicators on the workover campaign in Brazil which has been completed and the Tie wells are onstream, showing a positive trend.

Finally, thank you for the confidence in the new Board of Directors and Executive Management that will lead Maha into its next stage. The Board of Directors and Executive Management are dedicated to increasing shareholder value, improving the Company’s desirability via improved performance, and ensuring close collaboration with our employees, clients, the Public Administrations and Society as a whole. 

On behalf of everyone at Maha, we would like to personally thank each of you for your invaluable support as well as Jonas Lindvall for founding the company. We will work to ensure your trust is maintained as we strengthen and grow into the next chapter with full transparency, humility, and hard work. 

We look forward to the future of the Company and all the potential it holds, and we will keep you closely informed of all major events and progress going forward. 

Yours sincerely, 
Paulo Mendonça (CEO)

Q3 Webcast today at 16:00 CET

There will be a live webcast today, 15 November 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 the Company Laika and will feature representatives from Maha.

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 November 2022.

For more information, please contact:        

Paulo Mendonça (CEO)
Tel: +46 8 611 05 11       
info@mahaenergy.ca

Bernardo Guterres (CFO)
Tel: +46 8 611 05 11       
info@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 Q3 Maha Energy Report ENG
20221115 Maha Energy Press Release Q3 2022_ENG (Final)

2022 Q3 Maha Energy Report ENG
20221115 Maha Energy Press Release Q3 2022_ENG (Final)

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

on Share

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

Höjdpunkter

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

Tredje kvartalet 2022

  • Genomsnittlig dagsproduktion av olja och gas för det tredje kvartalet 2022 var 2 389 BOEPD (Q3 2021: 3 610 BOEPD)
  • Intäkter om 17,7 miljoner USD (Q3 2021: 19,5 miljoner USD)
  • Rörelsens netback uppgick till 11,0 miljoner USD eller 50,81 USD per fat oljeekvivalenter (BOE) (Q3 2021: 13,6 miljoner USD eller 41,17 USD per BOE)
  • EBITDA om 9,6 miljoner USD (Q3 2021: 12,9 miljoner USD)
  • Periodens resultat uppgick till 2,6 miljoner USD (Q3 2021: 6,1 miljoner USD)
  • Vinst per aktie före och efter utspädning om 0,02 USD (Q3 2021: 0,05 USD)

Niomånadersperioden som avslutades 30 september 2022

  • Genomsnittlig dagsproduktion av olja och gas för nio månader 2022 var 3 412 BOEPD (nio månader 2021: 3 485 BOEPD)
  • Intäkter om 72,5 miljoner USD (nio månader2021: 50,5 miljoner USD)
  • Rörelsens netback uppgick till 50,9 miljoner USD eller 58,25 USD per fat oljeekvivalenter (BOE) (nio månader 2021: 34,1 miljoner USD eller 36,92 USD per BOE)
  • EBITDA om 46,3 miljoner USD (nio månader 2021: 32,1 miljoner USD)
  • Periodens resultat uppgick till 22,8 miljoner USD (nio månader 2021: 14,2 miljoner USD)
  • Vinst per aktie före och efter utspädning om 0,19 USD (nio månader 2021: 0,13 USD)
  • Likvida medel om 11,3 miljoner USD (31 december 2021: 25,5 miljoner USD)

 

Finansiell information i sammandrag

(TUSD, om ej annat anges) Q3 2022 Q2 2022 Q1
2022		 Q4 2021 Q3 2021 Nio månader2022 Nio månader
2021		 Helår
2021
Dagsproduktion, netto (BOEPD) 2 389 3 292 4 580 3 098 3 610 3 412 3 485 3 387
Intäkter 17 657 24 018 30 831 17 818 19 496 72 506 50 488 68 306
Rörelsens netback 10 998 17 408 22 528 11 913 13 568 50 934 34 147 46 060
EBITDA 9 648 14 621 22 069 15 615 12 909 46 338 32 110 47 725
Periodens resultat 2 593 8 219 12 030 7 363 6 083 22 842 14 224 21 587
Vinst per aktie – före utspädning (USD) 0,02 0,07 0,10 0,06 0,05 0,19 0,13 0,19
Vinst per aktie – efter utspädning (USD) 0,02 0,07 0,10 0,06 0,05 0,19 0,13 0,19
Likvida medel 11 338 23 863 29 416 25 535 31 778 11 338 31 778 25 535

Brev till aktieägarna

Kära vänner och aktieägare i Maha Energy AB,

Under det tredje kvartalet 2022 har Bolaget genomfört ett antal väsentliga styrelseförändringar och förändringar på företagsledande positioner vilket förstärker Mahas bolagsstyrningsstruktur och ledarskap. Först godkände Mahas aktieägare förslaget att välja Fabio Vassel, Paulo Thiago Mendonça och Enrique Peña till ordinarie styrelseledamöter fram till nästa årsstämma i 2023. De ersatte Jonas Lindvall, Nicholas Walker, och Christer Lindholm. Fabio Vassel valdes till styrelsens ordförande och ersätter Harald Pousette som kvarstår som ordinarie styrelseledamot. De nya styrelseledamöterna representerar Starboard Group som är ett brasilianskt Private Equity-bolag med omfattande erfarenhet och en stark historik inom olja och gas speciellt på den brasilianska marknaden.

Starboard designade och skapade 3R Petroleum, ett börsnoterat brasilianskt oberoende olje- och gasbolag med ett marknadsvärde på över 2 miljarder USD. 3R var den mest lyckosamma deltagaren i Petrobras avyttringsprogram som tog in mer än 2 miljarder USD i eget kapital och skulder. Paulo och Fabio är tidigare ordförande och styrelseledamöter i 3R och var avgörande för att utveckla 3R till ett av de ledande mindre oljebolagen i Latinamerika.

Den nya styrelsen har utsett Paulo Mendonça till ny verkställande direktör (CEO) i Bolaget och Bernardo Guterres till ny ekonomidirektör (CFO). Utöver sina erfarenheter hos 3R har Paolo också ansvarat för betydande transaktioner, omfattande mer än 5 miljarder USD, i olje- och gasindustrin. Innan dess var Paolo chef för Investment Banking på Brasil Plural’s Investment Banking division och ansvarig för mergers & acquisitions (M&A) samt aktie- och kapitalmarknadstransaktioner.

Bernardo har omfattande erfarenhet från den brasilianska finansmarknaden och olje- och gassektorn. Bernardo har arbetat på ledande bolag såsom Itaú BBA, Deutsche Bank, Opportunity Private Equity, och Safra’s Private Equity and Investment Banking division. Han är dessutom tidigare styrelseledamot i Petroreconcavo, ett viktigt mindre brasilianskt oljebolag, där han strukturerade och ledde den första förvärvsfinansieringen inom olja och gas på fastlandet i Brasilien motsvarande en investering på ca 300 miljoner USD.

Dessa förändringar är ett led i Bolagets nya strategiska positionering vilken kommer att fokusera på utbyggnad av Bolagets verksamhet genom organisk och icke-organisk tillväxt för att maximera avkastningen till aktieägarna. Upphandling och genomförande av intressanta M&A-transaktioner kommer att bli väsentliga för att uppnå denna målsättning.

Den nya inriktningen kommer också med arbetsuppgifter som behöver genomföras såsom:

  1. Förbättrande av Mahas nuvarande kapitalstruktur och förstärkning av balansräkningen och likvidposition;
  2. Optimera investeringar och rörelsekostnader för att förbättra avkastningen på satsat kapital;
  3. Analys för att optimera tillgångsportföljen inklusive försäljningar och nya utbyggnader;
  4. Utse ett nytt oberoende bolag att bedöma och certifiera reserver och resurser;
  5. Upprätta en dynamisk och kraftfull arbetsplan för borrnings- och renoveringsaktiviteter.

Det tredje kvartalet var inte Maha starkaste, då produktionsvolymerna under kvartalet var lägre än planerat och förväntat. Följaktligen måste 2022 års produktionsguidning revideras till 3 000 – 3 400 BOEPD. Produktionen för niomånadersperioden som avslutades 30 september 2022 uppgick till 3 412 BOEPD; emellertid, på grund av högre priser, ökade intäkter och nettoresultat för niomånadersperioden. EBITDA för niomånadersperioden 2022 uppgick till 46,3 miljoner USD jämfört med 32,1 miljoner USD för samma period föregående år. Intäkterna för niomånadersperioden 2022 var 72,5 miljoner USD jämfört med 50,5 miljoner USD för niomånadersperioden 2021. Rörelsen netback för det tredje kvartalet påverkades av kostnader för renoveringsarbeten och lägre produktion, men Mahas rörelsens netback för niomånadersperioden om 50,9 miljoner USD har redan överträffat rörelsens netback för helåret 2021 om 46,1 miljoner USD. Maha stängde kvartalet med bruttoskulder om 49,4 miljoner USD och en likvid position om 11,3 miljoner USD vilket resulterar i Nettoskuld i förhållande till EBITDA om 0,62. Från ett mer verksamhetsinriktat perspektiv finns det starka indikatorer på att kampanjen med renoveringsarbeten i Brasilien, vilken är färdigställd och Tie-brunnarna producerar, visar en positiv trend.

Slutligen, tack för ert förtroende för den nya styrelsen och företagsledningen som kommer att leda Maha in i nästa steg. Styrelsen och företagsledningen är fokuserade på att öka aktieägarvärden och förbättra Bolagets attraktion genom förbättrade prestationer samt säkerställa nära samarbete med våra anställda, klienter och offentliga administrationer och samhälle som helhet.

Å allas vägnar på Maha vill vi personligen tacka var och en av er för er ovärderliga support såväl som Jonas Lindvall för att grunda Bolaget. Vi kommer att säkerställa att ert förtroende bibehålls när vi förstärker och växer in i nästa kapitel med full transparens, ödmjukhet och hårt arbete.

Vi ser fram emot Bolagets framtid och all den potential det har och vi kommer att hålla er nogsamt informerade om alla väsentliga händelser och framsteg framöver.

Med vänliga hälsningar

Paulo Mendonça
Verkställande direktör


Q3 webbsändning idag kl.16:00 CET

Det kommer att hållas en livepresentation idag den 15 november kl. 16:00 CET (svensk tid) där Bolaget 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 november 2022, kl. 07:30 CET.

För mer information, kontakta:        
Paulo Mendonça (CEO)
Tel: +46 8 611 05 11        
info@mahaenergy.ca

Bernardo Guterres (CFO)
Tel: +46 8 611 05 11       
info@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 Q3 Maha Energy Report SVE
20221115 Maha Energy Press Release Q3 2022 SWE (Final)

2022 Q3 Maha Energy Report SVE
20221115 Maha Energy Press Release Q3 2022 SWE (Final)

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

on Share

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

Third Quarter 2021

  • Daily oil & gas production for Q3 2021 averaged 3,610 BOEPD (Q3 2020: 3,580 BOEPD)
  • Revenue of USD 19.5 million (Q3 2020: USD 11.2 million)
  • Operating netback of USD 13.6 million or USD 41.17 per BOE (Q3 2020: USD 7.0 million or USD 21.12 per BOE)
  • EBITDA of USD 12.9 million (Q3 2020: USD 5.5 million)
  • Net result of USD 6.1 million (Q3 2020: USD 1.8 million)
  • Basic Earnings per share of USD 0.05 (Q3 2020: USD 0.02)
  • Diluted Earnings per share of USD 0.05 (Q3 2020: USD 0.02)
  • Cash and cash equivalents balance of USD 31.8 million (Q3 2020: 18.0 million)

Nine months Ended 30 September 2021

  • Daily oil & gas production for nine months 2021 averaged 3,485 BOEPD (Nine months 2020: 3,490 BOEPD)
  • Revenue of USD 50.5 million (Nine months 2020: USD 30.4 million)
  • Operating netback of USD 34.1 million or USD 36.92 per BOE (Nine months 2020: USD 19.3 million or USD 20.67 per BOE)
  • EBITDA of USD 32.1 million (Nine months 2020: USD 15.4 million)
  • Net result for the period of USD 14.2 million (Nine months 2020: USD 5.4 million)
  • Basic Earnings per share of USD 0.13 (Nine months 2020: USD 0.05)
  • Diluted Earnings per share of USD 0.13 (Nine months 2020: USD 0.05)
  • Cash and cash equivalents balance of USD 31.8 million (2020: USD 6.7 million)

Financial Summary

(TUSD, unless otherwise noted) Q3 2021 Q2 2021 Q1 2021 Q4
2020		 Q3 2020 Nine months 2021 Nine months 2020 FY
2020
Net Daily Production (BOEPD) 3,610 3,104 3,742 2,738 3,580 3,485 3,490 3,301
Revenue 19,496 15,178 15,814 8,659 11,226 50,488 30,359 39,018
Operating netback 13,568 9,548 11,031 4,247 7,041 34,147 19,276 23,523
EBITDA 12,909 8,988 10,213 2,720 5,514 32,110 15,384 18,104
Net result for the period1 6,083 2,603 5,538 (15,702) 1,845 14,224 5,443 (10,259)
Earnings per share – Basic (USD) 0.05 0.02 0.05 (0.15) 0.02 0.13 0.05 (0.10)
Earnings per share – Diluted (USD) 0.05 0.02 0.05 (0.15) 0.02 0.13 0.05 (0.10)
Cash and cash equivalents 31,778 34,139 5,698 6,681 18,034 31,778 18,034 6,681

 

Letter to shareholders

Dear Friends and Fellow Shareholders of Maha Energy AB

By now, I was really hoping that we could have announced some promising results from our first horizontal well on the Tie field, but alas, that is unfortunately not the case.  The Tie-4 well continues to test us and we are currently re-drilling the 8-1/2” production hole, for the third time.  As an old ‘Driller’ I can tell you how gut wrenching it is when you stick the drillstring in the hole.  Fishing and sidetracking operations are time consuming and expensive.  To add insult to injury the delay in completion are deferring profitable barrels that would have added to our healthy bottom line this quarter, especially at the current price of oil.

Having said that, we are delivering a record quarter in terms of revenue and EBITDA.  The net result for the period is not far behind and would have also broken our previous record had we not incurred extra costs when completing the successful acid stimulation of Tie 3 (increased rate from ~100 to 240 bopd) and some slickline work on GTE-4 during the quarter.  Our netbacks are very healthy at USD 41.17/BOE and our net result is USD 6.083 million for the quarter.

Our production for the quarter was impacted by the problems on Tie-4, but the other wells are actually performing better than predicted – so I am bullish on our future production provided we can get our horizontal wells drilled on time.  To that extent, we have taken a number of concrete steps to address the continuing drilling problems that are plaguing us and we are stubbornly working through all the issues.

In Oman we are gathering momentum. The Covid induced supply chain problems we are experiencing are challenging our crew in Oman, but I am pleased to say that we have located and ordered all critical long lead items for the wells in Oman and we are currently sourcing a drilling rig. I am hopeful to start drilling in Oman during the first half of next year.

In the USA, production at our Illinois Basin (IB) property is ramping up.  We have had some excellent drilling results this year and all wells are now completed, stimulated and hooked up to pumps. Five of the new wells are already producing good quantities of oil, one more is just breaking to oil from water and five are still being dewatered from stimulation fluids.  We expect that IB will be in full oil production by the end of the year.   Last week’s oil production from IB is averaging 287 BOPD.

I know that the recent downward revision in our estimated annual average production rate was very disappointing.  We share that disappointment and I know I speak for all Maha employees when I say that no one is working harder than our drilling team to get the wells drilled and placed on production as soon as possible.  This is the oil business and we are working hard and as fast as we can to create redundancy in our production portfolio so that we are less dependent on our Tie field.  That is why it was important to diversify into IB and Oman during 2020.  I am confident that as we end 2021 and look into 2022 we can look forward to more wells and more oil! 

I am grateful of the support we are getting from our shareholders and we value your continued support.  No doubt, we will achieve our goals – the oil is there and it has been there for millions of years, it just has to wait a few more months until it sees daylight

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

 

Q3 Webcast today at 16:00 CET

There will be a live webcast today, 22 November 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 22 November, 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.

 

Attachments

20211122 Maha Energy Press Release Q3 2021 ENG
2021_MAHA Q3 Report ENG_FINAL

20211122 Maha Energy Press Release Q3 2021 ENG
2021_MAHA Q3 Report ENG_FINAL

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

on Share

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

Tredje kvartalet 2021

  • Genomsnittlig dagsproduktion av olja och gas för det tredje kvartalet var 3 610 fat oljeekvivalenter per dag (BOEPD) (Q3 2020: 3 580 BOEPD)
  • Intäkter om 19,5 miljoner USD (Q3 2020: 11,2 miljoner USD)
  • Rörelsens netback uppgick till 13,6 miljoner USD eller 41,17 USD per fat oljeekvivalenter (BOE) (Q3 2020: 7,0 miljoner USD eller 21,12 USD per BOE)
  • EBITDA om 12,9 miljoner USD (Q3 2020: 5,5 miljoner USD)
  • Periodens resultat uppgick till 6,1 miljoner USD (Q3 2020: 1,8 miljoner USD)
  • Vinst per aktie före utspädning om 0,05 USD (Q3 2020: 0,02 USD)
  • Vinst per aktie efter utspädning om 0,05 USD (Q3 2020: 0,02 USD)
  • Likvida medel om 31,8 miljoner USD (Q3 2020: 18,0 miljoner USD)

Niomånadersperioden som avslutades 30 september 2021

  • Genomsnittlig dagsproduktion av olja och gas för nio månader 2021 var 3 485 BOEPD (nio månader 2020: 3 490 BOEPD)
  • Intäkter om 50,5 miljoner USD (nio månader 2020: 30,4 miljoner USD)
  • Rörelsens netback uppgick till 34,1 miljoner USD eller 36,92 USD per BOE (nio månader 2020: 19,3 miljoner USD eller 20,67 USD per BOE)
  • EBITDA om 32,1 miljoner USD (nio månader 2020: 15,4 miljoner USD)
  • Periodens resultat uppgick till 14,2 miljoner USD (nio månader 2020: 5,4 miljoner USD)
  • Vinst per aktie före utspädning om 0,13 USD (nio månader 2020: 0,05 USD)
  • Vinst per aktie efter utspädning om 0,13 USD (nio månader 2020: 0,05 USD)
  • Likvida medel om 31,8 miljoner USD (2020: 6,7 miljoner USD)

 

Finansiell information i sammandrag

(TUSD, om ej annat anges) Q3 2021 Q2 2021 Q1 2021 Q4
2020		 Q3 2020 Nio månader 2021 Nio månader 2020 Helår
2020
Dagsproduktion, netto (BOEPD) 3 610 3 104 3 742 2 738 3 580 3 485 3 490 3 301
Intäkter 19 496 15 178 15 814 8 659 11 226 50 488 30 359 39 018
Rörelsens netback 13 568 9 548 11 031 4 247 7 041 34 147 19 276 23 523
EBITDA 12 909 8 988 10 213 2 720 5 514 32 110 15 384 18 104
Periodens resultat1 6 083 2 603 5 538 (15 702) 1 845 14 224 5 443 (10 259)
Vinst per aktie – före utspädning (USD) 0,05 0,02 0,05 (0,15) 0,02 0,13 0,05 (0,10)
Vinst per aktie – efter utspädning (USD) 0,05 0,02 0,05 (0,15) 0,02 0,13 0,05 (0,10)
Likvida medel 31 778 34 139 5 698 6 681 18 034 31 778 18 034 6 681

 

Brev till Aktieägare

Kära vänner och aktieägare i Maha Energy AB,

Vid det här laget hade jag verkligen hoppats att vi skulle kunna ha meddelat lovande resultat från vår första horisontella borrning på Tiefältet, men så är tyvärr inte fallet. Tie-4-brunnen fortsätter att pröva oss och vi borrar för närvarande 8-1/2-produktionshålet för tredje gången. Som en erfaren ”borrare” kan jag säga hur ont i magen jag får när borrsträngen fastnar i hålet. Arbetet för att försöka få upp det som fastnat och att sidoborra är både tidsödande och dyrt. Det gör ju saken inte bättre att fördröjningen skjuter lönsamma fat olja på framtiden, vilket annars skulle ha positivt påverkat vårt resultat detta kvartal, framför allt till nuvarande oljepriser.

Men, med det sagt så levererar vi ett rekordkvartal vad gäller intäkter och EBITDA.  Periodens resultat ligger inte långt efter heller och vi skulle ha slagit vårt tidigare rekord om det inte hade varit för att vi hade tillkommande kostnader för att färdigställa stimulationen på Tie-3 (ökad produktionsnivå från cirka 100 BOPD till 240 BOPD) och lite förbättringsarbete på GTE-4 under kvartalet. Rörelsens netback är mycket hälsosam med 41,17 USD per BOE och vårt resultat för perioden är 6,083 miljoner USD.

Vår produktion för kvartalet påverkades av problemen på Tie-4 men de övriga brunnarna producerar faktiskt bättre än förutspått så jag är positiv till vår framtida produktion förutsatt att vi kan få vår horisontella brunn borrad i tid. I syfte att kunna uppnå det har vi genomfört ett antal konkreta åtgärder för att adressera de återkommande borrproblemen som plågar oss och vi kämpar oss envetet igenom dem.

I Oman har vi fått upp farten. De globala leveransproblem som blev till följd av Covid ställer till utmaningar för vår personalstyrka i Oman men jag är nöjd att kunna konstatera att vi har lokaliserat och beställt all väsentlig utrustning för brunnarna i Oman och vi håller för närvarande på att hitta en borrigg. Jag är hoppfull att vi kan påbörja borrningarna i Oman under första halvåret nästa år.

I USA ökar produktionen på vår tillgång i Illinoisbassängen. Vi hade några utmärkta borresultat i år och samtliga brunnar är nu färdigställda, stimulerade och anslutna till pumpar. Fem av de nya brunnarna producerar redan bra kvantiteter av olja, en ytterligare håller nu på att övergå till olja från vatten och fem är fortfarande föremål för avvattning av stimuleringsvätskor. Vi förväntar oss att Illinoisbassängen kommer vara i full produktion vid slutet av året. Förra veckans snitt produktion uppgick till 287 BOPD.

Jag vet att den nyligen meddelade minskningen av vår förväntade genomsnittliga oljeproduktion var en besvikelse. Vi delar den besvikelsen och jag vet att jag talar för samtliga medarbetare på Maha när jag säger att ingen arbetar hårdare än vårt borrteam för att få brunnarna borrade och i produktion så snart som möjligt.  Detta är oljebranschen, arbetet är tungt, komplicerat och utmanande, och vi arbetar hårt och så snabbt som möjligt för att skapa en produktionsportfölj där vi är mindre beroende av vårt Tiefält. Det är därför det var så väsentligt att bredda oss in i Illinoisbassängen och Oman under 2020. Jag är övertygad om att när vi närmar oss slutet av 2021 och blickar in i 2022 så kan vi se fram emot fler brunnar och mer olja!

Jag är tacksam över det stöd vi får från våra aktieägare vilket vi värderar mycket högt. Utan tvekan kommer vi att uppnå våra mål – oljan är där och har varit där i miljontals år, den behöver bara vänta ytterligare några få månader tills den ser dagens ljus

Som alltid, ett stort tack till alla medarbetare på Maha som jobbar så hårt för Bolaget, och stort tack till alla aktieägare för ert fortsatta stöd.

Jonas Lindvall,
Verkställande direktör
Maha Energy AB

Q3 webbsändning idag kl.16:00 CET

Det kommer att hållas en livepresentation idag den 22 november 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 22 november 2021, kl. 07:30 CET.

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

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

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

Kort om Maha

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

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

 

Bifogade filer

2021_MAHA Q3 Report SWE_FINAL
20211122 Maha Energy Press Release Q3 2021 SWE

2021_MAHA Q3 Report SWE_FINAL
20211122 Maha Energy Press Release Q3 2021 SWE

Maha Energy AB Announce Filing of Third Quarter Report & Live Webcast

on Share

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

Third Quarter 2020

  • Daily oil & gas production for Q3 2020 averaged 3,580 BOEPD (Q3 2019: 3,593 BOEPD)
  • Revenue of USD 11.2 million (Q3 2019: USD 16.1 million)
  • Operating netback of USD 7.0 million or USD 21.12 per BOE (Q3 2019: USD 12.0 million or USD 38.22 per BOE)
  • EBITDA of USD 5.5 million (Q3 2019: USD 10.7 million)
  • Net result of USD 1.8 million (Q3 2019: USD 6.6 million)
  • Basic earnings per share of USD 0.02 (Q3 2019: USD 0.07)
  • Diluted earnings per share of USD 0.02 (Q3 2019: USD 0.06)
  • The Company signed Block 70 (Mafraq oil field) Production Sharing Agreement in Oman on 5 October, 2020 adding 23.2 million barrels of 2P + 2C volumes to the Company’s asset base.

Nine Months Ended 30 September 2020

  • Daily oil & gas production for the nine months 2020 averaged 3,490 BOEPD (2019: 3,004 BOEPD).
  • Revenue of USD 30.4 million (2019: USD 41.9 million)
  • Operating netback of USD 19.3 million or USD 20.67 per BOE (2019: 31.7 USD million or 40.38 USD per BOE)
  • EBITDA of USD 15.4 million (2019: USD 27.5 million)
  • Net result for the period of USD 5.4 million (2019: USD 17.0 million)
  • Basic Earnings per share of USD 0.05 (2019: USD 0.17)
  • Diluted Earnings per share of USD 0.05 (2019: USD 0.16)
  • Cash and cash equivalents balance of USD 18.0 million (2019: 20.4 million)

Financial Summary

(TUSD, unless otherwise noted) Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Nine Months2020 Nine Months2019 FY 2019
Net Daily Production (BOEPD) 3,580 3,602 3,288 3,165 3,593 3,490 3,004 3,044
Revenue 11,226 7,926 11,207 13,672 16,068 30,359 41,917 55,589
Operating netback 7,041 4,377 7,858 9,825 12,017 19,276 31,714 41,539
EBITDA 5,514 3,436 6,434 8,354 10,663 15,384 27,514 35,868
Net result for the period 1,845 407 3,191 2,679 6,570 5,443 16,975 19,654
Earnings per share – Basic (USD) 0.02 0.00 0.03 0.03 0.07 0.05 0.17 0.20
Earnings per share – Diluted (USD) 0.02 0.00 0.03 0.02 0.06 0.05 0.16 0.18
Cash and cash equivalents 18,034 15,699 19,190 22,450 20,421 18,034 20,421 22,450

Letter to shareholders

Dear Friends and Fellow Shareholders of Maha Energy AB,

12 consecutive profitable quarters

This marks the 12th consecutive profitable quarter in our Company’s short four year history. A truly remarkable achievement, given the current unprecedented economic downturn. 2020 will prove to be a disastrous year for the oil and gas industry – even worse than the 1984 – 1986 meltdown. The Baker Hughes active U.S. drilling rig count is a good barometer of the health of the global oil and gas industry. It recorded 250 active drilling rigs in the U.S. during the month of August. This is a record – by far. The number of drilling rigs in the U.S. has never been this low (average working rigs for the past 35 years is around 1,200). Previous low was 407 rigs in 2016 and 496 rigs in 1999. The lowest it got between 1984 and 1986 was 688 and still, we continue to deliver profitable numbers – that is something to celebrate!

Production volumes

Back in April, when COVID-19 was sweeping the world with uncertainty, we decided to postpone the drilling of Tie- 2 and Tie-3 along with suspending testing operations on Maha-1 (Tartaruga). This and a water loading issue in the GTE-4 Agua Grande (AG) zone (Tie) are the main reasons why the 2020 production guidance was revised in October. Happily, drilling resumed with the spudding of Tie-2 at the end of September, and testing operations recommenced at Tartaruga (Maha-1) as well. We look forward to adding these two wells to our Brazilian production volumes very soon.

At the moment we are experiencing delays and operational set backs on Tie-2, Tie-1 (AG zone) and GTE-4 (AG zone) which we are in the full swing of resolving. In addition to re-establishing production from these zones, we are finishing off stimulation work on Maha-1 and we are completing 2 wells in the Illinois Basin (IB). In fact, at the moment we have 3 rigs working in Brazil and 1 rig and 1 stimulation crew working in IB. All these wells will, individually, contribute to ensure we leave 2020 in our 5200 – 5700 BOEPD target range.

Oman

At the beginning of November, we received the Royal Decree for Block 70 from His Majesty Haitham Bin Tarik Al Said, the Sultan of Oman. This signals the start of the Exploration Production Sharing Agreement signed earlier in October. Block 70 is ideally located between multiple large and high-volume producing oil fields and contain the appraised and undeveloped Mafraq field. The Mafraq field was discovered in 1988 and is estimated to contain between 180 – 280 million barrels of 13° API Oil In Place (OIP). What is exceptional about this heavy oil field is that it cold flows – meaning it does not necessarily need heat to extract it. In fact, one of the delineation wells was tested with a progressive cavity pump for 22 days during which a total of 15,750 barrels of oil was collected. The fact Mafraq has been delineated means reserves and contingent resources can be booked against this asset. As such, we were very pleased to publish a combined 2P + 2C volumes of 23.2 million barrels to our asset base. We have great plans for developing this field.

Future

The oil price continues to be a side-show to the COVID-19 pandemic. It is clear we are in the midst of a violent upswing in COVID-19 cases, and there is lots of suffering. However, hopefully that we are nearing the end of this pandemic. The end is in sight. As vaccines are rolled out, the oil market will start to recover and I predict a strong rebound in oil prices as the world starts to open up and resume activities. We are now absolutely optimally placed to take advantage of a strengthening market with 4 solid assets. We have quadrupled our production in 4 years and now we are positioned to quadruple it again!

I want to thank all my fellow Maha colleagues for their tireless efforts during these dark days. And I want to thank all our shareholders for the continued support we receive. The many e-mails of support are truly appreciated.

Stay safe, stay healthy and stay with us – we are lining up all the pieces for a very bright future.

“Jonas Lindvall”
Managing Director

Q3 Webcast 23 November 2020

There will be a live webcast today, 23 November at 16:00 CET (Stockholm 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. 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 made 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.

This information is such information that 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 08:00 a.m. CET on 23 November, 2020.

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

Andres Modarelli (CFO)
Tel: +1-403-454-7560
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 basins in the United States. The shares are listed on Nasdaq First North Growth Market (MAHA-A) in Stockholm. FNCA Sweden AB is Certified Adviser and can be contacted at info@fnca.se or +46-8-528 00 399. The head office is in Stockholm, Sweden with a technical office in Calgary, Canada, as well as operations offices in Newcastle, WY, USA and Rio De Janeiro, Brazil. For more information, please visit our website www.mahaenergy.ca.

Attachments

2020_Q3 Report_FINAL
Maha Energy AB Press Release – Q3 2020 Report FINAL

2020_Q3 Report_FINAL
Maha Energy AB Press Release - Q3 2020 Report FINAL

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

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

                                   
Press release
Stockholm
25 November 2019
                                                                                                  

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

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

Third Quarter 2019

  • Daily oil & gas production for Q3 2019 averaged 3,593 BOEPD (Q3 2018: 1,565 BOEPD).
  • Effective August 1, 2019, the Company grew its Proven (1P) and Proven plus Probable (2P) reserves, by 14% and 62% respectively, at the Tie Field in Brazil.
  • During the quarter, the Maha-1 well on the Tartaruga Field was successfully drilled with production testing operations to follow.
  • Revenue of USD 16.1 million (Q3 2018: USD 9.0 million)
  • Operating netback of USD 12.0 million or USD 38.22 per BOE (Q3 2018: USD 6.6 million or USD 46.17 per BOE)
  • EBITDA of USD 10.7 million (Q3 2018: USD 5.4 million)
  • Net result of USD 6.6 million (Q3 2018: USD 3.2 million)
  • Basic Earnings per share of USD 0.07 (Q3 2018: USD 0.03)
  • Diluted Earnings per share of USD 0.06 (Q3 2018: USD 0.03)

      
Nine Months Ended 30 September 2019

  • Daily oil & gas production for the nine months 2019 3,004 BOEPD (2018: 1,585 BOEPD).
  • Revenue of USD 41.9 million (2018: USD 25.5 million)
  • Operating netback of USD 31.7 million or USD 40.38 per BOE (2018: 17.5 USD million or 40.70 USD per BOE)
  • EBITDA of USD 27.5 million (2018: USD 13.9 million)
  • Net result for the period of USD 17.0 million (2018: USD 7.4 million)
  • Basic Earnings per share of USD 0.17 (2018: USD 0.08)
  • Diluted Earnings per share of USD 0.16 (2018: USD 0.07)
  • Cash and cash equivalents balance of USD 20.4 million (2018: 22.3 million).

      
Financial Summary

(TUSD, unless otherwise noted) Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Nine Months 2019 Nine Months2018 FY 2018
Net Daily Production (BOEPD) 3,593 2,739 2,669 2,454 1,565 3,004 1,585 1,804
Revenue 16,068 14,098 11,751 12,595 9,049 41,917 25,537 38,132
Operating netback 12,017 10,668 9,029 9,436 6,553 31,714 17,481 26,917
EBITDA 10,663 9,188 7,663 8,486 5,392 27,514 13,918 22,404
Net result for the period 6,570 6,157 4,248 18,2671 3,213 16,975 7,378 25,645
Earnings per share – Basic  (USD) 0.07 0.06 0.04 0.19 0.03 0.17 0.08 0.26
Earnings per share – Diluted (USD) 0.06 0.06 0.04 0.17 0.03 0.16 0.07 0.25
Cash and cash equivalents 20,421 20,504 19,768 20,255 22,292 20,421 22,292 20,255

Letter to shareholders

Dear Friends and Fellow Shareholders of Maha Energy AB,

Notwithstanding the recently announced reduction in the estimated 2019 annual production volumes, the third quarter was very positive for Maha with many significant ‘bright spots”.

Of particular note:
– the drilling and completing of the Attic well at the Tie Field resulted in a 62% increase in Proven and Probable (2P) reserves from 10.734 MMbbl of oil to 17.365 MMbbl of oil which nearly doubled the predicted plateau production rate at the Tie field from 3 to almost 6 years;

– the successful drilling of the Maha -1 well with better than expected indications of 72 m of net pay, that will be tested using a smaller and ‘fit for purpose’ workover rig; and,

– final approval and commissioning of Petrobras’ second receiving terminal at Comboata that now takes delivery of 750 BOPD of Tie Field oil. 

2019 Annual Average Production Rates were reduced to 2750 BOPD – 2900 BOPD
Subsequent to this reporting period, Maha’s 2019 estimated annual average production rate was unfortunately revised for a second time this year due to delays in start-up and commissioning of gas handling and disposal equipment at the Tie Field.  A string of simultaneous events culminated in requiring to reduce oil production to prevent exceeding Government imposed flaring restrictions during the last 2 months of the year.  This revision is in no way indicative of the Tie Field’s current or future oil producing capacity and we are working very hard to ”get back on track” to earlier expectations.

2P Reserves up by 62% at the Tie Field – now at 17.365 Million Barrels of Oil
By far the biggest news of the third quarter were the results of the re-mapping of the Tie structures following the results of the recently drilled ‘Attic Well’.  Remapping of the structure resulted in a substantially larger structure and more “in situ” oil volumes.  With these increased reserves the Field Development Plan will be revised to include more wells, and a longer plateau production rate. To this end, the Company is commencing a new field modelling project for this expansion.  Notably it appears clear the Tie Field production plateau of 4,850 BOPD will extend by up to 3 years resulting in a significant corresponding positive effect on the Tie Field’s, and therefore the Company’s, Net Present Value. 

Petrobras Comboata Terminal Commissioned
After nearly a year of ‘to and from’ -the Comboata Oil Terminal commenced taking oil deliveries from the Tie Field.  Following 2 weeks of “teething” issues, the Terminal now takes its daily allotment of 750 BOPD and Petrobras is now therefore able to receive a total of 1,850 BOPD from the Tie Field at two terminals. With the local refinery currently taking up to 2,200 BOPD – the Company has off-take capacity for up to 4,050 BOPD for Tie Field oil right now.  This is a significant increase from July 2017 when the Tie Field was purchased and offtake was limited to 1,100 BOPD. 

The local refinery still awaits a final Government permit to utilize its new expansion upon which the Company can increase its deliveries from the Tie field by a further 800 BOPD. At that point – Maha will be able to sell and deliver   4,850 BOPD from the Tie field.

Tartaruga
Maha-1 (7-TTG-3D-SES) well was spudded on 12 July, 2019 and total depth was reached on 3 October, 2019.  After an extensive coring and electric logging program, initial results show that all the Penedo sandstone stringers are continuous and a total of 72 m. of net pay has been calculated.  The Drilling rig was demobilized allowing for a smaller workover rig (“test rig”) to be mobilized.  This test rig is expected at the Tartaruga site towards the end of November, after which the Maha-1 well will be extensively tested over a period of up to 90 days.  While the test rig is at the Tartaruga site, the 107D horizontal well will finally be cleaned out and tested properly.  At the moment, the plan is to test 107D before commencing testing of the Maha-1 well. 

 

As is apparent, there is a lot going on and much to be excited about.  The increase in 2P reserves at the Tie field is significant to the fundamental value of the Company.  The facility improvement investments already made and the newly extended Tie Field production plateau secures long term positive cash flow for the Company.  The testing of new Penedo sands at Tartaruga are, if positive, a gateway to continued solid organic growth!

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

Q3 Webcast

There will be a live webcast tomorrow, 26 November 2019 at 16:00 CET (Stockholm time) to review and discuss the Third 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 (EVP)
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 25 November 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 Growth Market 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 - Q3 2019 Report
Maha Energy AB Press Release - Q3 2019 Results

Maha Energy AB: Announces Filing of Third Quarter Report

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

                                                           
Press release
Stockholm
29 November 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 ABAnnounces Filing of Third Quarter Report

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

Third Quarter 2018

  • Daily oil & gas production for the third quarter averaged 1,565 BOEPD (Q3 2017: 1,671 BOEPD). The Tartaruga field continues to be shut-in during the third quarter as a result of ongoing drilling operations at 107D.
  • Revenue of USD 9.0 million (Q3 2017: USD 6.2 million)
  • EBITDA of USD 5.4 million (Q3 2017: USD 2.3 million)
  • Net result for the period of USD 3.2 million (Q3 2017: USD -0.4 million)
  • Earnings per share of USD 0.03 (Q3 2017: USD 0.00)
  • Operating netback of USD 6.6 million or USD 46.17 per barrel (Q3 2017: USD 3.9 million or USD 25.58 per barrel)
  • Current unrestricted Cash and cash equivalents balance of USD 22.2 million

Nine Months Ended 30 September 2018

  • Daily oil & gas production for the nine months 2018 averaged 1,585 BOEPD (2017: 687 BOEPD).
  • Revenue of USD 25.5 million (2017: USD 7.7 million)
  • EBITDA of USD 13.9 million (2017: USD 0.3 million)
  • Net result for the period of 7.4 USD million (2017: USD -5.3 million)
  • Earnings per share of USD 0.08 (2017: USD -0.06)
  • Operating netback of 17.5 USD million or 40.70 USD per barrel (2017: 4.1 USD million or 22.86 USD per barrel)

FINANCIAL SUMMARY

(TUSD, unless otherwise noted) Q3 2018 Q2 2018 Q1 2018 Q4 2017[1] Q3 2017 Nine Months 2018 Nine Months 2017 FY 2017
Net Daily Production (BOEPD) 1,565 1,429 1,762 1,597 1,671 1,585 687 917
Revenue 9,049 7,859 8,629 6,939 6,173 25,537 7,665 14,604
EBITDA 5,392 3,960 4,566 2,930 2,259 13,918 283 3,213
Net result for the period 3,213 1,859 2,306 2,482([2]) (402) 7,378 (5,331) (2,849)
Earnings per share (USD) 0.03 0.02 0.02 0.03 (0.00) 0.08 (0.06) (0.03)
Cash and cash equivalents 22,292 20,914 22,779 18,729 18,372 22,292 18,372 18,729

Letter to Shareholders

Dear Friends and Fellow Shareholders of Maha Energy AB,

I am pleased to present our third quarter report that Maha demonstrates a continuing strong financial position notwithstanding the "feverish pace" of our field level capital and production operations.  Maha's transformational "three pronged" (drilling, surface facilities expansion and crude oil and gas offtake arrangements at each field) program to increase production dominated the quarter.  Despite slightly lower than anticipated Q3 production numbers (due to extended shut in at Tartaruga while drilling is completed) the buoyant oil price resulted in a record earning quarter for the Company.

Tartaruga Field

While delays were experienced at the Tartaruga operations (including the 107D sidetrack) we are pleased the capital program is now fully "back on track".  The Drilling Rig finished mobilization on 20 September, and the 107 D well was thereafter re-entered and prepared for a horizontal sidetrack.  As announced on October 17 – the drill-string parted necessitating repairs to the Drilling Rig and fishing of the drill-string.  Happily, drilling is again underway to complete the horizontal sidetrack at Tartaruga.  On completion of the 107D sidetrack, the Drilling Rig will be moved over to the 7TTG well where a new Penedo zone will be perforated and brought on production.  While the delays at Tartaruga reduced the production volumes and pushed back the drilling of the 'Attic Well' at the Tie Field; better than expected production results from Tie Field and the "new rig" for the Attic Well (see below) largely mitigate these effects.

Tie Field

At the end of Q3, the GTE-3 producing well was reconfigured to allow comingled production after technical problems hindered the short string to be selectively produced, as planned.  The comingling of these two zones is temporary and once the Tie Field facilities are expanded to handle 5,000 BOPD; GTE-3 will be worked over to allow both zones to produce individually, which translates to higher production volumes.  At the end of Q3, the Tie Field facilities were producing at maximum capacity.

As recently announced, a second drilling rig to drill the Attic Well has been contracted.   This decision was taken to ensure that the 2019 production goal does not fall behind due to the delays at Tartaruga.  Increased production from the Tie Field, Maha's principal producing asset, largely mitigates the production shut in at Tartaruga at a Corporate level.  The expected production from the 107D Sidetrack and the Attic Well will be the "gravy" to the already tremendously successful program!

Last, the final phase at the Tie Field facilities expansion is being completed including the new separators, water injection skids, tanks and other processing equipment that are, as this is written, being installed and commissioned.

LAK Field

At the end of the Q3 – Maha commenced the planned eight well drilling program at LAK Ranch in Wyoming.  The program was completed approximately 2 weeks ahead of schedule and below budget.  The purpose of this campaign was to finish what was started in 2014/15 but delayed because of the dip in commodity prices.  We now have six horizontal (or near horizontal) production wells supported by nine vertical water injectors (which wells are in the process of being tied in) which completes this Phase of the new hot water injection plan.  We anticipate the eight wells drilled this year will cause LAK to consistently deliver net back positive cashflow.  Based on the near-term results from the now completed 'Phase 3" program, we will decide how we best to proceed with this asset.

Conclusion

We look forward with great anticipation to Q4 2018 especially the completion and testing of the 107D horizontal sidetrack and completion of the Tie Field facility expansion.

I continue to be grateful for all the support we receive from our family of "Maha Investors" and as we quickly move towards the end of 2018 – I am sure we will look back and conclude this was as a truly transformational year for Maha.  Finally, I wish everyone Happy Holidays.

"Jonas Lindvall"
Managing Director

Q3 Webcast

There will be a live webcast tomorrow, 30 November at 1600 CET (Stockholm time) to review and discuss Maha Energy's Third Quarter results and to provide an operational update. The webcast will be broadcast live on Nyhetsbyrån Direkts Youtube Channel and will be hosted by Laikas Mr. Mats Jonsson and will feature Maha Energy's CEO Jonas Lindvall and Maha Energy's CFO Andres Modarelli. For further details please consult the Company's website: www.mahaenergy.ca

Adviser

FNCA Sweden AB is the Company's Certified Adviser.

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

or

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

or

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

Miscellaneous

This information is published in accordance with the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact persons set out above on November 29, 2018, at 3:00 am CET.

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. The Company's auditors are Deloitte. The Company's predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 26 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth.  After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha's strategy is to target and 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.

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[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 2018_Q3 Report Press Release
Maha Energy 2018_Q3 Report

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

Maha Energy 2018_Q3 Report
Maha Energy 2018_Q3 Report Press Release

Maha Energy AB: Announces Filing of Q3 Financials

on Share

Maha Energy AB (publ) Biblioteksgatan 1 SE-111 46 Stockholm www.mahaenergy.ca Press release Stockholm November 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 Q3 Financials Maha Energy AB (publ) ("Maha" or the "Company") has today released its Q3 Financials Statements for the quarter ended September 30, 2017.  The Q3 Financials Statements are attached and available on the Company's website at www.mahaenergy.ca. Highlights of Third Quarter 2017 · The Company closed the previously announced corporate acquisition of Gran Tierra Energy Inc.'s Brazilian business unit for TUSD 37,917 and subsequently settled final closing adjustments in its favor for TUSD 1,397, resulting in total final consideration of TUSD 36,520. · EBITDA for the third quarter was TUSD 2,259. · Daily oil & gas Company production for the third quarter averaged 1,671 BOEPD. · The Company signed additional gas offtake agreements to debottleneck production from the Tie Field in Brazil, through the sale associated gas from increased oil production volumes. Results of Third Quarter 2017 · Company sold Production of 142,975 barrels of oil and 64.8 million scf of gas for a combined average production of 1,671 BOE/day, before royalties and taxes for the period compared to 0 (zero) bbls for the same period 2016. · Revenue of TUSD 6,173 for the period compared to TUSD 0 (zero) for the same period 2016. · Net Result of TUSD (402) for the period compared to TUSD (537) for the same period 2016. · Net Result of 0.00 per share for the period compared to (0.01) per share for the same period 2016. Letter to Shareholders Dear Friends and Fellow Shareholders of Maha Energy AB, It is with pleasure Maha reports Q3 USD 2.259 million EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization); the first full quarter since closing of the acquisition of Grand Tierra's Brazilian operations (the "Transaction") on July 1st 2017. This of course compares favorably with Maha's negative EBITDA of USD 1.976 million for the first half of 2017. Highlights Key highlights for the Q3 are: · EBITDA for Q3 was TUSD 2,259 · Operating Result for Q3 was TUSD 1,265 · The Gran Tierra Transaction closed on 1 July 2017. · Maha produced and sold 142,975 barrels of oil during the quarter. · Maha produced and sold 64.774 MMSCF of gas during the quarter. · Average Daily production for the quarter was 1 671 BOEs/day · Company Netback USD 25.58/BOE Positive Cashflow At closing of the Transaction Brent Oil Price was USD 47.08/bbl; Brent has since strengthened by some 20%.  This, of course, contributes positively to Maha's Q3 cash flow.   At the end of Q3, Brent oil prices were back at levels not seen since the 2014/15 when the oil commodity cycle bottomed. USD 11 million Cash Security As earlier reported, to close the Transaction, Maha (in addition to the purchase price), was required to post approximately USD 11 million as cash security for surety bonds to the Agencia Nacional do Petroleo of Brazil ("ANP") for certain work obligations and abandonment liabilities. Maha was successful in negotiating a reduction in the "cash" security it needed to place by USD 7.5 million. The effect is that Maha has now freed an additional USD 7.5 million in cash originally earmarked for the surety bond security that can be deployed in developing the Tie field, faster. As at 22 November, 2017, we settled final closing adjustments for the Transaction resulting in return of cash USD 1.4 million of the purchase price from Gran Tierra Inc. Next steps Tie Field Since the close of the transaction, we have been busy optimizing production at the Tie field, removing commercial barriers to more production, and improving our technical understanding of the asset.  Some of the key endeavors undertaken during the quarter were: · Work is under way evaluating the seismic data to better understand the connection between the main field and the undrilled southern portion. · We initiated the procurement process for the design, manufacture and installation for two separate jet pumps, one on each of the GTE4 and GTE3 wells, to boost the field's production potential.  The order was placed at the end of November, and delivery is expected during the first quarter              next year. · The plans to debottleneck production by improving the ability to handle associated gas continued during the quarter, whereby, Agreements were signed to more than double our current gas offtake capacity.  These new facilities are anticipated to be in place by the end of January next year. · The marketing team in Brazil continue to find new and imaginative outlets to sell oil production including transportation of production to out of province refineries where there is demand for the product. The expectation is oil offtake capacity will grow in harmony with increased production                  capacity.  In particular an offtake agreement was signed during the quarter to deliver 1,000 BOPD to a local refinery. · Water injection (as previously reported) is now fully installed, commissioned and operational. This pressure maintenance program will continue during 2018 with expected continuous positive results on productivity. · Finally, planning is underway to drill an additional well to reduce the overall drawdown on the reservoir and to provide an important option for gas re-injection.  Re-injecting the produced gas will help remove any future associated gas production restrictions and improve reservoir performance. Tartaruga Field Our work at Tartaruga field continues – both in relation to technical operations and administrative improvements and efficiencies: · During Q3, work to re-evaluate the difficult petrophysics has resulted in a better and more accurate petrophysical understanding of the stacked reservoirs at Tartaruga. · The technical team also completed reprocessing of the certain 3D seismic in the beach transition zone resulting in better representation of the subsurface at Tartaruga. · Negotiations are being completed to provide for commercial offtake of associated gas from the field. · Plans are now underway to workover the 7TTG producing well with the objective to improve productivity of the existing P6 sand and to open up previously unproduced zones. · The previously announced 107D horizontal sidetrack is planned for the first half of 2018. We are pleased to announce that partner and regulatory approval have now been received, however, environmental requirements limit the drilling operations to the months between April and September          of each year which contributes to some delay. · An additional and separate jet pump has been ordered for Tartaruga to allow for individualized production from each well.  Delivery is expected during the first quarter of 2018. · The Company has commenced its rationalization of the Tie and Tartaruga operations. Effective November 2017, the Aracaju office has been closed and certain local staff made redundant.  Tartaruga accounting and administration is now handled in Rio de Janeiro with existing staff and                    operations have been consolidated in the field. LAK Field Recent laboratory core flooding work along with actual LAK hot water flood results are very encouraging and plans are underway to alter and expand the current hot water flood.  As these plans are developed over the next few months, further information will be communicated with more details. As can be seen, Q3 has been a very busy quarter with multiple projects taking shape.  I am very proud of the focus and effort being put in by the Maha team in Canada, the US, and Brazil.  These efforts are now beginning to translate into tangible positive results with more to come; this all sets us up for an exceptional 2018. We thank you for your continued support. Jonas Lindvall Managing Director 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 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 November 29th, 2017, at 7:59 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. 2017-Q3 Financials
Maha Energy AB Press Release – Q3 2017

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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

2017-Q3 Financials
Maha Energy AB Press Release - Q3 2017