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

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

Second Quarter 2019

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

      
Six Months Ended 30 June 2019

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

      
Financial Summary

Letter to Shareholders

Dear Friends and Fellow Shareholders of Maha Energy AB,

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

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

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

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

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

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

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

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

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

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

“Jonas Lindvall” Managing Director

Q2 Webcast

There will be a live webcast today, 26 August 2019 at 16:00 CET (Stockholm time) to review and discuss the Second Quarter results and provide an operational update. The webcast will be broadcast live on Nyhetsbyrån Direkts Youtube Channel and hosted by Laikas’ Mr. Mats Jonsson and will feature Maha’s CEO Jonas Lindvall and CFO Andres Modarelli. For further details please consult the Company’s website: www.mahaenergy.ca

Adviser

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

For more information, please contact:          

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

or

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

or

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

Miscellaneous      

This information is published in accordance with the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact persons set out above on 26 August 2019, at 1:00 am CET.

Maha in Brief

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

Important Information

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

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

Attachments

• Maha Energy AB – Q2 2019 Report
• Maha Energy AB Press Release – Q2 2019 Results

                                                           
Press release
Stockholm
22 May 2019

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

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

First Quarter 2019

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

FINANCIAL SUMMARY

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

Letter to Shareholders

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

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

107D (Tartaruga Field)

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

Boipeba and Attic Well (Tie Field)

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

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

7TTG Workover (Tartaruga)

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

Near Term Production

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

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

“Jonas Lindvall”
Managing Director

Q1 Webcast

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

Adviser

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

For more information, please contact:          

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

or

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

or

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

Miscellaneous      

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

Maha in Brief

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

Important Information

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

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

Attachments

• Maha Energy AB – Q1 2019 Results
• Maha Energy AB Press Release – Q1 2019 Results

                                                           
Press release
Stockholm
28 February 2019          

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

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

Fourth Quarter 2018

• Daily oil & gas production for the fourth quarter averaged 2,454 BOEPD (Q4 2017: 1,597 BOEPD). The Tartaruga Field was shut-in during the fourth quarter as a result of ongoing drilling operations at 107D.
• Revenue of USD 12.6 million (Q4 2017: USD 6.9 million)
• EBITDA of USD 8.5 million (Q4 2017: USD 2.9 million)
• Net result for the period of USD 18.3 million, which includes USD 11.3 million of recognized deferred tax recovery and USD 0.8 million of other gains during the fourth quarter (Q4 2017: USD 2.5 million)
• Basic earnings per share of USD 0.19 (Q4 2017: USD 0.03)
• Diluted earnings per share of USD 0.17 (Q4 2017: USD 0.03)
• Operating netback of USD 9.4 million or USD 43.26 per barrel (Q4 2017: USD 4.6 million or USD 31.48 per barrel)
• Cash and cash equivalents balance of USD 20.3 million

Twelve Months Ended 31 December 2018

• Daily oil & gas production for the Twelve months 2018 averaged 1,804 BOEPD (2017: 917 BOEPD).
• Revenue of USD 38.1 million (2017: USD 14.6 million)
• EBITDA of USD 22.4 million (2017: USD 3.2 million)
• Net result for the period of 25.6 USD million which includes USD 11.3 million of recognized deferred tax recovery and USD 0.8 million of other gains during the fourth quarter (2017: USD -2.8 million)
• Basic earnings (loss) per share of USD 0.26 (2017: USD -0.03)
• Diluted earnings (loss) per share of USD 0.25 (2017: USD -0.03)
• Operating netback of USD 26.9 million or USD 41.57 per barrel (2017: USD 8.7 million or USD 26.73 per barrel)

FINANCIAL SUMMARY

Letter to Shareholders

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

I am proud to confirm that in Q4, Maha continues to build on its quarter to quarter very strong financial results. Q4 highlights include; exceptional progress in completing our 2018 Capital Program, and excellent net revenues notwithstanding a mild ‘roller coaster’ ride in oil prices. 

Oil Price
Oil price peaked at USD 86/bbl (Brent) in early October, only to drop by 40% before the year end.  This was followed by a New Year rebound and a currently stabilized price of about USD 62/bbl.  Because of efficient operations and the quality of its reserves – at USD 60/bbl, Maha receives a strong USD 41.57/bbl Yearly average netback. Maha continues to be bullish on an oil price above USD 60/bbl (Brent) for the foreseeable future which, of course, compares favorably to the USD 50/bbl price in May, 2017, when Maha’s 300M SEK Bond was placed.

Tie Field Processing
I am grateful to our Production Operations team that has successfully increased the Tie Field processing capacity to 5000 BOPD by the 31st December, 2018 target date under budget- though some ongoing work remains such as installing a permanent 4-bay loading facility and two remaining oil storage tanks. This work will be completed shortly.  Therefore, opposite to before, the Tie facility can now process more oil and gas than the Tie Field wells can currently produce and deliver. 

Attic Well (Tie Field), GTE-3
Recompletion and Offtake
Expected oil production from drilling the now spudded Attic Well together with production from the two currently Tie producing wells GTE-3 and GTE-4 should fill this excess processing capacity. As the Attic Well is being drilled “up dip” of the ‘free flowing’ GTE-4 well, Maha has good reason to expect excellent results. Once the Attic Well is on production, further operations at GTE-3 will finish the work started last June by recompleting the comingled well to a dual producer for additional production. At that point – if all goes well – Tie Field will be able to deliver more oil than it can currently sell.

To that end, Maha’s commercial team in Brazil and Canada has been busy securing additional offtake arrangements (over and above the current 4100 BOPD) and is confident there will be a ‘home’ for up to 5000 BOPD of Tie Field production in the very near future.

7TTG Workover (Tartaruga)
The 7TTG Workover was completed quickly after the drilling rig was moved from the 107 D location and the 3-1/2” stuck tubing was fished out of the hole.  A new and dedicated jet pump has now been installed that is currently cleaning stimulation fluids from the formation.

Prior to the Workover, 7TTG produced about 190 BOPD from the P6 zone using a surface jet pump that was shared with its sister well, 107D.  Two new zones (P4 and the newly stimulated P1) have now been opened for production in addition to the existing P6 zone.   The results from this operation are eagerly awaited.  Once the above clean-up is complete, the 7TTG will be returned to production.

107D Well Testing (Tartaruga)
For those of you that have followed our news over the last 6 months, you know the 107D Well was an exercise in perseverance, endurance and self-belief for our drilling team.  Despite multiple stuck pipe incidents caused by an unstable formation above the reservoir, a 500 m. horizontal hole was drilled through the productive P1 zone proving; a). the continued lateral extent of the P1 formation and b). the successful applicability of horizontal drilling at Tartaruga.  We are currently mobilizing special slim-hole perforating equipment to perforate the 3-1/2” liner before we can production test this well.

Tartaruga Field Processing and Operations
At the Tartaruga Field, the correct sizing of processing equipment is dependent on liquid and gas throughput. Maha knows it will initially be constrained by the ability to process gas produced in association with oil at the field.   To that end, Maha is working with a Brazilian contractor that will convert the associated gas to electricity. Required environmental licenses to proceed with the installation of gas to wire equipment were obtained during the quarter.  As soon as Maha ascertains the expected production levels for the 107D and 7TTG Wells (above) it will design and upgrade the Tartaruga plant to handle the expected increases in production from the current production capability of +/- 500 bbl/d.

LAK Field Update
At the LAK Field, weather and staffing related issues have prevented Maha from bringing the newly drilled horizontals on production.  The crew at LAK are currently working to commence production and injection before the end of the first quarter of 2019 with a goal of “proving up” the technology can create cashflow positive operations at LAK which could then, in turn, lead to a full field development. 

Reserves
Industry Standard Reserve definitions and procedures that Chapman Petroleum Engineering Ltd. apply required a periodic economic and technical evaluation of the LAK technology implementation. As reported, this resulted in LAK’s probable reserves being downgraded by 4.7 million barrels this year. 

The Company’s decision to accelerate the development plan at Tartaruga Field resulted in 3.1 million barrels of reserves being migrated from 3P Possible Reserves to 2P Probable reserves for an overall Companywide reduction in 2P reserves of about 5%.  As the new drilling results from the 2018 Capital program were not available this year other expected increases in proven reserves were not recorded in 2018 but should appear in 2019.  Total production volumes for 2018 were 647,607 BOE’s- about 5% of Maha’s proven reserves.

I continue to be grateful for all the support and encouraging e-mails we receive from our extended family of “Maha Investors”.  2019 is shaping up to be a great year for Maha.

“Jonas Lindvall”
Managing Director

Q4 Webcast

There will be a live webcast today, 28 February at 17:00 CET (Stockholm time) to review and discuss Maha Energy’s Fourth 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

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

For more information, please contact:          

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

or

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

or

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

Miscellaneous      

This information is published in accordance with the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact persons set out above on February 28, 2019, at 3:00 am CET.

Maha in Brief

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

Important Information

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

1 Q4 2017 figures include previously disclosed changes to the 2017 Fourth Quarter Report in April 30, 2018 press release

Attachments

• Maha Energy 2018_Q4 Report
• Maha Energy AB Press Release – Q4 2018 Results

                                                           
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

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

—
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

Press release

Stockholm

29 August 2018

This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions.

Maha Energy AB Announces Filing of Second Quarter Report

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

Second Quarter 2018

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

Financial Summary

Letter to Shareholders

Dear Friends and Fellow Shareholders of Maha Energy AB,

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

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

"Oil and gas companies are doing more with less …

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

(See Table in PDF version attached)

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

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

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

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

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

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

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

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

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

We thank you for your continued support.

"Jonas Lindvall"

Managing Director

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

Adviser

FNCA Sweden AB is the Company's Certified Adviser.

For more information, please contact:

Jonas Lindvall (CEO)

Tel: +1 403 454 7560        

Email: jonas@mahaenergy.ca

or

Ron Panchuk (CCO)

Tel: +1 403 454 7560

Email: ron@mahaenergy.ca

or

Andres Modarelli (CFO)

Tel: +1-403-454-7560

Email: andres@mahaenergy.ca

Miscellaneous

This information is published in accordance with the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact persons set out above on August 29, 2018, at 7:00 am CET.

Maha in Brief

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

Important Information

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

—

[1] Q4 2017 figures include previously disclosed changes to the 2017 Fourth Quarter Report in April 30, 2018 press release

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

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

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

Maha Energy Q2 2018 Report

Maha Energy AB Press Release - Q2 2018 Report