3R Petroleum S.A. (“3R”) has announced the reserve report as of 31 December 2022 for 3R Offshore assets Peroá Cluster and Papa Terra. Maha will have an indirect working interest of 15% and 9.375%, respectively, in these assets upon the closing of the business combination with DBO.

DeGolyer and MacNaughton has completed their annual reserve and resource determination for 3R Offshore, 3R subsidiary where DBO holds 15% of equity interest.

* Volumes are Gross Working Interest volumes and are expressed before royalties, Government allocations and taxes.

Peroá Cluster has an additional 2.1 MMBOE in 2C resources related to Malombe, to be reclassified as reserve after the declaration of commerciality of the field.

The reserves review and issuance of this reserve report for 3R was made by the independent petroleum engineering consultants DeGolyer and MacNaughton. Estimates of reserves presented in this report have been prepared in accordance with the Petroleum Resources Management System (PRMS) approved in March 2007 and revised in June 2018 by the Society of Petroleum Engineers, the World Petroleum Council, the American Association of Petroleum Geologists, the Society of Petroleum Evaluation Engineers, the Society of Exploration Geophysicists, the Society of Petrophysicists and Well Log Analysts, and the European Association of Geoscientists & Engineers.

For more information, please contact:
Paulo Thiago Mendonça, CEO, Phone: +46 8 611 05 11, E-mail: info@mahaenergy.ca
Guilherme Campos, CFO, Phone: +46 8 611 05 11, E-mail: info@mahaenergy.ca

Miscellaneous
The information was submitted for publication, through the agency of the contact person set out below, at 13:40 CEST on 6 April 2023.

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

Maha Energy AB (publ) (“Maha” or the “Company”) is pleased to announce that the production test on Block 70, in the Sultanate of Oman, has commenced. The production test will include all eight new production wells drilled in the 2022/2023 drilling program.

The production test will start with the Mafraq-9 well. Biweekly, a new well will be added to the test until all new wells are connected to the testing system. Each well will be completed with PCP pumps before being placed on the test. Produced oil will be transported by heated trucks to a third party’s facilities for further processing and, afterwards, transportation through the Omani national pipeline system. Maha expects to be able to announce preliminary information about the quality of the oil and initial production potential by May 2023.

As previously reported, Maha entered into a Joint Operating Agreement with Mafraq Energy LLC (“Mafraq Energy”) earlier in 2023, whereby Mafraq Energy acquired 35% interest in the exploration and production sharing agreement covering Block 70. Maha is the Operator of Block 70 with 65% interest.

Miscellaneous
The information was submitted for publication, through the agency of the contact person set out below, at 16:00 CET on 17 March 2023.

For more information, please contact:
Paulo Thiago Mendonça, CEO
Phone: +46 8 611 05 11
E-mail: info@mahaenergy.ca

Guilherme Guidolin de Campos, CFO
Phone: +46 8 611 05 11
E-mail: info@mahaenergy.ca

About Maha
Maha Energy AB (publ) is a listed, international upstream oil and gas company whose business activities include exploration, development and production of crude oil and natural gas. The strategy is to target and develop underperforming hydrocarbon assets on global basis. Maha operates three oil assets: Block-70 (Oman), 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.