Production and operation update April 2024

Maha Energy AB (publ) (“Maha” or the “Company”), announces the preliminary unaudited net production data for April 2024.

Daily average production (boe/day)*
Assets Apr-24 Mar-24 Q1-24 FY-23
Papa Terra cluster* 1,081 1,212 1,204 1,227
Peroá cluster* 470 508 509 518
Illinois Basin 350 330 334 197
Total 1,901 2,050 2,047 1,942

Papa Terra cluster
Production at the Papa Terra cluster decreased 11% from March to April 2024 as a result of ongoing intervention in the production line of the PPT-12 well. The workover campaign to change the ESP pumps (Electrical Submersible Pump) remains in line with the established work schedule, with intervention in the PPT-17, PPT-37 and PPT-50 wells, with a return to the asset's production grid expected in 2Q 2024.

Peroá cluster
Production at the Peroá cluster decreased 7% from March to April 2024. The production was impacted by the stoppage for compressor maintenance at the Cacimbas Gas Treatment Unit, which receives production from the asset.

Illinois Basin
Production at Illinois Basin increased 6% from March to April 2024 after a new production well was repaired and brought back into production in the beginning of the month. The production in April was slightly impacted by flooding.

Maha’s Assets
Maha has an indirect working interest of 15% in the Peroá cluster and 9.375% in the Papa Terra cluster, with 3R Petroleum Offshore S.A. being the operator. Maha is also the operator holding 98.41% working interest in the Illinois Basin.

3R Petroleum
Maha announced in January that the Company acquired 5% of 3R Petroleum Óleo e Gás S.A. (“3R Petroleum”) capital stock. 3R Petroleums’ total production amounted in April 2024 to 44,300 boe/day, an increase of 2% from March to April 2024.

* Note: The information included hereunder relates only to Maha’s entitlement on Peroá and Papa Terra clusters’ production, considering its indirect participation interest on said assets. It was calculated based on the information made public by 3R Petroleum. The production from Peroá and Papa Terra clusters are not consolidated in Maha’s financial reporting. Maha’s share of results from the clusters are instead reported as Income from investment in associate. Maha’s acquisition of the assets was completed on May 23, 2023.