Presentation

Maha Energy is a Swedish/Canadian upstream oil and gas company focusing on exploration, development and production of crude oil and natural gas. Maha was founded in 2013 by the CEO Jonas Lindvall and Ron Panchuk in Calgary, Canada. Jonas Lindvall has about 30 years of international experience in the oil and gas industry, including positions in Lundin Oil, Shell, Talisman Energy and Tethys Oil. Before founding Maha, Lindvall was the managing director of Tethys Oil’s operations in Oman. During the first years following the founding of Maha, the company was focused on US and Canadian assets. In 2016, a new corporate structure was formed with a Swedish parent company which was listed on Nasdaq First North Stockholm in the same year.

Today, the company’s main assets are located in Brazil, where the company operates the two producing oil fields Tie and Tartaruga, but it also has assets in the US, including one producing oil field in the Illinois Basin that was recently acquired. Maha has 44.9 million boe of 2P reserves, which are 95% oil. In Q2 2020, Maha delivered record production of 3,602 boe/day, which constitutes an increase of 10% compared to Q1 2020, an impressive accomplishment given challenges posed by Covid-19 during the period, in particular in Brazil.