Presentation

Maha Energy is a Swedish E&P company with a diverse portfolio of operated onshore oil producing assets in Brazil, US, and Oman. The company is listed at NASDAQ Main Market in Stockholm and has a market capitalization of SEK ~1.4bn. The company also has a SEK 300m senior secured bond outstanding (with maturity 29 May 2021), which is listed on Nasdaq OMX in Stockholm.

The company is focused on production and lower risk development assets, with a strategy centered around EOR, production optimization, and diversification of geographical and asset concentration risk.

Maha has established a diversified operated production and development portfolio through a series of acquisitions in recent years. After the acquisitions of the Tie and Tartaruga fields in Brazil in 2017, Maha returned to inorganic growth through the acquisitions of assets in the Illinois Basin in the US and Block 70, containing the Mafraq discovery, in Oman in 2020. The company’s core asset is Tie, where Maha since the acquisition has more than doubled production and 2P reserves to ~3,000 boepd and 22 mmboe. Tie at present accounts for the majority of Maha’s production and ~45% of 2P reserves. Tie is expected to continue to ramp up production in the near term, while the other assets in the portfolio has significant production growth potential backed by the material 2P reserves.

In 2020, Maha’s net production averaged 3,301 boepd, and for 2021 the company is guiding an increase to 4,000-5,000 boepd with operating costs (including oil transportation costs) of USD 7-8/boe. Net 2P reserves were 47.9 mmboe at YE 2020.