Brief: Maha Energy Q2 Financial Income At USD 4.3 Mln

Keo Capital AB

11/08/2023 14:45

Aug 11 (Reuters) - Maha Energy AB  MAHAa.ST :
    * IN Q2 WE CONCLUDED BUSINESS COMBINATION WITH DBO INVEST
AND
OTHER SHAREHOLDERS INVOLVING OUR NEW OFFSHORE ASSETS IN BRAZIL
    * THROUGH THIS TRANSACTION WE RESTORED OUR PRODUCTION TO
ALMOST
2,000 BOEPD AND RESERVES PLUS CONTINGENT RESOURCES UP TO 44.7 MM
BOE, TO LEVELS AS BEFORE OF SALE OF ONSHORE ASSETS
    * ALL EIGHT PRODUCTION WELLS IN OMAN DRILLED IN 2022/2023
DRILLING
PROGRAM WERE TESTED FOR SHORT TERM AND FIVE PRODUCED OIL TO
SURFACE AT AN INITIAL ESTIMATED AVERAGE RATE OF 300 BARRELS OF
OIL PER DAY
    * OUR TOTAL CASH BALANCE AMOUNTS TO USD 102.4 MILLION
(INCLUDING
RESTRICTED CASH OF USD 41.1 MILLION)
    * WE EXPECT SECOND INSTALLMENT OF USD 55.0 MILLION FROM
ONSHORE
BRAZIL SALE LATER IN END OF AUGUST
    * FOR Q2 2023, WE REPORT A FINANCIAL INCOME OF USD 4.3
MILLION

Source text for Eikon:  ID:nGNE7f7Rfq 
Further company coverage:  MAHAa.ST 

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