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MAHA TO 2 A - Maha Energy AB News Story

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Small Cap
Market Cap £131.5m
Enterprise Value £149.4m
Revenue £31.4m
Position in Universe th / 1872

Maha Energy AB (publ) (“Maha” or the “Company”) announces increase to 2021 Capital Plan

Mon 7th June, 2021 7:30am
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Maha Energy AB is pleased to announce an increase of USD 10.4 million to the
previously announced 2021 Capital Plan.  The revised 2021 Capital Plan
allocates a total of USD 36.8 million on capital projects during the year.

Jonas Lindvall, Managing Director of Maha Energy AB commented; “With
strengthening price of oil, we are accelerating our growth plans for 2021. 
Illinois Basin is an area where we can quickly and economically add cashflow
by drilling new wells and capitalize on these higher oil prices.”

The Company is pleased to provide details of its revised 2021 Capital Plan as

2021 Revised Capital Plan Summary – Total Budget USD 36.8 Million
(Items in Bold are new and additional projects for 2021)

 Field           Capital Program         Revised Program     2021 Quarter     Description/Purpose                                                    
 Tie             New Well Tie-3                              Q1 (ongoing)     Maintain Tie field long term production plateau                        
 Tie             New Well Tie-4 (AG HZ)                      Q3               Maintain Tie field long term production plateau                        
 Tie             New Well Tie-5                              Q4               Maintain Tie field long term production plateau                        
 Tie             Facilities                                  Throughout 2021  Completion of upgrade work, automation work, and tie in of new wells.  
 Tartaruga       Facilities Upgrade                          Q3               Increasing processing capacity                                         
 Iilliois Basin  4 New Wells             8 additional wells  Q2 –Q3           Commitment wells plus 8 new wells.                                     
 Mafraq          None                    Materials           Q4               Long lead items to be purchased                                        
 LAK             None                    Maintenance         Q3               Selective well start ups                                               

Illinois Basin (IB) –Illinois and Indiana, USA

Production continues from the IB area during 2021.  The previously budgeted 4
wells are progressing as per schedule.  In addition to these 4 previously
budgeted wells, 8 further wells will be drilled and placed on production later
in 2021.

Mafraq Oil Field, Oman

No wells are planned for 2021 in Oman – however, preparatory work will
commence whereby personnel will be mobilized and equipment purchased so that
drilling can commence during 2022.

LAK Ranch –Wyoming, USA

Production Optimization:
Minor capital has been allocated to commence well monitoring and selective
well start up.

Funding of the revised 2021 Capital Plan

The revised 2021 Capital Plan has a total budget of USD 36.8 million for the
above incremental projects and is expected to be funded primarily with
operating cash flow. Maha has raised sufficient cash following the recent
financing and equity transactions, to build a strong balance sheet for its
next phase of development.

This information is such information as Maha Energy AB (publ) is obliged to
make public pursuant to the EU Market Abuse Regulation. The information was
submitted for publication, through the agency of the contact person set out
below, at 08:30 CET on June 7, 2021.

For more information, please contact:         
Jonas Lindvall (CEO)
Tel: +46 8 611 05 11

Victoria Berg (Investor Relations)
Tel: +46 8 611 05 11

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 four oil
fields: Tartaruga and Tie in Brazil, 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

*     20210607 Maha Energy Press Release Revised Capital Plan 2021 ENG
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