Maha energy ab announces filing of q2 financials – forextv what are futures in stock market

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This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions.

Maha Energy AB (publ) (“Maha” or the “Company”) has today released its Q2 Financials Statements for the quarter ended June 30, 2017. The Q2 Financials Statements are attached and available on the Company’s website at www.mahaenergy.ca.

• The Company completed a Bond Financing for SEK 300,000,000 to finance the previously announced acquisition of the Brazilian business unit of Gran Tierra Energy Inc. (“Gran Tierra”).

• The Company established July 1 as the date for closing of the acquisition of the Brazilian business unit of Gran Tierra and the Closing occurred.


• Company sold Production on the Tartaruga Field increased by 115% to an average of 213 BOPD during the quarter. The increase was primarily due to the successful workover of the 107D well which was completed during the first quarter.

The Q2 financial results are very much as expected. The additional production from the Tartaruga Field had a positive impact on our revenue, and LAK Ranch revenue continues to be capitalized (thus does not appear on the ‘revenue’ lines consistent with previous quarters) decode binary. What was unexpected was the quick approval by the Brazilian authorities of Maha’s acquisition Gran Tierra Energy’s (“GTE”) Brazil operations which came early in the quarter.

In the Q1 Letter to Shareholders, I had indicated Maha was in the process of completing the financing for Maha’s acquisition of 100% of GTE’s Brazilian operations for a cash consideration of USD 35 million (before post closing adjustments) and the assumption of approximately USD 11 million in Government Guarantees and Letters of Credits (the “Acquisition”). I am pleased to report the Acquisition closed on 1 July, 2017 – much earlier than anticipated. Naturally we are thrilled with this outcome.

The financing was very complicated and involved several inter-dependent steps, which were each critical path to success. Our team worked tirelessly to ensure each part was successfully completed on time. I am very grateful to everyone involved.

In the end, the Bond and the Rights Issue closed in June and Maha received Brazil Government go-ahead earlier than anticipated. This in turn allowed closing of the Acquisition to occur straight away, with-out the necessity of tying up capital in an escrow account ucsd my chart. Completion of the Acquisition now positions us to focus on production from our assets and revenue. It bears repeating – Maha is a value driven Company. “We go where there is value.” The GTE Acquisition’s core value lies in its’ production and production related development opportunities. GTE’s Q2 reported production of 1,339 BOEPD and operating net back of USD 28.96/bbl demonstrates this value. Further value can easily be unlocked by removing certain commercials constraints currently facing the Tie field as is discussed later in this Report.

We are also undertaking a detailed review to look for “bonus” value in addition to these producing assets binary translator. As part of the Acquisition, Maha acquired 6 exploration blocks with a total area of 41,606 acres which is in addition to the 13,201 acres of under-explored land in the Tartaruga block. These blocks are all strategically located in established and well documented oil and gas producing basins.

While Maha’s focus is on producing assets, our business model anticipates 20% of our asset portfolio to be near field exploration opportunities. These newly acquired Blocks are great examples of ‘looking for oil where there is oil’ binary words. As the map demonstrates – the new 6 blocks are surrounded by, and on trend with world-class oil and gas discoveries.

These new blocks are in varying stages of evaluation and our work in fully understanding the subterranean details has just begun. Part of our current work is to independently verify the previously identified prospects mapped by GTE indicating approximately 48 million barrels of potentially recoverable oil. Fortunately, modern 3D seismic is available on all the blocks as an aid in this process.

Production continued to grow during the second Quarter with Tartaruga leading the way. Company production was up 85% compared to the first Quarter (Q2 Maha production was 22,000 bbls compared to 11,885 bbls in Q1 before all Royalties). No major shut downs occurred during the quarter, however, the 7TTG well at Tartaruga did start to show signs of reduced production due to a suspected leak in the downhole production tubing usd nzd exchange rate. Plans are underway to rectify this problem during the second half of the year. At LAK Ranch production remained steady at 2,606 bbls of oil sold this quarter. The effects of the hot water flood are stabilizing and we see a good response in the two main production wells. Our team at LAK expects further improvements into the next half of the year.

To conclude; the second quarter was a very busy quarter with focus on completing the complicated financing for the GTE transaction and the Acquisition. The Company is now in a good place financially, has a world class menu of assets and with laser sharp focus and execution is expecting to enjoy production increases during the second half of the year.

This information is published in accordance with the EU Market Abuse Regulation and/or the Swedish Financial Instruments Trading Act. The information was submitted for publication through the agency of the contact persons set out above on August 29 th, 2017, at 8:00 pm CET.

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. The Company’s auditors are Deloitte 99 usd. The Company’s predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 26 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth 100 usd to eur. After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha’s strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

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