Maha Energy AB Announce Filing of Fourth Quarter Report 2020 & Live Webcast

Maha Energy AB Announce Filing of Fourth Quarter Report 2020 & Live Webcast

Maha Energy AB (publ) (“Maha” or the “Company”) is pleased to announce its fourth quarter results. The report is attached to this press release and available on the Company’s website at  www.mahaenergy.ca.

Fourth Quarter 2020

• Daily oil & gas production averaged 2,738 BOEPD (Q4 2019: 3,165 BOEPD)
• Revenue of USD 8.7 million (Q4 2019: USD 13.7 million)
• Operating netback of USD 4.2 million or USD 17.66 per BOE (Q4 2019: USD 9.8 million or USD 35.00 per BOE)
• EBITDA of USD 2.7 million (Q4 2019: USD 8.4 million)
• Net result of USD -15.7 million, following the previously announced impairment charge of 21.0 million for LAK Ranch (Q4 2019: USD 2.7 million)
• Basic earnings per share of USD -0.15 (Q4 2019: USD 0.03)
• Diluted earnings per share of USD -0.15 (Q4 2019: USD 0.02)
• The Company was awarded new exploration block 70 (Mafraq) onshore Oman
• Drilled and completed the Tie-2 well in the Tie Field and spudded the Tie-3 well on 18 December 2020
• 2P Reserve Replacement Ratio for 2020: 380% (Q4 2019: 147%)
• The Company grew its Proven (“1P”) reserves by 183% increase driven by successful movement of volumes from the Proved plus Probable (“2P”) category and acquisitions in the USA and Oman. The 2P oil reserves are also up by approximately 14% compared to year end 2019
• The Company transferred its listing and began trading on Nasdaq Stockholm main market (MAHA-A.ST) on 17 December 2020

      
      
Full Year 2020

• Daily oil & gas production averaged 3,301 BOEPD (2019: 3,044 BOEPD).
• Revenue of USD 39.0 million (2019: USD 55.6 million)
• Operating netback of USD 23.5 million or USD 20.06 per BOE (2019: USD 41.5 million or USD 38.96 per BOE)
• EBITDA of USD 18.1 million (2019: USD 35.9 million)
• Net result for the period of USD -10.3 million, following the earlier announced impairment charges of 21.0 million for LAK Ranch (2019: USD 19.7 million)
• Basic Earnings per share of USD -0.10 (2019: USD 0.20)
• Diluted Earnings per share of USD -0.10 (2019: USD 0.18)
• Cash and cash equivalents balance of USD 6.7 million (2019: 20.4 million)