Maha Energy AB enters into a Farmout Agreement with Mafraq Energy LLC for Block 70 in Oman - Seite 2

According to the independent reserve auditor, Chapman Petroleum Engineering Ltd. of Calgary, Canada, the Mafraq field may hold approximately 35 million barrels of recoverable oil (2C + 2P as at 31 December 2021).  Following farmout approval by the Government of Oman, Maha’s share of its contingent resources will be reduced proportionally by 35%. The field oil-water contact has not been penetrated yet which renders possible further upside to these volumes.  The Mafraq structure is an East-West fault bounded anticline with the productive interval being at +/- 430 meters below the ground level.  The oil flows freely in the reservoir at 51° C and is expected to cold flow to surface in commercial quantities.

Miscellaneous
The information was submitted for publication, through the agency of the contact person set out below, 11:00 CET on 8 August, 2022.

For more information, please contact:                    
Jonas Lindvall (CEO)
Tel: [phone]        
Email: [e-mail]

Victoria Berg (Investor Relations)
Tel: [phone]
Email: [e-mail]

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 www.mahaenergy.ca

Attachment

• 20220808 Maha Energy Press Release ENG