Maha Energy AB Announces Filing of Fourth Quarter Report & Live Webcast

                                   
Press release
Stockholm
28 February 2020
                                                                                                  
Maha Energy AB Announces Filing of Fourth Quarter Report & Live WebcastMaha 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.caFourth Quarter 2019Daily oil & gas production for Q4 2019 averaged 3,165 BOEPD (Q4 2018: 2,454 BOEPD)Revenue of USD 13.7 million (Q4 2018: USD 12.6 million)Operating netback of USD 9.8 million or USD 35.00 per BOE (Q4 2018: USD 9.4 million or USD 43.26 per BOE)EBITDA of USD 8.4 million (Q4 2018: USD 8.5 million)Net result of USD 2.7 million (Q4 2018: USD 18.3 million, including USD 12.1 million of one-time other gains)Basic Earnings per share of USD 0.03 (Q4 2018: USD 0.19)Diluted Earnings per share of USD 0.02 (Q4 2018: USD 0.17)      
Full Year Ended 31 December 2019
The Company grew its 2P reserves to 41.8 MMBOE, a 25% increase as compared to year end 2018Drilled and completed the Attic well in the Tie Field and drilled a new delineation well (maha-1) in the Tartaruga block currently undergoing well testing.Daily oil & gas production for the full year 2019 3,044 BOEPD (2018: 1,804 BOEPD)Revenue of USD 55.6 million (2018: USD 38.1 million)Operating netback of USD 41.5 million or USD 38.96 per BOE (2018: 26.9 USD million or 41.57 USD per BOE)EBITDA of USD 35.9 million (2018: USD 22.4 million)Net result for the period of USD 19.7 million (2018: USD 25.6 million, including USD 12.1 million of one-time other gains)Basic Earnings per share of USD 0.20 (2018: USD 0.26)Diluted Earnings per share of USD 0.18 (2018: USD 0.25)Cash and cash equivalents balance of USD 22.4 million (2018: 20.3 million).      
Financial Summary
Letter to shareholders