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

Press release
25 November 2019
Maha Energy AB Announces Filing of Third Quarter Report & Live WebcastMaha Energy AB (publ) (“Maha” or the “Company”) is pleased to announce its Third Quarter results.  The report is attached to this press release and available on the Company’s website at www.mahaenergy.caThird Quarter 2019Daily oil & gas production for Q3 2019 averaged 3,593 BOEPD (Q3 2018: 1,565 BOEPD).Effective August 1, 2019, the Company grew its Proven (1P) and Proven plus Probable (2P) reserves, by 14% and 62% respectively, at the Tie Field in Brazil.During the quarter, the Maha-1 well on the Tartaruga Field was successfully drilled with production testing operations to follow.Revenue of USD 16.1 million (Q3 2018: USD 9.0 million)Operating netback of USD 12.0 million or USD 38.22 per BOE (Q3 2018: USD 6.6 million or USD 46.17 per BOE)EBITDA of USD 10.7 million (Q3 2018: USD 5.4 million)Net result of USD 6.6 million (Q3 2018: USD 3.2 million)Basic Earnings per share of USD 0.07 (Q3 2018: USD 0.03)Diluted Earnings per share of USD 0.06 (Q3 2018: USD 0.03)      
Nine Months Ended 30 September 2019
Daily oil & gas production for the nine months 2019 3,004 BOEPD (2018: 1,585 BOEPD).Revenue of USD 41.9 million (2018: USD 25.5 million)Operating netback of USD 31.7 million or USD 40.38 per BOE (2018: 17.5 USD million or 40.70 USD per BOE)EBITDA of USD 27.5 million (2018: USD 13.9 million)Net result for the period of USD 17.0 million (2018: USD 7.4 million)Basic Earnings per share of USD 0.17 (2018: USD 0.08)Diluted Earnings per share of USD 0.16 (2018: USD 0.07)Cash and cash equivalents balance of USD 20.4 million (2018: 22.3 million).      
Financial Summary
Letter to shareholders

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