Maha Energy AB Announces Filing of First Quarter 2023 Report & Live Webcast
22 Maggio 2023 - 7:30AM
Maha Energy AB Announces Filing of First Quarter 2023 Report &
Live Webcast
Maha Energy AB
(publ)
(“Maha” or the “Company”) is
pleased to announce its first
quarter 2023
results. The report is attached to this
press release and available on the Company’s website at
www.mahaenergy.ca.
First Quarter
2023The amounts below are related only to
continuing operations.
- The Company completed on February
28, 2023 the sale of its Brazilian subsidiary (discontinued
operations) for a total consideration of up to USD 186.9 million
(including contingent consideration), with a purchase price of USD
138 million plus USD 9.3 million in net working capital adjustment,
USD 3.7 million net cash adjustment, and USD 36.1 million to be
paid upon successful achievement of earnout milestones.
- The Company enters into a
definitive agreement regarding the business combination with DBO
2.0 S.A. An extra general meeting on March 29, 2023, confirmed the
acquisition.
- Farmout of 35% work interest to
Mafraq Energy LLC on Block 70 and launch of production test.
- Daily oil production for Q1 2023
from continuing operations averaged 233 BOEPD (Continuing
operations Q1 2022: 462 BOEPD).
- Revenue of 1.5 million (Q1 2022:
3.7 million).
- Operating netback of 0.6 million
(Q1 2022: 1.9 million).
- EBITDA of -0.2 million (Q1 2022:
USD 0.5 million).
- Net result of -2.4 million (Q1
2022: USD 2.7 million).
- Basic and Diluted earnings per
share of -0.02 (Q1 2022: -0.02).
- Cash and cash equivalents balance
on 31 March 2023 of USD 63.8 million (31 December: USD 19.5 million
excluding cash from assets held for sale).
- Restricted cash balance on 31 March
2023 of USD 46.5 million (31 March 2022: nil).
- Total cash balance on 31 March 2023
(including restricted cash of USD 46.5 million) of USD 110.4
million (31 December: USD 19.5 million excluding cash from assets
held for sale).
Financial SummaryThe table
below presents the highlights of the continuing operations:
(TUSD, unless otherwise noted) |
Q12023 |
Q120221 |
FY2022 |
Net Daily Production (BOEPD) |
233 |
462 |
401 |
Revenue |
1,486 |
3,716 |
12,327 |
Operating netback |
648 |
1,923 |
6,523 |
EBITDA |
(237) |
533 |
(420) |
Net result for the period |
(2,378) |
(2,693) |
(12,529) |
Earnings per share – Basic & Diluted (USD) |
(0.02) |
(0.02) |
(0.10) |
Cash and cash equivalents |
63,849 |
29,416 |
19,520 |
Letter to shareholders
Dear Friends and Fellow Shareholders of Maha
Energy AB,
The first quarter 2023 was a transitional quarter from a
financial and operational standpoint. Maha completed two major
transactions, being: (i) the sale of its Brazilian subsidiary, Maha
Brazil, to PetroRecôncavo, and (ii) the completion of the
assignment of Maha’s 35% working interest in Block 70 and the
launch of the production test on the block. In addition to that,
Maha also announced the signing of the definitive agreement with
the shareholders of DBO 2.0.
On February 28th, 2023, we announced the completion of the sale
of the Brazilian subsidiary Maha Energy Brasil for a total
consideration of up to USD 186.9 million. This divestment was a
significant step within the Company’s new strategic positioning,
continuously focusing on generating value for shareholders. This
sale strengthened our balance sheet and cash position substantially
and is enabling us to pursue further opportunities in the O&G
market.
Earlier in the quarter, we announced the that we had entered
into a Joint Operating Agreement with Mafraq Energy LLC for Block
70 in Oman. This agreement marked the conclusion of the assignment
of 35% work interest to Mafraq Energy LLC. By partnering with
Mafraq, a local entity with regional expertise, Maha has gained
further validation of the value of this asset.
We also launched the production test on Block 70 in mid-March.
The first well connected to the testing system was Mafraq-9. We
will continue to add wells to the test until all eight new
production wells have been connected and safely tested.
Our business combination with DBO 2.0 was approved by an
extraordinary general meeting in March, being its closing subject
to customary condition precedent, which are in the process of being
completed by the parties. In April, updated 2P reserves of 18.8
MMBO was reported for Peroá and Papa Terra Clusters, under which
DBO currently holds indirect participating interest, as a
shareholder of 3R Offshore. This transaction shall re-establish
Maha’s pro-forma’s production to 2,291 boe/d (April numbers).
I am also happy to welcome both our new CFO Guilherme Guidolin
de Campos and our new Chief Legal and Compliance Officer Barbara
Bittencourt during the quarter. Guilherme is now based in Oman and
has a unique combination of managerial and financial expertise, and
a developed understanding of the company. Barbara has an extensive
career as partner in top tier legal firms, with the past 10 years
exclusively dedicated to the oil & gas market.
The first quarter was indeed a transformational and exciting
quarter, that also marks the starting point for the new Maha with a
robust capital structure. We aim to continue on our growth path,
and we have established a robust pipeline of potential M&A
transactions, which are now being analyzed and evaluated. We
appreciate you taking this journey with us.
Yours truly,
Paulo T. Arantes de Mendonça, CEO
Q1 Webcast
today at 16:00
CEST
The Company invites all interested parties to a
live webcasted presentation today at 16.00 CEST. Paulo Thiago
Mendonça, CEO, and Guilherme Guidolin de Campos, CFO, will present
the report and recent developments.
The webcast will be held in English and will be
broadcasted live. An on-demand version will also be available on
Maha’s website and YouTube channel. Questions to the presenters can
be emailed in advance to the Company at info@mahaenergy.ca or be
made directly on the day of the presentation in the YouTube
Comments/Questions field.
Link to webcast:
https://youtube.com/live/lpxW_FDRDYM?feature=share
This information is such information as Maha
Energy AB (publ) is obliged to make public pursuant to the EU
Market Abuse Regulation. The information was submitted for
publication, through the agency of the contact person set out
below, at 07:30 CEST on 22 May 2023.
For more information, please
contact: Paulo Thiago Mendonça (CEO), Tel: +46 8 611 05
11, Email: info@mahaenergy.ca Guilherme Guidolin de Campos (CFO),
Tel: +46 8 611 05 11, Email: info@mahaenergy.ca Jakob Sintring
(Head of Investor Relations), Tel: +46 8 611 05 11, Email:
info@mahaenergy.ca
About MahaMaha
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 the Mafraq field in Block 70 in the Sultanate
of Oman and assets 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, Rio De Janeiro, Brazil and
Muscat, Oman. For more information, please visit our website
www.mahaenergy.ca.
1 The comparative period (Q1 2022) has been restated to reflect
continuing operations.
- 2023-Q1-Maha Energy_ENG
- 230522_Q1-23_Maha_ENG
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