Production update May 2023
14 Giugno 2023 - 12:45PM
Production update May 2023
Maha Energy AB (publ)
(“Maha” or the “Company”),
announces the preliminary
unaudited net production data for
May 2023.
Daily average production
(boe/day) in 2023 |
Assets |
Q1 |
Apr |
May |
Peroá cluster* |
437 |
490 |
637 |
Papa Terra cluster* |
936 |
1,583 |
768 |
Illinois Basin |
233 |
217 |
214 |
Total |
1,606 |
2,291 |
1,619 |
* Note: The information included hereunder
relates only to Maha’s entitlement on Peroá and Papa Terra
clusters’ production, considering its indirect participation
interest on said assets. It was calculated based on the information
made public by 3R Petroleum. The production from Peroá and Papa
Terra clusters will not be consolidated in Maha’s financial
reporting.
Maha has an indirect working interest of 15% in
the Peroá cluster and 9.375% in the Papa Terra cluster, with 3R
Petroleum Offshore S.A. being the operator.
Maha is the operator holding 97% working
interest in the Illinois Basin. In addition, Maha is also the
operator of Block 70 in Oman with 65% working interest, where
production testing is currently being performed. In addition, Maha
is also the operator of LAK Ranch in USA. The LAK Ranch heavy oil
asset was shut in 2020, but incidental oil is occasionally produced
as a result of testing and/ or maintenance activities.
Papa Terra
clusterThe production at the Papa Terra cluster
decreased 51.5% from April to May. This result is explained by the
temporary interruption in the asset’s production, due to storage
capacity limitation of the 3R-3 platform and a damage in the
flexible hose used in the offloading operations (transfer of stored
oil to shuttle tankers), as per previously indicated in material
facts disclosed by 3R Petroleum on May 16 and May 29, 2023. The
operations of Papa Terra Cluster was resumed, and the cluster is
currently operating through three wells (i.e. PPT-16, PPT-50 and
PPT-51).
Peroá
clusterThe production at the Peroá Cluster grew
29.9% from April to May. This result reflects the increase in gas
production at the fields, in line with greater buyer demand under
the gas sale agreement.Illinois BasinThe
production at Illinois Basin in May was in line with the production
in April.
For more information, please
contact:Paulo Thiago Mendonça, CEO, Phone: +46 8 611 05
11, E-mail: info@mahaenergy.caGuilherme Guidolin de Campos, CFO,
Phone: +46 8 611 05 11, E-mail: info@mahaenergy.caJakob Sintring,
Head of IR, Phone: +46 8 611 05 11, info@mahaenergy.ca
MiscellaneousThe information
was submitted for publication, through the agency of the contact
persons set out above, 12:45 CEST on 14 June 2023.
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.
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