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Tartaruga Field

While delays were experienced at the Tartaruga operations (including the 107D sidetrack) we are pleased the capital program is now fully "back on track". The Drilling Rig finished mobilization on 20 September, and the 107 D well was thereafter re-entered and prepared for a horizontal sidetrack. As announced on October 17 - the drill-string parted necessitating repairs to the Drilling Rig and fishing of the drill-string. Happily, drilling is again underway to complete the horizontal sidetrack at Tartaruga. On completion of the 107D sidetrack, the Drilling Rig will be moved over to the 7TTG well where a new Penedo zone will be perforated and brought on production. While the delays at Tartaruga reduced the production volumes and pushed back the drilling of the `Attic Well` at the Tie Field; better than expected production results from Tie Field and the "new rig" for the Attic Well (see below) largely mitigate these effects.

Tie Field

At the end of Q3, the GTE-3 producing well was reconfigured to allow comingled production after technical problems hindered the short string to be selectively produced, as planned. The comingling of these two zones is temporary and once the Tie Field facilities are expanded to handle 5,000 BOPD; GTE-3 will be worked over to allow both zones to produce individually, which translates to higher production volumes. At the end of Q3, the Tie Field facilities were producing at maximum capacity.

As recently announced, a second drilling rig to drill the Attic Well has been contracted. This decision was taken to ensure that the 2019 production goal does not fall behind due to the delays at Tartaruga. Increased production from the Tie Field, Maha`s principal producing asset, largely mitigates the production shut in at Tartaruga at a Corporate level. The expected production from the 107D Sidetrack and the Attic Well will be the "gravy" to the already tremendously successful program!

Last, the final phase at the Tie Field facilities expansion is being completed including the new separators, water injection skids, tanks and other processing equipment that are, as this is written, being installed and commissioned.

LAK Field

At the end of the Q3 - Maha commenced the planned eight well drilling program at LAK Ranch in Wyoming. The program was completed approximately 2 weeks ahead of schedule and below budget. The purpose of this campaign was to finish what was started in 2014/15 but delayed because of the dip in commodity prices. We now have six horizontal (or near horizontal) production wells supported by nine vertical water injectors (which wells are in the process of being tied in) which completes this Phase of the new hot water injection plan. We anticipate the eight wells drilled this year will cause LAK to consistently deliver net back positive cashflow. Based on the near-term results from the now completed `Phase 3" program, we will decide how we best to proceed with this asset.

Conclusion

We look forward with great anticipation to Q4 2018 especially the completion and testing of the 107D horizontal sidetrack and completion of the Tie Field facility expansion.

I continue to be grateful for all the support we receive from our family of "Maha Investors" and as we quickly move towards the end of 2018 - I am sure we will look back and conclude this was as a truly transformational year for Maha. Finally, I wish everyone Happy Holidays.

"Jonas Lindvall"
Managing Director

Q3 Webcast

There will be a live webcast tomorrow, 30 November at 1600 CET (Stockholm time) to review and discuss Maha Energy`s Third Quarter results and to provide an operational update. The webcast will be broadcast live on Nyhetsbyrån Direkts Youtube Channel and will be hosted by Laikas Mr. Mats Jonsson and will feature Maha Energy`s CEO Jonas Lindvall and Maha Energy`s CFO Andres Modarelli. For further details please consult the Company`s website: www.mahaenergy.ca

Adviser

FNCA Sweden AB is the Company`s Certified Adviser.

For more information, please contact:
Jonas Lindvall (CEO)
Tel: +1 403 454 7560
Email: jonas@mahaenergy.ca

or

Ron Panchuk (CCO)
Tel: +1 403 454 7560
Email: ron@mahaenergy.ca

or

Andres Modarelli (CFO)
Tel: +1-403-454-7560
Email: andres@mahaenergy.ca

Miscellaneous

This information is published in accordance with the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact persons set out above on November 29, 2018, at 3:00 am CET.

Maha in Brief

Maha Energy AB is a Swedish public limited liability company. FNCA Sweden AB has been engaged as Certified Adviser. The Company`s auditors are Deloitte. The Company`s predecessor Maha Energy Inc. was founded in 2013 in Calgary, Canada, by Jonas Lindvall and Ron Panchuk. In May 2016, the new group was formed with Maha Energy AB as parent company for purposes completing an initial public offering on the Nasdaq First North Sweden stock exchange. Jonas Lindvall, CEO and Managing Director, has 26 years of international experience in the oil and gas industry, starting his career with Lundin Oil during the early days of E&P growth. After 6 years at Shell and Talisman, Jonas joined, and helped secure the success of, Tethys Oil AB. Maha`s strategy is to target and develop underperforming hydrocarbon assets on global basis. The Company operates three oil fields, Tartaruga and Tie in Brazil and LAK Ranch, in Wyoming, U.S. For more information, please visit our website www.mahaenergy.ca.

Important Information

Publication or distribution, directly or indirectly, of this press release could in some jurisdictions be subject to restrictions according to law and recipients of this press release, or part of it, are required to inform themselves of, and comply with, such legal restrictions. This press release is not for release, publication or distribution, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa, Switzerland or the United States, or in any other jurisdiction where distribution of this press release could be illegal or subject to legal restrictions. Copies of this press release are not being made and may not be distributed or sent, in whole, or part, directly or indirectly, in violation of such restrictions. Failure to comply with such restrictions may constitute a criminal act under the United States Securities Act of 1933 (as amended) ("Securities Act") or applicable laws in other jurisdictions.

^[1] Q4 2017 figures include previously disclosed changes to the 2017 Fourth Quarter Report in April 30, 2018 press release

^[2] Includes positive adjustment of TUSD 1,423 in relation to FY 2017. Result for the Q4 2017 period before adjustment was $1,059 and Earnings per share of 0.01.

Maha Energy 2018_Q3 Report
Maha Energy 2018_Q3 Report Press Release

This announcement is distributed by West Corporation on behalf of West Corporation clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Maha Energy AB via GlobeNewswire
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