Maha Energy: Updated Reserve and Resource Report for Papa Terra and Peroá

3R Petroleum S.A. ("3R”) has announced the reserve report as of 31 December 2022 for 3R Offshore assets Peroá Cluster and Papa Terra. Maha will have an indirect working interest of 15% and 9.375%, respectively, in these assets upon the closing of the business combination with DBO.

DeGolyer and MacNaughton has completed their annual reserve and resource determination for 3R Offshore, 3R subsidiary where DBO holds 15% of equity interest.

* Volumes are Gross Working Interest volumes and are expressed before royalties, Government allocations and taxes.

Peroá Cluster has an additional 2.1 MMBOE in 2C resources related to Malombe, to be reclassified as reserve after the declaration of commerciality of the field.

The reserves review and issuance of this reserve report for 3R was made by the independent petroleum engineering consultants DeGolyer and MacNaughton. Estimates of reserves presented in this report have been prepared in accordance with the Petroleum Resources Management System (PRMS) approved in March 2007 and revised in June 2018 by the Society of Petroleum Engineers, the World Petroleum Council, the American Association of Petroleum Geologists, the Society of Petroleum Evaluation Engineers, the Society of Exploration Geophysicists, the Society of Petrophysicists and Well Log Analysts, and the European Association of Geoscientists & Engineers.

For more information, please contact:
Paulo Thiago Mendonça, CEO, Phone: +46 8 611 05 11, E-mail: info@mahaenergy.ca
Guilherme Campos, CFO, Phone: +46 8 611 05 11, E-mail: info@mahaenergy.ca

Miscellaneous
The information was submitted for publication, through the agency of the contact person set out below, at 13:40 CEST on 6 April 2023.

About Maha
Maha 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 and Muscat, Oman. For more information, please visit our website www.mahaenergy.ca

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