Maha Energy - 2021 guidance in line with ABGSCe

’21 guidance in line with our estimates Reserves in line with Oct update, impairment of LAK Signed term sheet with bank to refinance bond 2021 guidance in line with ABGSCe Yesterday after close Maha provided four corporate updates; 2021 guidance, reserve update, impairment on LAK Ranch and progress on refinancing. For 2021, Maha guides production of 4,000-5,000boe/d, ABGSCe is at 5,006boe/d, and capex of USD 26m, in line with ABGSCe at USD 26m. YE’20 reserves Maha reports YE’20 reserves of ~45mill boe. This is in line with the company’s estimate provided in the five year plan presented in October 2020.

Maha guides that it expects to take a USD ~20m impairment on the LAK Ranch heavy oil field in the US as it is less likely to be developed in the near future. We have only a nominal value on the field in our SOTP. Refinancing progresses Maha has announced it has signed a term sheet with a banking institution with experience in the Brazilian E&P sector.

Maha has a SEK 300m bond that matures May 2021. There is a 55 day exclusivity with the bank to finalize documentation, during this period Maha can discuss a potential refinancing of its bond with bondholders. Maha will report Q4 on 26 February.