Maha Capital Ab Class A · OMXSTO:MAHA_A
Maha Capital Ab Class A — Q1 2024 Earnings Presentation
19 slides from Maha Capital Ab Class A's earnings presentation, May 28, 2024
Slide 1: 1Q24 Earnings Presentation
1Q24 Earnings Presentation 29th May, 2024 maha-energy.com
Slide 2: Disclaimer
Disclaimer Future Oriented Financial Information and Notes to the Presentation This information has been made public in accordance with the Securities Market Act (SFS 2007:528) and/or the Financial Instruments Trading Act (SFS 1991:980). Forward-looking statements made and information contained here
Slide 3: Today's Presenters
Today’s Presenters Professional Experience Curriculum ✓ Kjetil Solbraekke has over 30 years of experience from the Norwegian Oil and gas sector in various positions as Assistant director general in the Ministry of Petroleum in Norway, SVP and CFO in Norsk Hydro, SVP in Equinor, CEO in Panoro Energy
Slide 4: Transformational Events Throughout in the Last 12 Months
Transformational Events Throughout in the Last 12 Months “Cash flow-oriented company with a strong balance sheet, focused on inorganic and organic growth by recovering oil and gas reserves and operating productive assets” Jun/Jul 2024 New wells to be drilled in the US to increase 17th Maha US May pr
Slide 5: 3R Investment Thesis Overview
3R Investment Thesis Overview maha-energy.com
Slide 6: 3R Offshore Roll-up: Creating Value as part of the Merger between 3R and Enauta
3R Offshore Roll-up: Creating Value as part of the Merger between 3R and Enauta May 2023 Key Figures 15% stake in 3R Offshore 1Q24 Business Combination Production Reserves boepd mmboe + 22% 21% May 2024 1.713 23 1.405 19 Strategic Realignment Merge Maha Offshore into a 2.17% share of the new entity
Slide 7: Maha contributed to create one of the largest privately owned E&P company in LATAM
Maha contributed to create one of the largest privately owned E&P company in LATAM + = Combined Potential cost of debt reduction in a low combined leverage ratio Revenue 25E¹ 1,219 2,143 3,362 (US$mm) EBITDA 25E¹ 904 1,024 1,928 Robust free cash flow generation (US$mm) 2P Reserves2 237 530 767 (MMbo
Slide 8: Operations Highlights
Operations Highlights maha-energy.com
Slide 9: Illinois Basin: 3 New production wells, 1 Production battery
Illinois Basin Drilling new profitable wells adding cash flow to Maha Production Ramp Up: (boepd) +123% 356 330 350 317 211 179 166 2Q23A 3Q23A 4Q23A Jan-24 Feb-24 Mar-24 Apr-24 3 New production wells Production 1Q24 1 Production battery 334 boe/d ✓ All under operation CAPEX 1Q24 ✓ Additional wells
Slide 10: Moving forward in Venezuela
Moving forward in Venezuela Application in progress PetroUrdaneta – Field overview – Maracaibo lake (Occidental region) During the first quarter of 2024, prior to the suspension of General License 44, Maha applied for a specific license covering its projects for the Venezuelan oil company PetroUrdan
Slide 11: PetroUrdaneta: Large oil in place volume and good API
PetroUrdaneta: Large oil in place volume and good API 8.6 billion bbls Oil in place Large Asset with Sizable Reserves Currently producing ~1,000 bbls/d 2P Reserves : ~560 Mbbls from 11 active wells in La Paz, with Recovery Factor: 23% remaining 279 inactive wells. 1P Reserves: ~400 Mbbls This scenar
Slide 12: Maha E&P portfolio presents great potential upside
Maha E&P portfolio presents great potential upside MAHA’S POTENTIAL NAV BUILD-UP (USD M) – AS OF END OF MARCH 2024 USD 135 m Market Cap at 28th March (Q1) SEK 2,5 /sh SEK 1,3 /sh USD 42 m SEK 8,0 /sh SEK 3,6 /sh USD 21 m Maha is trading way below its Potential Value SEK 4,7 /sh USD 60 m USD 134 m SE
Slide 13: Financial Highlights
Financial Highlights maha-energy.com
Slide 14: Q1 2024 Financial Highlights – Income Statement (1/2)
Q1 2024 Financial Highlights – Income Statement (1/2) Q1 HIGHLIGHTS (TUSD) NET DAILY PROFORMA PRODUCTION (BOEPD)² EBITDA (TUSD)¹ Papa Terra W.I. Peroá W.I. IB 441 27.5% (7.6%) BOEPD WTI Price 2.216 2.047 165 2,047 77.56/bbl 1.606 334 -708 516 (7.6)% q/q – 27.5% y/y (2.7)% q/q – 1.1% y/y 233 509 437
Slide 15: Q1 2024 Financial Highlights – Income Statement (2/2)
Q1 2024 Financial Highlights – Income Statement (2/2) FINANCIAL INCOME (TUSD) NET FINANCIAL RESULT (TUSD) +9,726 +7,372 8.809 Results derived from 3R shares appreciation, which are always 10.060 1.199 inherently volatile (1.669) 2.688 333 Q1 2023 Q4 2023 Q1 2024 Q1 2023 Q4 2023 Q1 2024 FINANCIAL EXP
Slide 16: Q1 2024 Financial Highlights – Balance Sheet, G&A and CAPEX
Q1 2024 Financial Highlights – Balance Sheet, G&A and CAPEX Q1 HIGHLIGHTS (TUSD) G&A (TUSD) 110.2% In Q1 2024, G&A expenses (49.7%) Bank Debt were high, partly due to 4.648 one-offs: 29,190 (i) M&A Costs, one-time (15.1%) q/q – (31.7%) y/y consultant fees (TUSD 451) 3.466 (ii) Closing of Canada’s 2.
Slide 17: Q1 2024 Financial Highlights – Cash Flow Overview
Q1 2024 Financial Highlights – Cash Flow Overview CASH BALANCE AND FINANCIAL INVESTMENTS OVERVIEW (TUSD) USD 97 USD 97M Net Cash + ST Net Cash + ST Investments Investments 441 (1.998) (1.631) 126,739 Excludes USD 12.7 M (428) (4,983) (1.168) (4,163) 9.549 long-term investments¹ 3R Petroleum 79.055 s
Slide 18: Q1 2024 Closing Remarks
Q1 2024 Closing Remarks Looking Forward Enhanced Capital Structure Inorganic Growth ✓ The potential acquisition of 24% of PetroUrdaneta is evidence of Maha’s being the first mover and seizing opportunities before public awareness; ✓ Maha is experiencing a series of ✓ Solid Cash and Investments trans
Slide 19: maha-energy.com
maha-energy.com Rio de Janeiro Office Stockholm Office 1165 Ataulfo de Eriksbergsgatan 10 Paiva| Room 501 SE-114 30 |Leblon | Rio de Stockholm / Janeiro, RJ | Brazil SWEDEN