Maha Capital Ab Class A · OMXSTO:MAHA_A
Maha Capital Ab Class A — Q2 2024 Earnings Presentation
19 slides from Maha Capital Ab Class A's earnings presentation, Aug 18, 2024
Slide 1: 2Q24 Earnings Presentation
2Q24 Earnings Presentation 13th August, 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 Board approves Buy- back program up to 10% of Maha’s shares 12nd Aug 2024 Signed Definitive Aug Agreements for 2024 PetroUrdaneta and paid first installment of MEUR 4.6 31st July Issued a MUSD 15 debt, Closing of DBO Exits Block 70 in at attra
Slide 5: 3R Investment Thesis Overview
3R Investment Thesis Overview maha-energy.com
Slide 6: 3R and Enauta Merge closed in end of July
3R and Enauta Merge closed in end of July Maha Energy triggered the Brazilian E&P consolidation, unlocking potential value to its shareholders Potential Synergies of the Integrated Company¹ (USD M) ✓ Transaction closed on 31st July – Maha has 4.76% of the merged entity. 149 149 ✓ From an illiquid in
Slide 7: 3R and Enauta set up to generate significant free cash flow
3R and Enauta set up to generate significant free cash flow One of the largest privately owned E&P company in LATAM with diversified, high quality asset portfolio + = Combined Diversified production from multiple wells, yielding high-quality Revenue 25E¹ 1,116 1,947 3,063 (USD M) oil and gas EBITDA
Slide 8: Operations Highlights
Operations Highlights maha-energy.com
Slide 9: Illinois Basin: Drilling new profitable wells adding cash flow
Illinois Basin Drilling new profitable wells adding cash flow to Maha Production Ramp Up: (boepd) +53.1% 334 323 211 179 165 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 ✓ Production ramp up following 3 new production wells in Q1 2024 Production 2Q24 323 boe/d ✓ Drilling program with 3 additional new pro
Slide 10: Moving Forward in Venezuela
Moving Forward in Venezuela • Q1 2024 Maha applied for a specific license US OFAC • Q2 2024 continuing dialogue maintained with 1) Licenses / Application in consultants in Washington D.C. and the US State Authorizations Progress Department. Venezuela Getting • Q2 2024 progressing with approvals from
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 Opportunity
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 JUNE 2024 USD 148 m Market Cap at 28th June SEK 2,5 /sh SEK 8,8 /sh SEK 1,2 /sh USD 42 m SEK 6,4 /sh USD 21 m USD 148 m USD 109 m SEK 1,2 /sh USD 19 m Market Cap¹ Net Cash & 4.76% 3R¹ US NAV³ Earn
Slide 13: Financial Highlights
Financial Highlights maha-energy.com
Slide 14: Q2 2024 Financial Highlights – Income Statement (1/2)
Q2 2024 Financial Highlights – Income Statement (1/2) Q2 HIGHLIGHTS (TUSD) NET DAILY PROFORMA PRODUCTION (BOEPD)² EBITDA (TUSD)¹ Papa Terra W.I. Peroá W.I. IB 729 25.1% 21.5% BOEPD WTI Price 2.487 323 81.71/bbl 1.988 2.047 323 211 334 445 (3.3%)% q/q – 53.1% y/y 5.4% q/q – 10.8% y/y 560 509 1.718 (8
Slide 15: Q2 2024 Financial Highlights – Income Statement (2/2)
Q2 2024 Financial Highlights – Income Statement (2/2) FINANCIAL INCOME (TUSD) NET FINANCIAL RESULT (TUSD) (3,816) (9,612) 2.386 8.809 Results derived from 3R shares depreciation, 3R Shares which are always 9.216 (20.555) Unrealized inherently volatile Gain 4.264 844 448 Q2 2023 Q1 2024 Q2 2024 Q2 20
Slide 16: Q2 2024 Financial Highlights – Balance Sheet, G&A and CAPEX
Q2 2024 Financial Highlights – Balance Sheet, G&A and CAPEX Q2 HIGHLIGHTS (TUSD) G&A (TUSD) 77.4% 7.8% Bank Debt In Q2 2024, G&A expenses 2.522 were high, partly due to 23,939 2.340 one-offs: (18.1%) q/q – (36.7%) y/y (i) M&A Costs, one-time 1.422 992 1.383 consultant fees (TUSD 97 1,173); (ii) Extr
Slide 17: Q2 2024 Financial Highlights – Cash Flow Overview
Q2 2024 Financial Highlights – Cash Flow Overview CASH + SHORT TERM INVESTMENTS BUILD-UP (MUSD) Cash (including restricted) Short Term Investments SUBSEQUENT EVENTS 1) 1 Cash Flow from Operations ▪ Negative EBITDA of (TUSD 861); USD 126.8 M Net Cash + ▪ Negative non-cash adjustments² of S.T. Invest.
Slide 18: Q2 2024 & Subsequent Events Closing Remarks
Q2 2024 & Subsequent Events Closing Remarks Enhanced Capital Structure Looking Forward ✓ Initiation of Share Buy-back Program to ✓ Solid proforma capital structure with MUSD repurchase up to 10% of all shares; 141.8 in Cash and Investments¹; ✓ Waiting OFAC license and other approvals to ✓ Additional
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