Maha Energy Announces Increase to 2021 Capital Plan

Source: 6/7/2021, Location: North America

Maha Energy AB is pleased to announce an increase of USD 10.4 million to the previously announced 2021 Capital Plan. The revised 2021 Capital Plan allocates a total of USD 36.8 million on capital projects during the year.

Jonas Lindvall, Managing Director of Maha Energy AB commented; “With strengthening price of oil, we are accelerating our growth plans for 2021. Illinois Basin is an area where we can quickly and economically add cashflow by drilling new wells and capitalize on these higher oil prices.”

The Company is pleased to provide details of its revised 2021 Capital Plan as follows:

2021 Revised Capital Plan Summary – Total Budget USD 36.8 Million (Items in Bold are new and additional projects for 2021)

Illinois Basin (IB) –Illinois and Indiana, USA
Production continues from the IB area during 2021. The previously budgeted 4 wells are progressing as per schedule. In addition to these 4 previously budgeted wells, 8 further wells will be drilled and placed on production later in 2021.

Mafraq Oil Field, Oman
No wells are planned for 2021 in Oman – however, preparatory work will commence whereby personnel will be mobilized and equipment purchased so that drilling can commence during 2022.

LAK Ranch –Wyoming, USA

Production Optimization:
Minor capital has been allocated to commence well monitoring and selective well start up.

Funding of the revised 2021 Capital Plan
The revised 2021 Capital Plan has a total budget of USD 36.8 million for the above incremental projects and is expected to be funded primarily with operating cash flow. Maha has raised sufficient cash following the recent financing and equity transactions, to build a strong balance sheet for its next phase of development.

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