Maha Energy AB (publ) ("Maha" or the "Company") announce Total Depth (TD) reached on Tie South (7-TIE-2D-BA) and logging results.

The Company is pleased to provide the following Operational Update from its operations in Brazil.

Tie-2 (Tie Field)

The Tie-2 development well (7-TIE-2D-BA) reached a Total Depth of 2,195 m. on November 21. Both productive target formations were intersected. Electric logging has been completed and the well is now being prepared for production.

Electric logging and drilling results confirmed the productive Agua Grande (AG) and Sergi formations are likely to be oil bearing. Indications are that both productive formations are above the Oil Water Contact and Tie-2 marks a new structural high in the Tie field with the top of its AG reservoir being 2 metres higher than the TIE-1 well (Attic well).
The AG yielded 23 m. gross reservoir sand with an interpreted net productive thickness of 13 m. The Sergi yielded 17 m. gross reservoir sand with a net productive thickness of 7 m.

Operations are now underway to complete the AG and Sergi formations and place 7-TIE-2D-BA on production.

The information was submitted for publication, through the agency of the contact person set out below, 16:00 CET on 25 November, 2020.

For more information, please contact:
Jonas Lindvall

Victoria Berg

About Maha
Maha Energy AB) in Stockholm. FNCA Sweden AB is Certified Adviser and can be contacted at [e-mail] or [phone]. The head office is in Stockholm, Sweden with a technical office in Calgary, Canada, as well as operations offices in Newcastle, WY, USA and Rio De Janeiro, Brazil. For more information, please visit our website www.mahaenergy.ca.

Attachment

• 2020-11-25 Operational Update Tie-2 (https://ml-eu.globenewswire.com/Resource/Download/c765ea4c-ec39-4d9f-a6d2-743c38152d16)