Bifogade filer
Q1 2025 Maha Energy ENG
Prenumeration
Beskrivning
| Land | Sverige |
|---|---|
| Lista | Small Cap Stockholm |
| Sektor | Råvaror |
| Industri | Olja & gas |
Highlights
(All amounts are in thousands of US dollars, unless otherwise noted. Comparisons are made with the same period last year.)
First Quarter 2025
- Daily oil production from the Illinois Basin decreased 6% to 315 BOEPD following natural decline in producing wells.
- Operating netback of TUSD 1,085 decreased 8% following the decreased revenue, which was mitigated by lower production costs.
- Other income increased to TUSD 4,628, due to TUSD 4,410 earnout received from PetroRecôncavo and TUSD 200 dividend received from 2B Ametrino (who owns an investment in the Bolivian Pipeline).
- Net finance results in the period amounted to TUSD 5,159, including an unrealized net gain on Brava Energia’s shares of TUSD 4,895.
- Net result from continuing operations amounted to TUSD 5,992.
- Total cash balance amounted to TUSD 15,335 (including restricted cash of TUSD 1,317).
- Liquid investments of TUSD 90,839, represented by Brava Energia shares and debentures issued by 3R Offshore.
- In March, Maha announced that the Company will be focused on acting as a financial investor in the energy and minerals industries with a reduced cost base and appointed Roberto Marchiori as CEO, which now accumulates the CFO position.
Subsequent Events
- During April 2025, Maha Energy AB bought back an additional 1,241,000 shares under the share buy-back program, as approved and announced in 2024.
- Technical and operational discussions (“Mesas Técnicas”) regarding the development plan for the PetroUrdaneta fields in Venezuela was concluded.
Financial Summary
The tables below present the highlights of the continuing operations:
| Financial Summary (TUSD) | Q1 2025 | Q1 2024 | Full Year 2024 |
| Average (BOEPD) | 315 | 334 | 328 |
| Revenue | 1,897 | 2,167 | 8,492 |
| Operating Netback | 1,085 | 1,182 | 4,417 |
| EBITDA | 2,083 | 729 | (4,791) |
| Net Result | 5,992 | 5,984 | (49,562) |
| Earnings per share (basic & diluted) | 0.04 | 0.04 | (0.29) |
| Financial Liabilities | - | (29,190) | - |
| Financial assets | 97,095 | 85,258 | 93,782 |
| Cash flow from operations | 3,016 | (3,793) | (9,179) |
| Free cash flow | 2,699 | (74,427) | (49,650) |
| Cash and cash equivalents (incl. restricted cash) | 15,335 | 46,825 | 10,050 |
Letter to Shareholders
Dear Friends and Shareholders,
It is with great pride and enthusiasm that I address you as Maha’s new CEO. The first quarter 2025 was another important quarter for Maha, as we begin to execute on our strategic shift toward a leaner and more cost-efficient organization, while significant progress was made in our key projects and investments. We have seen strong operational improvements in Brava Energia, a conclusion of the technical preparations in Venezuela and a steady development in the Illinois Basin. Maha is well-positioned to deliver sustainable long-term value creation.
Brava Energia delivered record Q1 2025 output of 70,815 boepd—up 80% from Q4 2024- as the production was restarted at its key offshore fields (Atlanta and Papa Terra fields and the acquisition of 23% stake in the high-quality Parque das Conchas Cluster was finalized. During April, we saw further growth as two more Atlanta wells came online. We expect total production to continue to increase. Despite global oil price volatility, Brava remains strongly positioned to generate robust cash flow and execute on a deleveraging path. We remain confident that the turnaround is underway, with further progress expected in the coming months.
In Venezuela, we reported the initial results from the Mesas Técnicas on the PetroUrdaneta fields, highlighting total projected production of ~84 million barrels of oil and 167 Bscf of gas, with peak output expected around 40,000 boepd (full fields). Q2 brought the conclusion of technical assessments, with just small expenditures expected until final contracts and licenses we target are secured. Negotiations with local authorities are progressing constructively, and we continue to pursue a strong contractual framework.
In the Illinois Basin, production has slightly declined in line with expectations, reflecting the natural depletion of wells from last year’s successful campaign. We are finalizing a new 2025 drilling plan focused on high-return wells, while monitoring oil price trends for signs of stabilization or upside.
In line with Maha’s new strategic direction, we are streamlining operations and optimizing our cost structure. By simplifying the corporate structure and reducing the number of legal entities, we anticipate meaningful reductions in G&A.
Finally, we are actively positioning Maha as an active financial investor in the energy and minerals sectors. The Company is debt free and maintains a strong balance sheet. During Q1 2025 our liquidity was further enhanced when we received an MUSD 4.4 oil price-related earn-out in Q1 2025, stemming from the 2023 sale of the Tie and Tartaruga fields to PetroRecôncavo. At the end of Q1, our total balance of available cash and liquid investments amounted to MUSD 106. It is my ambition to lead Maha into a new phase of disciplined, high-return growth, expanding our portfolio with select opportunities that align with our strategic vision.
Roberto Marchiori
CEO
Q1 Webcast 20 May at 14:30 CEST
The Company hereby invites all interested parties to a live webcasted presentation on Tuesday, 20 May 2025 at 14.30 CEST. Roberto Marchiori, CEO, will present the report and recent developments. The webcast will be held in English and will be broadcasted live. An on-demand version will also be available on Maha’s website. Questions to the presenter can be emailed in advance to the Company at info@maha-energy.com or be made directly on the day of the presentation in the YouTube Comments/Questions field.
Link to webcast: https://www.youtube.com/live/jWF5HVFpDhU