2021 08 03 - corporate presentation website version final

5 Year Operational Strategy Corporate Presentation

8 March 2021

Contents

I. Introduction to Maha Energy

II. Asset overview

III. Financial overview

IV. Supporting material

2

3

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 Certain statements made and information contained herein constitute "forward‐looking information" (within the meaning of applicable securities legislation}. Such statements and information (together, "forward‐looking statements"} relate to future events, including the Company's future performance, business prospects or opportunities. Forward‐looking statements include, but are not limited to, statements with respect to estimates of reserves and/or resources, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities. Ultimate recovery of reserves or resources are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.

All statements other than statements of historical fact may be forward‐looking statements. Statements concerning proven, probable and possible reserves and resource estimates may also be deemed to constitute forward‐looking statements and reflect conclusions that are based on certain assumptions that the reserves and resources can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions} are not statements of historical fact and may be "forward‐looking statements". Forward‐ looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward‐looking statements. No assurance can be given that these expectations and assumptions will prove to be correct and such forward‐looking statements should not be relied upon. These statements speak only as on the date of the information and the Company does not intend, and does not assume any obligation, to update these forward‐looking statements, except as required by applicable laws. These forward‐looking statements involve risks and uncertainties relating to, among other things, operational risks (including exploration and development risks}, productions costs, availability of drilling equipment, reliance on key personnel, reserve estimates, health, safety and environmental issues, legal risks and regulatory changes, competition, geopolitical risk, and financial risks. These risks and uncertainties are described in more detail under the heading "Risks Factors" and elsewhere in the Company's Prospectus. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. Actual results may differ materially from those expressed or implied by such forward‐looking statements. Forward‐looking statements are expressly qualified by this cautionary statement.

Glossaryk thousand

m million

boe Barrels of oil equivalent

bbls Barrels

bopd Barrels of oil per day

boepd Barrels of oil equivalents per day

kscf Thousand standard cubic feet

Gas to oil conversion

6,000 cubic feet = 1 barrel of oil equivalent

All monetary values are in USD unless otherwise noted.

4

Company highlights

Source: Company estimates based on certified 2P reserves for Tie field, Tartaruga and Illinois BasinNotes: 1) Based on USD 55/bbl Brent oil price for Q1/21, USD 50/bbl from Q2/21 onwards, includes corporate G&A

Diversified and operated oil production and development portfolio with 48 mboe 2P reserves and a strong growth record Estimated 4.0 - 5.0 kboepd production expected on average in 2021e, expected to further increase in 2022, on back of

recently completed processing capacity expansions and new wells at the core Tie and Tartaruga fields in Brazil Illinois & Mafraq are low risk, high value, contributors; phased developments with flexibility to rapidly adjust capex if

desired

Low unit costs and consistent improvements in operational efficiency- Opex expected to be ~USD 7.0-8.0 /boe for 2021e- Overall corporate netback of USD ~25/boe1)

- 2020 EBITDA of ~USD 18m, expected to further grow in 2021. High degree of discretion over capex due to operatorship and phased development approach

Proven track record of executing highly accretive business development opportunities Production increased ~2.7x following comprehensive capital program executed in Brazil 2P reserves at Tie field have been increased by 120% since acquisition in 2017 Superior shareholder returns and well performing inaugural bond since Tie acquisition

Solid asset baseSolid asset base

Robust cash flow generation

Robust cash flow generation

Proven management track record

Proven management track record

5

Introduction

Maha Energy is a production focused upstream O&G company

Maha at a glance – 2020 key figures2)

Reserves overview

Notes: 1) Undiluted market capitalization as of 5 March 2021; 2) Reserves life is 2P reserves divided by 2020 production where LAK Ranch is excluded from the calculation; 3) Reserves certified by Chapman Petroleum Engineering Ltd. as of 31 December 2020. Excludes 22 mmbls of 2C Resources evaluated at year end 2020 4) Source: Reserve Report, also recorded 22mbls 2C Resources

Technical officeCalgary

Operationsoffice

Wyoming

OperationsofficeRio de Janeiro

Tie (100% WI)

Tartaruga (75% WI)

Lak Ranch (99% WI)

Asset and organization locations

5 assets

4 offices

72 employees

International upstream oil & gas producer with a diverse portfolio ofoperated onshore oil producing assets

- Uplisted to Nasdaq Main Stockholm – market cap of USD ~163m1)

Focused on optimizing operations and further development of portfolio

- Operator of all assets providing control and capex flexibility

- Proven track record, through the Tie field development, in unlockingvalue and cash flow from acquired assets

- Prudent growth strategy through development of low break-evenproducing or close to producing assets

Illinois Basin(95% WI)

Mafraq (100% WI)

Operational Cash flow / Costs

3.3 kboepdProduction 2020

~25 years2P reserves life

USD 18mEBITDA

~ USD 8/boeTransportation/Opex

18%

26%46%

7% 2%

Oil = 93% Gas = 7%

Tie Field36-38º API

Tartaruga41º API

LAK Ranch19º API

35º APIIllinois Basin3)

Maha 2P reserves3)Maha 2P reserves3)

47.9mboe

Mafraq4)

13º API

2P reserves development2P reserves development

13 12 1220 22

9 12

13 1213 9

9 9

4

33

31.12.2019

3

31.12.2016 31.12.201831.12.2017

11

31.12.2020

13

34

46 48

Tartaruga

Illinois Basin

Mafraq

LAK Ranch Tie

mboe

2016 2017 2018 2019 2020

0

2,000

4,000

6,000

8,000

10,000

12,000

2017 2018 2019 2020 2021e 2022e 2023e 2024e

Tie Field Tartaruga Illinois Basin Mafraq

6

Strong production growth track record, which is expected to continue into 2021

Maha has delivered consistent production growth

Comments

Source: Company estimates

Since acquiring the Tie field in 2017Maha has delivered significantproduction growth through drilling,well reactivation, and waterflood

- Field expected to reach itsproduction plateau of ~4,800boepd for 2-3 years

Tartaruga represents anothersuccess with more than doubledproduction since 2017 throughhorizontal drilling and workovers

- TTG-3 to begin long-term testingin March. Next two wells tocome in 2022 and 2023,respectively.

Illinois Basin and Mafraq expectedto be important contributors toproduction growth medium term,following low risk, phaseddevelopments

Substantial increase in Mafraq production forecasted before full

field development

Significant production increase achieved for Tie and Tartaruga

Production rate by field, boepd

Mafraq – key contributor to medium term growth

Illinois Basin –increasing production from 2021 onwardsTartaruga – stable production with further potential

Tie - core contributor to reserves and production

916

1,804

3,044 3,301

~4-5,000

Covid-19 caused delays in capital program and impacted production.

Strong HSE focus - DuPont STOP safety program implemented

7

Maha’s organization is built to be a highly efficient operator

Jonas Lindvall (CEO & board member) 30 years in international upstream and founder of Maha Experienced with emerging markets, notably as country manager for Tethys Oil in Oman Petroleum Engineer with senior positions within technical and management B. Sc. in Petroleum Engineering, Master Degree in Energy Business

Jamie McKeown (VP E&P) >30 years experience from international E&P Operational Geologist active in Africa, M.E., USA Petrophysics/geosteering/wellsite expert B.Sc. in Geology

Andres Modarelli (CFO) 20 years experience within finance and accounting from small cap E&P

companies B. Commerce and BBA degrees, chartered public accountant (CPA)

Bench strength across all key disciplines backed withinternational experience

Core technical skills of asset management, businessdevelopment and corporate finance centralized in Calgary

Access to well trained and experienced labor markets

All major service companies available in Brazil, as well as strong local providers

Top quartile operating expenses achieved in Brazil

Administration

Finance

HR

HSE

D&C

Operations

E&P

• ~9 emp. (2 consultants)

• ~ 9 emp. (IT & compliance outsourced)

• ~ 2 emp.

• ~ 5 emp.

• ~ 11 emp. (2 consultants)

• ~ 34 emp. (6 consultants)

• ~ 3 emp.

Alan Johnson (VP Operations) >25 years in int. upstream oil & gas Experience includes varied technical, managerial and executive roles in drilling,

production, reservoir, reserves, corporate planning and asset management B.Eng (1st Class) (Hon)

Experienced management and board A lean, solid operator organization

Man

agem

ent

Boa

rd

Seasoned board with extensive background from the oil & gas industry and finance

Chaired by Harald Pousette, CEO of Kvalitena IndustrierAB, has broad experience from finance and real estate

Includes inter alia Nick Walker, President and CEO of Lundin Energy since 1 January 2021

Anders EhrenbladSeth LiebermanFredrik Cappelen

Harald Pousette Jonas LindvallNick Walker

Board of directors

Brazil: ~ 53 emp. (32 field based) | North Am.: ~ 17 emp. (4 field based)Sweden ~2 emp | Oman ~ 1 emp).

Ensuring stable production and near-term low risk developments are key to Maha’s operational strategy

8

Conservative operational strategy centered around value and stable production opportunities

Limit to low risk near field exploration –selective approach

Funded through free cash flow

Limit to low risk near field exploration –selective approach

Funded through free cash flow

Move resources into reserves and production

EOR expertise employed to increase production and exploit low hanging fruit

Ensure future cash flow generation with short lead time and payback

Move resources into reserves and production

EOR expertise employed to increase production and exploit low hanging fruit

Ensure future cash flow generation with short lead time and payback

Core strategy to optimize and develop existing production base

Geographical and asset diversification to mitigate political and operational risk

Current portfolio ensures stable production base and predictable cash flow

Core strategy to optimize and develop existing production base

Geographical and asset diversification to mitigate political and operational risk

Current portfolio ensures stable production base and predictable cash flow

50% - Production base

40% - Low risk development

10%Appraisal and near field exploration

Jurisdictional and asset concentration risks mitigated by establishing geographical diversification and low risk, operated phased developments

9

Maha delivered a solid 2020

Constructive 2020 with completion of Brazil workover programme, main-market listing, and two new acquisitions

Two key acquisitions in US and Oman

Note: 1) Including associated post acquisition capex /opex

Maha awarded Block 70 in Oman as operator with 100% working interest, winning competitive bid process

Acquisition consideration of USD 10m paid in November 2020

PSA structure with approximate government take of 42-45%

Long-term production test of > 700 BOPD from single well in 1991

Recent reserve report (2021) confirms 2C resources of 22.3 mbbls

Maha awarded Block 70 in Oman as operator with 100% working interest, winning competitive bid process

Acquisition consideration of USD 10m paid in November 2020

PSA structure with approximate government take of 42-45%

Long-term production test of > 700 BOPD from single well in 1991

Recent reserve report (2021) confirms 2C resources of 22.3 mbbls

Closed two key acquisitions in US and Oman for total cash consideration of USD 14m, providing platform for next stage of growth and diversifying its geographic portfolio

Exited 2020 with cash balance of USD 6.7m after yearly acquisition spend of ~USD 17m1)

Positive and constructive 2020, despite faced with logistical challenges brought on by the Covid-19 pandemic

Impact of Covid-19 on operations was largely logistical - temporary impact on Tie Field production now resolved

Completed transfer to main market Nasdaq Stockholm in December 2020

Mafraq acquisition overview

Conventional low risk, onshore light oil field acquired in March 2020 for USD 4.25m from Dome Energy AB, currently producing 260 bopd

As operator Maha has significant capex flexibility to switch drilling “on/off” depending on oil price, with minimal committed drilling programme

Flexible development programme with potential to increase to 1,200 bopd

Estimated netback at USD 50/bbl Brent of USD 20/bbl

Conventional low risk, onshore light oil field acquired in March 2020 for USD 4.25m from Dome Energy AB, currently producing 260 bopd

As operator Maha has significant capex flexibility to switch drilling “on/off” depending on oil price, with minimal committed drilling programme

Flexible development programme with potential to increase to 1,200 bopd

Estimated netback at USD 50/bbl Brent of USD 20/bbl

Illinois Basin acquisition overview

Completed the drilling of Tie-2 development well delivering > 2,000 BOEPD at Tie.

Exited 2020 with a Corporate production of 4,112 BOEPD

10

A wide range of initiatives to ensure safe and efficient operations while minimizing pollution

Corporate responsibility is core in Maha

Environmentalefforts to

minimize pollution

Focus on efficient and safe

operations

Strict governance important

Tie Gas to wire project allows electricity generation

with gas that would otherwise be flared (aims to reduce flaring to zero and increase oil recovery)

Zero water discharge. All water is recycled as part of water injection scheme

Important source of gas to local community

Tartaruga Located on the coast – operations set up to

minimize disruption to local wildlife and habitat

Instead of traditional rig, short mast rig was used to minimize light pollution during turtle nesting season

Impermeable mats protect against spills

LAK Ranch & Illinois Basin Reduced discharge to zero (100% water

recycling)

Zero gas flaring implemented

Special pump jacks to allow simultaneous irrigation activities and oil production

A year of safe operationsNo lost time incidents recorded

during 2020

72% complete on corporate wide implementation DuPont™ STOP™

safety system

HSE committeeestablished in 2016 to review operations

and HSE management

systems

Internal governance guidelines to guide

decision making processes

Listing in Stockholmensures transparency

in reporting –Successfully uplisted to

Nasdaq MainMarket in Q4 2020

External

E

S

G Internal

Contents


II. Asset overview



11

PRODUCTION BASE DISCRETIONARY DEVELOPMENTS NON-CORE

12

Material and diversified production and reserve base

Notes: 1) As per Company estimates; 2) 2P + 2C production profile according to Third Party Estimates

Tie Bahia, Brazil Onshore 100% working interest Operator Core asset, proven Maha’s

operator capabilities

Tartaruga Aracaju, Brazil Onshore development 75% working interest,

Operator Strong asset, improved

economics from future horizontal development

Mafraq Central Oman Onshore 100% working interest Operator EPSA awarded in Q4 2020 Familiar jurisdiction, low

effort development plan w/ attractive entry point

Illinois Basin Illinois, USA Onshore ~96% working interest Operator Acquired March 2020 Overlooked asset, v. low risk

opportunity grow production and value organically

LAK Ranch Wyoming, USA Onshore 99% working interest Operator Legacy asset, cash neutral Oil Price Play – lease held in

perpetuity.

Reserves and resources2 Production1

3

5

0

4

1

6

2

789

1011

’19

kboepd

’17 ’18 20 ’21e ’22e ’23e ’24e

0.91.8

3.0 3.3

4.0 – 5.0

Tie

Tartaruga

Illinois Basin

Mafraq

Asset locations

Brazil

Oman

USA

E

22

4812

9

22

22

0

10

20

30

40

50

60

7070

Total

mbbl

4

Tie Tartaruga

1

Mafraq

2C

2P

D

C

BA

A B C D E

Tie Tartaruga Mafraq Illinois

Illinois Basin

LAK Ranch

mboe

0

1,000

2,000

3,000

4,000

5,000

6,000

'15 '16 '17 '18 '19 '20e'21e '22e'23e'24e'25e '26e'27e'28e'29e'30e '31e '32e'33e'34e

13

Introduction

Tie – Maha’s flagship assetMaterial producer with strong cash flow generation and a low risk growth outlook

Key facts and location

Net production2)

Notes: 1) Chapman Petroleum Engineering Reserve Report, as of 31.12.2020, 9% of STOOIP recovered as of year end 2020 2) Source: Company estimates

Maha acquired 100% ownership from Gran Tierra in 2017

Since the acquisition, production and 2P reserves are up 179% and 120%respectively as a result of:

1. Drilling the Tie-1 well – flow tested 2,932 boepd (best well ever foronshore Brazil)

2. Commenced waterflood in 2017, to halt natural decline

3. Reactivated GTE-3 (dead well) as dual producer; tested a combinedrate of 1,166 boepd

4. Recompleted GTE-4 with jet pumping equipment in November 2020

5. Drilled the Tie-2 well – flow tested 2,005 boepd - on production sinceDecember 2020

Current production of ~3,380 boepd with production reaching 5,200 boepdin 2023

- Produces from two highly productive sandstone formations withexcellent reservoir properties

- To date four production wells and one water injector have been drilled

- Four new producers and four water injectors to be drilled over next fiveyears and processing capacity will be increased

Gas reinjection facilities completed in September ‘20 providing operationalflexibility to address flaring/offtake restrictions, enabling increased oilproduction redundancy

Field fully covered by modern 3D seismic (2019 reprocessed)

Ownership: 100%

Acquisition: 2017

License expiry: 2039

Discovered / production start

2009 / 2010

API: 36-38°

STOOIP: 47 mboe (9% rec.) 1)

2P reserves: 22.3 mboe1) (89% oil)

Opex 2020 / LoF : USD ~5.50 / < USD 5.50 per boe 2)

boepd


Oil & gas split89% oil11% gas

Drill Tie-5 (prod./injector)

Completed gas reinjection facilities to get full operational flexibility to overcome flaring / offtake restrictions

USD 36.5m(over 2018 – YE’20)

USD 23.94m(planned 2021)


14

Capital and development plan

Development overview – production of ~5,200 boepd by Jan ’23

Source: Company estimates Notes: 1) Excluding 2.9 mboe produced since time of acquisition

2018 2019 2020

Recompletion of zones in GTE-3 well

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Comboata Oil Terminal starts

taking oil deliveries

Q1 Q2 Q3 Q4

Drillied Tie-2 (prod.)

Completed gas reinjection facilities

GTE-4 well: Conversion to

artificial lift system

DAX refinery increases offtake

to 3,000 bopd

2021Q1 Q2 Q3 Q4

Drill Tie-4 (prod.)AG Horizontal

Drilling Tie-3 (prod./injector)

Drilling Tie-1 well

Increase in offtake contracts

2022H1 H2

Drill Tie-6 (prod.)SG Horizontal

Tie-7 and Tie-8 (both water inj.)

Optimising long term exploitation with 5,200 boepd plateauObjective: Revitalise field and grow production / reserves

Capex

2P reserves

Processing capacity

+120% to 22.3 mboe1) (per YE’20) Corporate goal to move current 2P reserves into existing 1P category in the next five years via development drilling and waterflood

Production

+150% to 5,200 boepd

+179% to 3,380 boepd (from 2017 to Feb. 2021) Planned ramp up to 5,200 boepd by 2023

Proven, low risk conventional development - Maha operated with 100% WI providing full control over largely discretionary capex program

Production facilities upgraded (H2’18 – 2019)

2010’s 3D Seismic re-processed


15

Comments

Low-cost production with attractive netbacks

Netback: Illustration of main components at USD 50/bbl1)

Operating netback sensitivity to oil price

Notes: 1) Includes measures to be introduced in Brazil to reduce royalties by 2.5 percentage points (ongoing process); 2) Incentive of 18.75%, reducing the applicable tax rate from 34% to 15.25%; 3) As of December 31st 2020, no expiry date.

Opex of USD ~5.50/boe for 2020, expected to be < USD 5.50/boe whenreaching field plateau

USD 33/bbl operating netback at USD 50/bbl Brent (before capex andcorporate tax and G&A)

- Discount of USD ~8/bbl due to third-party processing and quality –Maha discussing with other purchasers to reduce discount (e.g., DAXrefinery an example of reduced discount compared to Petrobras)

- Oil is trucked ~40 km to two customers and associated gas is sold onthe local market through Compressed Natural Gas (CNG) and Gas toWire (GTW) – USD 0.7/kscf realized price in H1’20

Planned capex of USD 42m over the next 4 years

Competitive fiscal terms

- 10% royalty to Brazilian State and 1% to local landowners

- Net income tax of 15.25% through 2029 due to extendable tax rateincentive2)

- Shield from historic losses of USD 27m in Brazil, which can reducetaxable income by up to 30% in any given year3)


1924

2833

3742

46

05

101520253035404550

35 40 45 50 55 60 65

USD/bbl

Brent price (USD/bbl)

05

101520253035404550

Brent Discount Royalty Opex Netback

USD/bbl50 8

45

33

0

400

800

1,200

1,600

2,000

'15 '16 '17 '18 '19 '20e'21e'22e'23e'24e'25e'26e'27e'28e'29e'30e'31e'32e'33e'34e35e

16

Introduction

Tartaruga – significant reserve base and organic growth outlookProducing asset with transformational growth potential


Net production4)

Notes: 1) Acquired from PVEP, TDC & UPP; 2) Extension expected, subject to submission of full field development plan; 3) Chapman Petroleum Engineering Reserve Report, as of 31.12.2020, 1% of Gross STOOIP recovered to YE-20 4) Source: Company estimates and Q4/20 report, includes third party transportation and processing costs; 5) On gross 100% basis

Located in the Sergipe Alagoas Basin onshore Brazil

Maha acquired 75% ownership and operatorship in early 20171)

Since 2017, production and 2P reserves are up +110% and 215%respectively, as a result of:

1. First application of horizontal technology in the Penedo formation

2. Successful hydraulic stimulations applied

3. Unique implementation of hydraulic jet pumps for artificial lift

Produced in excess of 800 boepd for all of Q2 2020

Current production of ~400 boepd on a gross basis (reduced production dueto testing ops on TTG3), with a planned increase to 2,500 boepd peakproduction5)

- Produces from 1 of the 27 zones in the Penedo stacked reservoir.Another 3 zones have tested positive for oil

- To date four production wells including 1 sidetrack have been drilled. Twowells currently producing and 1 well is awaiting long-term testing

- Fully covered by 3D seismic, which was reprocessed in 2018

- Two new horizontal production wells planned drilled through 2023, liftingproduction to ~2,500 boepd

Ownership: 75%, Maha (operator)25% Petrobras

Acquisition: 2017

License expiry: Q3 20252)

Discovered / production start

1994 / 1995

API: 41°

Gross STOOIP 129 mboe (1% rec.) 3)

Net 2P reserves: 12.4 mboe3)

Opex 2020 / LoF : USD 19 /15 per boe4)

Field shut in for workover program


boepd

Oil & gas split89% oil11% gas

Extension of license expected, subject to submission of field development plan

Future expansion to 2,500 boepd in 2023

USD 28.1m(over 2018 – YE’20)

USD 11.75m(planned over 2021 – 2022)


2022 up to ~1,500 boepd

17


Development overview – phased ramp up to 2,500 boepd by ‘23

Source: Company estimates, field capacity based on 100% working interest Notes: 1) On a gross basis

2018 2019 2020

Started drilling horizontal sidetrack

of well 107D

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4Q1 Q2 Q3 Q4

2021Q1 Q1

2022H2 H2

Executing development planObjective: Evaluate long term development potential and grow reserve base

Capex

2P reserves

Processing capacity

+215% to 12.4 mbbls (per YE’20)

Production

+24% to 1,000 boepd oil currently

+110% to 420 boepd (from 2017 to Feb. 2021)1) 2023 up to ~2,500 boepd

De-risked, phased development approach, where Maha as operator is in control

Workover of well 7TTG completed, adding ~600 boepd initial production.

Horizontal sidetrack of well 107D completed

Spud Maha-1

well

Maha-1 well at target depth

Test of 107D horizontal

successfully completed, flowing

996 boepd

Test of Maha-1 Maha-1 (TTG-

3) on long term test production

Drill new production well

– TTG-5(horizontal)

Gas-to-Wire project to handle additional gas production completed


2023

Drill new production

well – TTG-4(horizontal)

Q1 Q3-4

Facilities expansion

18

Comments

Robust operating margins, with upside as production is ramped up

Netback: Illustration of main components at USD 50/bbl

Operating netback sensitivity to oil price

Notes: 1) Measures to be introduced in Brazil to reduce royalties by up to 2.5 percentage points; 2) Assumes the future royalty is 21.5% (7.2% + 1% + 10% / 75%); 3) Incentive of 18.75%, reducing the applicable tax rate from 34% to 15.25%.

Opex of USD 15/bbl – includes 3rd party transport/handling/storage and salescosts

USD 21/bbl operating netback at USD 50/bbl Brent (before capex andcorporate tax and G&A)

- Discount of USD 2.91/bbl subject to periodic assessment of quality

- Oil is trucked 65 km to the Polo Atalaia oil terminal in Aracaju, andthereafter shipped to market, with associated gas sold through GTWproject at a price of USD ~0.75/kscf

Attractive fiscal terms

- 9.7% royalty to Brazilian State1), 1% to local landowners and overridingroyalty to Petrobras of 10% on gross production – (Brazilian State royaltycurrently under review whereby it may be reduced to 7.2%)

- Net income tax of 15.25% through 2029 due to extendable tax rateincentive3)

- Historic losses reduce taxable income by up to 30% in any given year


913

1721

2529

33

05

1015202530354045

35 40 45 50 55 60 65

USD/bbl

Brent price (USD/bbl)

05

101520253035404550

Brent Discount Royalty Opex Netback

USD/bbl50 3

11

15

21

2

0

2,000

4,000

6,000

8,000

10,000

20 '21e '22e '23e '24e '25e '26e '27e '28e '29e '30e '31e '32e '33e '34e

19

Field introduction

Mafraq – a well defined, phased and operated oil development in Oman


Notes: 1) Royal Decree for Block 70 in Oman granted on 28 Oct, 2020; 2) As per 31 December 2020 based on Reserve and Economic Evaluation and Assessment of Contingent Resources Oil Property prepared by Chapman Petroleum Engineering Ltd.; 3) Source: Company estimates 4) Before 30% additional back-in right is assumed to be exercised by the government

Maha entered Exploration Block 70 in October 20201 as operator with 100% WI

- The Maha team has significant experience from Oman through previous work on Block 3, 4 and 15

Block 70 is located close to other major established oil fields, and contains the undeveloped Mafraq oil discovery made in 1988

- A low-risk oil appraisal/development project with attractive economics

Mafraq is significantly de-risked through extensive seismic, a total of five wells drilled, including a long-term production test flowing > 15,700 bbls of oil on a 22-day test (average > 700 BOPD)

Planning a phased appraisal and development approach, with an initial committed work program investment estimated at approximately USD 14.6m

- Enabling full de-risking of the project with limited capital commitment, and benefitting from cash flow from early production testing system

- Operatorship provides full control of scope and timing of investments (beyond the initial committed work programme)

Potential to farm down up to 50% over time (remaining as operator)4)

Fiscal regime is an Exploration Production Sharing Agreement (EPSA). The production sharing principle, for ease of reference, equates to a government take around 42 - 45% of gross revenues which includes all taxes payable in the country.

- It also allows for up to 30% government back in before Declaration of Commerciality

Ownership: 100%

Awarded: October 20201)

License expiry:

2023: Exploration2038: Production

Discovered 1988

API: 13°

2P reserves: 1.0 mbbls2)

2C resources: 22.3 mbbls2)

Production forecast through phased development process3)


bopd

20


Low-cost development in a phased approach to de-risk project and reduce funding requirement

Source: Company estimates, all figures on 100% working interest basisNotes: 1) Estimated cost of work obligation spend for total Petroleum Operations over first three years

2020 Phase 1

Q4 2020: Effective Date

of EPSA and USD 10m acquisition consideration

Q4 2020:EPSA signed H1 2021:

Establish office and organization

Q1 2022: Drill 2 data wells to establish oil water

contact and test produce an expected 300 bopd

Q3 2022-Q4 2022: Drill 8 horizontal wells. Expected peak production

3,000 bopd

Q4 2022: 1 exploration

well

Q1 2024: Declare

commerciality(DoC). Subsequent USD 7.0m capital

injection to be paid

Q2 2024: Start development

(~200 wells)

USD 14.6m1

(over 2021 – 2022)USD 31.8m(planned 2024)

Capex

2P + 2C23.3 mbbls (per 31st December 2020)

Production0 to 1,250 bopd (2022)

Initial USD 14.6m in capex to fulfill work program1) leading to production of up to ~3,000 bopd. Later investments fully discretionary & dependent on production results

up to 3,000 bopd (2022 peak rate at testing)

Early production testing system Further production result of discretionary capex spend

Phase 2 Phase 3 Phase 4


Committed development Discretionary development

21

Field introduction

Illinois – low-risk reserves acquired at an attractive entry-cost with a clear plan to increase production to 400 bopd, with a low-cost option to increase to 1,200 bopd4


Notes: 1) 3.8% of land held has secondary partners, remainder is held 100%; 2) Majority held by production, some subject to continuous drilling clause; 3) Illinois Basin acquired March 31, 2020. Reserves as per competent person’s report delivered by Chapman Petroleum Engineering Ltd. as of 31 December 2020. 4). Dependent on oil price development

Conventional low risk oil field acquired in March 2020 from Dome EnergyAB, producing 260 bopd light oil net to Maha

Attractive entry-price of USD 4.25 m (up-front cash consideration) vs. 2PNPV10 at YE‘19 of USD 31m based on a USD 57 WTI flat price

Firm (committed) development plan to increase production to 400 bopd

- Initial plan of 14 production wells over next five years, representingcommitted drilling

- Significant capex flexibility above committed drilling programme

- Large potential drilling inventory with over 100 drill locations withresulting production increase

Realized prices at only USD 3/bbl discount to WTI

Netback of around USD 20/bbl in USD 47/bbl (WTI) oil environment

- Based on USD 3/bbl discount to WTI, USD 10.5/bbl royalty (25%) andopex of USD 13/bbl

Royalty Regime in IB ranges between 18% - 25% spending on specificleases. Weighted Average Royalty for production is between 24% - 25%

Income Tax Illinois: 30.5% (combined Federal and State) Income TaxIndiana: 26.25% (combined Federal and State) Majority of production is inIndiana

Production forecast and key milestones

2020-21

2022 2023 2024 2025

Acquisition

Optimization

Commence development programme

+2 wells+3 wells+3 wells+4 wells

Ownership 96.2%1)

Acquisition: March 2020

License expiry: Varied2)

Production start: 2013

Cumulative production: 0.4 mbbls

API: 35°


Opex / LoF : ~USD 13 / boe

0

300

'20e '21e '22e '23e '24e '25e '26e '27e '28e '29e '30e

bopd

2020 2021 2022 2023 2024


2025

+2 wells

Contents


II. Asset overview



22

23

Conservative profile with strong cash flow and quick payback

Tie field underpins production with expected field plateau of ~5,200 boepd Low Corporate unit costs with opex of ~ USD 7.0-8.0/boe for 2021 across fields result in high netbacks Generates strong long term cash flows.

Cash flow from producing fields is re-invested in accretive developments Focus on investment with short lead time to cash flow/payback High degree of discretion over capex due to operatorship and phased development approach

Solid balance sheet and a conservative capital structure Diversification is key with multiple producers in several jurisdictions Planned capex of USD 85m over the 2021-2023 period comfortably funded by debt proceeds and

operating cash flows over the period and cash at hand1)

Producing fields generate substantial

cash flow

Producing fields generate substantial

cash flow

Selective approach to developments

Selective approach to developments

Conservative financial policy and

risk profile

Conservative financial policy and

risk profile

Notes: 1) Company estimates at USD 50/bbl, excludes movements in working capital

Focused on value-creation while maintaining a prudent financial strategy

Key historical financials

Strong historical cash flow generation and performance

Comments

Notes: 1) As stated in press release, 4 February 2021; 2) Excluding changes in working capital; 3) Excluding acquisition cost. USD 4.2m spent on Illinois Basin acquisition in H1 2020 and USD 10m spent on Mafraq acquisition in Q4/20. 2020 capex figures represent total value of the capital programme executed during year, vs. USD 20m cash outflow 4). Includes a USD 21 million one-time impairment charge on LAK Ranch

Maha has delivered solid financials in recent years,supported by growing production and low-cost operations,benefitting from economics of scale and increasedoperational efficiency

- EBITDA in the range of USD 18-36m p.a. with strongcash conversion. 2020 result was impacted by lowcommodity prices and the Covid-19 pandemic

- Robustness of business underlined by still healthyresults and margins in a challenging macro environmentin 2020

Operating cash flow has funded material capex programrelated to facilities upgrade in Brazil and drilling andworkovers in Brazil and US, significantly increasing Maha’slong term production capacity

- With facilities upgrades completed, going forward Mahacan increasingly focus capex on near term productionand cash flow growth initiatives with quick payback

A strong balance sheet has been maintained with equityratio around 45% at YE-2020 even after LAK impairmentcharge (USD 21 m )

In 2021, a further increase in production and decrease inunit costs is expected, with production of 4,000-5,000 boepdand expected ~ USD 7.0-8.0/boe

24

kboepd

4

2018 2019 2020 2021e1

Brent oil price [USD/bbl) 71.6 64.2 43.3 Production mboepd 1.8 3.0 3.3 4.0 - 5.0

Income statementRevenue USDm 38.1 55.6 39.0 Royalties " (4.8) (7.4) (5.8) Opex " (6.4) (6.6) (9.7) G&A, other income/expenses " (4.5) (5.7) (5.4) EBITDA " 22.4 35.9 18.1 % of revenues - 59 % 65 % 46 %

Opex per boe USD/boe (9.9) (6.2) (8.3) ~(7.0-8.0)

EBITDA per boe " 34.6 33.7 15.0

Cash flowOperating cash flow (pre interest)2 USDm 25.9 33.1 16.3 % of revenues - 68 % 60 % 42 %

Capex3 - drilling and workovers " (13.3) (19.4) (20.0) (22.0)

Capex3 - facilities upgrade/other " (3.3) (5.5) (7.5) (4.3)

Balance sheet itemsNet interest bearing debt " 10.9 8.2 29.3 Equity " 69.3 87.9 55.6 Equity ratio - 58 % 65 % 45 %

Contents


II. Asset overview



25

26

Historical milestones

Proven track record of executing high value business development opportunities

201920162015 2017 201820142013

2013: Maha (Canada) and Maha (US) were incorporated

Acquired 60% of the working interest (WI) in the LAK Ranch heavy oil field

2014: Maha acquired the remaining part of the interest in LAK Ranch, to 99% WI

2017: Entered into an Agreement with GTE to acquire all GTE assets in Brazil, incl. Tie field in Brazil

Directed share issue of SEK 92m (completed in February 2017)

Rights issue of SEK 92m due in May 2017

2016: Completed IPO (Nasdaq OMX First North) in newly created Swedish Maha AB and raised SEK 108m (USD 12.6m) listed on First North

2015: Maha drilled three new ‘horizontal’ wells and drilled two vertical wells at LAK Ranch

Maha located and tested a new alternate pumping systems to replace the PCP and beam pumps at LAK Ranch, yielding a 50% higher pump efficiency

2013: Equity issued with net proceeds of SEK 11.3m (USD 1.8m)

Issue of units (common shares and warrants) of SEK 16.7m (USD 2.6 m)

2014: Two equity issue of common shares amounting to USD 19.2

2015: Company booked its’ first Reserves. 2P reserves : 12.8 kbbls

2017: Completed the acquisition of the Tartaruga field, onshore Brazil. 75% WI and operatorship

Ran Jet Pump in 107D well and doubled production of field to 310 bopd Maha

2018: Commenced major workover program on Tie and Tartaruga fields

GTE-3 well recompleted with jet pump at Tie –immediate 900 bopd production increase

Facility upgrade at Tie increases handling capacity from 2,000 bopd to 5,000 bopd

2019: Attic well drilled and brought onto production at Tie

Offtake contracts at Tie increased to 4,850 bpod and 2,850 kscf gas per day

Maha recieves environmental licenses to implement gas-to-wire projects

2019: 7TTG workover at Tartaruga completed with dedicated jet pump and add ‘pay behind pipe’ (900 boepd)

Successfully drilled of 107D horizonal sidetrack, tested > 600 bopd free flowing from previous pumped well.

Drilled TTG-3 new well. Testing suspended due to COVID-19

2017: Issued SEK 300m senior secured bond

2020

2020: Acquisitions of Illinois Basin (160 bopd). 2P +/- 3.6 mbbls. Will grow US presence

GTE-4 well recompleted with jet pump at Tie

Drilled Tie-2, flow tested at 2,005 boepd

Signed EPSA for Block 70 in Oman. 2P: 1.0 mbbls, 2C : 22.3 mbbls

Successfully uplisted to Nasdaq MainMarket in Stockholm

Finished Tie upgrade; gas reinjection.

Maha drills 3 ‘horizontal wells’ and starts CSS

operations on LAK

27

Board of directors

Board of directors with substantial industry experience

Over 30 years of international experience in the upstream oil & gas industry Senior executive/management positions across Europe, Africa, Asia and the

Americas including Bow Valley Energy Inc., Talisman Energy Inc., Africa Oil Corp. and Lundin Petroleum AB

President and CEO Lundin Energy from 1 January 2021 BSc in Mining Engineering from Imperial College London, MSc in Computer

Science from the University College London as well as an MBA from the City University Business School in London

Seasoned senior executive with 30 years of international experience in the upstream oil & gas industry across Europe, North America, Africa and Asia

Started his career with Lundin Oil during the early days of E&P growth After 6 years at Shell and Talisman Energy, Mr. Lindvall joined, and helped in

securing the success, of Tethys Oil AB. Holds a B.Sc. in Petroleum Engineering and a Masters Degree in Energy

Business from the University of Tulsa.

Currently the managing director and majority shareholder of M25 IndustrierAS and Vinfos AS and Director of Sikri AS, Proxll AS and Proterm AS

Prior work experience includes Head of Sales at Arctic Securities AS, before which he held several senior management positions at SEB, including Head of Sales and Head of Corporate Finance in Norway

Bachelor of Arts in Business from Regents University in the United Kingdom

Nicholas WalkerBoard member

Jonas LindvallBoard member

Anders EhrenbladBoard member

Fredrik CappelenBoard member

Currently the Chief Executive Officer of Kvalitena Industrier AB and has substantial experience from finance and real estate

Chairman of Norrfordon Holding AB, Bil Dahl AB,Bil- och Traktorservice i Stigtomta AB, Jitech AB, and Board member of Stig SvenssonsMotorverkstad AB and companies in the Kvalitena Group.

Bachelor of Arts (Economics) from the University of Uppsala, Sweden

Harald Pousette Chairman of the board

Member of EQT Real Estate Funds I & II investment committee and the Chairman of Kvalitena AB (publ) and a number of its’ subsidiaries, including Huski Chocolate and Svenskt Industrifly

Has held senior roles at Advanced Capital’s Real Estate Fund, UBS Investment Bank, Hypo Real Estate, Lehman Brothers International, Credit Suisse and GE Capital

Holds a Bachelor of Arts in Economics from Tuft University, USA

Seth LiebermanBoard member

Works in investment, financial and management consulting Broad experience from various private companies including Investment

Manager and partner of Graviton AB, Board Member of RF Coverage AB, AB PiaCare and Maven Wireless AB.

Masters of Science in Business Administration from University of Uppsala, Sweden

28

Largest shareholders as of 30 December 2020

Shareholder overview

Comments

Swedish investment company Kvalitena AB a highly supportive investor, is the largest shareholder with 20.95% of the shares

Jonas Lindvall committed through 4.68% equity ownership

High degree of free float ensures liquidity in the underlying shares

MAJOR SHAREHOLDER NUMBER OF SHARES HELD

% OF OUTSTANDING

SHARES

KVALITENA AB 21,288,327 20.95%

FÖRSÄKRINGSAKTIEBOLAGET, AVANZA PENSION 6,038,327 5.94%

JONAS LINDVALL (Maha CEO and Managing Director) 4,761,147 4.68%

ÅLANDSBANKEN I ÄGARES STÄLLE 2,051,053 2.02%

IBKR FINANCIAL SERVICES AG, W8IMY 1,392,690 1.37%

SIX SIS AG, W8IMY 1,385,625 1.36%

SYDBANK I ÄGARES STÄLLE 1,241,412 1.22%

BNY MELLON NA (FORMER MELLON), W9 1,225,768 1.21%

NORDNET PENSIONSFÖRSÄKRING AB 940,014 0.92%

UBS SWITZERLAND AG, W8IMY 886,408 0.87%

SUB TOTAL 41,210,771 40.55%

Remaining Shareholders 60,419,280 59.45%

TOTAL MAHA A AND MAHA B 101,630,051 100%

29

Organization of group companies

Complete legal structure

Maha Energy AB(Sweden)

Maha Energy II(Brazil) AB(Sweden)

100%

100% 100%

Maha Energy Services

LLC(USA)

100%100%

Tie Tartaruga

Maha EnergyFinance (Luxembourg)

S.a.r.l, Sverige Fililal

(Sweden)

100%0.01%99.99%100%

Maha EnergyBrasil Ltda

(Brazil)

WI=100% WI=75%

WI=99%

Maha EnergyInc.

(Canada)

Maha Energy (US)Inc.

(USA)

LAK Ranch

Maha EnergyFinance (Luxembourg)

S.a.r.l(Luxembourg)

Maha Energy I (Brazil) AB(Sweden)

Maha Energy (Indiana)

Inc.(USA)

Illinois Basin

WI=96%

100%

Maha Energy (Oman) Ltd

(Cyprus)

Maha Energy OmanMuscat Branch

Block 70

100%

100%

WI=100%

The Company manages price risk risk by constantly monitoring commodity prices and factoring them into operational decisions, such as contracting or expanding its capital expenditures program

From time to time, the Company enters into certain risk management contracts in order to manage the exposure to market risks from fluctuations in commodity prices

- These risk management contracts are not used for trading or speculative purposes

30

Hedging policy – key risks and mitigants

To minimize foreign currency risk, the Company’s cash balancesare held primarily in SEK and USD within Sweden, in BRL within Brazil and USD within Canada

- In Canada, USD funds are converted to CAD on an as-needed basis

- Management funds Brazil projects with the cash generated in Brazil to minimize the foreign currency risk

Under the marketing agreement with Dax Oil, most of the oil sales are prepaid prior to delivery with occasional credit granted to maintain daily deliveries

The Company’s policy is to limit credit risk by limiting the counterparties to major banks and oil and gas companies

- Where it is determined that there is a credit risk for oil and gas sales, the policy is to require an irrevocable letter of credit

- The policy on joint operations parties is to rely on the provisions of the underlying joint operating agreements to take possession of the license or the joint operations partner’s share of production for non-payment of cash calls or other amounts due

Key risks

Currency risk Price risk

Credit risk

31

Field introduction

LAK Ranch is set for production optimization and evaluation –no capital commitments


Notes: 1) The remaining 1% interest in the LAK Ranch field is entitled to 1% of revenues after paying production taxes without obligation to pay capital or operating costs and is therefore accounted for as a royalty holder; 2) The LAK Ranch lease has an indefinite term as long as a minimum annual royalty is paid. During 20, the minimum Freehold royalties were USD 120 thousand per annum; 3) Reserves certified by Chapman Petroleum Engineering Ltd. as of 31 December 20.

LAK production operations currently suspended due to low oil prices

Discovered in the 1920’s

Located on the eastern edge of the multi-billion barrel Powder River Basinin Wyoming, USA

Maha has drilled eight horizontal wells on the field since the acquisition in2013. Two vertical wells and 6 deviated water injectors have also beendrilled

Spending on hold for expansion program

- No investment decision has been made for LAK in 2020, and furthercapital spend is dependent on results of hot water flood and oil price

- Capital will only be spent if: a) the results of the hot water flood showpositive netback numbers for the field, b) further capital investments areranked above other opportunities that the Company might have, and c)upon Board of Directors’ review and approval

Crude oil from the LAK Ranch is trucked to a nearby refinery in Newcastle,Wyoming

Production forecast and key milestones

2020-21

2022 2023 2024 2025

Ownership: 99%1) (operator)

Acquisition: 2013

License expiry: Indefinite2)

Production start:

Discovered in 1920’s Maha acquired field in 2013

API: 19o (heavy oil)


2018

2016

28 2825

7

05

101520253035

Working interest production, bopd

202020172015 2016 2018 2019

20202019

Completion of phase 3 production and injector wells

Commence water flood

Further capital development and investment on hold pending results

of hot water flood

Tie Tartaruga Mafraq Illinois LAK Ranch

32

Glossary

k thousand

m million

boe Barrels of oil equivalent

bbl Barrel

bbls Barrels of oil

bopd Barrels of oil per day

boepd Barrels of oil equivalents per day

kscf Thousand standard cubic feet

Gas to oil conversion

6,000 cubic feet = 1 barrel of oil equivalent

All monetary values are in USD unless otherwise noted.

Stockholm

Strandvägen 5ASE-114 51 StockholmSWEDENPhone: 08 611 05 11

Calgary

Suite 240, 23 Sunpark Drive SECalgary, Alberta T2X 3V1CANADAPhone: 403 454 7560

2021 08 03 - corporate presentation website version final

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