At 2,050 boepd of production in March (1,652 boepd in February and 2,415 boepd in January), Q1 production reached an average of 2,047 boepd. This is largely in line with the level of around 2,000 boepd we have seen over the past year. Greater operational efficiency in the active wells in Papa Terra, Maha’s largest asset, was the source of the sequential increase in February. The workover campaign, which should stabilise production more, continues in line with the schedule.

In conjunction with the signing of the MOU with Enauta regarding a possible business combination with 3R Petroleum, it has signed an MOU with Maha to roll up its 15% holding in 3R Offshore and to provide Maha with 2.17% of the combined 3R–Enauta entity. This would leave Maha with almost 5% of the combined company should the suggested business combination materialise.

Outcome of evaluation and US decision on Venezuela are next