Carnegie Investment Bank
Maha Energy
Date Title Alternative
2024-04-12 Q1 production in line with last year's average Download | Show Close
2024-04-11 MOU for possible transaction regarding 3R Offshore holding Download | Show Close
2024-04-08 Updated reserve report Download | Show Close
Research | 8 Apr 2024 | Maha Energy

Updated reserve report

 

Gross reserves in 3R offshore increase by 22%…

3R Petroleum (3R) has published its annual reserve report for its offshore assets Peroá and Papa Terra. The report has been made by the independent consultants DeGolyer and MacNaughton. Maha’s company gross 2P reserves have increased by 22%, from 18.8 mboe to 23.0 mboe. Papa Terra, the largest of the two, accounts for the majority of the increase, its reserves having expanded by 27%.

…which raises NPV by 55%

As a result of higher reserves, NPV increases by 55%, from USD 148m to USD 230m – corresponding to almost SEK 5 per share. Papa Terra accounts for the majority of the increase, with its NPV having increased by 67% – from USD 117m to USD 195m.

 

Outcome of evaluation of Enauta and US decision on Venezuela next

Enauta’s proposal for a merger with 3R, issued at the beginning of April, has an evaluation period of 30 days, and this has led to the temporary pause in the internal efforts towards a possible business combination with PetroRecôncavo. The outcome of the evaluation and the decision whether the US government’s General License (GL) 44 will be extended (expiry date: 18 April 2024) are upcoming triggers for Maha. The company has paid EUR 4.6m for exclusivity to indirectly acquire up to 24% of PetroUrdaneta, which operates in Venezuela. Should GL44 be extended, we believe Maha would exercise this option, thus bolstering its P2 reserves by 759 mboe from around 26 mboe.

 

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2024-04-04 Several catalysts ahead Download | Show Close
2024-03-21 Joining 3R's board Download | Show Close
2024-03-19 Keeps on transforming Download | Show Close
2024-01-18 Acquires 5% of 3R Petroleum for USD 69m Download | Show Close
2024-01-09 Strong production in December Download | Show Close
2023-12-14 Transformation continues Download | Show Close
2023-11-17 Asset in Venezuela provides optionality Show Close
2023-08-09 Further production increases in July Show Close
2023-08-08 Update on Mafraq in Oman Show Close
2023-05-24 Completes the combination with BDO 2.0 Show Close
2023-05-24 Several upcoming catalysts Show Close
2023-01-31 Sale of Maha Brazil will result in cash larger than market cap Show Close
2022-12-02 Investigates potential divestments of assets Show Close
2022-11-20 Robust indicators that the Tie wells are onstream Show Close

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