Investor Presentaiton
Oman - Undeveloped Heavy Oil Asset
Key takeaways
Block 70 is located close to other major established oil fields, and
contains the Mafraq oil discovery from 1988
•
Mafraq is de-risked through extensive seismic and a total of five
wells drilled pre-2020, including a production test
Key stats
6
Drilled wells
Field overview
•
•
.
Planning a phased development approach, with an initial
committed work program of 11 wells plus seismic
reprocessing, equivalent to USD ~20 million. Six wells have
been drilled to date with drilling ongoing
Signed agreement to farmout 35% WI to Mafraq Energy LLC
•
•
•
Maha to be reimbursed for 35% of all past costs and signature
bonus
Mafraq Energy LLC will pay its share of future expenditures on
Block 70
Mafraq Energy LLC brings important technical expertise as well
as strategic partnership in Oman for future growth
Royal Decree by the Sultanate of Oman approving the farmout
transaction
Signed joint operational agreement with Mafraq Energy LLC on
28 January 2023
Production set to start in 1Q23
20,985
(mbbls)
2C Contingent
Resources¹
515
(mbbls)
2P Reserves¹
348.5
(mmbbls)
OOIP²
Other major oil
companies are present in
Oman, neigbhoring
Maha's Block 70
1) 65% woking interest 2) 100% Working Interest
Source: Company information
16
47
Eni
Muscat
51
☐ [
Occidental
62
42
Shell
3
CC Energy
77
Eni
70
4
CC Energy
MAHA
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