Investor Presentaiton

Solid balance sheet and asset diversification with the completion of the two announced transactions The company will have a cash position and M&A receivables that is higher than the current market cap Key takeaways Attractive metrics Maha's current market cap is very discounted when compared to the Company's new NAV ( the sum of: US assets' NAV; Mafraq's NAV; Cash position and receivables net of debt; and DBO's NAV) This scenario presents a potential upside if Maha's multiple converge to the average P/NAV of Nordic and Brazilian E&P companies Only the "Cash position and receivables 3" (USD 204.3 million) net of debt (USD 48.7 million) is 1.18x Maha's current market cap¹ Cash Position³ Others DBO GAV 4 and receivables NAV² 397,603 26,974 (49,408) 326,873 (21,321) 26,974 204,338 166,291 154,930 165,550 131,800 144,970 The average P/NAV of Nordic E&P companies is 0.60x Current P/NAV of 0.51x 33,750 DBO Acquisition P/NAV of 0.23x Total GAV Debt NAV Market Cap 1) Updated on 03 February 2023; 2) Based on McDaniels' certificate on 31 December 2022 (IB USD 20,740k; Oman 100% W.I. USD 6,234k); 3) Cash balance on 30 September 2022: USD 11,338k; Acq. Price: USD 138,000 k; Earn-outs: USD 36,000; Capital increase net of fee: USD 19,000k; 4) Based on public reserve reports from DeGolyer and MacNaughton and Gaffney Cline; 5) Considers Maha's debt on 30 September 2022 (USD 49,408k) and USD 21.3 million for DBO contingent payments; 6) Considers the issuance of 33,775,410 shares related to DBO transaction, price based on 3 February 2023; 7) Weekly E&P update Sparebank1 on 04 February 2023 10 10 Км MAHA ENERGY

View entire presentation