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Investor Presentaiton

IB - Light Oil Asset - Classic Low Risk Development Case Key takeaways Key stats¹ · • As press released on 2 December 2022, Maha is currently investigating the potential sale of the company's US assets Operator (97% WI) of a conventional oil field in the Illinois Basin • Acquired from Dome Energy in March 2020 2.7 (mmboe) Net 2P reserves (YE'22) • . • One of the oldest oil producing basins in North America Relatively lower risk conventional oil play that requires low- cost drilling and stimulation operations Net oil production of 314 bopd in Q3'22 from 46 wells, compared with 540 bopd in Q2'22 and 223 bopd in Q3'21 . Decline Q/Q in Q3 a result of natural decline and no well activity in the quarter USD 20.7 million Net NPV10 of 2P (YE'22) · . Since acquisition in 2020, production is up from 160 bopd Company retains optionality on new well drilling going forward with over 40 drilling locations In addition, Maha holds 99% WI in LAK Ranch oil field in the Powder River Baisin in Wyoming • Shut down since 2020 following the Covid-19 outbreak • Minimal work is planned 314 (boepd) Net production 3Q22 Source: Company information 17 17 Field overview ILLINOIS INDIANA Illinois Basin KENTUCKY MISSOURI Maha Lease Area TENNESSEE MAHA ENERGY
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