What Maha Means

The name ‘Maha’ was taken from Arabic and means ‘Oryx’. An Oryx is a genus consisting of four large antelope species. Three of them are native to arid parts of Africa, and the fourth to the Arabian Peninsula. Their fur is pale with contrasting dark markings in the face and on the legs, and their long horns are almost straight.

The Arabian oryx was only saved from extinction through a captive breeding program and reintroduction to the wild.

Another meaning of ‘Maha’ can be found in India:

Maha : ‘mah-ha’, /ˈmʌhʌ’ /;

Adj, Indian.

Very large, or great.

Philosophy & Strategy

40:40:20 Strategy

The Company’s philosophy is to acquire existing hydrocarbon assets and increase value by applying modern hydrocarbon recovery technologies. As such Maha is more of an engineering based production and exploration Company than the traditional Exploration and Production Company. Maha relies heavily on Petroleum Engineering principles.

It is the Strategy of the Company to secure value through the 40:40:20 ratio principle, meaning an asset portfolio of production, appraisal and near field exploration projects, in those proportions.

Enhanced Oil Recovery

Maha has assembled a team of industry experts with individual expertise to build a solid foundation of production assets and an objective to grow through petroleum engineering and near field exploration technologies. The primary focus is to implement cutting edge Enhanced Oil Recovery (EOR) technologies to existing and maturing oil fields. By some estimates (Resources International (2008) – and excluding Gulf of Mexico fields) there is approximately 400 billion barrels of recoverable oil ‘stranded’ in oil fields that have undergone primary and secondary oil recovery.

The Enhanced Oil Recovery Institute (EORI) at the University of Wyoming states: “In developing the most complete Wyoming EOR-specific dataset that exists, EORI has estimated that additional recovery of oil from the state’s depleted oil fields using advanced EOR technology could total more than 1 billion barrels of additional production over the next 20 years. In 2009 approximately 51.3 million barrels of oil were produced in Wyoming. About 12 percent, or 6 million barrels, of that oil was produced from EOR projects.”

There are many techniques available to the Petroleum Engineer that can be applied to an aging reservoir. Gas Injection, Miscible Solvents, Surfactant Flooding, Polymer Flooding, Microbial Injection, CO2 Flooding, and Thermal methods (steam and fire flooding) are some of the prominent examples. Perhaps the most effective EOR technology for heavy oil reservoirs is the addition of heat.

“Thermal recovery methods are based on adding heat to the oil, mainly to decrease its viscosity. In this way, the mobility ratio between oil and the displacing fluids become more favorable. The most common thermal methods are steam flooding and steam cycling. These techniques experienced enormous development in the past few decades and have grown to be the largest contributor to oil output by EOR. They are effective for the oil viscosity range between 100 and 100,000 cp.” P.Zitha, R. Felder, D. Zornes, K. Brown and K. Mohanty “Increasing Hydrocarbon Recovery Factors”

Health, Safety & Environment

Maha Energy takes its responsibility to its employees, the community and the environment very seriously. As such we strive to be transparent and honest in our reporting of health, safety and environmental reporting.

Board and Management

Management

Jonas Lindvall

Born 1967
B. Sc P. Eng, MEB
Member of the Board of Directors since 2013 and Managing Director since 2016.

Other current assignments: None.
Prior assignments (last five years): Not applicable.

Experience: Mr. Lindvall holds a B. Sc. in Petroleum Engineering and a Master Degree in Energy Business, both from the University of Tulsa, USA. He is a seasoned senior executive with 25 years of international experience in the upstream oil and gas industry across Europe, North America, Africa and Asia. He has five years experience as Sr. Drilling Manager at Talisman Energy, four years experience as Managing Director of Tethys Oil AB (publ) Oman subsidiary, two years experience with Shell Oil and eight years experience with Lundin Oil.

Independent of the Company and the senior management: No.

Independent of major shareholders: No
Shareholding in Maha (Sweden): 169,537
Shareholding in Maha (Canada): 4,713,610 Exchangeable Maha (Canada) Shares (of which 2,000 Exchangeable Maha (Canada) Shares are held by related parties)

Member of HS&E and Reserves Committee

Ron Panchuk

Born 1959
LLB
Vice President and Chief Corporate Officer since 2016

Other current assignments: None

Prior assignments (last five years): Senior Counsel (consultant) at Canadian Oil Sands Limited

Experience: Mr. Panchuk holds a Bachelor of Laws from the University of Manitoba, Canada and is a member of the Law Society of Alberta since 1983. He has been a self-employed lawyer since May 2000 and has acted as Corporate Secretary and Counsel of various private and public companies in the oil and gas sector,

​Independent of the Company and the senior management: No

Independent of major shareholders: Yes

Shareholding in Maha (Sweden): 170,674 Class A Shares

Shareholding in Maha (Canada): 2,763,342 Exchangeable (Maha Canada) Shares

Andres Modarelli

Born 1979
CPA
Chief Financial Officer

Prior assignments (last five years): Consultant for Canadian E&P Tourmaline Oil Corp.; Cofounder and Controller of Mapan Energy Ltd.; Interim CFO at Platino Energy Corp.; VP of Finance at C&C Energia Ltd.

Experience: Mr. Modarelli holds B. Commerce and BBA degrees from the Pontifical Catholic University of Argentina and has a Chartered Professional Accountant (CPA) designations in Canada and Argentina. He has over 17 years experience in finance and accounting.

Shareholding in Maha (Sweden): No.

Shareholding in Maha (Canada): No.

Robert Richardson

Born 1967
B.Sc. Engineering & Licensed Professional Engineer
Masters in Energy Business
Chief Operating Officer

Other current assignments: Member of APEGA and Beta Gamma Sigma

Prior assignments (last five years): Palliser Oil & Gas Corporation; Vice President Exploration with Petrobank Energy and Resources Ltd. and Exploration Manager Canadian Natural Resources Limited.

Experience: Mr. Richardson has a Bachelor of Science Engineering from the University of Alberta, a Masters Degree in Energy Business and an Engineering Science technology Diploma from SAIT. His diversified experience includes conventional oil & gas, secondary, tertiary & thermal recovery, shale oil and gas, acquisitions, CHOPS and renewable energy. He has over 25 years of diversified energy experience with an extensive background in management and engineering.

Shareholding in Maha (Sweden): No
Shareholding in Maha (Canada): No

Jamie McKeown

Born 1964
B.Sc.Geol
VP of Exploration and Production

Other current assignments: None

Experience: Mr. McKeown holds a Bachelor of Science in Geology from the Victoria University of Wellington, New Zealand. He has 30+ years’ experience with IPC (Lundin) Oil, Apache Energy and Maha. He has worked extensively throughout North and East Africa, the Middle East and the US.

Shareholding in Maha (Sweden): No.
Shareholding in Maha (Canada): 466,666 Exchangeable Maha (Canada) Shares and 200,000 options

Board

Wayne Thomson

Born 1951

B. Sc Mech. Eng

Member of the Board of Directors since 2014. Chairman of the Board of Directors since 2016.

Other current assignments: Director and Chair of Reserves Committee of Cenovus Energy Inc., Chairman of Inventys Inc. and Chairman and President of Enviro Valve Inc.

Prior assignments (last five years): Director and CEO of Iskander Energy Corp., Director of Orion Oil and Gas Corp. and Director of TVI Pacific

Experience: Mr. Thomson holds a Bachelor of Science in Engineering from the University of Manitoba, is a member of APEGA, and has participated in Executive Management training at the University of Chicago and at Wharton School of the University of Pennsylvania. He has been the CEO and Director of various private and public Canadian and international oil and gas companies.

Independent of the Company and the senior management: Yes.

Independent of major shareholders: Yes.

Shareholding in Maha (Sweden): No.

Shareholding in Maha (Canada): 350,000 options.

Member of HS&E and Reserves Committee

Member of Corporate Governance and Compensation Committee

Member of Audit Committee

Jonas Lindvall

Born 1967
B. Sc P. Eng, MEB
Member of the Board of Directors since 2013 and Managing Director since 2016.

Other current assignments: None.

Prior assignments (last five years): Not applicable.

Experience: Mr. Lindvall holds a B. Sc. in Petroleum Engineering and a Master Degree in Energy Business, both from the University of Tulsa, USA. He is a seasoned senior executive with 25 years of international experience in the upstream oil and gas industry across Europe, North America, Africa and Asia. He has five years experience as Sr. Drilling Manager at Talisman Energy, four years experience as Managing Director of Tethys Oil AB (publ) Oman subsidiary, two years experience with Shell Oil and eight years experience with Lundin Oil.

Independent of the Company and the senior management: No.

Independent of major shareholders: No.
Shareholding in Maha (Sweden): 169,537
Shareholding in Maha (Canada): 4,713,610 Exchangeable Maha (Canada) Shares (of which 2,000 Exchangeable Maha (Canada) Shares are held by related parties)

Member of HS&E and Reserves Committee

Anders Ehrenblad

Born 1965
MBA

Member of the Board of Directors since 2013 and Interim Deputy Managing Director since 2016

Other current assignments: Investment Manager and Partner of Graviton AB, Board Member of RF Coverage AB, Graviton AB, AB PiaCare and Maven Wireless AB.

Prior assignments (last five years): Board Member of Expert Eleven AB and Graviton AB

Experience: Mr. Ehrenblad holds a M.Sc. in Business Administration from University of Uppsala, Sweden. Mr. Ehrenblad works in investment, financial and management consulting and has board experience from various private companies.

Independent of the Company and the senior management: No.

Independent of major shareholders: Yes.

Shareholding in Maha (Sweden): 779 607 A-Shares.

Shareholding in Maha (Canada): N/A

Member of Corporate Governance and Compensation Committee

Member of Audit Committee

Harald Pousette

Born 1965
Bachelor of Arts (Economics)

Member of the Board of Directors since June 2017.

Other assignments: Chairman of Bil- och Traktorservice i Stigtomta AB, Jitech AB, BOX Bygg AB. Board member of Scandi Standard AB, Stig Svenssons Motorverkstad AB and Fendea AB.

Previous assignments: Managing Director, The Collins Group. Vice President, Dresdner Kleinwort Wasserstein. Sales trader and portfolio manager, Nordiska Fondkommision. Foreign exchange and fixed income trader, Gota Bank.

Experience: Mr. Pousette holds a Bachelor of Arts (Economics) from the University of Uppsala, Sweden. Mr. Pousette is currently the CEO of Kvalitena Industrier AB. CFO of Kvalitena AB. The Collins Group as Managing Director. Dresdner Kleinwort Wasserstein as Vice President. Nordiska Fondkommission as a sales trader and portfolio manager. He has worked with Gota Bank with the Foreign Exchange and Fixed Income Trade Department.

Independent of the Company and the senior management: Yes.

Independent of major shareholders: No.

Shareholding in Maha (Sweden): 174,142

Member of Corporate Governance and Compensation Committee

Member of Audit Committee

screen-shot-2018-03-12-at-11.26.35-am
Maha Energy Board of Directors

Shareholder Information

List of Major Shareholders

As of September 28, 2018

LIST OF MAJOR SHAREHOLDERS

Major Shareholder Number of Shares Held % of Outstanding Shares
Kvalitena AB 21,321,660 21.7%
SIX SIS AG, W8IMY 5,168,125 5.3%
Jonas Lindvall (Maha CEO and Managing Director)* 4,931,147 5.0%
UBS Switzerland AG / Client Accounts 4,870,978 5.0%
Forsakringsaktiebolaget, Avanza Pension 4,018,320 4.1%
Ron Panchuk (Maha Vice President and CCO) 2,934,016 3.0%
BNY Mellon NA (Former Mellon) 2,482,580 2.5%
Danica Pension Forsakrings AB 1,720,862 1.8%
BNY Mellon SA/NV (Former BNY) 1,386,890 1.4%
Nordnet Pensionsforsakring AB 1,274,629 1.3%
SUB TOTAL 50,109,207 51.1%
Remaining Shareholders (approximately 5,822) 47,961,367 48.9%
TOTAL MAHA A AND MAHA B

*  30,000 shares on loan to Penser Bank AB

98,070,574 100%