Maha Energy AB

MAHA-ENERGY.COM

2024

ANNUAL

REPORT

MAHA-ENERGY.COM

2024 ANNUAL REPORT

2024 Highlights

Total net cash and liquid investments

(TUSD) FY 2024 FY 2023

Bank Debt (non-current) - (11,879)

Bank Debt (current) - (22,500)

Restricted Cash 1,115 42,830

Cash and Cash Equivalents 8,935 88,246

Total Net Cash Balance 10,050 96,697

Brava shares 84,043 -

3R Offshore Debentures 3,483 7,833

Liquid investments 87,526 7,833

Total net cash + Liquid investments 97,576 104,530

TOTAL NET CASH + LIQUID INVESTMENTS (TUSD)

120,000

100,000

80,000

60,000

40,000

20,000

LIQUID INVESTMENTS

87,526

LIQUID INVESTMENTS

7,833

97,576

104,530

Strong Balance Sheet and Strong Liquidity

• Total balance of available cash,

restricted cash and liquid investments

from continuing operations:

...Resulting in the Largest

M&A in Brazil in 2024

In the third quarter of 2024, it was announced the

closing of the transaction involving the merger

of Enauta shares into 3R Petroleum and the roll

up Maha’s 15% holdings in 3R Offshore into the

combined entity named Brava Energia, under

which Maha holds 4.76% of share interest.

Acquisition of 5%

of 3R Petroleum...

During the first quarter of 2024, Maha acquired

5% equity interest in 3R Petroleum to start the

consolidation process of E&P Companies in Brazil

2023 2024

TUSD 97,576

Low financial exposure with huge

potential upside in Venezuela optionality

• In March 2024, Maha has signed definitive docu-

ments and paid EUR 4.6 million as part of the

potential acquisition of indirect equity interest in

the Venezuelan oil company PetroUrdaneta from

Novonor Latinvest Energy.

• Change of Control approved by the Venezuelan Oil

Minister in September 2024.

• Technical and operational discussions (“Mesas

Técnicas”) on PetroUrdaneta’s re-development

plan settled outlining the main assumptions of the

business plan:

⁄ total projected production volume of approxi-

mately 90 million barrels of oil and 180 Bscf of

gas until 2037 (full field)

⁄ plan targets a peak production of around 40,000

boe/d (full field)

Maha is

a debt free

company

MAHA-ENERGY.COM

Corporate Calendar The Company plans to publish its 2025 Quarterly Reports as follows

Q1 Q2 Q3

First Quarter

January – March 2025

20 May 2025

Second Quarter

January – June 2025

19 August 2025

Third Quarter

January – September 2025

18 November 2025

Letter to Shareholders

Strategy

Assets

Leadership

The Share

Corporate Governance Report

Administration Report

Financial Statements

Key Financial Data and Ratios

Definitions

Board Assurance

Auditor’s Report

In This Report

The Sustainability Report is published as a separate document, available on maha-energy.com.

Maha Energy’s shares are traded on the Nasdaq Main Market

in Stockholm under the ticker symbol ‘MAHA A’.

Maha Energy is a leading Swedish listed player in the oil and gas industry.

The Company began its journey in 2013 and was listed on Nasdaq Stock-

holm’s Main Market in 2020, having its main offices in Sweden and Brazil.

With a unique blend of industry experts and financial markets team, Maha

has transformed into an innovative independent energy platform, strategi-

cally growing by acquiring and developing profitable oil and gas assets on a

global basis, with the goal of building a diversified and balanced portfolio in

the energy, oil & gas and minerals sectors.

Information

Regarding AGM

The Annual General Meeting of

shareholders of Maha Energy AB

(publ) will be held on Tuesday,

May 27, 2025, 2:00 p.m. CEST

at Setterwalls on Sturegatan

10 in Stockholm, Sweden.

The notice and the complete

proposals will be available at

www.maha-energy.com.

About Maha

2024 ANNUAL REPORT

LETTER TO

SHAREHOLDERS

MAHA-ENERGY.COM

Dear Friends and Shareholders:

2024 was another dynamic year for Maha, marked by meaningful achievements across our key areas

of focus: - our flagship investment in Brava Energia, the PetroUrdaneta project in Venezuela, and our

oil-producing asset in the Illinois Basin. We made important progress in de-risking our portfolio and

advancing our projects.

In line with Maha’s new strategic direction, we will be focused on cost optimization and a leaner

operating model. The Company will be positioned as an active financial investor in the energy and

minerals sectors, targeting high-value opportunities through disciplined capital allocation and an

optimized cost base.

Brava Energia – Driving Brazil’s

Largest O&G M&A in 2024

We began the year by acquiring 5% stake in 3R Petroleum, with the

aim of capitalizing on a unique moment for consolidation in the

Brazilian oil and gas market. In April, we announced a proposed

merger between 3R Petroleum and Enauta, with Maha contributing

its 15% stake in 3R Offshore. The transaction advanced rapidly,

and today we hold 4.76% of Brava Energia – one of Latin America’s

most diversified independent oil companies, with robust onshore

and offshore assets.

Despite early technical challenges, Brava delivered major mile-

stones by year-end, including first oil from the FPSO Atlanta

and resumed production at Papa Terra. Brava also announced

the acquisition of a 23% interest in Parque das Conchas, adding

6,000 boepd. We remain confident in Brava’s growth path to reach

production levels of up to 100,000 boepd by H2 2025.

Progress in Venezuela with

Disciplined Exposure

In March, we signed definitive agreements with PetroUrdaneta

and made an initial payment of EUR 4.6 million, securing exclusive

rights to acquire the assets until November 2025. We obtained

key regulatory approval from the Venezuelan Oil Minister and

conducted extensive due diligence throughout the year.

In Q4, we began technical discussions with PetroUrdaneta and

CVP, reaching preliminary alignment on a production roadmap by

early 2025. A new business plan projects full field levels of up to

90 million barrels of oil and 180 Bscf of gas, with peak production

around 40,000 boepd—exceeding our original expectations.

Until licenses and agreements are finalized, we are maintaining

low financial exposure and strict cost control, ensuring maximum

return potential while upholding governance standards. Political

uncertainty remains, and we continue engaging with authorities

and monitoring developments closely.

Illinois – Solid and Scalable Cash Flow

In addition to the three wells brought online in January from our

2023 drilling campaign, we added three more in Q3 2024. This led

to a 66% year-on-year production increase, reaching 328 bopd.

Our Illinois operations continue to deliver strong, cost-effective

results, generating steady cash flow to cover operating costs and

provide attractive payback on investment.

Key financials

Sales volumes rose 67% year-on-year, driving revenue and netback

growth. We ended the year with no debt and MUSD 97.6 in cash and

liquid investments. We have in addition also in Q1 2025 received

an additional MUSD 4.4 earn-out from the 2023 Tie and Tartaruga

sale to PetroRecôncavo.

Maha is today well-capitalized, debt-free, and positioned for

growth – with a strong stake in Brava, a promising opportunity in

Venezuela, and record production from Illinois. The future looks

bright, and we are excited for what lies ahead.

LETTER TO

SHAREHOLDERS

Warm Regards,

Roberto Marchiori

Chief Executive Officer

Maha Energy

2024 ANNUAL REPORT

STRATEGY

01.

02.

03.

Maha Energy focuses on being an active nancial investor in the energy and minerals indus-

tries, maximizing value, driving protability, and working ethically and responsibly to benet

all stakeholders. Maha’s strategy is outlined according to three important pillars:

Solid Capital Structure and Cash Position

We are optimistic in the future production potential of Maha, as we strive to leverage our substantial posi-

tion of cash and liquid investments to complete opportunistic acquisitions at attractive multiples, building

a stable portfolio of producing assets that feature meaningful growth and production upside, and focusing

on a solid cash flow generation to the company.

Leaner and Optimal Corporate Structure

We are aligning our efforts with Maha’s new strategic direction, which emphasizes cost optimization and a

leaner operational structure. Going forward, the Company will position itself as an active financial investor

in the energy and minerals sectors, focusing on value creation through disciplined capital allocation and

a streamlined cost base.

Opportunistic and Accretive Transactions

The Company has reinvented its journey, evolved to become an innovative and progressive energy platform

designed to grow by profitably acquiring and developing assets. While building on our industry expertise,

capital discipline and local partnerships, we will target special situations opportunities with unique high

return potential.

MAHA-ENERGY.COM

Our Values and Corporate Culture

Maha’s corporate culture is founded on the core values of Integrity, Responsibility, Respect, Honesty, Excellence, and

Enjoyment. As the company undergoes a period of transition in its operations, we are also reinforcing our values and

strengthening our organizational culture. In this evolving landscape, Maha remains committed to aligning itself with the

highest governance and transparency standards, continuously moving closer to industry-leading ESG practices. While we

take a pragmatic approach to ESG commitments, ensuring they are achievable and aligned with the realities of our oper-

ations, we are committed to adhering to the laws and regulations of the countries in which we operate. Additionally, we

strive to uphold best practices applicable to Swedish-listed companies, positioning Maha as a responsible and forward-

looking player in the oil and gas sector.

EXCELLENCE & ENJOYMENT

⁄ We put the health and safety of our people first

⁄ We want to be the best neighbor

RESPONSIBILITY

⁄ We always assume responsibility

INTEGRITY

⁄ Our word is our bond

⁄ We lead by example

⁄ We do not judge

HONESTY

⁄ We will always be honest and truthful

⁄ We want to contribute to our community

⁄ We deeply care about the environment

RESPECT

⁄ We will treat everyone with respect and always

be respectful to one another

2024 ANNUAL REPORT

ASSETS

Maha’s portfolio includes the nancial investment in Brava Energia

- the publicly traded Brazilian oil and gas company, the operated

oil producing eld - Illinois Bassin, and the potential acquisition of

indirect equity interest in the Venezuelan oil company PetroUrdaneta.

MAHA-ENERGY.COM

Brava Energia - Brazil

A New Leader in Brazil’s Oil and Gas Sector

Brava Energia is one of Brazil’s leading independent oil and gas companies. The company

was formed through the merger of 3R Petroleum and Enauta, the largest M&A transaction

in Brazil in 2024. The merger was projected to create potential synergies exceeding USD

1 billion value. Maha Energy played a pivotal role by leading this transformative transaction

aiming the start of the consolidation process in Brazil and holds 4.76% of Brava Energia’s

outstanding shares being its largest industrial shareholder.

In January 2024, Maha Energy embarked on a significant

new chapter in Brazil’s energy industry by acquiring a 5%

stake in 3R Petroleum, one of the country’s most prominent

independent oil and gas producers. This investment marked

the beginning of a consolidation plan within Brazil’s oil and

gas sector, aimed at leveraging synergies and unlocking

further value. Maha Energy’s management and board of

directors have been deeply involved in the founding and

early growth of 3R Petroleum.

In April 2024, 3R Petroleum and Enauta announced plans to

evaluate a merger. By July 2024, less than six months after

the announcement, the transaction was finalized. This

merger also included the roll-up of Maha’s holdings of 15%

in 3R Offshore in exchange for additional shares in Brava.

RECÔNCAVO & MANATI

POTIGUAR & MACAU

PEROÁ & MALOMBE

PAPA TERRA &

PARQUE DAS CONCHAS

Onshore Offshore

ATLANTA

2024 ANNUAL REPORT

With around 700 million barrels of proven and probable (2P) reserves and a 2024 production rate of approximately 56,000

barrels of oil equivalent per day (boepd), Brava Energia ranks among Latin America’s largest independent exploration and

production (E&P) companies. The company holds a diverse portfolio of on shore and offshore concessions across Brazil.

Maha anticipates that Brava Energia’s production will reach levels up towards 100,000 barrels of oil equivalent per day

(boepd) in the second half of 2025.

Atlanta

The Atlanta oil field is a significant deepwater asset located

in the Santos Basin, approximately 185 km from Rio de

Janeiro, at a water depth of around 1,500 meters. In 2024,

Atlanta produced an average of 12.5 thousand barrels of

oil equivalent per day (“Mboepd”), of which 96% was crude

oil, accounting for 23% of Brava Energia’s total production

during the year. Production during the year was negatively

impacted by the transition to a new floating production

storage and offloading (FPSO) unit to unlock higher

producing capacity going forward. The field currently has

six wells, being only 2 operational by the end of the year.

Brava Energia, through Enauta, has successfully explored

and developed this key asset. Production from Atlanta

began in 2018 with an early production system. On 31

December 2024, production from the new FPSO Atlanta

commenced with two wells in production. The connection

of the remaining four wells is underway and is expected to

be completed during 2025. FPSO Atlanta has a production

capacity of up to 50,000 barrels of oil per day (bopd), can

treat 140,000 barrels of water per day, and has storage

capacity for 1.6 million barrels of oil.

Brava Energia has also contracted the Lone Star drilling

rig from Constellation Oil Services for the drilling and

completion of two additional wells. This drilling campaign

is scheduled to begin in the fourth quarter of 2025.

Papa Terra

Papa Terra is a heavy oilfield situated approximately 1,200

meters deep in the Campos Basin, 10 kilometers off the

coast of Rio de Janeiro. The field is developed using the

FPSO 3R-3 and the Tension Leg Wellhead Platform 3R-2,

which together have a combined processing capacity of

140,000 bopd. In 2024, Papa Terra produced 5.1 Mboepd, of

which 96% was crude oil, accounting for 9% of Brava Ener-

gia’s total production during the year. Production during the

year was heavily impacted by shut-downs for maintenance

programs and regulatory requirements.

Since Brava Energia assumed operatorship from the

previous operator, the asset has undergone an extensive

maintenance program to recover its operational and

safety integrity. This included work on the boiler, power,

and processing systems, replacement of ESP pumps, and

maintenance and inspection of tanks and naval systems.

These efforts have progressively enhanced the unit’s

efficiency and safety. Production, which was halted in

early September 2024, resumed in late December 2024.

During the shutdown, significant progress was achieved

in the maintenance and integrity recovery campaign for

the production units at Papa Terra, allowing planning for

better use of the reservoir with the future expansion of its

production.

Average production 2024

2P Reserves,

end of 2023 (MMBL)Oil (Mbopd) Gas (Mboepd) Total (Mboepd)

Potiguar Complex 23.1 1.9 25.0 310.9

Recôncavo Complex 3.5 5.5 9.1 89.2

Papa-Terra 4.9 0.2 5.1 140.4

Atlanta 12.0 0.5 12.5 141.4

Peroá 0.1 2.7 2.8 11.8

Manati 0.0 1.0 1.1 7.0

Total 43.7 12.0 55.7 700.6

* Brava’s acquisition of the 23% stake in Parque das Conchas was announced on December 30, 2024 and is not included in table above.

MAHA-ENERGY.COM

Looking ahead, the field’s potential for growth is substan-

tial. Two new wells are scheduled to be drilled as part of a

campaign using the drilling rig Lone Star. The existing infra-

structure in the FPSO is already equipped to accommodate

additional wells and is ready to increase production. More-

over, with a low recovery factor (less than 3%) compared

with other players located in the same basin and nearly 2

billion barrels of oil in place, the field presents a clear path

for further development and substantial growth potential.

The Potiguar Complex

The Potiguar Complex consists of onshore and shal-

low-water oil and natural gas fields located in the Potiguar

Basin in northeastern region of Brazil. It includes the main

fields of Macau, Canto do Amaro, Alto do Rodrigues,

Estreito, Salina Cristal, Fazenda Pocinho and the Pescada

cluster. In 2024, the complex produced 23.1 barrels of oil

per day (“Mbopd”) and 1.9 Mboepd of gas, totaling 25.0

Mboepd —accounting for 45% of Brava’s total production

during the year.

Recôncavo Complex

The Recôncavo Complex includes the Rio Ventura and

Recôncavo Clusters, both operated by Brava and located

in the Recôncavo Basin in the state of Bahia. The main

fields within this complex are Água Grande and Candeias.

In 2024, the Recôncavo Complex produced 3.5 Mbopd of oil

and 5.5 Mboepd of gas, totaling 9.1 Mboepd —representing

16% of Brava’s total production during the year.

Manati

Manati is a natural gas production field in shallow waters of

the Camamu-Almada Basin. The production at Manati was

halted for maintenance by mid-March 2024. Currently, the

operator Petrobras expects to resume operations during

the first quarter of 2025.

Parque das Conchas

After meeting all precedent conditions, Brava concluded

end of 2024 the acquisition of 23% stake in the Abalone,

Ostra and Argonauta oil fields, which form the Parque das

Conchas Cluster in the Campos Basin. Parque das Conchas

is operated by Shell, which holds a 50% stake, and ONGC is

a partner in the asset with the remaining 27%. In the period

between January and November 2024, the average produc-

tion was approximately 27.0 Mboepd, with 6.2 Mboepd

corresponding to the stake acquired by Brava.

Peroá and Malombe

The Peroá cluster asset is located in the Espírito Santo

basin, offshore Brazil in shallow waters. This asset includes

the Peroá and Cangoá producing fields, they are producing

natural gas via the Peroá platform (3R-1). A 55km long gas

pipeline is connection the platform to the Cacimbas gas

processing plant. In 2024, Peroá produced 2.8 Mboepd

(96% gas), corresponding to 5% of the total production

during the year.

The Malombe gas discovery outside of Peroá can be effi-

ciently developed and would represent significant future

production additions. Other prospects could position

the Peroá area as a primary producer of gas in Espirito

Santos for decades, especially given the existing low-cost

infrastructure.

Midstream and downstream

In Rio Grande do Norte, Brava also manages substan-

tial midstream and downstream operations through the

Clara Camarão Refinery, the Guamaré Marine Terminal,

the Guamaré Natural Gas Processing Units (UPGNs), and

the storage tank park, collectively known as the Guamaré

Industrial Asset. In addition to processing hydrocarbons

from its own production, Brava receives production from

third-party providers and provides services to third parties

in the region, who rely on these facilities for the transporta-

tion and processing of their output.

2024 ANNUAL REPORT

PetroUrdaneta - Venezuela

PetroUrdaneta operates the elds of La Paz,

Mara Oeste, Mara Este and El Mojan in the Mara-

caibo Basin region in northwestern Venezuela.

The elds were discovered in the 1920-ties

and especially La Paz eld has played a pivotal

role in establishing Venezuela as a leading oil

producer. Current production amounts to about

1,500 bopd, with potential to reach around

40,000 boepd after investments.

In March 2024, Maha signed the definitive agreements and

paid EUR 4.6 million, concluding another important step for

the acquisition of indirect equity interest in the Venezuelan

oil company PetroUrdaneta from Novonor Latinvest Energy

(“Novonor”). The agreements granted Maha exclusive

rights to acquire 60% of Novonor’s Spanish vehicle that

holds 40 percent equity interest of PetroUrdaneta, an O&G

joint venture company operating in Venezuela.

In December 2024, Maha announced that Mesas Técnicas

discussions between PetroUrdaneta, Maha (potential

Partner B), and CVP (Partner A, a PDVSA subsidiary) had

commenced to reach a mutual understanding and agree-

ment on the re-development plan for the PetroUrdaneta

fields. A kick-off meeting took place in December 2024,

with the goal of concluding these discussions by the end

of the first half of 2025. The Mesas Técnicas discussions

progressed faster than initially anticipated and the tech-

nical work was already completed by February 2025.

An updated business plan with a first understanding of the

main assumptions and the road map for the remainder of

the license’s validity, until 2037, has been developed, with

special focus on the next three years. The plan program

outlines a total projected production volume of approxi-

mately 90 million barrels of oil and 180 BSCF of gas. The

plan targets a peak production of around 40,000 barrels

of oil equivalent per day and includes some 150 wells on

stream. In the plan, significant potential has been identified

by changing lifting methods in existing wells. The business

plan is still pending approval by the Venezuelan authorities.

The completion of the transaction is contingent on

different conditions, which included (i) the approval by the

Venezuelan Oil Minister of the proposed Change of Control

of PetroUrdaneta’s Partner B (i.e., OE&P), which occurred in

September 2024; and (ii) the successful negotiation of the

relevant operational and collaboration agreements for the

redevelopment of PetroUrdaneta’s fields.

As with all of its engagements, with respect to its activities

involving Venezuela and PetroUrdaneta, Maha remains

committed to compliance with all applicable laws and

regulations, robust due diligence and transparency in its

activities. This includes discussions and/or requests for

licenses from relevant authorities.

Maha’s contractual right to conclude the transaction

remains in force until November 2025.

PetroUrdaneta is a joint venture established in 2012

between Novonor Latinvest Energy (an affiliate company

of the former Brazilian infrastructure conglomerate

Odebrecht) and the Venezuelan national oil company

Petróleos de Venezuela S.A. (PdVSA), with the purpose

of exploring and producing crude oil and natural gas. The

company started operations in the areas of La Paz, Mara

Este, Mara Oeste and El Mojan in the Maracaibo Basin

region in northwestern Venezuela, state of Zulia, but was

not able to overcome the obstacles imposed by the polit-

ical and economic turmoil that took over the country in the

last decade. Starting in 2014, oil and gas production levels

decreased due to, amongst other factors, cuts in the water

and electricity supply in the area.

Having produced about 1.4 billion barrels of oil throughout

history, the fields are estimated to still hold about 8.6

million barrels of oil in place. According to reserve reviews

by PdVSA, the fields hold about 350 million barrels of

1P reserves and 500 million barrels of 2P reserves of oil

with enormous additional reserves of associated gas of

around 250 million equivalent barrels of 2P reserves. The

peak daily production in the 1950-ies amounted to about

250,00 barrels of oil and one single oil producing more than

30 million barrels, but the current production from about

10 active wells in the La Paz field amounts to about 1,500

BOPD. The remaining about 280 wells are inactive.

Large Asset with

Sizable Reserves

Currently producing ~1,500 bbls/d from

about 10 active wells in La Paz, with

remaining 280 inactive wells.

An updated business plan outlines a

total projected production volume of

approximately 90 million barrels of oil

and 180 BSCF of gas, with a targeted peak

production of around 40,000 boepd.

MAHA-ENERGY.COM

Venezuela – world’s largest oil reserves

Venezuela has the world’s largest proven crude oil reserves,

with over 300 billion barrels in 2023, corresponding to over

17% of the global proven reserves. However, the crude

production in Venezuela has decreased from about 2.5

million barrels per day in 2013 to about 0.7 million barrels

per day in 2023, corresponding to 0.8% of total global crude.

The decrease in output has been caused by several factors,

including international sanctions. The US has imposed

different sanctions on individuals and entities in Venezuela,

which lead to a lack of investment and maintenance in the

energy sector. A majority of Venezuela’s oil reserves are

heavy crude, which requires technical expertise to produce

which has been limited by international sanctions. Through

the recent waiving of some sanctions, production from

western companies like Chevron, ENI, Repsol and Maurel &

Prom to operate in Venezuela, has added to the production.

(Source: U.S. Energy Information Administration)

Political development – sanctions

In 2023, the US authorized certain transactions in the oil

and gas sector with specific sanctioned parties in Vene-

zuela, including PdVSA. Hence, aligned with the OFAC

public instructions (under a Q&A related to Venezuelan

Sanctions) and following the execution of the definitive

documents with Novonor, in Q1 2024 Maha had applied for

a specific license covering its projects for the Venezuelan

oil company PetroUrdaneta. Maha continues to closely

monitor the political developments in Venezuela, as well

as liaising with the relevant stakeholders. As with all of its

engagements, with respect to its activities involving Vene-

zuela and PetroUrdaneta, Maha remains committed to

compliance with all applicable laws and regulations, robust

due diligence and transparency in its activities.

Illinois Basin

Maha owns a 100% working interest in the Illinois Basin

(IB), a light oil field producing 35° API oil. The area covers

2,597 acres. In 2024, production from 62 wells reached 328

BOPD, representing a 66% increase from 197 BOPD in 2023.

This growth was driven by the launch of new wells from

Maha’s 2023 and 2024 drilling programs. Proven reserves

(1P) are estimated at 1.3 million barrels (“MMbbl”), while

proven + probable (2P) reserves amount to 2.6 MMbbl. The

area is characterized by low costs, low risks, and relatively

low recovery rates to date, making it a strategic asset with

significant long-term development potential.

The Illinois Basin is one of North America’s oldest

oil-producing regions. It has been in production since the

mid-1800s. It spans southern Illinois, western Kentucky,

and western Indiana. This is a conventional oil play

requiring low-cost drilling and stimulation operations. The

basin continues to be a vital oil production area, supported

by well-established infrastructure and a robust regulatory

framework.

In October 2023, Maha initiated a program to drill three

production wells and upgrade facilities by installing a

production battery. Production ramp-up began in January

2024, accompanied by a small investment in Maha’s core

area during Q1 2024. This investment included two addi-

tional productive wells, enhanced production facilities, and

the identification of additional potential drilling locations.

In June 2024, Maha commenced its 2024 drilling program,

targeting three new production wells. By September 2024,

these wells had been completed and brought into produc-

tion. The new wells, drilled to depths of approximately 1,200

meters in Posey County, Indiana, further strengthened the

field’s output.

Crude oil produced by Maha in the Illinois Basin is sold to

a refinery at the benchmark WTI monthly average price,

subject to a small discount.

2024 ANNUAL REPORT

Born

1988

Nationality

Portuguese

Education

Degree in Mechanical Engineering (cum laude) from the Federal University of Rio de Janeiro (UFRJ).

Other assignments:

Managing Director of the Starboard Group

Prior assignments (last five years):

Chairman of 3R Petroleum (now Brava Energia)

Experience

Paulo Thiago Mendonça is a Managing Director at Starboard, responsible for private equity investments and advisory in special situations

transactions. Paulo has previously been the Head of Investment Banking at Brasil Plural’s Investment Banking division, responsible for M&A,

equity and capital market transactions and worked at the Asset Management in Brasil Plural. Paulo has extensive experience in the oil and

gas industry and has led important transactions in the sector. Paulo created and led the investment of 3R Petroleum, the first upstream O&G

company to make an IPO since 2017 with a current market capitalization of more than 2 billion dollars. Paulo was chairman at 3R Petroleum and

was responsible for raising the equity and debt to build 3R Petroleum current success as a pioneer independent oil and gas company in Brazil.

In his career, he participated in several M&A transactions, IPOs, restructuring cases and private equity investments within O&G, infrastructure,

financial, industrial, retail, EPC companies, shipbuilding, real estate, and airlines sector.

Independent of the Company and the senior management:

Independent of major shareholders:

Shareholding in Maha Energy AB:

None

Warrants in Maha Energy AB:

1,428,051 (LTIP 9)

Paulo Thiago Mendonça

Chairman of the Board of Directors since September 2023 and board member

since 2022. Chairman of the Remuneration Committee and member of the HSE,

Reserves and Sustainability Committee and the Investment Committee.

Board of Directors

LEADERSHIP

Board & Management

MAHA-ENERGY.COM

BOARD OF DIRECTORS

Born

1980

Nationality

Swedish

Education

Master of Law from the University of Gothenburg, Sweden with a

specialization in Petroleum Law and Petroleum Contracts from

the University of Oslo, Norway.

Other assignments:

Chairman of Jumpgate AB, Opsy AB, Transition Energy

International AB, Klash AB, Minotaurus Energi AS and Urtiven AS.

Director of Grin AS. Managing Director of Tiveden AS and

Infundo AB.

Prior assignments (last five years):

–

Experience

Viktor Modigh is a co-founder of Transition Energy Int. AB. He has

more than 20 years´ experience of investments across different

sectors and has held management positions with Tethys Oil in

Oman and the United Arab Emirates. He previously worked as a

lawyer advising primarily oil and gas companies on regulatory

and contractual matters, transactions and general corporate law.

Viktor is a member of the Association of International Energy

Negotiators.

Independent of the Company

and the senior management:

Yes

Independent of major

shareholders:

Yes

Shareholding in Maha Energy AB:

None

Warrants in Maha Energy AB:

476,018 (LTIP 9)

Born

1975

Nationality

Norwegian

Education

M.Sc. in Economics and Business Administration from Norwegian

School of Economics (NHH).

Other assignments:

Co-founder and Director at DBO Invest and Janeiro Energy. Board

member at Prosafe SE. Chairman of DreamLearnWork.

Prior assignments (last five years):

Co-founder and CFO at DBO Energy and DBO 2.0 S.A. (re-named

Maha Energy Offshore (Brasil) Ltda.). Audit committee member at

3R Petroleum.

Experience

Halvard Idland has more than 20 years of industrial and financial

investment experience in the oil and gas industry in Norway and

Brazil. Previous experience includes DNB, Pareto, Aker Yards and

DOF prior to co-founding DBO Energy.

Independent of the Company

and the senior management:

Yes

Independent of major

shareholders:

Shareholding in Maha Energy AB:

116,337 shares held directly and 7,312,199.33 shares held indirectly

through ownership of one third of the shares of DBO Invest S.A.

Warrants in Maha Energy AB:

–

Viktor Modigh

Board member since 2022.

Member of the HSE, Reserves and

Sustainability Committee, the Remu-

neration Committee, the Audit, Ethics

& Compliance Committee and the

Investment Committee.

Halvard Idland

Board member since March 2023.

Member of the Audit, Ethics & Compli-

ance Committee and the Investment

Committee.

2024 ANNUAL REPORT

Born

1960

Nationality

Norwegian

Education

Cand. Oecon from the University of Oslo, Economist.

Other assignments:

Chairman of Norwegian Air Shuttle Group since 2021 and DOF

Group since 2023. Board member of TGS-NOPEC. Also board

member of Akerhus University Hospital, Janeiro Energy and

Energy Investors. Industry advisor and investor.

Prior assignments (last five years):

Global Knowledge Leader Oil & Gas at McKinsey 2010-2014 and

as leader of Oil & Gas in Latin America, based in Brazil, 2013-

2016. Senior Partner Corporate Finance in Sparebank1 Markets

2018-2021. Board member Seadrill, Nettbil and AGR Petroleum.

Experience

Svein Harald Øygard has served as economist in the Ministry of

Finance of Norway, as a secretary of the Committee of Fiscal

affairs in the Norwegian Parliament, as economic advisor for the

Labor Party and then as Deputy Minister of Finance of Norway,

1990-1994. Thereafter McKinsey Company for 21 years, largely

in oil & gas, finance and industry, among others advising oil & gas

companies in the North Sea, North America, the Mid-East, South-

East Asia and West Africa. He also served as Country Manager

Norway, as interim Central Bank Governor of Iceland after the

2008 Global Financial Crisis, and as Chair of the Execution

Committee for the Icelandic bank restructuring. Co-founder of

DBO Energy 2017 and in 2020 he co-founded Janeiro Energy, a

venture fund investing into businesses in the renewables sector.

Independent of the Company

and the senior management:

Yes

Independent of major

shareholders:

Shareholding in Maha Energy AB:

Svein Harald holds 3,018,840 shares in Maha directly or through

company, and 7,312,199.33 shares in Maha indirectly through

ownership of 1/3 of the shares in DBO Invest S.A.

Warrants in Maha Energy AB:

None

Svein Harald

Øygard

Board member since September

2023. Member of the Remuneration

Committee and the Investment

Committee.

Born

1966

Nationality

British

Education

PhD in Petroleum Engineering and an MSc in Petroleum Geology

from Imperial College in London and a BSc in Geology.

Other assignments:

Managing Director of Pandreco Energy Advisors Inc and board

member at Africa Oil Corp.

Prior assignments (last five years):

Chairman of Duna Energia (Brazil)

Experience

Richard Norris has over 30 years energy related experience in

both industry and finance, including roles with large and small oil

companies, as well as roles in debt and equity financing. Richard

has worked in engineering, management and board roles covering

Africa, Europe, Former Soviet Union and South America with BP, Elf

Aquitaine/Total, Geopetrol, Candax Energy and Eland Oil and Gas.

In finance Richard was instrumental in building the European oil

and gas structured finance group at BNP Paribas. As a Partner at

Helios Investment Partners, Richard co-managed Helios’s Private

Equity energy investments throughout Africa. Richard is a Fellow of

the Canadian Global Affairs Institute

Independent of the Company

and the senior management:

Yes

Independent of major

shareholders:

Yes

Shareholding in Maha Energy AB:

None

Warrants in Maha Energy AB:

476,018 (LTIP 9)

Richard Norris

Board member since 2022. Chairman

of the HSE, Reserves and Sustainability

Committee and member of the Audit,

Ethics & Compliance Committee.

BOARD OF DIRECTORS

MAHA-ENERGY.COM

Born

1974

Nationality

Spanish

Education

Master in Infrastructure Management and Public Services and

Master in Civil Engineering from Universidad Politécnica de Madrid.

MBA from The Wharton School of the University of Pennsylvania,

and Master in Sustainability and Social Corporate Responsibility

from Universidad UNED-UJI.

Other assignments:

Director of the Starboard Group. Executive Director of the IE

Negotiation and Mediation Centre and Professor of Strategy in IE

University in Madrid, Spain.

Prior assignments (last five years):

Senior International Manager in Renfe, Board member of the

Mecca-Medinah High-Speed Train Saudi-Spanish Consortium.

Experience

Enrique Peña has over 25 years’ experience in business develop-

ment and strategic management in large corporations such as

Shell, Boston Consulting Group, Orange and Renfe.

Independent of the Company

and the senior management:

Yes

Independent of major

shareholders:

Shareholding in Maha Energy AB:

None

Warrants in Maha Energy AB:

476,018 (LTIP 9)

Born

1976

Nationality

Swiss

Education

MBA from The Wharton School of the University of Pennsylvania.

BA from the University of São Paulo (FEA-USP).

Other assignments:

Managing Director of the Starboard Group.

Prior assignments (last five years):

Chairman of 3R Petroleum and board member of Gemini Energy.

Experience

Fabio Vassel has over 25 years of experience working on Private

Equity buy-side and Restructuring Advisory in Latin America,

North America and Europe. Fabio previously worked at Banco

Brasil Plural (Sao Paulo), Jefferies (Zurich and London), Nomura

(London) and UBS Investment Bank (New York and London).

Independent of the Company

and the senior management:

Yes

Independent of major

shareholders:

Shareholding in Maha Energy AB:

None

Warrants in Maha Energy AB:

952,035 (LTIP 9)

Enrique Peña

Board member since 2022.

Chairman of the Audit, Ethics &

Compliance Committee

Fabio Vassel

Board member since 2022

2024 ANNUAL REPORT

Born

1985

Other assignments:

None

Education

Specialization in Maritime Regulation and Ocean Management, Harvard University, Boston, USA (2018); LL.M in Oil and

Gas from the University of Aberdeen, Aberdeen, Scotland (2012); Bachelor of Laws from Universidade Milton Campos

Law School, Brazil (2007).

Experience

Ms. Bittencourt has over 15 years of experience within energy and natural resources, focusing her career on trans-

actions and regulatory issues in the oil and gas industry. Before joining Maha, Barbara was a partner of the Brazilian

law firm Demarest Advogados (Brazilian top tier law firm) at their Energy and Natural Resources practice. Previously,

Barbara was a Senior Associate of DLA Piper/Campos Mello Advogados.

Shareholding in Maha Energy AB:

–

Warrants in Maha Energy AB:

761,628 (LTIP 8)

Barbara Bittencourt Chief Legal Officer (“CLO”) since 2023

Born

1988

Other assignments:

None

Education

BSc in Industrial Engineering from Pontifícia Universidade Católica do Rio de Janeiro, Brazil

Experience

Roberto has most recently held the position of New Business Development and M&A Director at Maha Energy,

co-leading Maha’s Mergers and Acquisitions since 2022. Roberto has broad experience in investment banking and debt

restructuring. During his 14 years of tenure, he has assisted top management of several companies in a diverse array

of industries such as oil & gas, mining, metals, insurance and reinsurance, utilities and transmission lines, retail, and

financial services. Before joining Maha, Roberto held the position of Executive Director leading Private Equity invest-

ments at Starboard.

Shareholding in Maha Energy AB:

–

Options in Maha Energy AB:

1,745,397 (LTIP 8)

Roberto Marchiori

Chief Executive Officer and Managing Director (“CEO”) since 2025

and Chief Financial Officer (“CFO”) since 2024

Management

MAHA-ENERGY.COM

All shares in Maha Energy are Class A shares and repre-

sent one vote each. As per 31 December 2022, the Board

of Directors had remaining outstanding authorization from

the Annual General Meeting on 29 May 2024 to resolve on

the issue of up to 20 percent of new shares up until the

next AGM. In addition, the AGM 2024 resolved to grant the

Board of Directors the authorization to repurchase up to 10

percent of all shares in the Company. On 12 August 2024,

the Board of Directors resolved to initiate a share buy-back

program. As per 31 December 2024, Maha Energy held

1,528,922 shares (0.86 percent of total shares) of its own

shares, all bought back during 2024 with a total disburse-

ment of TSEK 11,987 (approximately TUSD 1,166).

Share Data

178,444,753

Class A shares outstanding

Maha Energy’s shares are traded on Nasdaq

Stockholm (MAHA A) with ISIN Code SE0008374383.

The Company’s registered share capital at 31

December 2024 amounts to SEK 1,962,892 repre-

sented by 178,444,753 shares (31 December 2023:

178,444,753) with a quota value of SEK 0.011. Maha’s

share capital development is found on Maha’s

corporate website, maha-enery.com.

Share statistics 2024

The final transaction price in 2024 was SEK 6.60 corresponding

to a total market capitalization of MSEK 1,178. During the year the

price of Maha’s share decreased by 32 percent. Based on data

from NASDAQ Stockholm, the highest transaction price in 2024

was SEK 10.40 on 2 and 3 January and the lowest was SEK 5.80 on

12 November. The turnover velocity (annual turnover/outstanding

shares) was 34 percent on Nasdaq Stockholm.

Dividends

The Board of Directors will propose not to pay dividends for 2025

based on 2024 results, as it anticipates that all available funds will

be invested to finance the growth of Maha’s business. The Board

of Directors will propose if dividends should be declared and paid

in the future, based on the Company’s financial position at the

relevant time.

THE SHARE

2024 ANNUAL REPORT

800,000

600,000

400,000

200,000

Mar

Feb

Apr

Jun

May

Jul

Aug

Oct

Nov

Sep

Dec

Jan

Share Price

Turnover

Share Price Development and Turnover 2024

Warrant Incentive Programs

The Company has a long-term incentive program (“LTIP”) as part of the remuneration package for management and employees. Each

warrant shall entitle the holder to subscribe one new Share in the Company at the exercise price per share.

Warrants

Incentive

Program Exercise period

Exercise

Price SEK

1 Jan

2024

Issued

2024

Exercised

2024

Expired or

Cancelled

2024

31 Dec

2024

2020

(LTIP 4)

1 June 2023 –

29 February 2024

10.9 348,331 - - (348,331) -

2021

(LTIP 5)

1 June 2024 –

28 February 2025

12.4 773,281 - - - 773,281

2021

(LTIP 6)

1 June 2023 –

29 February 2024

12.4 493,568 - - (493,568) -

2022

(LTIP 7)

1 June 2025 –

1 June 2030

20.65 678,821 - - - 678,821

2023

(LTIP 8)

18 January 2027 –

1 January 2030

8.55 - 3,236,919 - (507,752) 2,729,167

2023

(LTIP 9)

18 January 2027 –

1 January 2030

8.55 - 2,856,107 - - 2,856,107

2023

(LTIP 8)

10 July 2027 –

1 January 2030

8.55 - 2,983,043 - - 2,983,043

2023

(LTIP 9)

10 July 2027 –

1 January 2030

8.55 - 952,033 - - 952,033

Total 2,294,001 10,028,102 - (1,349,651) 10,972,452

MAHA-ENERGY.COM

Owner MAHA A Capital & Votes

Starboard 53,005,332 29.7%

DBO Invest S.A. 21,936,598 12.3%

Avanza Pension 4,836,324 2.7%

Akastor Asa 2,999,641 1.7%

Myrholt Tore 2,849,805 1.6%

Svein Harald Øygard 2,848,840 1.6%

Sundt AS 2,661,671 1.5%

Nordnet Pension Insurance 2,614,807 1.5%

Jonas & Maria Lindvall 2,460,884 1.4%

VR Global Partners L.P 2,151,120 1.2%

Total, 10 largest shareholders 100,341,595 56.2%

Summary, others appr 7,130 shareholders 76,574,236 42.9%

Outstanding shares 176,915,831 99.1%

Maha Energy AB 1,528,922 0.9%

Total number of shares (incl. Treasury shares) 178,444,753 100.0%

Source: Monitor by Modular Finance as per 31 December 2024. Compiled and processed data from various sources, including Euroclear, Morningstar and the Swedish Financial

Supervisory. The verification date may vary for certain shareholders.

List of Major Shareholders (as of December 31, 2024)

2024 ANNUAL REPORT

CORPORATE

GOVERNANCE

REPORT

MAHA-ENERGY.COM

Corporate Governance is an integral part of Maha’s foundation which guides our corporate culture,

business objectives, and enables the accommodation of stakeholder interests. Maha is committed

to delivering value to all our stakeholders (including shareholders, employees, contractors, and the

communities in which we operate) by prioritizing transparency and accountability. For Maha, strong

corporate governance ensures anticipation and mitigation of risks, as well as oversight of our

operational protocols and practices to ensure activities are undertaken in an ethical, safe, reliable,

and responsible manner.

This Corporate Governance Report has been prepared in accordance with the Swedish Companies Act (SFS 2005:551), the Annual

Accounts Act (SFS 1995:1554) and the Swedish Corporate Governance Code (the “Code”) and has been subject to a review by the

Company’s statutory auditor. It explains how Maha has conducted its corporate governance activities during 2024.

The Swedish Corporate Governance Code is based on the tradition

of self-regulation and the principle of “comply or explain”. It acts

as a complement to the corporate governance rules contained in

the Swedish Companies Act, the Annual Accounts Act, EU rules

and other regulations such as the Rulebook for Issuers and good

practice on the securities market. The Code, updated on January

1, 2024, is published on www.bolagsstyrning.se/gallande_kod,

where a description of the Swedish Corporate Governance model

can be found.

As a Swedish public company listed on Nasdaq Stockholm (under

symbol MAHA-A) Maha is subject to the Rulebook for Issuers of

Nasdaq Stockholm which can be found on www.nasdaq.com/

european-market-activity. In addition, the Company abides by

the principles of corporate governance found in several internal

and external documents to build trust in how Maha responsibly

conducts its business.

The Company is not aware of any deviations from Nasdaq Stock-

holm’s Rulebook for Issuers, recommendations from the Swedish

Securities Council, decisions from Disciplinary Committee at

Nasdaq Stockholm or statements from the Swedish Securities

Council. The Company does not report any deviations from the

Code. The report has been examined by the Company’s auditors,

please see page 98.

Maha Energy AB (publ), company registration number 559018-

9543, has its corporate head office at Eriksbergsgatan 10, 4th

floor, SE-114 30 Stockholm, Sweden and the registered seat of the

Board of Directors is Stockholm, Sweden. The Company’s website

is www.maha-energy.com.

Maha’s business model is built on the corporate governance

foundation, which aims to decrease associated risk of unethical

behavior, unclear responsibilities, and avoid potential conflicts

of interests. Maha’s Corporate Governance Framework further

strengthens and clarifies Maha’s corporate governance foun-

dation and ensures that business is conducted in a responsible

manner. Maha’s governance structure includes the Board of Direc-

tors and its committees, together with Maha’s executive team.

Shareholder Meeting

Nomination

Committee

Board Of Directors

CEO and Executive Management

Audit Ethics

& Compliance

Committee

Investment

Committee

Internal Auditors

Renumeration

Committee

HSE, Reserves

& Sustainability

Committee

Independent Reserves Auditor

External

Auditors

2024 ANNUAL REPORT

External and Internal governance framework

The Company observes good corporate governance practices in accordance with Swedish laws and

regulations, Maha’s Articles of Association and internal policies and procedures. The Company’s

Articles of Association do not contain any provisions for a special procedure for changing the Arti-

cles of Association. The Company issues Annual Consolidated Financial Statements and interim

reports in accordance with the International Financial Reporting Standards (IFRS), as adopted by

the EU, and Swedish Annual Accounts Act.

Maha adheres to both the internal and external rules for Corporate Governance principles, ensuring clear delineation of

individual and company responsibilities, minimizing potential risks and preventing conflicts of interest among sharehol-

ders, managers, and the Board of Directors.

Below is a non-exhaustive list of the rules and guidelines the Company follows to uphold the highest standards of

corporate governance, as well as some Maha’s backbone of governance policies that guide our entire operation.

External Corporate Governance Rules

⁄ The Annual Accounts Act

⁄ NASDAQ Stockholm’s Rulebook for Issuers

⁄ The Swedish Companies Act

⁄ Swedish Code of Corporate Governance

⁄ Statements of the Swedish Securities

Council

Internal Corporate Governance Rules

⁄ Anti-Corruption Policy

⁄ Articles of Association

⁄ Code of Conduct

⁄ Corporate Governance Policy

⁄ Health, Safety, and Environment Policy

⁄ Internal Control and Risk Management

⁄ Business Partner Code of Conduct

⁄ Authorized Signatures and Expenditure

Policy

⁄ US Recusal Policy

⁄ Remuneration Policy

⁄ Insider Policy

⁄ IT Policy

⁄ Data Privacy Policy

⁄ Procurement and Contracting Policy

⁄ Rules of Procedures for Managing

Directors, Board of Directors and

Committees

MAHA-ENERGY.COM

Annual General Meeting 2025

The Company’s 2025 AGM is planned to be held on 27 May 2025 in Stockholm, Sweden.

Shareholders

The Company’s shares (MAHA-A) are listed on Nasdaq Stockholm.

At year-end 2024 the share capital amounted to SEK 1,962,892.283,

represented by 178,444,753 shares. All shares represent one vote

each. On 31 December 2024, the number of shareholders was

7,139 (2023: 8,608). Of the total number of shares, foreign share-

holders accounted for approximately 79 percent. Starboard and

DBO Invest S.A. are the only shareholders with a holding in excess

of 10 percent of shares and votes, with a holding of 53,005,332

and 21,936,598 shares, respectively, representing approximately

29.70 and 12.29 percent of shares and votes, respectively. For

further information on Maha’s share, share capital development

and shareholders, see page 18 and the Company’s website.

Annual General Meeting

According to the Swedish Companies Act (2005:551), the general

meeting is the Company’s highest decision-making body. At the

general meeting, the shareholders exercise their voting rights in

key issues, such as changes to the Articles of Association, the

election of the Board of Directors and auditors, adoption of the

income statement and balance sheet, discharge from liability of

the Board of Directors, the CEO and Managing Director, the appro-

priation of profit or loss and the principles for the appointment of

the nomination committee. The Annual General Meeting (“AGM”)

must be held within six (6) months of the close of the fiscal year.

The Company calls the meeting through announcements in the

Swedish Official Gazette, the Svenska Dagbladet and the Compa-

ny’s website.

Right to attend AGMs

All shareholders who are listed in the share registry on the record

date, and who have notified the Company of their participation in

due time, are entitled to participate in the AGM. Shareholders are

entitled to exercise their respective voting rights in accordance

with the description above (item entitled “Shareholders”).

Annual General Meeting 2024

The 2024 AGM was held in Stockholm on 29 May 2024. The

AGM was attended by 22 shareholders, personally or by proxy,

representing 23.76 percent of the Company’s share capital. The

Chairman of the Board of Directors and all Board members,

including the CEO and Managing Director, were present, as well

as the Company’s auditor and a member of the Nomination

Committee for the 2024 AGM.

The submissions and resolutions passed by the 2024 AGM included the following major items:

⁄ Fabio Vassel, Paulo Thiago Mendonça, Enrique Peña,

Viktor Modigh, Richard Norris, Halvard Idland and

Svein Harald Øygard were re-elected as members of

the Board of Directors.

⁄ Paulo Thiago Mendonça was re-elected as Chairman

of the Board.

⁄ Remuneration of the Board of Directors and the

auditors.

⁄ Approval of the Company’s remuneration report.

⁄ The Board of Directors has been authorized to

resolve on repurchasing of shares in the Company.

⁄ The accounting firm Deloitte AB was re-elected as

the auditor of the Company.

⁄ The articles of association were changed to allow for

general meetings to be conducted digitally.

⁄ Authorization of the Board of Directors to resolve

upon issuance of new shares, warrants and/or

convertible debentures. The Company’s share

capital may be, with the support of the authorization,

be increased by an amount corresponding to 20

percent of the share capital and the number of

shares in the Company as of on the date the Board of

Directors make use of the authorization.

For more information about the Annual General Meeting, including the minutes, see Maha’s website.

2024 ANNUAL REPORT

Nomination Committee and its Function

The duties of the nomination committee include the preparation

and drafting of proposals regarding the election of members of

the Board of Directors, the chairman of the Board of Directors, the

chairman of the general meeting and auditors. The nomination

committee shall also propose fees for Board members and the

auditor. The Nomination Committee applies rule 4.1 of the Code in

its proposal for Board members. The composition of the nomina-

tion committee is publicly announced at least six months ahead

of the AGM.

The principles for the appointment of and instructions regarding

a nomination committee were adopted at the Annual General

Meeting in 2019 and have remained unchanged since then. In

accordance with these, the Nomination Committee for the 2025

AGM consists of members appointed by three (3) of the largest

shareholders of the Company based on shareholdings as of 30

September 2024 and the Chairman of the Board of Directors.

The names of the members of the Nomination Committee were

announced and posted on the Company’s website on 27 November

2024 (within the time frame of six (6) months before the 2025

AGM, as prescribed by the Code). Due to changes in ownership

structure, the nomination committee was restructured in March

2025.

The Nomination Committee for the 2025 AGM consisted of:

⁄ Rodrigo Pires, appointed by Starboard;

⁄ Luis Araujo, appointed by DBO Invest S.A.

⁄ Tore Myrholt, representing himself; and

⁄ Paulo Thiago Mendonça, Chairman of the Company’s

Board.

At the Nomination Committee’s first meeting, Rodrigo Pires was

elected as Chairman of the Nomination Committee.

The Nomination Committee Report, including the final proposals

to the 2025 AGM, shall be published on the Company’s website at

the same time the Notice of the AGM is given.

The Nomination Committee’s purpose is to produce proposals for

certain matters including, amongst others, the following (which

will be presented to the 2025 AGM for consideration):

⁄ Number of members of the Board of Directors;

⁄ Remuneration to the Chairman of the Board of Directors,

the other members of the Board of Directors and auditors

respectively;

⁄ Election of auditors;

⁄ Remuneration, if any, for committee work;

⁄ The composition of the Board of Directors;

⁄ The Chairman of the Board of Directors;

⁄ Resolution regarding the process of the Nomination

Committee 2026, if any amendments are proposed to the

Process for the 2025 AGM;

⁄ Chairman at the AGM

The work of the Nomination Committee includes evaluation of the

Board’s work, competence and composition, as well as the inde-

pendence of the members. The Nomination Committee will also

consider criteria such as the background and experience of the

Board of Directors and evaluate the ongoing work.

The Board of Directors and its work

Board of Directors’ composition

After the general meeting, the Board of Directors is the highest

decision-making body. According to the Swedish Companies Act,

the Board of Directors is responsible for the organization and

management of the company’s affairs, which means that the Board

of Directors is responsible for, among other things, establishing

targets and strategies, securing procedures and systems for

monitoring of set targets, continuously assessing the company’s

financial position and evaluating the operational management.

Furthermore, the Board of Directors is responsible for ensuring

that proper information is given to the Company’s shareholders,

that Maha’s complies with laws and regulations, develops and

implements internal policies and ethical guidelines. Moreover, the

Board of Directors is responsible for ensuring that annual reports

and interim reports are prepared in a timely matter. The Board

of Directors also appoints the Company’s CEO and Managing

Director and determines its salary and other compensation.

The members of the Board of Directors, including the Chairman

of the Board, are elected annually at the annual general meeting

for the period until the end of the next annual general meeting.

Pursuant to the Company’s Articles of Association, the Board

shall consist of not less than three (3) and not more than seven

(7) ordinary members, without any deputy members. There are no

specific stipulations in the Company’s Articles of Association on

how the Board members should be assigned or dismissed.

The Company is committed to fostering an inclusive and equi-

table environment as outlined in its ESG roadmap. As part of this

commitment, the Company aims to adopt processes that actively

promote gender diversity in the recruitment of new leaders and

board members. Additionally, it seeks to implement Diversity,

MAHA-ENERGY.COM

Equity, and Inclusion (DEI) initiatives tailored to its unique context

and other impactful measures. These efforts underscore the

Company’s dedication to building a diverse and representative

workforce while upholding the highest standards of corporate

governance.

In 2024, the Company’s Board consisted of 7 ordinary members,

appointed until the end of the next annual shareholders’ meeting.

Six (6) of the Directors are independent of the Company and its

executive management and two (2) of the members of the Board

who are independent of the Company and its executive manage-

ment are also independent in relation to the Company’s major

shareholders.

EVALUATION OF THE BOARD’S WORK

The Board of Directors’ work was evaluated in a structured

process conducted by a third party. The evaluation during 2024

was conducted by means of a questionnaire that each Board

member was requested to complete, in the aim of gaining an idea

about the Board members’ views on how the Board work has been

conducted and which measures can be taken to improve the Board

work as well as which matters the directors feel should be given

more attention and in which areas it could possibly be suitable

to have additional expertise on the Board. The results of this

evaluation were reported to and discussed by the Board, together

with the external consultants contracted by the Company for this

purpose. The results of this evaluation are also reported to the

nomination committee.

BOARD OF DIRECTORS 2024

The Board of Directors in Maha Energy AB consist of Paulo Thiago

Mendonça (Chairman), Fabio Vassel, Enrique Peña, Viktor Modigh,

Richard Norris, Halvard Idland and Svein Harald Øygard. For more

information about Maha’s Board of Directors, please see page 12.

RULES OF PROCEDURE

The Board of Directors’ work is governed by the approved Rules of

Procedure for Board of Directors. These Rules of Procedure have

been adopted in order to ensure that the procedures for the work

of the Board fulfil the requirements applicable by law, the Articles

of Association, applicable stock exchange rules, the Code and

good practices according to self-regulation. The Board of Direc-

tors supervises the work of the Managing Director by monitoring

the Company’s operational and financial activities. The Board of

Directors ensures that the Company’s organization, administra-

tion, and controls are properly managed. The Board of Directors

adopts strategies and goals and provides review and approval of

larger investments, acquisitions and disposals of business activi-

ties or assets. The Board of Directors also appoints the Managing

Director and determines the Managing Director’s salary and other

compensation. The Chairman of the Board of Directors supervises

the Board’s activities and is responsible for it functioning well.

The Chairman, among other things, is regularly updated on the

Company’s operations, meets with the Managing Director and is

responsible to ensure information and documentation is provided

by the Company in a manner to allow high quality discussions and

proper consideration of matters by the Board members.

The Board’s rules of procedure stipulate that, among other things, the

following topics shall be addressed during the financial year

⁄ adoption of the budget for the coming financial

year including capital budget;

⁄ adoption of the annual financial statement/

year-end report;

⁄ adoption of the annual and other reports;

⁄ adoption of quarterly interim reports;

⁄ authorization of Maha’s auditor to review Maha’s

half-year or 9-month reports;

⁄ matters pertaining to general meetings;

⁄ strategy matters;

⁄ adoption of Maha’s and the Group’s general

policies;

⁄ evaluation of the Board’s work and the work of the

managing director, respectively;

⁄ adoption of the Rules of Procedure for Board and

committees;

⁄ election of members for committees;

⁄ insurance program;

⁄ resolution on proposals and statements to the

annual general meeting; and

⁄ evaluation of systems for internal control.

2024 ANNUAL REPORT

The Board of Directors’ work in 2024

During 2024, the Board of Directors held thirty-five (35) meetings,

in person, via telephone or digitally, and per capsulam meetings.

Attendance for the in-person meetings is shown in the table below.

The Company’s Chief Legal Officer, Barbara Bittencourt, acted as

corporate secretary. Prior to each meeting, Board members were

provided with an agenda and written information on the matters

to be covered. Each meeting has included the possibility of

discussing without management representatives being present.

The Company’s Auditor also met at least once with the Board of

Directors or respective board audit committee.

During 2024, a significant part of the Board’s work focused on

Maha’s investment in 3R Petroleum and the merger with Enauta,

which resulted in the formation of Brava Energia. Two of Maha’s

Board members were elected to 3R Petroleum’s Board in March

2024 and actively participated in the work until the transaction

was completed at the end of July the same year. Additionally,

considerable time and resources were devoted to evaluating the

potential acquisition of indirect equity interest PetroUrdaneta in

Venezuela. The Board worked intensively to gain a deeper under-

standing of the redevelopment plan for the PetroUrdaneta fields

and closely monitored the political developments in Venezuela.

The Board has also actively overseen the advancement of Maha’s

ESG strategies, and the pillars established for the Company, along

with the objectives outlined in the ESG roadmap. In the first quarter

of 2024, the Board approved a strategic framework for integrating

ESG into Maha’s newly restructured portfolio. This framework,

developed through extensive analysis and discussions during

2024, remains a key focus and will continue into 2025 to ensure

the effective implementation and alignment of ESG goals with the

company’s long-term strategic objectives.

Board Member

Board

Attendence

Audit, Ethics and

Compliance Committee

Attendance

Remuneration

Committee

Attendance

HSE, Reserves and

Sustainability Committee

Attendance

Paulo Mendonça (Chairman) 35/35 1/2 0/2

Halvard Idland 35/35 4/5

Enrique Peña 35/35 5/5

Viktor Modigh 35/35 5/5 2/2 2/2

Richard Norris 35/35 4/5 2/2

Svein Harald Øygard 35/35 2/2

Fabio Vassel 34/35

*It is important to highlight that despite Mr. Paulo Mendonça’s absence on some board committees’ meetings, he remained actively involved by participating in informal meetings

and discussions with the other committees’ members.Through these engagements, Mr. Paulo Mendonça contributed meaningfully to addressing all relevant matters and ensuring

continuity in the committees’ work.

Board Committees

In order to increase the efficiency of its work and enable a more

detailed analysis of certain matters, the Board of Directors has

formed four (4) committees, including: Audit, Ethics & Compli-

ance Committee; Remuneration Committee; HSE, Reserves and

Sustainability Committee; and Investment Committee. Committee

members are appointed by the Board of Directors within the Board

members at the statutory Board meeting held after the AGM for

the period up to and including the next AGM. The Committee’s

duties and authorities are governed by the committees’ rules of

procedure and instruction. The committee perform monitoring

and evaluations, resulting in recommendations to the Board of

Directors, where all decision-making takes place.

AUDIT, ETHICS & COMPLIANCE COMMITTEE

The Audit, Ethics & Compliance Committee is a supervisory and

preparatory body within the Board of Directors of Maha. The Audit,

Ethics & Compliance Committee shall ensure compliance with

the Board of Director’s monitoring responsibilities pertaining to

audit and financial reporting, risk management and assessing

the efficiency of the Company’s internal controls over financial

reporting. The Audit, Ethics & Compliance Committee shall

thereby contribute to sound and regular financial reporting to

ensure the market’s trust in Maha. The Audit, Ethics & Compliance

Committee shall furthermore regularly liaise with the Company’s

external auditors as part of the annual audit process and review

their fees, as well as the auditors’ qualifications, independence

and impartiality. The Audit, Ethics & Compliance Committee also

assists the Nomination Committee with proposals for resolutions

on the election and remuneration of the auditor. The Audit, Ethics

& Compliance Committee shall also ensure that good communica-

tion is maintained between the Board and the external auditor(s).

In line with the functions and responsibilities of the Audit, Ethics

& Compliance Committee, this Committee held multiple meetings

with the external auditors throughout the year, including sessions

conducted without the presence of management.

MAHA-ENERGY.COM

The Audit, Ethics & Compliance Committee is also responsible for

overseeing the development, implementation, and effectiveness

of the ethical culture at Maha. The Audit, Ethics & Compliance

Committee shall thereby, in particular, annually review and approve

all compliance policies, ensure high standards of governance

regarding ethical conduct, review the effectiveness of the compa-

ny’s ethical governance framework, monitoring and responding to

ethics/whistleblower reports overseeing the impartiality of inves-

tigations into allegations of misconduct or breaches of ethics and

compliance standards, ensuring appropriate corrective actions

are taken and recommend improvements, and identify, assess,

and mitigate ethics and compliance risks across the organization.

The members of the Audit, Ethics & Compliance Committee are

Enrique Peña (Chairman), Halvard Idland, Richard Norris and Viktor

Modigh. The Committee convened five (5) times during 2024.

REMUNERATION COMMITTEE

The Remuneration Committee is a preparatory body within the

Board of Directors with the main duties to prepare resolutions

to be adopted by the Board of Directors pertaining to matters

regarding remuneration principles, remuneration and other terms

of employment for executive management; monitor and eval-

uate current and during the year finalized programs for variable

compensations for the executive management, and monitor and

evaluate the compliance with the guidelines for remuneration for

the executive management which the general meeting shall adopt,

and applicable remuneration structures and remuneration levels

within the Company. The work of the Remuneration Committee is

governed by established rules of procedures that have been set by

the Board of Directors.

The members of the Remuneration Committee are Paulo

Mendonça (Chairman), Viktor Modigh and Svein Harald Øygard.

The Committee convened two (2) times during 2024.

HSE, RESERVES AND

SUSTAINABILITY COMMITTEE

The HSE, Reserves, and Sustainability Committee has a broad

range of responsibilities essential to ensuring Maha meets its

commitments to health, safety, environmental, and sustainability

standards, as well as the accurate evaluation of reserves. Its key

duties include reviewing and monitoring health, safety, and envi-

ronmental policies and activities to ensure compliance with rele-

vant laws and industry standards. The Committee also reviews

incidents of non-compliance and makes recommendations to

address any issues effectively.

In addition, the Committee oversees the evaluation of oil and

natural gas reserves, including assessing the qualifications

and independence of external reserve auditors, supervising the

reserves audit process, and reviewing key inputs and disclosure

requirements to ensure all processes meet regulatory expecta-

tions. On sustainability, the Committee helps shape ESG strate-

gies, identifies risks and opportunities, ensures the reliability of

data, and supports ESG reporting to align with both internal goals

and external requirements. Regular updates are provided to the

Board to maintain alignment with Maha’s broader strategic and

governance objectives.

The members of the Remuneration Committee are Richard Norris

(Chairman), Paulo Mendonça and Viktor Modigh. The Committee

convened two (2) times during 2024.

INVESTMENT COMMITTEE

The Investment Committee plays a key role in Maha’s gover-

nance structure, to ensure a thorough and structured evaluation

of proposed investments. The Committee is responsible for

analyzing and approving investments of up to 5% of the Compa-

ny’s cash balance at the time of the investment, with a maximum

limit of USD 5 million. For investments exceeding these thresh-

olds, the Investment Committee prepares detailed analyses and

recommendations for final approval by the Board. This structure

allows the Committee to maintain oversight and ensure invest-

ments align with Maha’s financial strategy and risk management

framework, while preserving the Board’s ultimate authority over

significant financial decisions.

The members of the Investment Committee are Paulo Mendonça,

Halvard Idland, Svein Harald Øygard and Viktor Modigh. Replace

with: In addition, CEO & CFO Roberto Marchiori (Chairman) are

members of the Investment Committee. Previous CEO Kjetil

Solbraekke was also a member of this committee in 2024. The

Committee did not convene during 2024, after investing in 5% of

3R Petroleum shares.

Remuneration of

Board of Directors members

The remuneration of the Chairman and other Board of Directors’

members follows the resolution adopted by the AGM. The Board

of Directors members are not employed by the Company and, as

a result, do not receive any salary from the Company. The EGM in

September 2023 resolved, in accordance with the proposal of the

Nomination Committee, on an incentive program for the members

of the Board of Directors through issuance of warrants entitling to

subscription of new shares in the Company. During 2024, board

directors were allotted warrants under this program.

The 2024 AGM resolved that remuneration of the chairman of the

Board of Directors shall be TSEK 415 per annum and of the other

members TSEK 300 per member per annum. Remuneration is not

paid for the service of the Boards or directors of subsidiaries. The

annual fee for Board committee members of the Audit, Ethics &

Compliance Committee, Remuneration Committee, and the HSE,

Reserves, and Sustainability Committee is TSEK 40 per committee

assignment. The annual fee for the chairman of the of the Audit,

2024 ANNUAL REPORT

Ethics & Compliance Committee, Remuneration Committee, and

the HSE, Reserves, and Sustainability Committee is TSEK 60.

Further, if a member of the Board of Directors, following a resolu-

tion by the Board of Directors, performs tasks which are outside

the regular Board of Directors work, separate remuneration will

apply, based on the company’s Remuneration Policy and in accor-

dance with resolution at the AGM 2023.

No remuneration is provided for members of the Investment

Committee for their services. Their participation and contribu-

tions are regarded as part of their broader responsibilities as

Board members or executives, underscoring Maha’s commitment

to effective governance and the responsible management of

company resources.

Management

The executive management in Maha during 2024 has consisted

of (i) the Chief Executive Officer and Managing Director Kjetil

Solbraekke (stepped down in March 2025), (ii) the Chief Financial

Officer Guilherme Guidolin de Campos, until he stepped down

14 May 2024 and was succeeded by Roberto Marchiori, (iii) the

Chief Operating Officer Javier Gremes Cordero until he stepped

down 10 September 2024; and (iv) the Chief Legal Officer Barbara

Bittencourt.

The Board of Directors has adopted an instruction for the Managing

Director which clarifies the responsibilities and authority of the

Managing Director. According to the instructions, the Managing

Director shall provide the Board of Directors with decision data to

enable the Board of Directors to make well-founded decisions and

with documents to enable it to continually monitor the activities

for the year.

The Managing Director is responsible for the day-to-day business

of the Company and shall take the decisions needed for developing

the business – within the legal framework, the business plan, the

budget and the instruction for the Managing Director adopted by

the Board of Directors, as well as in accordance with other guide-

lines and instructions communicated by the Board of Directors.

The Board evaluates the work of the Chief Executive Officer.

The Board examines this issue formally at least once a year, and

without any member of the executive management present during

this evaluation process.

Remuneration for Management

At the AGM 2023 it was resolved to adopt a policy for remuneration

and other employment conditions for the Executive Management,

which is available at the Company’s website. For additional infor-

mation on Board of Directors’ member and Executive Manage-

ment compensation, please refer to Note 29 of the Financial State-

ments, as well as the Company’s Remuneration Report available at

the Company’s website.

External Auditors

At the 2024 AGM and for the period until the conclusion of the

next Annual General Meeting, Deloitte AB was elected as Maha’s

independent auditor. The Auditor in charge is Andreas Frountzos.

Financial Reporting and Internal Controls

The Board of Directors has the ultimate responsibility for internal

controls over financial reporting. Maha’s processes of internal

control, regarding financials reporting, is designed to mini-

mize risks involved in financial reporting process and ensure

a high level of reliability in the financial reporting. Furthermore,

internal control’s framework ensures compliance with applicable

accounting requirements and other disclosure requirements that

Maha is required to meet as a publicly listed company

INTERNAL CONTROLS

While the Board of Directors (with assistance from the Audit,

Ethics & Compliance Committee), in accordance with the Swedish

Companies Act, has the ultimate responsibility for the internal

controls over the Company’s financial reporting; front line respon-

sibility for such is with the CEO and CFO under the approved

Instructions for Financial Reporting and the Instructions to

Managing Director.

In line with listed companies of similar size in the oil and gas sector,

Maha upholds a robust internal control framework for financial

reporting, aimed at reducing the risk of inaccuracies and ensuring

strong reliability and adherence to relevant accounting standards.

The Company’s CFO and CEO continually work on improving the

financial reporting process through evaluating the risk of errors in

the financial reporting and related control activities.

Control activities include close monitoring and approval by the

Company’s executive team, in line with the authorization guidelines

of invoices, other payables, contracts and legal commitments, and

other financial and treasury activities in relation to the oil and gas

operations of the Company in Brazil, Oman (under divestment),

Venezuela and the United States. The purpose of these activities

is to ensure and monitor that control activities are in place for the

areas of identified risks related to financial reporting and poten-

tially fraudulent activities.

The Audit, Ethics & Compliance Committee, the CFO, and the CEO

follow up on the compliance and effectiveness of the Company’s

internal controls to ensure the quality of internal processes is

appropriate and develop controls as considered necessary.

INFORMATION AND COMMUNICATION

The Board of Directors has adopted an Information and Commu-

nication Policy for the purpose of ensuring that the external

information is correct and complete. There are also instructions

regarding information security and how to communicate financial

information.

MAHA-ENERGY.COM

MONITORING

Both the Board of Directors (with assistance from the Audit, Ethics

& Compliance Committee) and the Company’s management

follow up on the compliance and effectiveness of the Company’s

internal controls to ensure the quality of internal processes. The

Audit, Ethics & Compliance Committee ensures and monitors

that adequate controls are in place for the identified areas of

risk related to financial reporting activities. For this purpose, an

independent consultant reporting directly to the Audit, Ethics &

Compliance Committee is engaged in monitoring and test effec-

tiveness of internal controls.

INTERNAL AUDITING

In accordance with the Code, the Board of Directors annually eval-

uates the need for a separate internal audit function. Maha does

not have an internal audit function within the organization. Instead,

to ensure the robustness and effectiveness of its internal controls,

the Company has engaged a third-party provider to conduct a

comprehensive review of internal controls and processes.

This review encompasses all critical areas of the organization,

including finance, governance, administration, risk manage-

ment, information technology, human resources, procurement,

accounting, tax, and other relevant functions. By leveraging

external expertise, Maha ensures an independent and thorough

evaluation of its internal controls. The Board considers this

approach effective and appropriate for the Company’s current

structure and operations.

The Board of Directors

Readers are referred to page 12 in this Annual Report for details on

the Company’s Board of Directors and Management team.

The Auditor’s Report on the Corporate Governance Statement can

be found in this Annual Report on page 98.

ADMINISTRATION

REPORT

MAHA-ENERGY.COM

The Board of Directors and the Managing Director of Maha Energy AB (publ) (“Company” or “Maha”)

with Company Registration Number 559018-9543, hereby report the Company’s Annual Report

covering the period 1 January 2024 until 31 December 2024, and the associated consolidated

Financial Report for the same period. This report is a review of Maha results and management’s

analysis of its financial performance for the same period.

The consolidated financial statements included in this Annual

Report have been prepared in accordance with International

Financial Reporting Standards (“IFRS”) as issued by the Interna-

tional Accounting Standards Board (“IASB”) and adopted by the

European Union (EU).

Significant accounting policies used are set out in Note 2 to the

financial statements. All amounts are expressed in thousands

of United States Dollars (TUSD), except in the Parent Company

Annual Report where all amounts are expressed in thousands of

Swedish Krona (TSEK), unless otherwise indicated.

Corporate Structure

Corporate structure as of 31 December 2024:¹:

Administration

Report

Maha Energy

Finance

(Luxembourg)

SARL

Luxembourg

100%

Maha Energy

(Oman) Ltd.

(Oman Branch)

Oman

Maha Latam

Operacionies

C.A.

Venezuela

99%

Maha Energy

Services LLC

USA

100%

Maha Energy

(Oman) Ltd.

Cyprus

100%

Maha

Energy Inc.

Canada

100%

Maha Energy

1 (Brazil) AB

Sweden

100%

Maha Energy

2 (Brazil) AB

Sweden

100%

Brava Energia

S.A.

Brazil

4.76%

100%

Maha Energy

BRZ Ltda

Brazil

0.1% 99.9%

Maha Energy AB (publ)

Sweden

Subsidiaries

Branches

Investments or minority equity interest

Acquired or Incorporated in 2024

Maha Energy

Latam S.L

Spain

100%

Maha Energy

Finance

(Luxembourg)

SARL

Sverige(Sweden)

100%

Maha Energy

(US) Inc.

United States

Maha Energy

(Indiana) Inc.

United States

100%

2B Ametrino

Sweden

7.69%

2024 ANNUAL REPORT

Investment in Brava Energia S.A.

During the first quarter of 2024, Maha acquired 12,019,184

shares, corresponding to 5% of Brava Energia’s corporate capital

(previously named 3R Petroleum by the time of the acquisition),

for an aggregate consideration of approximately TUSD 69,194.

In connection with the announcement, Maha published an open

letter detailing its objectives with the investment and outlining the

initiation of a consolidation plan within the Brazilian oil market.

In the second quarter of 2024, it was announced that Enauta, 3R

Petroleum and Maha had signed definitive documents regarding

the merger of Enauta shares into 3R Petroleum and the roll-up

of Maha’s 15% investment in 3R Offshore into 3R Petroleum, in

exchange for shares corresponding to 2.17% of the combined

entity resulting from the merger of Enauta’s and 3R Petroleum (i.e.,

Brava Energia).

As a result of such roll-up transaction closing, in the third quarter

of 2024 Maha received 10,081,840 common shares issued by

Brava Energia. Consequently, added to the shares acquired by the

Company during the first quarter of 2024, Maha held as per end

of 2024 approximately 22 million shares of Brava Energia, corre-

sponding to 4.76% of its total shares.

Developments in PetroUrdaneta

Negotiations

In March 2024, Maha signed the definitive agreements and paid

EUR 4.6 million, concluding another important step for the acqui-

sition of indirect equity interest in the Venezuelan oil company

PetroUrdaneta from Novonor. The agreements granted Maha

exclusive rights to acquire 60% of Novonor’s Spanish vehicle that

holds 40% equity interest of PetroUrdaneta, an O&G joint venture

company operating in Venezuela.

In December 2024, Maha announced that Mesas Técnicas discus-

sions between PetroUrdaneta, Maha (potential Partner B), and

CVP (Partner A, a PDVSA subsidiary) had commenced to reach

a mutual understanding and agreement on the re-development

plan for the PetroUrdaneta fields. A kick-off meeting took place in

December 2024, with the goal of concluding these discussions by

the end of the first half of 2025. The Mesas Técnicas discussions

progressed faster than initially anticipated and the technical work

was already completed by February 2025.

The completion of the transaction is contingent on different

conditions, which included (i) the approval by the Venezuelan Oil

Minister of the proposed Change of Control of PetroUrdaneta’s

Partner B (i.e., OE&P), which occurred in September 2024; and (ii)

the successful negotiation of the relevant operational and collab-

oration agreements for the redevelopment of PetroUrdaneta’s

fields.

As with all of its engagements, with respect to its activities

involving Venezuela and PetroUrdaneta, Maha remains committed

to compliance with all applicable laws and regulations, robust due

diligence and transparency in its activities. This includes discus-

sions and/or requests for licenses from relevant authorities.

Maha’s contractual right to conclude the transaction remains in

force until November 2025.

Divestment of Maha Energy (Oman) Ltd

In Q4 2023, Maha agreed to sell its subsidiary Maha Oman,

holding a 65% interest in Block 70, to Mafraq Energy LLC, which

will handle all future operational costs from December 1, 2023.

Maha will receive TUSD 2,000 at the closing date and additionally

up to TUSD 12,000 earnout based on production. The sale and

purchase agreement (SPA), signed in January 2024, relieves Maha

of all related liabilities. The transaction is subject to certain condi-

tions precedent. Oman operations were reclassified in December

2023 as assets held for sale and discontinued operations, with a

TUSD (25,233) impairment loss.

Financial Results Review

MAHA-ENERGY.COM

Financial Results

Revenue from continuing operations stood at TUSD 8,492,

reflecting an increase from the previous year’s TUSD 5,226,

attributed to higher sales volumes, despite lower realized oil

prices. Similarly, operating netback from continuing operations

increased to TUSD 4,417, compared to TUSD 2,197 in the previous

year, representing an increase of 101%.

EBITDA from continuing operations showed a negative value

of TUSD (4,791), in comparison to TUSD (3,900) in the previous

year. Despite the enhancement of the revenues, the main impact

was G&A and compensation for Other income/(Expense) in the

exercise.

However, amidst these fluctuations, Maha Energy managed

to improve the net result from continuing operations to TUSD

(32,565), marking an improvement from the previous year’s TUSD

(33,953).

In discontinued operations, the net result was TUSD 16,997,

compared to TUSD (27,198) in the previous year.

Earnings per share (basic and diluted) were recorded at TUSD

(0.19), showing a increase from TUSD (0.21) in the previous year.

Maha Energy closed the year with a total cash balance of TUSD

10,050 on December 31, 2024, including restricted cash of TUSD

1,115. The decrease from the previous year’s cash balance of

TUSD 131,119 mainly arises from the acquisition of shares in

Brava Energia (previously 3R Petroleum), for an aggregate consid-

eration of approximately TUSD 69,194, and the repayment of all

outstanding bank debts during the year. Maha is now a debt free

company.

Regarding reserves, Maha’s gross reserves before income tax in

the Illinois Basin, USA, amounted to 2.63 million barrels of oil of

proven and probable reserves (2P) as of December 31, 2024.

Production

Production volumes are equivalent to Maha’s working interest of

produced volumes before the deduction of royalties. The Compa-

ny’s continuing operations are related to the oil and gas assets in

the Illinois Basin. Average daily production volumes in the Illinois

Basin for 2024 increased 67% when compared to the last year due

to the launch of three new production wells from the 2023 drilling

program in January 2024. In addition, three new production wells

in the 2024 drilling program were put in production at the end of

Q3 2024.

Production 2024 2023

Total delivered Oil & Gas (BOE) 120,052 212,387

Daily Volume (BOEPD) 328 2,350

Continuing Operations

Delivered Oil (Barrels) 120,052 71,804

Daily Volume (BOEPD) 328 197

Discontinued Operations

Delivered Oil (Barrels) - 124,029

Delivered Gas (MSCF) - 99,324

Daily Volume (BOEPD) - 340

Revenue

In 2024, total revenue from continuing operations from Illinois

Basin that amounted to TUSD 8,492, marking a 62% increase from

TUSD 5,226 in the previous year. This increase correlates with a

67% increase in sales volumes, despite lower realized oil prices.

Revenue stems from the transfer of goods, particularly oil produc-

tion in the USA - Illinois, with consideration specified in contracts,

net of discounts and sales taxes.

Performance obligations are fulfilled upon the transfer of control

of the product to the customer at the agreed delivery point. The

company’s primary customer accounts for 100% of consolidated

gross sales, with no intercompany sales or purchases of oil and

gas during the year.

Additionally, no contract assets or liability balances were present

during the year. Crude oil realized prices in the Illinois Basin are

based on West Texas Intermediate (WTI) price, less a discount of

approximately $3/bbl. Further revenue details can be found of the

Consolidated Financial Statements.

DAILY PRODUCTION AND TOTAL PRODUCTION

(BOEPD | BBL)

197

328

20242023

Daily Production Total Production

71,804

120,052

2024 ANNUAL REPORT

(TUSD, unless otherwise noted) 2024 2023

Oil and Gas revenue 8,492 14,275

Continuing Operations 8,492 5,226

Discontinued Operations - 9,049

Combined Sales volume (BOE) 117,237 279,726

Oil realized price (USD/BBL) 72.43 72.31

Gas realized price (USD/MSCF) - 1.15

Oil Equivalent realized price

(USD/BOE)

72.43 51.03

Reference price – Average Brent

(USD/BBL)

80.82 82.47

Reference price – Average WTI

(USD/BBL)

76.55 77.64

Royalties

Royalties, settled in cash and calculated based on realized prices

before discounts, experienced an increase in expense. Royalty

expenses related to continuing operations increased by 49%

for 2024 compared 2023. This increase aligns with the higher

revenue observed during the same year, indicating a consistent

trend across financial metrics..

(TUSD, unless otherwise noted) 2024 2023

Total Royalties 1,891 2,044

Total Per unit (USD/BOE) 16.13 7.31

Royalties as a % of revenue 22.3% 14.3%

Continuing Operations 1,891 1,268

Royalties as a % of revenue 22.3% 24.3%

Discontinued Operations - 776

Royalties as a % of revenue 0.0% 8.6%

Production Costs

Production costs for continuing operations increased by 24% in

2024 compared to 2023. This is a slight increase when compared

with the 67% increase in volume production, indicating that the

operations procedures were efficient, and costs did not increase

proportionally to production growth. This led to a significant

reduction in production expenses per barrel, from 25 USD/bbl to

18 USD/bbl (28% decrease) compared to 2023.

(TUSD, unless otherwise noted) 2024 2023

Operating costs 2,184 3,058

Transportation costs - 221

Total Production costs 2,184 3,279

Per unit (USD/BOE) 18.63 11.72

Continuing Operations

Total Production costs 2,184 1,761

Per unit (USD/BOE) 18.63 25.05

Discontinued Operations

Operating costs - 1,297

Transportation costs - 221

REVENUE AND REALIZED PRICE

TUSD | USD/BBL

20242023

Oil & Gas Revenue Realized Price Average WTI

77.64

76.55

72.31

72.43

1,761

2,184

PRODUCTION COSTS AND OPEX/BBL

TUSD | USD/BBL

20242023

Production Expenses OPEX/BBL

MAHA-ENERGY.COM

Netback

Operating netback is a non-GAAP financial metric used in the oil

and gas industry to compare internal performance with industry

peers and is calculated as revenue deducted from royalties and

production costs. The operating netback in 2024 was 101% higher

than 2023 mainly due to increased sales volumes.

(TUSD, unless otherwise noted) 2024 2023

Total Operating Netback 4,417 8,952

Netback (USD/BOE) 37.68 32.00

Continuing Operations

Total Operating Netback 4,417 2,197

Netback (USD/BOE) 37.68 7.85

Discontinued Operations

Total Operating Netback - 6,755

Netback (USD/BOE) - 24.15

Depletion, depreciation,

and amortization (“DD&A”)

The depletion rate, calculated on proved and probable oil and

natural gas reserves, considers future development costs. Deple-

tion expense is calculated on a unit-of-production basis, fluctu-

ating based on capital spending and reserves additions. For the

full year of 2024, DD&A expense increased by 63%, totaling TUSD

3,086 (average depletion rate of USD $26.32 per BOE), compared

to TUSD 1,898 (average depletion rate of USD $26.22 per BOE) in

2023. The increase in the depletion expense is primarily due to

higher production volumes.

(TUSD, unless otherwise noted) 2024 2023

DD&A 3,086 1,851

DD&A (USD/BOE) - Continuing operation 26.32 6.56

Continuing Operations 3,086 1,836

Discontinued Operations - 15

General and Administration expenses (“G&A”)

General and administration (“G&A”) expenses are indirect corpo-

rate costs that are associated with running a business. Recurring

G&A of TUSD 5,384 increased in 2024 compared to 2023, mainly

explained by the exclusion of TUSD 7,140 in 2023 related to discon-

tinued operations in Brazil and Oman.

Additionally, some expenses related to Brazil operations, which

were classified as discontinued operations in 2024 due to the

Brava Energia roll-up, were recorded as recurring G&A by Maha

from the third quarter of 2024 onwards. This is because these

expenses were transferred to Maha BRZ through a spin-off.

Non-recurring G&A expenses were mainly related to extraordi-

nary consultants and legal fees related to the exploration of new

business opportunities, and potential M&A Transactions, among

others.

Moreover, there was a reduction in the portion of G&A costs allo-

cated to capital expenditure (capex) and operational expenditure

(opex) due to the divestment of assets that previously absorbed

these costs

(TUSD, unless otherwise noted) 2024 2023

Total G&A 11,028 12,157

Continuing Operations 8,196 5,017

Discontinued Operations 2,832 7,140

2,197

4,417

OPERATING NETBACK AND NETBACK/BBL

TUSD | USD/BBL

20242023

Operating Netback Netback/BBL

ADJUSTED G&A

TUSD | USD/BBL

20242023

Recurring Non Recurring

12,157

11,028

4,362

2,812

7,795

8,216

2024 ANNUAL REPORT

Foreign currency exchange gain or loss

During the entirety of 2024, the net foreign currency exchange

loss totaled TUSD (1,215), compared to a gain of TUSD 319 in

2023. These fluctuations arise upon settlement of transactions

denominated in foreign currencies. Notably, the foreign exchange

gain for the year is attributed to the Swedish Krona bank accounts

held by the parent company, which operates with US dollars as its

functional currency. During the year, the Swedish Krona weakened

against the US dollar ending at 11.07.

Other income

In 2024, the Company recorded other income totaling TUSD 1,164,

compared to TUSD (1,356) in 2023.

Finance income and costs and changes in

fair value of financial investments

Finance income decreased to TUSD 3,000 (2023: TUSD 8,155) due

to the amortization of 3R Offshore debentures.

The main changes in the financial instruments are related to

the investment in Brava Energia. Brava’s shares were origi-

nally acquired at an average price of BRL 28.52 (approximately

USD 5.77) in Q1 2024. In the end of July 2024, Maha received

10,081,840 common shares issued by Brava Energia, which price,

as per the closing documents of the transaction, was calculated

to be BRL 29.78 per share (approximately USD 5.26). By the end of

the year, the shares experienced significant fluctuations, reaching

the price of BRL 23.52 (approximately USD 3.80), which, along with

the exchange rate variation between the Brazilian Reais and the US

Dollars, resulted in an unrealized net loss during the year of TUSD

(38,714).

Finance costs decreased throughout 2024, amounting to TUSD

4,198 (2023: TUSD 7,034). This reduction can be attributed to the

repayment of the Company’s debt.

Income Taxes

The Company did not record a current tax expense for 2024

(2023: nil).

Exchange differences on translation

of foreign operations

The Company operates with US Dollars as its presentation

currency, consequently, the variances in translation from foreign

operations are documented within other comprehensive income.

Exchange differences pertaining to the translation of foreign oper-

ations, as outlined in the Statement of Comprehensive Earnings,

for the entirety of 2024, amounted to TUSD (3,535), contrasting

with TUSD (7,772) in 2023.

Balance sheet

All balance sheet items relating to the discontinued operations

have been reclassified as assets held for sale and liabilities held

for sale.

Non-current assets

Property, plant and equipment (“PP&E”) amounted to TUSD 15,184

(2023: TUSD 14,988).

Exploration and evaluation expenditure amounted to nil (2023:

nil) since both Oman and Maha Brazil Transaction divestments

occurred during 2023.

Investment in Associate amounted to nil, compared to TUSD

34,985 in 2023, due to the divestment of Maha Energy Holding

Brasil Ltda., in the context of the roll-up of Brava Energia shares.

Other long-term assets totaled TUSD 6,256 (2023: TUSD 9,134).

This primarily consists of a debenture with 3R Offshore amounting

to TUSD 3,483, the call-option for PetroUrdaneta acquisition on the

amount of TUSD 4,983, along with an investment in 2B Ametrino

AB in 2023 worth TUSD 1,067.

Regarding the Restricted Cash, please refer to the commentary on

its Current and Non-Current classification in the following section.

MAHA-ENERGY.COM

Current assets

In 2023, Maha announced the potential divestment of Maha Oman,

classifying the asset as held for sale.

Prepaid expenses and deposits totaled TUSD 207 (2023: TUSD

561), mainly comprising operational and insurance expenditures.

Crude oil inventories decreased to TUSD 186 (2023: TUSD 215)

due to oil inventory in the USA.

Accounts receivable amounted to TUSD 1,269 (2023: TUSD 1,092).

The Company’s restricted cash balance of TUSD 1,115 serves as

collateral for certain financial commitments and contingent liabil-

ities related to the Maha Brazil Transaction.

Cash and cash equivalents, including restricted cash, reached

TUSD 10,050 (2023: TUSD 131,119), primarily impacted by the

acquisition of shares in Brava Energia (previously 3R Petroleum),

for an aggregate consideration of approximately TUSD 69,194, and

the repayment of Company’s debts.

Non-current liabilities

As of 31 December 2024, the Company is debt free, due to repay-

ment of all its bank debts. Therefore, the balance for the bank debt

amount to nil, compared to TUSD 11,879 in 2023.

The decommissioning provision amounted to TUSD 479 (2023:

TUSD 539) and relates to future site restoration obligations.

Besides the additional provision setup for the new wells drilled in

the Illinois Basin, a decrease occurred due to Maha Brazil Trans-

action sale.

The lease commitments amounted to TUSD 318 (2023: TUSD 494)

and is related to Brazilian office.

Current liabilities

Liabilities held for sale are related to divestment of Maha Oman as

described in the report above. Bank Debt amounted to nil (2023:

TUSD 22,500) in Current Liabilities, as the explanation mentioned

in non-current liabilities.

Accounts payable amounted to TUSD 828 (2023: TUSD 3,017).

Continuing operations liabilities were mainly in line with the

comparative period2023 and accrued liabilities amounted to

TUSD 256 (2023: TUSD 736). Current portion of the lease commit-

ment amounted to TUSD 99 (2023: TUSD 104).

EBITDA

EBITDA declined to TUSD (4,791), in comparison with TUSD

(3,900) in 2023. Despite the enhancement of the revenues, the

main impacts were related to G&A and compensation for other

income/(Expense) in the period, as well as the exclusion of TUSD

7,140 in 2023 related to discontinued operations in Brazil and

Oman. EBITDA is a non-IFRS financial measure and is reconciled

as follows:

EBITDA (TUSD) 2024 2023

Operating result (9,650) (7,876)

DD&A 3,086 1,836

Impairment/Write-off 558 2,459

Foreign currency exchange 1,215 (319)

EBITDA (4,791) (3,900)

Result

The net result from continuing operations for 2024 amounted

to TUSD (32,565) (2023: TUSD (33,953)), representing negative

earnings per share of (0.19) (2023: USD (0.21)). This was mainly

due to the unrealized loss of TUSD (38,714) on investment in Brava

Energia shares.

3,900

4,791

EBITDA (TUSD)

20242023

2024 ANNUAL REPORT

Financial position

Liquidity and capital resources

The Company’s capital structure includes shareholders’ equity of

TUSD 119,735 (31 December 2023: TUSD 154,825).

The Company’s restricted cash balance of TUSD 1,115 refers to

certain financial commitments and contingent liabilities depos-

ited in an escrow account related to Maha Brazil transaction.

In October 2024, approximately TUSD 4,900 held in the escrow

account was released in exchange for a bank guarantee.

Net Debt (net cash) (TUSD) 2024 2023

Bank Debt (non-current) - 11,879

Bank Debt (current) - 22,500

Restricted Cash (1,115) (42,830)

Cash and Cash Equivalents (8,935) (88,289)

Total Net Cash Balance with

restricted Cash

(10,050) (96,740)

Brava shares 84,043 -

3R Offshore Debentures 3,483 7,833

Liquid investments 87,526 7,833

Total net cash + Liquid investments 97,576 104,530

During 2024, the bank loans were fully repaid. By the end of the

year Maha is a debt free company.

Investments

Net cash flows used in investing activities totaled TUSD 81,453,

primarily driven by Capex investments, mainly related to Illinois

Basin and the acquisition of Brava’s shares in Q1 2024.

Related Party Transactions

There have been no significant changes in related party transac-

tions compared to previous years.

Share Buy-back Program

On 12 August 2024, the Board of Directors decided, based on

the authorization granted by the annual general meeting on 29

May 2024, to initiate a share buy-back program. According to the

guidelines for the program, purchases could be made at one or

several occasions during the period as from 13 August 2024 until

the next annual general meeting. During the third quarter of 2024

Maha repurchased 1,528,922 shares (corresponding to 0.86% of

outstanding shares), which is also the number of shares held in

treasury as of 31 December 2024. For the complete repurchase

authorization, please refer to Maha’s website, www.maha-energy.

com.

Dividend

The Board of Directors proposes that no dividends will be paid

for the 2024 financial year. Furthermore, the board of Directors

proposes that the unrestricted equity of the Parent Company of

TSEK 604,084,252 including the net result for the year of TSEK

309,662 be brought forward as follows:

SEK

Dividend -

Carried forward 604,084,252

Total - SEK 604,084,252

MAHA-ENERGY.COM

Risk Management

The Company is engaged in the exploration, development and production of oil and gas and its operations are

subject to various risks and uncertainties which include but are not limited to those listed below. The risks and

uncertainties below are not the only ones that the Group faces. Additional risks and uncertainties not presently

known to the Company or that the Company currently considers immaterial may also impair the business and

operations of the Company and cause the price of Maha’s shares to decline.

A detailed analysis of Maha’s financial risks and mitigation of those risks through risk management are detailed

in Note 20.

Non-financial risks

VOLATILITY IN OIL

AND GAS COMMODITY PRICES

The demand for oil, natural gas and other petroleum products are

dependent on the global economy. In addition, the economic situa-

tion on the global market affects the Company’s business, results

and financial position. Numerous factors affect, and will continue

to, the marketability and price of oil and natural gas acquired or

discovered by the Company.

Prices for oil and natural gas are subject to large fluctuations

depending on a variety of factors. These factors include, but

are not limited to political, social or economic instability and

geopolitical developments, for example, the war in Ukraine and

Middle East, governmental regulation, risks of supply disruption,

natural disasters, terrorist attacks, the availability of alternative

fuel sources, currency fluctuations, changes in interest rates,

downturns in the economy, natural disasters, trade restrictions,

increased protectionism or pandemics, and uncertainty about

future economic prospects.

Furthermore, continued and/or heightened tensions related to

Russia’s invasion of Ukraine, and sanctions imposed by third

countries, can significantly affect the global economy negatively

and there is a risk that the general outlook for oil and gas prices

will be volatile and impacted by the duration and severity of the

conflict, the extent to which Russian exports are reduced by sanc-

tions, and the timing and ability of producers and governments to

replace reduced supply.

In addition, in recent years the Organization of Petroleum Exporting

Countries (“OPEC”) and associated countries have, from time to

time, agreed to voluntary production limitations, and Oman has

in the past participated in such agreements. If Oman agrees to

voluntary production limitations this may have an adverse effect

on the Company’s potential earn-out related to future oil and gas

production and sales from Oman.

All the factors listed above could result in a material decrease in

the Company’s expected net production revenue and a decline in

its oil and natural gas acquisition, development and exploration

activities. Any substantial and/or extended decline in the price of

oil and natural gas would have an adverse effect on the Company’s

revenues, profitability and cash flow from operations and could

also affect the Company’s ability to obtain equity or debt financing

on acceptable terms.

In addition, volatile oil and natural gas prices make it difficult

to estimate the value of producing properties for acquisitions

and often cause disruption in the market for oil and natural gas

producing properties. For instance, during 2024, the Brent oil price

was at its lowest USD 70 per barrel and at its highest USD 91 per

barrel. Decrease in the Brent and/or WTI benchmark oil price may

thus have a material adverse effect on the Company. Price vola-

tility also makes it difficult to budget for and project the return on

acquisitions and development and exploitation projects.

The commodity price risks noted above, as well as other risks such

as market access constraints and transportation restrictions,

reserves replacement and reserves estimate and cost manage-

ment that are more fully described herein, may have a material

impact on our business, financial condition, results of operations,

cash flow, reputation and may be considered indicators of impair-

ment. Another potential indicator of impairment is the comparison

of the carrying value of our assets to our market capitalization. We

conduct an assessment, at each reporting date, of the carrying

value of our assets in accordance with IFRS. If crude oil, NGLs,

refined products, and natural gas prices decline significantly

and remain at low levels for an extended period or if the costs

of our development of such resources significantly increase, the

carrying value of our assets may be subject to impairment and our

net earnings could be adversely affected.

2024 ANNUAL REPORT

CONCENTRATED PRODUCTION IN A SMALL

NUMBER OF FIELDS IN ONE JURISDICTION

The Company’s current consolidated production of oil and gas is

currently concentrated in oil producing fields in the United States.

As a result of these concentrations, the Company is dispropor-

tionately exposed to the effect of regional supply and demand

factors, delays or interruptions of production from wells in these

areas caused by governmental regulation, availability of equip-

ment, equipment failure, interruptions of facilities, personnel or

services market limitations, weather events, or interruption of the

processing or transportation of oil.

Additionally, the Company may be exposed to risks, such as

changes in field-wide rules and regulations that could cause the

Company to permanently or temporarily close the wells within

these fields. These risks may, if materialized, adversely affect the

Company’s ability to conduct its operations in one or several of

these fields, which could have a material adverse effect on the

Company’s results and financial position.

ALTERNATIVES TO AND CHANGING DEMAND

FOR PETROLEUM PRODUCTS

Alternative fuel requirements, increasing consumer demand for

alternatives to oil and natural gas such as hydropower, wind power,

solar energy, geothermal energy and biofuels, and technological

advances in fuel economy, electric vehicles and energy generation

devices could over time reduce the demand for oil and other liquid

hydrocarbons. The Company faces the evolving worldwide energy

transition risks as demand for energy and global advancement

of alternative sources of energy that are not sourced from fossil

fuels could change assumptions used to determine the recover-

able amount of the Company’s PP&E (Property, Plant, and Equip-

ment) and E&E (exploration and evaluation) assets and could

affect the carrying value of those assets. It may also affect future

development or viability of exploration prospects, may curtail the

expected useful lives of oil and gas assets thereby accelerating

depreciation charges and may accelerate decommissioning obli-

gations increasing the present value of the associated provisions.

Also, increasing regulatory demands and international treaties

governing the commitment to the decrease of carbon dioxide

emissions (such as the Paris Agreement of 2016) could reduce the

demand for oil and/or gas over time. The Company cannot predict

the negative impact of changing demand for oil and natural gas

products, and any major changes may have a material adverse

effect on the Company’s business, results and financial position,

e.g. regarding the Company’s cash flows.

EXPLORATION, DEVELOPMENT AND

PRODUCTION RISKS

Exploration for and development of oil and gas involves many

risks, such as risks associated with expenditures on future explo-

ration by the Company which may not always result in discoveries

of oil in commercial quantities, or commercial quantities of oil

may not at all be discovered by the Company.

It is difficult to project the costs of implementing an exploratory

drilling program due to the uncertainties associated with drilling

in unknown formations. The costs are associated with various

drilling conditions, such as over pressured zones and equipment

that might get lost in the hole, and changes in drilling plans and

locations as a result of prior exploration wells or new interpreta-

tions of seismic data. Future oil exploration may involve unprof-

itable efforts, not only from dry wells, but from wells that are

productive but do not produce sufficient net revenues to return a

profit after drilling, operating and other costs. Completion of a well

does not necessarily assure a profit on the investment or Explora-

tion for and development of oil and gas involves many risks, such

as risks associated with expenditures made on future exploration

by the Company which may not always result in discoveries of oil

in commercial quantities, or commercial quantities of oil may not

at all be discovered by the Company.

RISKS RELATED TO GATHERING AND

PROCESSING FACILITIES AND GENERAL

INFRASTRUCTURE

The Company is dependent on available and functioning infra-

structure relating to the properties on which it operates, such as

roads, power and water supplies, and gathering systems for oil

and gas. Depending on the area in which the Company operates,

certain infrastructure and services commonly associated with

petroleum operations may not be readily available. If any infra-

structure or systems failures occur or do not meet the require-

ments of the Company, this could result in delayed, postponed or

cancelled petroleum operations, lower production and sales and/

or higher costs, and result in the Company’s inability to realize the

full economic potential of its production or in a reduction of the

price offered for the Company’s production. This risk is particularly

high in certain countries such as Venezuela, where the Company

expects to grow production in the future.

MAHA-ENERGY.COM

DEPENDENCY ON COUNTERPARTIES

The Company is dependent on a few important counterparties.

A loss of any of the Company’s material counterparties, the

counterparties changing their terms or increasing their prices,

or the counterparties encountering difficulties in complying

with their contractual obligations could have a negative impact

on the Company. Also, there is a risk that these counterparties

will encounter difficulties in complying with their contractual

obligations due to a shortage of raw materials, strikes, damage,

financial difficulties or other circumstances that may affect the

counterparty.

OPERATIONS IN EMERGING COUNTRIES

The Company participates in oil and gas projects located in

Venezuela and Brazil which are considered emerging markets.

Oil and gas exploration, development and production activities

in emerging markets are subject to political, economic and legal

uncertainties. Depending on the market uncertainties include, but

are not limited to, the risk of war, terrorism, civil unrest, destruc-

tion or theft of Company property and infrastructure, kidnapping,

extortion, expropriation, nationalization, renegotiation or nullifica-

tion of existing or future concessions and contracts, the imposi-

tion of international sanctions, a change in crude oil pricing poli-

cies, a change in taxation policies, and the imposition of currency

controls.

Oil and gas operations in emerging markets like Venezuela, and

to a lower degree Brazil, involves navigating a complex array of

challenges and expose the Company’s personnel and facilities

to heightened safety and security risks. High crime rates, and

the presence of armed rebel groups or drug traffickers pose

additional threats to the Company. Weak regulatory oversight in

some regions also increases risks related to equipment failures,

accidents, and environmental incidents. A company operating in

such an environment should implement robust security protocols

and social programs, and may incur significant costs to protect

its employees, contractors, communities, and assets. Any secu-

rity incidents, accidents or environmental damage could lead to

operational disruptions, legal liabilities, and reputational harm.

Ensuring safe and compliant operations in higher risk areas is

challenging and could result in higher operating costs for the

Company and for the operators of assets the Company partici-

pates in. The above risks could therefore impede the possibility

of the Company conducting its operations to the planned extent.

POLITICAL AND ECONOMIC

INSTABILITY IN VENEZUELA

The Company’s potential investments in oil and gas assets in

Venezuela expose it to significant political and economic risks

in that country. Venezuela has experienced sustained political

unrest, social upheaval, and economic instability in recent years.

Additionally, the country’s oil industry has suffered from misman-

agement and underinvestment, leading to a decline in production

and exports. The re-election of President Nicolás Maduro in 2018

and 2024 was widely disputed, and the United States imposed

significant sanctions against Venezuela. These sanctions gener-

ally are imposed pursuant to various Executive Orders issued by

US presidents and by implementing regulations enforced by the US

Treasury Department’s Office of Foreign Assets Control (“OFAC”).

US sanctions do not prohibit all activities involving Venezuela.

US persons, however, are generally prohibited from engaging in

transactions involving the Government of Venezuela, state-owned

enterprises (such as Petróleos de Venezuela, S.A. (“PDVSA”)), and

certain other specifically sanctioned Venezuelan individuals and

entities.

Additionally, expropriation, nationalization, civil unrest, and arbi-

trary changes in laws and policies could severely impact the

Company’s Venezuelan operations. High inflation rates, currency

controls, and deteriorating infrastructure also threaten to disrupt

operations and supply chains.

The Company may face difficulties repatriating profits from

Venezuela due to foreign exchange controls. These political

and economic risks could have a material adverse effect on the

Company’s investments, production levels, profitability, and cash

flows from its Venezuelan assets.

Violations of these sanctions regimes can result in severe civil and

criminal penalties. Maintaining rigorous compliance procedures

in higher risk areas is essential but adds administrative costs.

As sanctions policies continually evolve, the Company must stay

vigilant in monitoring regulatory changes that could impact its

activities or business partners in certain countries. Any sanctions

breaches, even inadvertent ones, pose substantial legal, financial

and reputational risks to the Company.

Despite these challenges, Venezuela’s oil sector remains a crucial

part of its economy and could play a central role in any future

economic recovery, pending a resolution to the ongoing political

crisis and an improvement in the investment climate.

2024 ANNUAL REPORT

COST OF NEW TECHNOLOGIES

The oil industry is characterized by technological advancements

and introductions of new products and services utilizing new tech-

nologies (such as horizontal drilling, 3D and 4D seismic along with

deep-sea drilling), and the Company is somewhat dependent on

competitive technical solutions to maintain its market position.

Other oil companies may have greater financial, technical and

personnel resources that allow them to enjoy technological advan-

tages and may in the future allow them to implement new technol-

ogies before such technologies become available to the Company.

There is a risk that the Company will not be able to respond to

such competitive pressures and implement such technologies

on a timely basis or at a cost acceptable to the Company. One

or more of the technologies currently utilized by the Company or

implemented in the future may become obsolete and the Company

may be unable to utilize the most advanced, cost effective and

commercially available technology. In such case, this might result

in a diminution or loss of the Company’s competitiveness, which

could have a material adverse negative impact on the Company’s

net sales and its business over time.

RISKS IN ESTIMATING RESERVES

AND RESOURCES

There are several uncertainties in estimating the quantities of

reserves/resources including factors which are beyond the control

of the Company. Estimating reserves and resources is a subjective

process and the results of drilling, testing, production and other

new data after the date of an estimate may result in revisions to

original estimates.

Reservoir parameters may vary within reservoir sections. The

degree of uncertainty in reservoir parameters used to estimate

the volume of hydrocarbons, such as porosity, net pay and water

saturation, may vary. The type of formation within a reservoir

section, including rock type and proportion of matrix and or

fracture porosity, may vary laterally and vertically and the degree

of reliability of these parameters as representative of the whole

reservoir may be proportional to the overall number of data points

(wells) and the quality of the data collected. Reservoir parameters

such as permeability and effectiveness of pressure support may

affect the recover process. Recovery of reserves and resources

may also be affected by the availability and quality of water, fuel

gas, technical services and support, local operating conditions,

security, performance of the operating company and the continued

operation of well and plant equipment.

Additional risks associated with estimates of reserves and

resources include operational risks during drilling activity, devel-

opment and production, delays or changes in plans for develop-

ment projects or capital expenditures, the uncertainty of esti-

mates and projections related to production, costs and expenses,

health, safety, security and environmental risks, and availability

and efficiency of drilling equipment availability and personnel.

These risks may impact the Company’s ability to meet reserve

and resource reporting deadlines and affect the accuracy of the

reporting.

The Company has historically engaged professional and inde-

pendent auditors staffed with professional geologists, engineers

and other disciplines to evaluate its reservoir and development

plans. For the year 2024, Maha has obtained reserves estimates

from McDaniel & Associates Consultants regarding its assets in

the USA. There is a risk that the estimated range of volumes of

reserves do not capture the full range of uncertainty. There is a

risk that these estimates may change over time as new data and

information becomes available. Actual production and cash flow

could therefore be lower than the estimates, which in turn may

affect the Company’s expected earnings.

SHARED OWNERSHIP AND

DEPENDENCY ON PARTNERS

In 2023 the Company concluded the divestment of a 35 percent

participating interest in Block 70 in Oman, to Mafraq Energy LLC

(“Mafraq”) and the parties have entered into a Joint Operating

Agreement. In January 2024 the Company signed a definitive

agreement to sell the remaining 65 percent to the same partner.

The Omani Government also retains a right to ‘back in’ to the

Block 70 Agreement at Declaration of Commerciality whereby the

Government would reimburse the Company its pro rata share of

past expenditures. The Company is therefore dependent on, and

affected by, the due performance of its partner. If Maha’s partner

fails to perform, the Company may, among other things, risk losing

rights to the earn-out related to the sale of this asset.

ENVIRONMENTAL AND

CLIMATE-RELATED RISKS

All phases of the oil and natural gas business present environ-

mental risks and hazards and are subject to environmental regu-

lation pursuant to a variety of laws and regulations in the different

jurisdictions where the Company operates. Environmental legisla-

tion provides for, among other things, restrictions and prohibitions

on spills, releases or emissions of various substances produced

in association with oil and natural gas operations. The legislation

also requires that wells and facility sites be operated, maintained,

abandoned, decommissioned and reclaimed in a certain way to

satisfy applicable regulatory authorities. Environmental regula-

tions are expected to become more stringent in the future, and

costs are expected to increase. Failure to comply with any such

environmental regulations or any undertakings imposed on the

Company might entail civil, administrative and criminal sanctions.

The Company’s operations are in regions where there are

numerous environmental regulations including restrictions on

where and when oil and gas operations may occur, regulations

on the release of substances into groundwater, atmosphere and

surface land and the location of production facilities.

MAHA-ENERGY.COM

Changes in environmental legislation can result in a curtailment

of production, and require significant expenditure, e.g. regarding

production, development and exploration activities. In addition, a

breach of applicable environmental regulation or legislation may

result in liabilities such as the recovery of the damages, the impo-

sition of fines and penalties, some of which may be material, and/

or restrictions or cessation of operations. The legislative frame-

work in the jurisdictions where the Company operates regarding

the environment features items such as strict liability and joint,

and several liability regarding joint venture operations.

DECOMMISSIONING

The Company has assumed certain obligations in respect of the

decommissioning of its fields and related infrastructure in all

operating areas of the Company. In some cases, these liabilities

are derived from legislative and regulatory requirements, and in

other cases, these liabilities can also be contractual obligations.

The Company’s accounts make a provision for decommissioning

costs for continuing operations based on the management’s

estimate in accordance with applicable accounting standards but

there is a risk that the actual costs of decommissioning exceed

the amount of the long-term provision set aside to cover such

decommissioning costs.

In addition, the Company may be required to decommission wells

that have not reached the end of their service life as a result of e.g.

regulatory requirements. These risks may, if materialized, have a

material adverse effect on the Company’s business and result. In

addition, local or national governments and lessors of oil and gas

leases may require the Company to provide cash-back guarantees,

blocked cash deposits or similar upfront payments and escrow

relating to future decommissioning costs which would affect the

Company’s liquidity.

Financial risks

MANAGEMENT ESTIMATES

AND ASSUMPTIONS

In preparing consolidated financial statements in conformity with

IFRS, estimates and assumptions are used by management in

determining the reported amounts of assets and liabilities, reve-

nues and expenses recognized during the periods presented and

disclosures of contingent assets and liabilities known to exist as

of the date of the financial statements.

These estimates and assumptions must be made because certain

information that is used in the preparation of such financial state-

ments is dependent on future events, cannot be calculated with a

high degree of precision from data available, or is not capable of

being readily calculated based on generally accepted methodol-

ogies. In some cases, these estimates are particularly difficult to

determine, and the Company must exercise significant judgment.

Actual results for all estimates could differ materially from the

estimates and assumptions used by the Company, which could

have a material adverse effect on the Group’s business, financial

condition, results of operations, cash flows and future prospects.

CREDIT RISK

The Company may be exposed to third party credit risk through

its contractual arrangements with its current or future joint

venture partners, customers, and other parties. In Oman, Maha

has entered into a joint operating agreement with Mafraq as its

partner in Block 70, has sold the asset and now have a receivable

due on closing of the transaction and a potential earn-out. In Vene-

zuela, Maha is still in the process of negotiating key contracts with

counterparties that may pose credit risk. In the USA, the Company

markets and sells its oil through Country Mark (Illinois Basin) and

receives payment 30 days in arrears. In the USA, historically, the

Company has always received full payment. The Company’s finan-

cial position may be materially adversely affected in the event such

partners fail to meet their contractual obligations to the Company.

A portion of the Company’s cash is held by banks in foreign juris-

dictions where there could be increased exposure to credit risk. In

the event the Company’s counterparty does not fulfill its obliga-

tions in accordance with agreements, this could adversely affect

the Company’s business, financial position and results.

LIQUIDITY AND REFINANCING RISK

Liquidity risk is the risk that the Company will not be able to meet

its financial obligations as they fall due. The Company has since

inception been equity and debt financed through share and bonds

issues and also financed by asset divestment. Additional capital

could be needed to finance the Company’s future operations and/

or for the acquisition of additional licenses. The main risk is that

this need could occur during less favorable market conditions.

Management relies on cash forecasting to assess the Compa-

ny’s cash position based on expected future cash flows. As of

December 2024, the Company has repaid outstanding bank debt

and is now debt free.

Refinancing risk is the risk that financing cannot be obtained or

renewed on expiry of its term or can only be obtained or renewed

at significantly increased costs. There is a risk that additional

capital cannot be obtained or can only be obtained under unfavor-

able terms and conditions.

2024 ANNUAL REPORT

FOREIGN CURRENCY EXCHANGE RATE RISK

The Company is exposed to changes in foreign exchange rates

as expenses in foreign subsidiaries, oil and gas expenditures, or

financial instruments may fluctuate due to changes in rates. The

main functional currencies of the Company’s subsidiaries are

Brazilian Reals (“BRL”) for the subsidiaries in Brazil and Luxem-

bourg and Swedish Krona (“SEK”) for the subsidiaries in Sweden,

making the Company sensitive to fluctuations of these currencies

against US Dollar (“USD”).

The majority of Company’s oil sales are denominated in USD oil

price and all operational, administrative and capital activities

related to the Brazil properties are transacted primarily in BRL.

In Sweden, the Company’s expenditures are in SEK. Further, with

regards to BRL, there is a risk of inflation or hyper-inflation.

FUTURE DIVIDENDS

Historically, Maha has not paid any dividends to the shareholders.

As the Company currently focuses on further developing and

expanding its operations, any surpluses in the business are

instead reinvested to finance the Company’s long-term strategy.

The Company has no immediate plan of paying dividends, as it

anticipates that all available funds will be invested to finance the

growth of its business.

The size of possible future dividends depends on several factors,

including the Company’s future results, financial position, cash

flows, working capital needs, compliance with loan terms, legal

and financial restrictions and other factors. There is a risk that the

Company will not have sufficient distributable funds in the future,

and consequently a risk that no dividends will be paid, and the

investor’s potential return is solely dependent on the future value

of the share as long as no dividends are paid.

MARKET PRICE OF THE SHARE

AND LIQUIDITY

Since an investment in shares may decline in value, there is a risk

that an investor will not recover the capital invested. The develop-

ment of the share price depends on several factors and may, for

example, be affected by supply and demand, changes in actual or

expected results, changes in profit forecasts, regulatory changes

and other factors, such as divestments of major shareholdings by

shareholders. The price of the Company’s share is also affected

by macro-economic factors, in particular by the oil market price.

The Company’s share is traded on Nasdaq Stockholm. During

2024, the Company’s share price was at its minimum SEK 5.80 and

at its maximum SEK 10.4. Consequently, the price of the Compa-

ny’s shares may be volatile, and the difference between the selling

price and the purchase price may be significant from time to time,

which makes it more difficult for a shareholder to sell shares at a

certain time at a price deemed satisfactory.

DILUTION

The Company may need to obtain additional financing through

new issues, share-related securities or convertible debt securi-

ties, which may result in a dilution of the existing shareholders’

holding in the Company. There is a risk that additional financing

under acceptable terms will not be available to the Company when

required, or at all. If the Company resolves to raise additional

capital, for example through the issuance of new shares, there

is a risk that the Company’s shareholders` may be diluted, which

may also affect the price of the shares. If these risks were to be

realized, it could have a material adverse effect on the investors’

invested capital and/or the price of the shares.

RISK OF HOLDING EQUITY IN OTHER COM-

PANIES AS A SUBSTANTIAL PART OF THE

INVESTMENT PORTFOLIO

A substantial part of Maha’s investment portfolio is invested in

Brava Energia S.A. (“Brava”). Brava (BRAV3:SAO) is a publicly

traded Brazilian oil and gas company, listed on B3 (Brazilian Stock

Exchange). There is a risk that Brava might not be able to deliver

the operational performance Maha expected when acquiring the

shares. There is a risk that upswings, and a downturn will occur

in Brava’s share price as regards prices and volumes, that have

no relation to, or that is disproportionate in relation to, Brava’s

earnings. General economic and industrial factors could have a

material impact on the price of Brava’s shares, regardless of their

actual earnings. In addition, Brava is traded in Brazilian real, which

adds an element of foreign currency risk to the investment. This

means that there is a risk that Maha, if the Company would want,

will not be able to sell shares at a price equivalent to or above the

price Maha acquired the shares for, and may make a loss on its

investment.

MAHA-ENERGY.COM

FINANCIAL

STATEMENTS

2024 ANNUAL REPORT

For the Financial Year Ended 31 DecemberConsolidated Statement of Operations

Consolidated Income Statement (TUSD) Note 2024 2023

Revenue

Oil and gas sales 4 8,492 5,226

Royalties (1,891) (1,268)

Net Revenue 6,601 3,958

Cost of sales

Production costs (2,184) (1,761)

Depletion, depreciation, and amortization 9 (3,086) (1,836)

Gross profit 1,331 361

General and administration 5 (8,196) (5,017)

Stock‐based compensation 12 (2,176) 276

Foreign currency exchange (1,215) 319

Impairment/Write-off (558) (2,459)

Other Income/Expense) 1,164 (1,356)

Operating result (9,650) (7,876)

Finance income 6 3,000 8,155

Finance costs 6 (4,198) (7,034)

Changes in fair value of financial instruments 6 (38,714) -

Net Finance items (39,912) 1,121

Result before tax (49,562) (6,755)

Current and deferred tax - -

Net result from continuing operations (49,562) (6,755)

Discontinued Operations

Net result from discontinued operations 8 16,997 (27,198)

Net result (32,565) (33,953)

Basic and diluted earnings per share

From continuing operations (0.29) (0.04)

From discontinued operations 0.10 (0.17)

(0.19) (0.21)

Weighted average number of shares:

Before dilution 171,631,408 164,799,396

After dilution 171,372,460 164,799,396

MAHA-ENERGY.COM

For the Financial Year Ended 31 DecemberConsolidated Statement of Financial Position

Consolidated Balance Sheet (TUSD) Note 2024 2023

ASSETS

Non-current assets

Property, plant and equipment 9 15,184 14,988

Investment in associate - 34,985

Long-term financial assets 19 6,256 9,134

Restricted cash - 12,000

Total non-current assets 21,440 71,107

Current assets

Assets held for sale 8 7,076 9,806

Prepaid expenses and deposits 207 561

Crude oil inventory 186 215

Short-term financial assets 19 87,526 -

Accounts receivable and other credits 1,269 1,092

Restricted cash 1,115 30,830

Cash and cash equivalents 8,935 88,289

Total current assets 106,314 130,793

TOTAL ASSETS 127,754 201,900

EQUITY AND LIABILITIES

Equity

Shareholders' equity 119,735 154,825

Liabilities

Non-current liabilities

Bank debt 14 - 11,879

Decommissioning provision 15 479 539

Lease liabilities 16 318 494

Total non-current liabilities 797 12,912

Current liabilities

Liabilities held for sale 8 6,039 7,806

Bank debt 14 - 22,500

Accounts payable 17 828 3,017

Accrued liabilities and provisions 17 256 736

Current portion of lease liabilities 16 99 104

Total current liabilities 7,222 34,163

TOTAL LIABILITIES 8,019 47,075

TOTAL EQUITY AND LIABILITIES 127,754 201,900

2024 ANNUAL REPORT

For the Financial Year Ended 31 DecemberConsolidated Statement of Cash Flows

Cash Flow (TUSD) Note 2024 2023

Operating Activities

Net results -continuing ops (49,562) (6,755)

Net results -discontinued ops 16,997 (27,198)

Depletion, depreciation, and amortization 9 3,240 1,919

Write-off Fixed Asset 192 -

Impairment/Write-off 558 27,692

Stock based compensation 12 2,176 (276)

Amortization of deferred financing fees 14 886 1,389

Share of income from investment in associate (1,302) (3,977)

Interest (income) / expense 1,494 1,168

Income tax expense (40) -

Unrealized investment (income) / expense 38,714 -

Unrealized foreign exchange amounts 900 (941)

Realized investment (income) / expense 6 (17,943) -

Accrued liabilities and provisions (982) 1,161

Changes in working capital (1,311) (9,543)

Others (gains)/loss 602 (1,596)

(5,381) (16,957)

Interest paid (3,893) (4,428)

Interest received 907 8,710

Taxes Paid 71 -

Dividends received (883) -

Cash from operating activities (9,179) (12,675)

Investing activities

Capital expenditures ‐ property, plant, and equipment 9 (3,715) (3,237)

Capital expenditures ‐ exploration and evaluation assets - (12,994)

Farm-out Proceeds - 10,180

Investment in associate - -

Investment in other long term financial assets (4,997) (9,134)

Investment in other short term financial assets (72,741) -

Restricted cash 40,982 (42,830)

Proceeds from sale of discontinued operations - 150,665

Cash used in investment activities (40,471) 92,650

Financing activities

Lease payments 16 (152) (82)

Repayment of bank debt 14 (49,500) (14,250)

Shares subscription (net of issue costs) - (75)

Dividends received/(paid) 924 -

Debentures received 6,109 -

Bank Debt 15,000 -

Debt cost amortization (150) -

Repurchased Shares 12 (1,166) -

Cash from (used in) financing activities (28,935) (14,407)

Change in cash and cash equivalents (78,585) 65,568

Cash and cash equivalents at the beginning of the period 88,645 23,228

Currency exchange differences in cash and cash equivalents (760) (151)

Cash and cash equivalents at the end of the period 9,300 88,645

‐ of which is included in discontinued operations 8 365 356

‐ of which is included in the continued operations 8,935 88,289

MAHA-ENERGY.COM

For the Financial Year Ended 31 DecemberConsolidated Statement of Financial Position

Consolidated Comprehensive Result (TUSD) 2024 2023

Net Result for the period (32,565) (33,953)

Items that may be reclassified to profit or loss:

Exchange differences on translation of foreign operations (3,535) (7,772)

Transfer of accumulated other comprehensive

income on disposition

- 26,612

Comprehensive result for the period (36,100) (15,113)

Attributable to:

Shareholders of the Parent Company (36,100) (15,113)

For the Financial Year Ended 31 December

Consolidated Statement of Changes in Equity

Condensed Consolidated

Statement of Changes in Equity

(TUSD) Share capital

Contributed

surplus Other Reserve

Retained

Earnings

Shareholders’

Equity

Balance on 01 January 2023 171 106,063 (33,267) 67,930 140,897

Comprehensive result

Result for the period - - - (33,953) (33,953)

Currency translation difference - - 18,840 - 18,840

Total comprehensive result - - 18,840 (33,953) (15,113)

Transactions with owners

Stock based compensation - (276) - - (276)

Share issuance (net of issue costs) 37 29,280 - - 29,317

Balance on 31 December 2023 208 135,067 (14,427) 33,977 154,825

Balance on 01 January 2024 208 135,067 (14,427) 33,977 154,825

Comprehensive result

Result for the period - - - (32,565) (32,565)

Currency translation difference - (506) (3,029) - (3,535)

Total comprehensive result - (506) (3,029) (32,565) (36,100)

Transactions with owners

Stock based compensation - 2,176 - - 2,176

Share issuance (net of issue costs) - - - - -

Repurchased shares - (1,166) - - (1,166)

Balance on 31 December 2024 208 135,571 (17,456) 1,412 119,735

2024 ANNUAL REPORT

For the Financial Year Ended 31 DecemberParent Company Statement of Operations

Parent Company Statement of Operations

(in thousands of Swedish Krona) 2024 2023

Revenue - -

Expenses

General and administrative (29,806) (51,981)

Stock-based compensation (23,073) -

Foreign currency exchange gain/loss 5,976 (12,904)

Other income/(Expense) 161,880 -

Operating result 114,977 (64,885)

Finance income 580,083 (471,785)

Finance costs (38,944) 147,415

Changes in fair value, financial instruments (387,834) -

Result before tax 268,282 (389,255)

Group Contribution 41,380 -

Current and deferred tax - -

Net result continuing operations 309,662 (389,255)

Net results * 309,662 (389,255)

* A separate report over Other comprehensive Income is not presented for the Parent Company as there are no items included in

Other Comprehensive Income for the Parent Company.

Maha Energy AB - Parent Company

Business activities for Maha Energy AB focuses on a) management of all group affiliates, subsidiaries, and

foreign operations; b) management of publicly listed Swedish entity; c) fundraising as required for acquisitions

and group business growth; and d) business development.

The net result for the Parent Company for 2024 amounted to TSEK 309,662 (2023: TSEK (389,255)) mainly due

to the dividends received from its Luxembourg subsidiary. In addition, foreign currency exchange gain/loss

amounted to TSEK 5,976 (2023: TSEK (12,904)), and lower general and administrative expenses amounted to

TSEK (29,806) (2023: TSEK (51,981)).

MAHA-ENERGY.COM

For the Financial Year Ended 31 DecemberParent Company Balance Sheet

Parent Company Balance Sheet (in thousands of Swedish Krona) Note 2024 2023

Assets

Non-current assets

Investments in subsidiaries 189,375 456,931

Loans to subsidiaries 337,108 332,810

Restricted cash - 121,680

526,483 911,421

Current assets

Accounts receivable and other 23,965 20,508

Other short-term financial assets 930,365 -

Restricted cash - 241,355

Cash and cash equivalents 32,929 876,200

987,259 1,138,063

Total Assets 1,513,742 2,049,484

Equity and Liabilities

Share capital 1,963 1,963

Contributed Surplus 1,212,452 1,201,366

Retained Earnings (608,368) (918,027)

Total equity 606,047 285,302

Non-current liabilities

Bank debt (non-current) 14 - 108,344

Current liabilities

Accounts payable and accrued liabilities 3,251 6,937

Loan from subsidiaries 904,444 1,403,203

Bank debt (Current) 14 - 245,698

907,695 1,655,838

Total Liabilities 907,695 1,764,182

Total Equity and Liabilities 1,513,742 2,049,484

2024 ANNUAL REPORT

For the Financial Year Ended 31 DecemberParent Company Cash Flow Statement

Expressed in thousands of Swedish Krona Note 2024 2023

Operating Activities

Net result 309,659 (389,255)

Stock based compensation 12 23,073 (3,000)

Impairment - 397,206

Amortization of deferred financing fees 14 8,058 14,940

Interest Income/expense 14 36,687 (87,665)

Share of income from investment in associate (397,217) -

Unrealized foreign exchange amounts 20,512 (20,652)

Realized investment (income) / loss 161,880 -

Intercompany Loan 49,555 -

Prepaid expenses and deposits (85) -

Changes in working capital (7,059) (17,006)

205,063 (105,432)

Interest paid 14 (54,040) 11,660

Dividends received (569,180) -

Cash from operating activities (418,157) (93,772)

Investing activities

Restricted cash 363,035 (362,985)

Investment in subsidiaries (176,218) (440,778)

Investment in other financial assets (704,411) -

Write-off of investment 443,774 -

Loan repayment by subsidiaries - 83,500

Loans to subsidiaries - (13,350)

Cash used in investment activities (73,820) (733,613)

Financing activities

Bank Debt 14 159,450 1,403,203

Repayment of bank debt 14 (523,122) (163,995)

Debt cost amortization 14 (1,586) -

Intercompany Loans 16,569 -

Shares subscription (net of issue costs) - 311,987

Dividends received/(paid) 9,383 -

Repurchased Shares 12 (11,987) -

Cash from (used in) financing activities (351,293) 1,551,195

Change in cash and cash equivalents (843,270) 723,809

Cash and cash equivalents at the beginning of the period 876,200 152,391

Cash and cash equivalents at the end of the period 32,930 876,200

MAHA-ENERGY.COM

For the Financial Year Ended 31 DecemberParent Company Statement of Changes in Equity

Consolidated Statement of

Changes in Equity

(Thousands of Swedish Krona)

Restricted equity Unrestricted equity

Shareholders’

EquityShare capital Contributed surplus Retained Earnings

Balance on 01 January 2023 1,580 892,763 (528,773) 365,570

Total comprehensive income - - (389,255) (389,255)

Transaction with owners

Stock based compensation - (3,000) - (3,000)

Share issuance (net of issuance costs) 383 311,604 - 311,987

Total transaction with owners 1,963 1,201,367 (918,028) 285,302

Balance on 31 December 2023 1,963 1,201,367 (918,028) 285,302

Balance on 01 January 2024 1,963 1,201,367 (918,028) 285,302

Total comprehensive income - - 309,662 309,662

Transaction with owners

Stock based compensation - 23,070 - 23,070

Share issuance (net of issuance costs) - - - -

Repurchased shares - (11,987) - (11,987)

Total transaction with owners 1,963 1,212,450 (608,366) 606,047

Balance on 31 December 2024 1,963 1,212,450 (608,366) 606,047

2024 ANNUAL REPORT

Notes to the Consolidated

Financial Statements

For the years ended December 31, 2024 and 2023.

(Tabular amounts are in US Dollars, except in the Parent Company Financial Statements where the amounts are in Swedish Krona (SEK),

unless otherwise stated).

1. Corporate Information

Maha Energy AB (“Maha (Sweden)” or “Company” or “Parent

Company”), Organization Number 559018-9543 and its subsid-

iaries (together “Maha” or the “Group”) are engaged in the acquisi-

tion, exploration and development of oil and gas assets. The Group

has operations in the United States and is currently divesting its

position on Block 70, Oman. The head office is located in Stock-

holm, Sweden. The Company has operations offices in New

Harmony, IN, USA, and Rio de Janeiro, Brazil.

CHANGES IN THE GROUP

In the first quarter of 2024, Maha Energy acquired a new legal

entity, namely Maha Energy (Latam S.L) and incorporated a new

one, being Maha Latam Operaciones C.A., both of which are in

their preliminary stages of development. In the second quarter,

Maha created a new company in Brazil called Maha Energy BRZ

Ltda., through a spin-off of Maha Energy (Holding) Brasil Ltda.

2. Accounting Policies

BASIS OF PREPARATION

The consolidated financial statements have been prepared in

accordance with International Accounting Standard (IAS) 34,

Interim Financial Reporting using accounting policies consistent

with International Financial Reporting Standards (“IFRS”) as

issued by the International Accounting Standards Board (“IASB”),

and the Swedish Annual Accounts Act. In addition, RFR 1 “Supple-

mentary Rules for Company’s” has been applied as issued by the

Swedish Financial Reporting Board.

The preparation of financial statements in conformity with IFRS

requires the use of certain critical accounting estimates and

requires management to exercise its judgement in the process of

applying the Company’s accounting policies. The areas involving

a higher degree of judgement or complexity, or areas where

assumptions and estimates are significant to the consolidated

financial statements are disclosed under the heading “Critical

accounting estimates and judgements”.

The condensed consolidated financial statements are stated

in thousands of United States Dollars (TUSD), unless otherwise

noted, which is the Company’s presentation and functional

currency. These consolidated financial statements have been

prepared on a historical cost basis, except for certain financial

instruments which are stated at fair value.

The financial reporting of the Parent Company (Maha Energy

AB) has been prepared in accordance with accounting principles

generally accepted in Sweden, applying RFR 2 Reporting for legal

entities, issued by the Swedish Financial Reporting Board and the

Annual Accounts Act. Under Swedish company regulations it is

not allowed to report the Parent Company results in any other

currency than Swedish Krona or Euro and consequently the Parent

Company’s financial information is reported in Swedish Krona and

not the Group’s presentation currency of US Dollar.

CHANGES IN ACCOUNTING

POLICIES AND DISCLOSURES

Throughout the year, the Company implemented updated

accounting standards, interpretations, and annual improvements

in effect from January 1, 2024. Their application did not signifi-

cantly affect the consolidated financial statements. Moreover,

the introduction of new or revised accounting standards or inter-

pretations is not expected to materially impact on the Company’s

financial statements. Additionally, the Company has not adopted

any standards, interpretations, or amendments that are issued but

not yet effective.

MAHA-ENERGY.COM

Summary of Material Accounting

Policy Information

1. ASSETS HELD FOR SALE AND

DISCONTINUED OPERATIONS

The Company classifies non-current assets and disposal groups

as held for sale if their carrying amounts would be recovered

mainly through a sale transaction rather than through continuing

use. Non-current assets and disposal groups classified as held

for sale are measured at the lower cost between their carrying

amount and the fair value less costs to sell. Costs to sell are the

incremental costs directly attributable to the disposal of an asset

(disposal group), excluding finance costs and income tax expense.

The criteria for an asset being classified as held for sale is met

only when the sale is highly probable, and the asset or disposal

group is available for immediate sale or distribution in its present

condition. Actions required to complete the sale, or distribution,

should indicate that it is unlikely that significant changes to the

sale or distribution will be made or that the decision to sell or

distribute will be withdrawn. Management must be committed to

the plan to sell or distribute the assets, and the sale or distribution

expected to be completed within one year from the date of the

classification.

Oil and gas properties, other tangible fixed assets and intangible

assets are not depleted, depreciated or amortized anymore once

classified as held for sale or distribution. Assets and liabilities

classified as held for sale or distribution are presented separately

from current items in the statement of financial position. Discon-

tinued operations are excluded from the results of continuing

operations and are presented as a single amount as profit or

loss after tax from discontinued operations in the statement of

operations.

2. PRINCIPLES OF CONSOLIDATION

The consolidated financial statements include the accounts of

Maha and its subsidiaries. Subsidiaries are all entities (including

structured entities) over which the Company has control. The

Company controls an entity when the Company is exposed to, or

has rights to, variable returns from its involvement with the entity

and can affect those returns through its power over the entity.

Subsidiaries are fully consolidated from the date on which control

is transferred to the Company. They are de-consolidated from the

date that control ceases. Inter-company transactions, balances

and unrealized gains on transactions between companies are

eliminated. Unrealized losses are also eliminated. Accounting

policies of subsidiaries have been changed where necessary to

ensure consistency with the policies adopted by the Company.

3. JOINT ARRANGEMENTS

Under IFRS 11 - Joint Arrangements, investments in joint arrange-

ments are classied as either joint operations or joint ventures.

The classication depends on the contractual rights and obliga-

tions of each investor, rather than the legal structure of the joint

arrangement. Maha has joint operations in Oman’s Block 70

which is now part of the assets held for sale. Maha recognizes

its direct right to the assets, liabilities, revenues and expenses of

joint operations and its share of any jointly held or incurred assets,

liabilities, revenues and expenses. These have been incorporated

in the nancial statements under the appropriate headings. The

Company conducts its operations as a joint operation that does

not have a separate legal entity status through licenses which

are held jointly with other companies. The Company’s nancial

statements reﬂect the Company’s share of production, capital

costs, operational costs, current assets and liabilities in the joint

operations.

4. BUSINESS COMBINATIONS

The acquisition method of accounting is used to account for

acquisitions of businesses and assets that meet the definition of

a business under IFRS. The cost of acquisition is measured as the

fair value of the assets given up, equity instruments issued, and

liabilities incurred or assumed at the date of exchange. Identifiable

assets acquired and liabilities and contingent liabilities assumed

in a business combination are measured initially at their acquisi-

tion date fair values. If the consideration of acquisition given up is

less than the fair value of the net assets received, the difference

is recognized immediately in the Statement of Operations. If the

consideration of acquisition is greater than the fair value of the

net assets received, the difference is recognized as goodwill on

the statement of financial position. Acquisition costs incurred are

expensed.

Any contingent consideration to be transferred by the acquirer is

recognized at fair value at the acquisition date. Contingent consid-

eration classified as equity is not remeasured and its subsequent

settlement is accounted within equity. Contingent consideration

classified as an asset or liability that is a financial instrument

and within the scope of IFRS 9 is measured at fair value with the

changes in fair value recognized in the statement of operations

in accordance with IFRS 9. Other contingent consideration that is

not within the scope of IFRS 9 is measured at fair value at each

reporting date with changes in fair value recognized in profit or

loss. There is an option to apply for a concentration test that

permits a simplified assessment of whether an acquired set of

activities and assets is in fact a business. The optional concen-

tration test is met if substantially all the fair value of the assets

acquired is concentrated in a single identifiable asset or group of

similar identifiable assets. An entity may make such an election

separately for each transaction or other event. If the concentration

test is met, the set of activities and assets is determined not to be

a business, and no further assessment is needed.

2024 ANNUAL REPORT

5. FARMOUTS WITHIN THE EXPLORATION

AND EVALUATION PHASE

The Company does not record any expenditure made by the

farmee on its account. It also does not recognize any gain or

loss on its exploration and evaluation farmout arrangements,

but redesignates any costs previously capitalized in relation to

the whole interest as relating to the partial interest retained. Any

cash consideration received directly from the farmee is cred-

ited against costs previously capitalized in relation to the whole

interest with any prior period costs accounted for by the farmor

as other income.

6. INVESTMENT IN ASSOCIATES

An associate is an entity over which the Company has significant

influence, and which is neither a subsidiary nor a joint arrange-

ment. The Company has significant influence over an entity when

it has the power to participate in the financial and operating policy

decisions of the associate but does not have control or joint

control.

Under the equity method, the Company’s investment in the

common shares of the associate is initially recognized at cost and

subsequently increased or decreased to recognize the Company’s

share of net income and losses of the associate, after any adjust-

ments necessary to give effect to uniform accounting policies, any

other movement in the associate’s reserves, and for impairment

losses after the initial recognition date. The Company’s share of

income and losses of the associate is recognized in consolidated

statement of operations during the period and is included in the

EBITDA. Dividends and repayment of capital received from an

associate are accounted for as a reduction in the carrying amount

of the Company’s investment. Intercompany balances and interest

expense and income arising on loans and borrowings between the

Company and its associates are not eliminated.

At the end of each reporting period, the Company assesses

whether there is any objective evidence that an investment in an

associate is impaired. Objective evidence includes observable

data indicating there is a measurable decrease in the estimated

future cash flows of the investee’s operations. When there is

objective evidence that an investment is impaired, the carrying

amount of such investment is compared to its recoverable

amount, being the higher of its fair value less costs of disposal

and value‐in‐use. If the recoverable amount of an investment is

less than it is carrying amount, the carrying amount is reduced to

its recoverable amount and an impairment loss, being the excess

of carrying amount over the recoverable amount, is recognized in

the period in which the relevant circumstances are identified. Any

reversal of that impairment loss is recognized in accordance with

IAS 36 to the extent that the recoverable amount of investment

subsequently increases.

7. FOREIGN CURRENCIES

Items included in the nancial statements of each of the Compa-

ny’s entities are measured using the currency of the primary

economic environment in which the entity operates (‘functional

currency’). The consolidated nancial statements are presented in

US dollars (USD), which is the currency the Company has elected

to use as the presentation currency. The functional currencies of

the Company’s subsidiaries are as follows:

Subsidiary Functional CurrencyMaha Energy AB (Parent Company) SEKMaha Energy Inc USDMaha Energy (USA) Inc USDMaha Energy Services LLC USDMaha Energy (Indiana) Inc. USDMaha Energy 1 (Brazil) AB SEKMaha Energy 2 (Brazil) AB SEKMaha Energy BRZ Ltda BRLMaha Energy Finance (Luxembourg) BRLS.A.R.L.Maha Energy Latam S.L. EURMaha Latam Operaciones C.A. USDMaha Energy (Oman) Ltd USD

8. TRANSACTIONS AND BALANCES

Monetary assets and liabilities denominated in foreign curren-

cies are translated at the rates of exchange prevailing at period

end and foreign exchange currency differences are recognized

in the income statement. Transactions in foreign currencies are

translated at exchange rates prevailing at the transaction date.

Exchange differences are included in financial income/expenses

in the Consolidated Statement of Operations.

9. PRESENTATION CURRENCY

The Consolidated Statement of Financial Position and the Consol-

idated Statement of Operations of foreign Group companies

are translated for consolidation purposes using the current rate

method. All assets and liabilities of the subsidiary companies are

translated at the period end rates of exchange, whereas the State-

ment of Operations is translated at average rates of exchange for

the year, except for transactions where it is more relevant to use

the rate of the day of the transaction. The translation differences

MAHA-ENERGY.COM

which arise are recorded directly in the foreign currency transla-

tion reserve within other comprehensive income. Upon disposal

of a foreign operation, the translation differences relating to that

operation will be transferred from equity to the Statement of Oper-

ations and included in the result on sale. Translation differences

arising from net investments in subsidiaries, used for nancing

exploration activities, are recorded directly in other comprehen-

sive income. For the preparation of the nancial statements for

the reporting period, the following exchange rates have been used:

2024 2023Full Year Full Year CurrencyAverage Period EndAverage Period EndUSD/BRL 5,8297 6,1851 4,9533 4,8534 BRL/SEK 1,8470 1,78982,1498 2,0770USD/SEK 10,4611 11,0702 10,6471 10,0806

10. SEGMENT REPORTING

Operating segments are based on geographic perspective due to

the unique nature of each country’s operations, commercial terms

or fiscal environment and reported in a manner consistent with the

internal reporting provided to the Executive Management. Infor-

mation for segments is only disclosed when applicable.

11. CURRENT VERSUS NON-CURRENT

CLASSIFICATION

The Company presents assets and liabilities in the Consolidated

Statements of Financial Position based on current/noncurrent

classification.

An asset is current when it is:

⁄ Expected to be realized or intended to be sold or consumed in

the normal operating cycle.

⁄ Expected to be realized within twelve months after the

reporting period.

⁄ Or cash or cash equivalent unless restricted from being

exchanged or used to settle a liability for at least twelve

months after the reporting period.

All other assets are classified as non-current.

A liability is current when:

⁄ It is expected to be settled in the normal operating cycle.

⁄ It is due to be settled within twelve months after the reporting

period.

⁄ Or there is no unconditional right to defer the settlement of the

liability for at least twelve months after the reporting period.

All other liabilities are classified as non-current.

12. OIL AND GAS PROPERTIES

Oil and gas properties are initially recorded at historical cost,

where it is probable that they will generate future economic

benets. All costs for acquiring concessions, licenses or interests

in production sharing contracts and for the survey, drilling and

development of such interests are capitalized on a eld area cost

center basis. This includes capitalization of decommissioning and

restoration costs associated with provisions for asset retirement.

Oil and gas properties are subsequently carried at cost less accu-

mulated depreciation, depletion and amortization (including any

impairment). Gains and losses on disposals are determined by

comparing the proceeds with the carrying amounts of assets sold

and are recognized in income. Routine maintenance and repair

costs for producing assets are expensed to the Statement of

Operations when they occur. Proceeds from the sale or farm-out

of oil and gas concessions in the exploration stage are off set

against the related capitalized costs of each cost center with any

excess of net proceeds over all costs capitalized included in the

income statement.

13. DEPRECIATION, DEPLETION AND

AMORTIZATION (“DD&A”)

Producing oil and gas properties are depleted on a unit-of-produc-

tion basis over the proved and probable reserves of the eld. In

accordance with the unit of production method, net capitalized

costs to reporting date, together with anticipated future capital

costs for the development of the proved and probable reserves

determined at the balance sheet date price levels, are depleted

based on the year’s production in relation to estimated total

proved and probable reserves of oil and gas. The impact of poten-

tial changes in estimated proved and probable reserves is dealt

with prospectively by depleting the remaining carrying value of

the asset over the expected future production. Depletion of a eld

area is charged to the Statement of Operations once commer-

cial production commences, under depletion, depreciation and

amortization.

Proved reserves are those quantities of petroleum which, by anal-

ysis of geological and engineering data, can be estimated with

reasonable certainty to be commercially recoverable, from a given

date forward, from known reservoirs and under current economic

conditions, operating methods and governmental regulations.

Proved reserves can be categorized as developed or undeveloped.

If deterministic methods are used, the term reasonable certainty

is intended to express a high degree of condence that the quan-

tities will be recovered. If probabilistic methods are used, there

should be at least 90 percent probability that the quantities recov-

ered will equal or exceed the estimates.

Probable reserves are those unproved reserves which analysis

of geological and engineering data suggests are more likely than

not to be recoverable. In this context, when probabilistic methods

are used, there should be at least a 50 percent probability that the

quantities recovered will equal or exceed the sum of estimated

proved plus probable reserves.

2024 ANNUAL REPORT

14. EXPLORATION AND EVALUATION

ASSETS (“E&E”)

Pre-license costs are recognized as an expense when incurred.

Exploration and evaluation costs, including the costs of acquiring

licenses, exploratory drilling and completion costs, and directly

attributable general and administrative costs are initially capital-

ized as intangible E&E assets according to the nature of the asset

acquired. These costs are accumulated in cost centers by field or

exploration area pending determination of technical feasibility and

commercial viability. Ongoing carrying costs, including non-pro-

ducing lease rentals, are capitalized to E&E assets. Proceeds

received from the sale of E&E assets are recorded as a reduction

in the carrying value of the asset.

The technical feasibility and commercial viability of extracting a

resource is considered to be determinable when proved reserves

are determined to exist and these reserves can be commercially

produced. A review of each exploration license or area is carried

out, at least annually, to assess whether proved reserves have

been discovered. Upon determination of proved reserves which

can be commercially produced, E&E assets attributable to those

reserves are first tested for impairment and then reclassified from

E&E assets to property and equipment. Future oil price curves

from third parties are utilized to assess the value of the assets.

Those curves consider scenarios that depend on the balance

of supply and demand, energy transition and other factors that

impact oil prices. Should any change to the market expectation

regarding those scenarios take place, the value of Maha’s assets

could be impacted.

Assets classified as E&E may have sales of crude oil or natural

gas prior to the reclassification to oil and gas properties. These

operating results are recognized in the Consolidated Statements

of operations.

15. IMPAIRMENT OF

NON-FINANCIAL ASSETS

Oil and gas properties, E&E assets and Right-of-use (“ROU”) assets

are reviewed separately for indicators of impairment annually or

when facts and circumstances suggest that the carrying amount

may exceed its recoverable amount. If indicators of impairment

exist, the recoverable amount of the asset or cash-generating unit

(“CGU”) is estimated as the greater of value-in- use (“VIU”) and

fair value less costs of disposal (“FVLCOD”). VIU is estimated as

the present value of the future cash flows expected to arise from

the continuing use of a CGU or an asset. FVLCOD is the amount

that would be realized from the disposition of an asset or CGU in

an arm’s length transaction between knowledgeable and willing

parties. For the Company, FVLCOD is based on the discounted

after-tax cash flows of reserves and resources using forward

prices and costs, consistent with independent qualified reserves

evaluators and may consider an evaluation of comparable asset

transactions. Pricing assumptions have not led to impairment indi-

cators during the year, but future variations in oil price scenarios

could impact Maha assets’ value.

E&E assets are allocated to a related CGU containing development

and production assets for the purpose of impairment testing. ROU

assets may be tested as part of a CGU, as a separate CGU or as an

individual asset.

If the recoverable amount of the CGU is less than the carrying

amount, an impairment loss is recognized. Impairment losses on

PP&E and ROU assets are recognized in the Consolidated State-

ments of Operations as an E&E asset impairment expense.

Impairment losses recognized in prior periods are assessed at

each reporting date for any indicator that the impairment losses

may no longer exist or may have decreased. In the event that an

impairment loss reversal, the carrying amount of the asset is

increased to the revised estimate of its recoverable amount, but

only to the extent that the carrying amount does not exceed the

amount that would have been determined had no impairment loss

been recognized on the asset in prior periods. The amount of the

reversal is recognized in net earnings.

16. OTHER TANGIBLE ASSETS

Other tangible assets that include office furniture, fixtures, lease-

hold improvements, machinery and vehicles are stated at cost

less accumulated depreciation. Depreciation is based on cost and

is calculated on a straight-line basis over the estimated economic

life of the assets, which range from two to five years for office

furniture, fixtures, vehicles and leasehold improvements. Mate-

rials and spare parts are assessed annually for the conditions and

obsolescence and, if used, the related costs are transferred to the

exploration costs of the property.

Additional costs to existing assets are included in the assets’ net

book value or recognized as a separate asset, as appropriate, only

when it is probable that future economic benets associated with

the item will ﬂow to the Company and the cost of the item can

be measured reliably. The net book value of any replaced parts

is written off. Other additional expenses are deemed to be repair

and maintenance costs and are charged to the Statement of Oper-

ations when they are incurred. The net book value is written down

immediately to its recoverable amount when the net book value

is higher. The recoverable amount is the higher of an asset’s fair

value less cost to sell and value in use.

17. FINANCIAL ASSETS AND LIABILITIES

The Company’s financial assets include cash, accounts receiv-

able, net investment in finance leases, and long-term receivables.

The Company’s financial liabilities include accounts payable

and accrued liabilities, short-term borrowings, lease liabilities,

and long-term debt. Financial assets and financial liabilities are

recognized in the Consolidated Statements of Financial Position

initially at fair value plus transaction costs on initial recognition

and subsequently measured at amortized cost unless stated

otherwise. Financial assets are derecognized when the rights to

receive cash flows from the investment have expired or have been

transferred and the Group has transferred substantially all risks

and rewards of ownership. Financial liability is derecognized when

the obligation is discharged, cancelled, or expired.

MAHA-ENERGY.COM

The Company characterizes its fair value measurements into a

three-level hierarchy depending on the degree to which the inputs

are observable, as follows:

⁄ Level 1 inputs are quoted prices in active markets for identical

assets and liabilities.

⁄ Level 2 inputs are inputs, other than quoted prices included

within Level 1, that are observable for the asset or liability

either directly or indirectly: and

⁄ Level 3 inputs are unobservable inputs for the asset or liability.

The Company recognizes the following financial

assets and liabilities:

Financial Assets at amortized cost

Assets that are held for collection of contractual cash flows where

those cash flows represent solely payments of principal and

interest are measured at amortized cost. The Company classifies

its cash and cash equivalents and accounts receivable at amor-

tized cost. The Company’s intent is to hold the receivables until

cash flows are collected.

Financial Assets through other comprehensive income (“FVOCI”)

Financial assets measured at FVOCI include assets that are held

for contractual cash flows and selling the financial assets, where

its contractual terms give rise on specific dates to cash flows that

represent solely payments of principal and interest.

Financial Assets at fair value through profit or loss (“FVTPL”)

Financial assets measured at FVTPL are assets which do not

qualify as financial assets at amortized cost or FVOCI and are

measured at fair value though profit or loss. The Company classi-

fies its holdings in Bolivia and the performance bonds as FVTPL.

Financial Liabilities at amortized cost

Financial liabilities are measured at amortized cost, unless they

are required to be measured at FVTPL, or the Company has opted

to measure them at FVTPL. Borrowings and accounts payable

are recognized initially at fair value, net of any transaction costs

incurred, and subsequently at amortized cost using the effective

interest method.

Financial Liabilities at FVTPL

Financial liabilities measured at FVTPL are liabilities which include

embedded derivatives and cannot be classified as amortized cost.

18. IMPAIRMENT OF FINANCIAL ASSETS

The measurement of impairment of a financial asset is based on

the expected credit losses (“ECL”). Accounts receivables are due

within one year or less; therefore, these financial assets are not

considered to have a significant financing component. For the

other receivables, as internal receivables (e.g. intercompany), the

Company applies a simplified approach which requires the use of

the lifetime expected loss provision for all trade receivables. In esti-

mating the expected loss for the lifetime, the Company considers

the anticipated credit losses from all possible default events over

the expected life of a financial asset and historical default rates

and credit ratings of major customers. For the ECL allowances for

cash and cash equivalents, the Company considers credit ratings

of the major banks that holds its cash with.

19. DERIVATIVE FINANCIAL INSTRUMENTS

Derivatives are initially recognized at fair value on the date a deriv-

ative contract is entered into and are subsequently remeasured

to their fair value. The method of recognizing the resulting gain or

loss depends on whether the derivative is designated as a hedging

instrument, and if so, the nature of the item being hedged. The

Company designates certain derivatives as either hedges of a

particular risk associated with a recognized asset or liability or a

highly probable forecasted transaction, hedges of the fair value of

recognized assets and liabilities or a firm commitment, or hedges

of a net investment in a foreign operation.

The Company does not have any derivative transactions in place

in 2024.

20. CASH AND CASH EQUIVALENTS

Cash and cash equivalents comprise cash at bank and in hand,

including offsetting bank overdrafts, short-term deposits, money

market funds and commercial paper that have a maturity of three

months or less at the date of acquisition.

21. INVENTORIES

Product inventories are valued at the lower of cost and net real-

izable value, cost being determined on a weighted average cost

basis. The cost of inventory includes all costs incurred in the

normal course of business to bring each product to its present

location and condition. Net realizable value is the estimated

selling price in the ordinary course of business, less any expected

selling costs. If the carrying amount exceeds net realizable value,

a write-down is recognized. The write-down may be reversed in

a subsequent period if circumstances which caused it no longer

to exist and the inventory is still on hand. Inventories of hydrocar-

bons are stated at the lower of cost and net realizable value.

22. EQUITY

Share capital consists of the registered share capital for the

Parent Company. Share issue costs associated with the issuance

of new equity are treated as a direct reduction of proceeds. Excess

contribution in relation to the issuance of shares is accounted for

in the item contributed surplus. The currency translation reserve

contains unrealized translation differences due to the conver-

sion of the functional currencies into the presentation currency.

Retained earnings contain the accumulated results attributable to

the shareholders of the Parent Company.

2024 ANNUAL REPORT

23. SHARE-BASED COMPENSATION

The Company has granted warrants to purchase common stock

to directors, officers, employees, and consultants under Warrants

Incentive Program. Share-based payments are measured at the

fair value of the instruments issued and amortized over the vesting

periods. The amount recognized as a stock-based payment

expense during a reporting period is adjusted to reflect the

number of awards expected to vest. The offset to this recorded

cost is contribute surplus.

The fair value of warrants is measured using the Black-Scholes

option pricing model. Measurement inputs include share price

on measurement date, exercise price of the instrument, expected

volatility, weighted average expected life of the instrument (based

on historical experience and general option holder behavior),

expected dividends, and the risk-free interest rate (based on

short-term government bonds). A forfeiture rate is estimated on

the grant date and is subsequently adjusted to reflect the actual

number of options that vest.

24. EARNINGS PER SHARE

Basic earnings (loss) per share is computed by dividing the net

income or loss applicable to common stock of the Company by

the weighted average number of common shares outstanding for

the relevant period.

Diluted earnings (loss) per common share is computed by dividing

the net income or loss applicable to common shares by the

sum of the weighted average number of common shares issued

and outstanding and all additional common shares that would

have been outstanding if potentially dilutive instruments were

converted using the treasury method.

25. PROVISIONS

A provision is reported when the Company has a legal or construc-

tive obligation as a consequence of an event, when it is more

likely than not that an outflow of resources is required to settle

the obligation, and a reliable estimate can be made of the amount.

Provisions are measured at the present value of the expenditure

expected to be required to settle the obligation using a discount

rate that reflects current market assessments of the time value

of money and the risks specific to the obligation. The increase in

the provision due to the passage of time is recognized as finance

costs.

On fields where the Group is required to contribute to site resto-

ration costs, a provision is recorded to recognize the future

commitment. An asset is created, as part of the oil and gas

property, to represent the discounted value of the anticipated site

restoration liability and depleted over the life of the field on a unit

of production basis. The corresponding accounting entry to the

creation of the asset recognizes the discounted value of the future

liability. The discount applied to the anticipated site restoration

liability is subsequently released over the life of the field and is

charged to financial expenses. Changes in decommissioning

costs and reserves are treated prospectively and consistent with

the treatment applied upon initial recognition.

Onerous contract provisions are recognized when the unavoid-

able costs of meeting the obligation exceed the economic benefit

derived from the contract. The provision for onerous contracts

is measured at the present value of estimated future cash

flows underlying the obligations, less any estimated recoveries,

discounted at the credit-adjusted risk-free rate. Changes in the

underlying assumptions are recognized in the Consolidated State-

ments of operations.

26. REVENUE

Revenue is recognized based on the consideration outlined in

contracts, representing amounts receivable net of discounts and

sales taxes. For the sale of crude oil, performance obligations

are fulfilled upon the transfer of control of the product to the

customer. This transfer occurs when the oil is physically trans-

ferred at the agreed delivery point, and the customer obtains legal

title. The Company’s continuing operations primarily involve one

main customer, accounting for 100 percent of consolidated gross

sales. No intercompany sales or purchases of oil and gas occurred

during the period. Furthermore, there were no contract assets or

liability balances during the presented period.

27. ROYALTIES

The tax regime an operational area defines whether royalties are

payable in cash or in kind. Royalties payable in cash are accrued

in the accounting period in which the liability arises. The Company

pays cash royalties to respective government agencies and to

private landowners as a percentage of the revenue that is gener-

ated through the sale of oil and gas production.

28. EXPLORATION COSTS

Costs incurred prior to obtaining the legal right to explore (pre-ex-

ploration costs) are expensed in the period in which they are

incurred as exploration expense. Costs incurred after the legal

right to explore is obtained are initially capitalized. If it is deter-

mined that the field/project/area is not technically feasible and

commercially viable or if the Company decides not to continue the

exploration and evaluation activity, the unrecoverable accumu-

lated costs are expensed as exploration expense.

MAHA-ENERGY.COM

29. INCOME TAXES

Income tax expense is comprised of current and deferred income

taxes. Income tax expense is recognized in profit and loss except

to the extent that it relates to items recognized in other compre-

hensive income or directly in equity. The Company utilizes the

liability method of accounting for income taxes. Under the liability

method, deferred income tax assets and liabilities are recognized

to reflect the expected deferred tax consequences arising from

temporary differences between the carrying value and the tax

bases of the assets and liabilities. Deferred tax assets and liabili-

ties are measured using the enacted or substantively enacted tax

rates expected to apply when the asset is realized, or the liability

settled. Deferred income tax assets are recognized to the extent

that it is more likely than not that the asset will be realized.

Deferred tax assets and liabilities are offset when there is a legally

enforceable right to set off current tax assets against current tax

liabilities and when they relate to income taxes levied by the same

taxation authority and the Company intends to settle its current

tax assets and liabilities on a net basis.

30. GOING CONCERN

The Company prepared these consolidated financial statements

on a going concern basis, which contemplates the realization

of assets and liabilities in the normal course of business. The

Company manages its capital structure to support the Company’s

strategic growth.

As of the issuance date of these financial statements, Manage-

ment has not identified any material uncertainties concerning

the Company’s ability to continue its operations over the next 12

months.

Parent Company’s accounting policies

The Parent Company prepares its annual accounts in accor-

dance with the Annual Accounts Act (1995:1554) and the Finan-

cial Accounting Standards Council’s recommendation RFR 2

Accounting for Legal Entities. Under RFR 2, the Parent Company,

in preparing the annual financial statements for the legal entity,

applies all EU-approved IFRSs and statements insofar as this is

possible within the framework of the Annual Accounts Act and

with respect to the connection between accounting and taxation.

The recommendations specify which exceptions and additions

are to be made from and to IFRS.

The Parent Company’s accounting policies do not in any material

respect deviate from the Group policies and have been consis-

tently applied in all periods presented in the financial statements

of the Parent Company. The differences between the accounting

policies of the Group and the Parent Company are stated below.

1. SHARES AND PARTICIPATION

Shares and participation in Group companies are recognized at

cost, including transaction costs, and subject to impairment

testing each year. Dividends, when paid, are recognized in profit

or loss.

2. SHAREHOLDERS’ CONTRIBUTIONS

Unconditional shareholders’ contributions are recognized directly

in shareholders’ equity at the recipient and capitalized in shares

and participations at the giver, to the extent that impairment is not

required.

3. GROUP CONTRIBUTIONS

The parent company uses the alternative method in accounting for

group contributions and records paid, as well as received contri-

butions as appropriations in the income statement.

2024 ANNUAL REPORT

Critical accounting estimates and judgments

The Company makes estimates and assumptions about the

future that affect the reported amounts of assets and liabilities.

Estimates and judgments are continually evaluated based on

historical experience and other factors, including expectations of

future events that are believed to be reasonable under the circum-

stances. Any revisions to accounting estimates are recorded in

the period in which the estimates are revised.

The following are the key assumptions about the future and other

key sources of estimation at the end of the reporting period that,

if changed, could result in a material adjustment to the carrying

amount of assets and liabilities within the next financial year.

1. ESTIMATES IN OIL AND GAS RESERVES

Estimates of oil and gas reserves are used in the calculations for

impairment tests and accounting for depletion, decommissioning

provisions and business acquisitions. Standard recognized eval-

uation techniques are used to estimate the proved and probable

reserves. Estimates of the proved and probable reserves require

the application of judgement and are subject to annual revisions

based on new information such as changes in economic factors,

including product prices, contract lease terms or development

plans.

These techniques consider the future level of development

required to produce the reserves. An independent reserves

specialist reviews these estimates. Changes in estimates of oil

and gas reserves, resulting in different future production profiles,

will affect the discounted cash flows used in impairment testing,

the anticipated date of site decommissioning and restoration and

the depletion charges in accordance with the unit of production

method. Changes in estimates in oil and gas reserves could for

example result from additional drilling, observation of long-term

reservoir performance or changes in economic factors such as oil

price and inflation rates.

2. IMPAIRMENT OF OIL AND GAS

PROPERTIES

For purposes of impairment testing, PPE are aggregated into

CGUs, based on separately identifiable and largely independent

cash inflows. The determination of the Company’s CGUs is

subject to judgment. Key assumptions in the impairment models

relate to prices and costs that are based on forward curves and

long-term corporate assumptions. The recoverable amount of the

Company’s CGUs is determined using estimates of the future cash

flows based on future oil and gas prices and expected production

volumes. These calculations require the use of estimates and

assumptions, including the discount rate. It is possible that the

commodity price assumptions may change, which may impact

on the estimated life of the field and economical reserves recov-

erable and may require an adjustment to the carrying value of

developed and producing assets. The Company monitors internal

and external indicators of impairment relating to its assets and

records adjustments, if necessary, at each reporting period date.

The Company used fair value less cost of disposal in assessing

the impairment indicators before classifying the Brazil segment

as assets held for sale.

3. DECOMMISSIONING PROVISIONS

These provisions have been created based on the Company’s

internal estimates. Assumptions, based on the current economic

environment, have been made which management believes are a

reasonable basis upon which to estimate the future liability. These

estimates take into account any material changes to the assump-

tions that occur and are reviewed regularly by management.

Estimates such as discount rates, timing of the abandonment and

the abandonment costs itself are reviewed every reporting period

and are based on current regulatory requirements.

Significant changes in estimates of contamination, restoration

standards and techniques will result in changes to provisions from

period to period. Actual rehabilitation costs will ultimately depend

on future market prices for the rehabilitation costs, which will

reflect the market conditions at the time the rehabilitation costs

are actually incurred. The final cost of the currently recognized

rehabilitation provisions may be higher or lower than currently

provided for.

4. EXPENDITURES ON EXPLORATION

AND EVALUATION ASSETS

The application of the Company’s accounting policy for expen-

ditures on exploration and evaluation assets requires judgment

in determining whether it is likely that future economic benefits

will flow to the Company, which may be based on assumptions

about future events or circumstances. Factors such as drilling

results, future capital programs, future operating expenses, as

well as estimated reserves and resources are considered. In addi-

tion, Management uses judgment to determine when exploration

and evaluation assets are reclassified to Producing properties.

In making this determination, various factors are considered,

including the existence of reserves, and whether the appropriate

approvals have been received from regulatory bodies and the

Company’s internal approval process.

Exploration and evaluation assets impairment assessment

requires management judgement, as these assets are subject

to ongoing internal reviews to establish the technical feasibility

and commercial viability of a project. Indicators of impairment or

impairment reversals are based on management’s assessments

of the future recoverable value of the exploration and evaluation

assets. Exploration and evaluation assets are aggregated into

CGUs when assessing recoverability. Determination of a CGU’s

recoverable amount is described above in impairment of oil and

gas properties.

MAHA-ENERGY.COM

5. DEFERRED INCOME TAX ASSETS

The Company accounts for the differences that arise between

the carrying amount of assets and liabilities and their tax bases

in accordance with IAS 12, Income Taxes, which requires deferred

income tax assets only to be recognized to the extent that is prob-

able that future taxable profits will be available against which the

temporary differences can be utilized. Management estimates

future taxable profits based on the financial models used to

value its oil and gas properties. Any change to the estimates and

assumptions used for the key operational and financial variables

used within the business models could affect the amount of

deferred income tax assets recognized.

The effects of changes in estimates do not give rise to prior year

adjustments and are treated prospectively over the estimated

remaining commercial reserves of each field. While the Company

uses its best estimates and judgement, actual results could differ

from these estimates.

6. CONTINGENCIES

The Company accrues a contingency if the Company believes

a loss is probable and can be reasonably estimated, based on

information that is available at the time. The determination of

whether a loss is probable from litigation and whether an outflow

of resources is likely requires judgment.

The Company did not recognize a deferred tax asset in 2024.

2024 ANNUAL REPORT

3. Segment Information

Operating segments are based on a geographic perspective and reported in a manner consistent with the internal reporting provided to

the executive management. The operating netback is regularly reviewed by the executive management.

⁄ United States of America (USA):

Includes all oil and gas activities in the Illinois Basin and the impairment of LAK field in Q4 2023.

⁄ Corporate:

Includes aggregates costs incurred at the Company’s corporate office in Sweden and the technical and support office in Brazil.

These costs are not allocated to the operating segment. The segment information does not include any amounts for discontinued

operations, which are described in more detail in Note 8.

The following tables present the operating netback and net results for the segment. Revenue and income

relate to external (non-intra group) transactions.

Full year 2024 (TUSD) USA Corporate ConsolidatedRevenue 8,492 - 8,492Royalties (1,891) - (1,891)Production and operating (2,184) - (2,184)Operating Netback 4,417 - 4,417Depletion, depreciation, and amortization (3,007) (79) (3,086)General and administration - (8,196) (8,196)Stock‐based compensation - (2,176) (2,176)Foreign currency exchange gain/loss - (1,215) (1,215)Impairment/Write-off - (558) (558)Other income - 1,164 1,164Operating Results - (11,060) (9,650)Net Finance - (39,912) (39,912)Current and deferred tax - - -Net results from continuing operations - (50,972) (49,562)

Full year 2023 (TUSD) USA Corporate ConsolidatedRevenue 5,226 - 5,226Royalties (1,268) - (1,268)Production and operating (1,761) - (1,761)Operating Netback 2,197 - 2,197Depletion, depreciation, and amortization (1,788) (48) (1,836)General and administration - (5,014) (5,014)Stock‐based compensation - 276 276Foreign currency exchange gain/loss - 319 319Impairment/Write-off - (2,459) (2,459)Other income - (1,359) (1,359)Operating Results 409 (8,285) (7,876)Net Finance - 1,121 1,121Current and deferred tax - - -Net results from continuing operations 409 (7,164) (6,755)

MAHA-ENERGY.COM

4. Revenue

The Company derives revenue from the transfer of goods at a point in time from oil production in the USA.

Revenue (TUSD) 2024 2023Total Revenue from continuing operations 8,492 5,226

Revenue is measured at the consideration specified in the contracts and represents amounts receivable, net of discounts and sales

taxes. Performance obligations associated with the sale of crude oil are satisfied when the oil is physically transferred at the delivery

point agreed with the customer and the customer obtains legal title. The continuing operations of the Company have one main customer

that individually accounts for 100 percent of the Company’s consolidated gross sales.

Royalties are settled in cash and based on realized prices before discounts. Royalty expenses are consistent with higher revenue for the

same period.

Royalties (TUSD, unless otherwise noted) 2024 2023Royalties 1,891 1,268 Royalties as a % of revenue 22.3% 24.3%

5. General and Administrative Expenses

Recurring G&A (General and Administrative Expenses) refers to periodic costs to keep the company ongoing process, excluding the

one-off or irregular expenses.

G&A (TUSD) 2024 2023Extraordinary Consulting Fees (965) - Additional M&A Transactions (1,517) (1,754)One-off restructuring costs (269) (1,886)Reduced G&A relocations (61) (722)Non - Recurring G&A (2,812) (4,362)Recurring G&A (5,384) (655)Total G&A of Continuing operations (8,196) (5,017)

2024 ANNUAL REPORT

Recurring G&A related to continuing operations increased in 2024, when compared to the same period in 2023, due to the exclusion of

TUSD 7,140 in 2023 related to discontinued operations in Brazil and Oman.

Additionally, some expenses related to Brazil operations, which were classified as discontinued operations in 2024 due to the Brava

Energia roll-up, were recorded as recurring G&A by Maha from the third quarter of 2024 onwards. This is because these expenses were

transferred to Maha BRZ through a spin-off.

Total G&A related to Discontinued Operations is disclosed on Note 8 and on the Financial Summary.

Consolidated TUSD Parent TSEK G&A Continued and Discontinued operations2024 2023 2024 2023Personnel costs 2,324 2,236 3,837 13,664Rent & Office cost 245 174 104 296Insurance 325 146 101 -Listing and marketing cost 78 166 828 1,670Costs of external services * 3,922 1,380 19,277 29,524Software & information technology 213 144 662 174Travel related costs 872 529 1,938 4,584Non recoverable taxes & other costs 217 242 1,556 2,068Continued operations 8,196 5,017 28,303 51,980Discontinued operations 2,832 7,140 - -Total G&A 11,028 12,157 28,303 51,980

* Mostly related to investment in Venezuela new business.

6. Financial Income & Finance Costs

Net Finance (TUSD) Note 2024 2023Interest and investment income 1,908 8,155 3R Offshore debentures 1,092 - Finance income 3,000 8,155 Amortization of decommissioning provision 15 (22) (36)Amortization of deferred financing fees 14 (886) (1,389)Interest expense (3,290) (5,609)Finance costs (4,198) (7,034)Changes in fair value of financial instruments (38,714) -Net Finance (39,912) 1,121

7. Income Taxes

Consolidated TUSD Parent TSEK2024 2023 2024 2023Current tax expense - - - - Deferred tax expense (income) - - - - Total - - - -

MAHA-ENERGY.COM

8. Discontinued Operations

Sale of Oman in Q4 2023

RESULTS OF DISCONTINUED OPERATIONS – OMAN

Oman Discontinued Operations Income Statement (TUSD) 2024 2023Cost of salesDepletion, depreciation and amortization (16) (15)Gross profit (16) (15)General and administration (975) (1,837)Foreign currency exchange - (1)Impairment - (25,233)Other income/losses - (57) Operating result (991) (27,143)Net finance income (costs) 28 144Result before tax (963) (26,999)Net result from discontinued operations (963) (26,999)

CASH FLOW OF DISCONTINUED OPERATIONS – OMAN

Cash Flow from Discontinued Operations (TUSD) 2024 2023Cash from operating activities 2,541 (3,731)Cash used in investment activities (2,515) (13,602)

ASSETS AND LIABILITIES HELD FOR SALE – OMAN

Assets and Liabilities Held for Sale - Oman (TUSD) 2024Assets held for sale Property, plant and equipment 38Exploration and Evaluation Assets (E&E) 31,863Prepaid expenses and deposits 192Accounts receivable and other credits 284Cash and cash equivalents 365Impairment (24,703)Total assets held for sale 8,039Liabilities held for sale Decommissioning provision (1,433)Accounts payable (3,935)Accrued liabilities and provisions (671)Total liabilities held for sale (6,039)

2024 ANNUAL REPORT

EXPLORATION AND EVALUATION ASSETS (E&E)

In the 2024, the E&E figures depicted in the table below refers the discontinued operation in Oman, which was reclassified as an asset

held for sale on the balance sheet.

Exploration and Evaluation Assets (TUSD) 31 December 2022 29,202Additions in the period 12,994Change in decommissioning cost (604)Farmout proceeds (10,180)Impairment of Exploration and Evaluation Assets (31,412)Asset Held for Sale - 31 December 2023 -Additions in the period 2,536Change in decommissioning cost -Farmout proceeds -Impairment of Exploration and Evaluation Assets (2,536)Asset Held for Sale -31 December 2024 -

MAHA-ENERGY.COM

Maha Energy Holding Brasil Ltda. was sold in Q3 2024 in the context of

3R Offshore Rollup Transaction

RESULTS OF DISCONTINUED OPERATIONS – MAHA ENERGY HOLDING BRASIL LTDA.

Brazil Discontinued Operations Income Statement (TUSD) 2024 2023Cost of salesProduction costs - -Depletion, depreciation and amortization (50) (47)Gross profit (50) (47)General and administration (1,857) (4,378)Stock‐based compensation - -Foreign currency exchange gain/loss 94 (5)Share of income from investment in associate 1,299 3,977 Other income/losses 71 1,396Operating result (443) 943 Net finance income (costs) 463 505 Result before tax 20 1,448 Current tax recovery (expense) (3) -Deferred tax expense - - 17 1,448 Gain on sale of discontinued operations 17,943 -Net result from discontinued operations 17,960 1,448

CASH FLOW FROM DISCONTINUED OPERATIONS - MAHA ENERGY HOLDING BRASIL LTDA

Cash Flow from Discontinued Operations (TUSD) 2024 2023Cash from operating activities (1,762) (3,619)Cash used in investment activities (721) (7,620)Cash from (used in) financing activities 2,377 11,284

3R OFFSHORE ROLL-UP TRANSACTION

On July 31, 2024, the transactions including the merger of Enauta shares into 3R Petroleum and the roll up of Maha’s 15% holdings in

3R Offshore into the combined entity, Brava Energia, were concluded. As a result, in the third quarter of 2024 Maha received 10,081,840

common shares issued by Brava Energia, corresponding to 2.17% of the total voting and share capital.

Added to the shares acquired by the Company during the first quarter of 2024, Maha held, as per end of 2024, approximately 22 million

shares of Brava Energia, corresponding to 4.76% of its total shares.

A capital gain of TUSD 17,943 has been recognized in Q3 2024 under discontinued operations as a result of this transaction

Gain on sale of discontinued operations (TUSD) 2024Net assets of discontinued operations sold 35,078Total value received from sales 53,021Gain on sale of discontinued operations 17,943

2024 ANNUAL REPORT

Sale of Maha Energy Brasil Ltda. in Q1 2023

In December 2022, Maha announced the divestment of its Brazilian subsidiary (Maha Brazil) to PetroRecôncavo, the “Maha Brazil

Transaction”, which was completed in February 2023. The adjusted purchase price was TUSD 150,913, to be paid in two installments: (a)

TUSD 95,886 at the closing date, and (b) TUSD 55,030, 6 (six) months after the closing date. In addition, earn-outs of up to TUSD 36,100,

which could be paid based on certain contractual conditions being met, whereof up to TUSD 24,100 refers to the average annual Brent

oil price for the next three years.

RESULTS OF DISCONTINUED OPERATIONS – MAHA ENERGY BRASIL LTDA.

Brazil Discontinued Operations Income Statement (TUSD) 2024 2023Revenue Oil and gas sales - 9,049 Royalties - (776)Net Revenue - 8,273 Cost of sales Production expense - (1,518)Depletion, depreciation and amortization - -Gross profit - 6,755 General and administration - (925)Stock‐based compensation - -Exploration and business development costs - -Foreign currency exchange gain/loss - -Impairment - -Share of income from investment in associate - -Other income/losses - 336 Other gains - -Operating result - 6,166 Net finance income (costs) - (2)Result before tax - 6,164 Current tax recovery (expense) - (261)Deferred tax expense - (90) - 5,813 Gain on sale of discontinued operations - 19,152 Realized accumulated other comprehensive loss on discontinued operations - (26,612)Net result from discontinued operations - (1,647)

CASH FLOW FROM DISCONTINUED OPERATIONS – MAHA ENERGY BRASIL LTDA.

Cash Flow from Discontinued Operations (TUSD) 2024 2023Cash from operating activities - 4,552 Cash used in investment activities - (2,820)Cash from (used in) financing activities - -

MAHA-ENERGY.COM

RESULT OF THE SALE OF MAHA BRAZIL IS DETAILED IN THE FOLLOWING TABLE:

Gain on the sale of Maha Brazil (TUSD) 28 February 2023 Cash Consideration 138,000 Working capital and other adjustment 12,913 Net assets of discontinued operations sold (131,761)Gain on sale of discontinued operations 19,152 FX on translation on disposition (26,612)Total amount of loss on disposal (7,460)

9. Property, Plant and Equipment

Oil and gas Equipment and Right-of-use Property, Plant and Equipment (TUSD)propertiesOtherassets TotalCost December 31, 2022 17,057 1,877 256 19,190 Additions 3,237 66 606 3,909 Currency translation adjustment - (1,478) (256) (1,734)December 31, 2023 20,294 465 606 21,365 Additions 3,672 20 23 3,715 Impairment of an asset (7) - - (7)Sale of an asset - (243) - (243)Change in decommissioning cost (77) - - (77)Currency translation adjustment - 5 (131) (126)December 31, 2023 23,882 247 498 24,627 ACCUMULATED DEPLETION, DEPRECIATION AND AMORTIZATION December 31, 2022 (4,431) (609) (135) (5,175)DD&A (1,775) (95) (13) (1,883)Currency translation adjustment - 546 135 681 December 31, 2023 (6,206) (158) (13) (6,377)DD&A (2,982) (8) (96) (3,086)Sale of an asset - 51 - 51 Currency translation adjustment - (27) (4) (31) 31 December 2024 (9,188) (142) (113) (9,443)CARRYING AMOUNT 31 December 2023 14,088 307 593 14,988 31 December 2024 14,694 105 385 15,184

2024 ANNUAL REPORT

(TUSD) Brazil USA Corporate ConsolidatedOil and Gas properties - 14,698 - 14,698 Other Tangible assets 73 17 11 101 Right of use assets 385 - - 385 December 31, 2024 458 14,715 11 15,184 Oil and Gas properties - 14,093 - 14,093 Other Tangible assets 63 234 12 309 Right of use assets 586 - - 586 December 31, 2023 649 14,327 12 14,988

The capital expenditure investments made in 2024, totaling in 2024 TUSD 3,715, are related to the acquisition, drilling, completion, and

abandonment processes, and are recognized under the Oil and Gas properties line in the balance sheet.

DEPLETION, DEPRECIATION, AND AMORTIZATION (“DD&A”) AND IMPAIRMENT

The depletion rate is calculated on proved and probable oil and natural gas reserves, considering the future development costs to

produce the reserves. Depletion expense is computed on a unit-of-production basis. The depletion rate will fluctuate during each

re-measurement based on the capital spending and reserves additions for the period.

DD&A expenses amounted to TUSD (3,086) as compared to TUSD (1,836) for the comparative 2023. The increase in the depletion

expense is primarily due to higher production volumes.

10. Accounts Receivables

TUSD Parent TSEK2024 2023 2024 2023Oil and gas sales 362 199 - - Tax credits and other receivable 907 893 23,965 20,508 Total 1,269 1,092 23,965 20,508

The Company’s oil and gas sales are exclusively with one customer in the USA. To mitigate credit risk, the Company partners with

reputable purchasers. As of December 31, 2024, expected credit losses were minimal, with no history of collection issues from this

customer, who maintains a high credit rating and has no default history.

11. Cash and Cash Equivalents

TUSD 2024 2023Cash 758 13,786 Short term investments 8,177 74,503 Total 8,935 88,289

MAHA-ENERGY.COM

12. Share Capital

Shares Outstanding A B Total 31 December 2022 143,615,696 - 143,615,696Treasury shares 34,829,057 - 34,829,05731 December 2023 178,444,753 - 178,444,753Treasury shares - - -31 December 2024 178,444,753 - 178,444,753

WARRANT INCENTIVE PROGRAM

The Company has a long-term incentive program (“LTIP”) as part of the remuneration package for management and employees.

Warrants Expired or Incentive Exercise Issued Exercised Cancelled Programme Exercise periodPrice SEK 1 Jan 20242024 20242024 31 Dec 20242020 (LTIP 4) 1 June 2023 – 29 10.9 348,331 - - (348,331) -February 20242021 (LTIP 5) 1 June 2024 – 28 12.4 773,281 - - - 773,281February 20252021 (LTIP 6) 1 June 2023 – 29 12.4 493,568 - - (493,568) -February 20242022 (LTIP 7) 1 June 2025 – 1 20.65 678,821 - - - 678,821Jun 20302023 (LTIP 8) 18 January 2027 8.55 - 3,236,919 - (507,752) 2,729,167– 1 January 20302023 (LTIP 9) 18 January 2027 8.55 - 2,856,107 - - 2,856,107– 1 January 20302023 (LTIP 8) 10 July 2027 – 1 8.55 - 2,983,043 - - 2,983,043January 20302023 (LTIP 9) 10 July 2027 – 1 8.55 - 952,033 - - 952,033January 2030Total 2,294,001 10,028,102 - (1,349,651) 10,972,452

Each warrant shall entitle the holder to subscribe one new Share in the Company at the subscription price per share. The fair value of the

warrants granted has been estimated on the grant date using the Black & Scholes model.

On 18 December 2023, the extraordinary general meeting resolved, in accordance with the proposal of board of directors, to establish

a new incentive program for employees and consultants through issuance of warrants (LTIP-8) for a maximum of 5,712,210 warrants.

In addition, the general meeting also resolved, in accordance with the proposal of the Nomination Committee, to establish an incentive

program for the members of the Board of Directors, through issuance of warrants (LTIP-9) for a maximum of 3,808,140 warrants.

Warrants from LTIP-8 and LTIP-9 were granted in January 2024 and in July 2024 estimated using the Black and Scholes model,

employing the assumptions outlined in the tables below. The total stock-based compensation expense for 2024 amounted to TUSD (638)

(2023: TUSD (2,176)).

2024 ANNUAL REPORT

The weighted average assumptions and fair value are as follows:

2024 Incentive Program Granted on: January 2024 July 2024Risk free interest rate (%) 2.25 2.18 Average Expected term (years) 5.95 5.48Expected volatility (%) 58.91 57.68Forfeiture rate (%) 10 10Weighted average fair value (SEK) 5.91 4.55

BUY-BACK PROGRAM (REPURCHASED SHARES)

On August 12, 2024, the Board of Directors of Maha resolved, based on the authorization granted by the annual general meeting on 29

May 2024, to initiate a share buy-back program to repurchase up to 10% of Maha’s outstanding shares. The program aims to provide

the company with greater flexibility in managing its equity and optimizing its capital structure. Repurchased shares may also be utilized

as consideration for acquisitions or financing business opportunities, as well as for the administration of incentive programs. As of

December 31, 2024, the company repurchased 1,528,922 shares (0.86% of outstanding shares), with a total disbursement of TSEK

11,987 (approximately TUSD 1,166).

13. Earnings Per Share

Earnings per share are calculated by dividing the net result attributable to shareholders of the Parent Company by the weighted average

number of shares for the year.

2024 2023Net results -continuing ops (49,562) (5,307)Net results -discontinued ops 16,997 (28,646)Net result attributable to shareholders of the Parent Company, TUSD (32,565) (33,953)Weighted average number of shares for the year 171,631,408 164,799,396Earnings per share from continuing operations, USD (0.29) (0.03)Earnings per share from discontinued operations, USD 0.10 (0.17)Earnings per share, USD (0.19) (0.20)Weighted average diluted number of shares for the year 171,372,460 164,799,396 Earnings per share fully diluted from continuing operations, USD (0.29) (0.03)Earnings per share fully diluted from discontinued operations, USD 0.10 (0.17)Earnings per share fully diluted, USD (0.19) (0.20)

MAHA-ENERGY.COM

14. Bank Debt

BTG LOAN

The Company had a credit agreement for a senior secured term

loan of TUSD 60,000 (the “Term Loan”) with Banco BTG Pactual

(“BTG”), with maturity date on 31 March 2025. The Term Loan

had gradual interest that increased from 12.75% to 13.5% as

the maturity dates approached, which were quarterly paid. The

principal amount was to be repaid in quarter instalments over

a four (4) year period, commencing 15 months from the credit

agreement date.

In August 2024, Maha Energy decided to fully amortize the bank

debt using the remaining cash collateral deposited in restricted

accounts. As a result of the early amortization, despite the payment

of a 2% fee over the principal amount plus the accrued interest,

until the payment date this action generates approximately

TUSD 600 of savings on interest for the next quarters.

SAFRA LOAN

In August 2024, the Company entered into a new loan agreement

of TUSD 15,000 with Banco Safra S.A. (“Safra”), with one-year

term, and an interest rate of 6.9% per annum, to be paid on a

quarterly basis. A 1% commission on the total amount was paid by

Maha to Safra on the signing date, totaling TUSD 150.

As a condition to this loan, the Company provided a guarantee

corresponding to 222% of the main amount. The guarantee was

performed through the pledge of part of Company’s shares in

Brava Energia.

In November 2024 the full outstanding amount of the loan was

repaid to avoid granting additional cash collaterals resulting in a

higher cost of debt.

Bank Debt TUSD TSEK31 December 2022 (46,090) (491,436)Loan repayment 14,250 152,740Interest Expense (1,168) (12,446)Interest paid (1,371) -Currency translation adjustment - (2,900)31 December 2023 (34,379) (354,042)Additions (15,000) (159,450)Loan repayment 49,500 524,708 Interest paid 3,893 54,040 Interest Expense (3,128) (36,687)Deferred financing costs (886) (8,058)Currency translation adjustment - (20,511)31 December 2024 - -Current portion - -Non‐current - -

2024 ANNUAL REPORT

15. Decommissioning Provision

Decommissioning costs will be incurred by Maha at the end of the operating life of its oil facilities and properties. In determining the

amount of the provision, assumptions and estimates are made regarding discount rates, the expected cost of abandoning facilities and

removing assets from the site to remediate environmental damage caused, and the expected timing of these costs. When estimating

the expected cost, Maha considers (among other factors) changes in environmental legislation and regulations that may affect the plant

dismantling and removal process.

The provision at the reporting date represents management’s best estimate of the present value of the future asset retirement costs

required. The discount rate used in the calculation of the provision is a market-based risk-free rate based on the applicable currency and

time horizon of the underlying cash flows.

The following table presents the reconciliation of the opening and closing decommissioning provision:

Decommissioning Provision (TUSD) (TUSD) 31 December 2022 (1,700)Accretion of decommissioning provision (89)Decommissioning provision adds (747)Settlement of decommissioning liabilities 619Reduction of provision due to the sale of the leasehold participation (6)Transfer to liabilities related to assets held for sale 1,345Change in estimate at YE 39 31 December 2023 (539)Accretion of decommissioning provision (21)Decommissioning provision adds (55)Settlement of decommissioning liabilities -Reduction of provision due to the sale of the leasehold participation 22Transfer to liabilities related to assets held for sale -Change in estimate at YE 11431 December 2024 (479)

MAHA-ENERGY.COM

16. Lease Liability

The Company leases office premises, with a five-year term.

Lease Liability (TUSD) Total 31 December 2022 (155)Additions (745)Dispositions 259Interest expense (25)Lease payments 82Foreign currency translation (14) 31 December 2023 (598)Additions (24)Dispositions -Interest expense (33)Lease payments 152Foreign currency translation 86 31 December 2024 (417)Less current portion (99)Lease liability – non-current (318)

17. Accounts Payable and Accrued Liabilities

Group TUSD Parent (TSEK)2024 2023 2024 2023Account payable (828) (3,017) (3,147) (461)Accrued liabilities (256) (736) (104) (6,476)Total (1,084) (3,753) (3,251) (6,937)

18. Changes in Liabilities with Cash Flow Movements

from Financing Activities

The changes in liabilities whose cash flow movements are disclosed as part of financing activities in the cash

flow statements are as follows:

Non-cash changesAmortization Foreign Transferred to At 31 At 1 January Lease adds of deferred exchange liabilities held December 2024 Cash Flowsunder IFRS 16financing feesmovementfor sale2024Lease Liability (598) 152 (57) - 86 - (417)Bank debt (34,379) 50,265 (15,000) (886) - - -

Non-cash changesAmortization Foreign Transferred to At 31 At 1 January Lease adds of deferred exchange liabilities held December 2023 Cash Flowsunder IFRS 16financing feesmovementfor sale2023Lease Liability (155) 82 (511) - (14) - (598)Bank debt (46,090) 14,250 - (2,539) - - (34,379)

2024 ANNUAL REPORT

19. Financial Assets and Liabilities

For financial instruments measured at fair value in the balance sheet, the following hierarchy is used:

Level 1: Level 2: Level 3: based on quoted prices in based on inputs other than based on inputs which are active markets.quoted prices as within level not based on observable 1, that are either directly or market data.indirectly observable.

The Company’s cash and cash equivalents, short-term and liquid financial investments, accounts receivable, accounts payable and

accrued liabilities are assessed as per the fair value hierarchy described above. The fair value of these items approximates their carrying

value due to their short maturity term.

The long-term financial assets and the bank debt are carried at amortized cost, which approximates the fair value.

Long-Term Financial Assets (TUSD) - 2024 Level Amortized cost FVTPL TotalInvestment in GTB 3 - 1,067 1,067Call option PetroUrdaneta 3 - 4,983 4,983Performance Bonds 3 - 206 206Total - 6,256 6,256

Short-Term Financial Assets (TUSD) - 2024 Level Amortized cost FVTPL TotalBrava Energia shares 1 - 84,043 84,043Debenture - 3R Offshore 2 3,483 - 3,483Total 3,483 84,043 87,526

BRAVA ENERGIA

Maha holds approximately 22 million shares, corresponding to 4.76% of Brava Energia’s total shares.

BOLIVIAN PIPELINE – GASTRANSBOLIVIANO

On 6 July 2023, Maha made an investment of TUSD 1,000 in 2B Ametrino AB, through the acquisition of 3,845 shares, equivalent to

approximately 7% interest in said company. Additionally, the Company paid TUSD 67 to cover transaction expenses. 2B Ametrino AB

holds a 38% interest in GasTransboliviano S.A., a company which owns the Bolivian portion of the “Brasil-Bolivia” pipeline.

DEBENTURE - 3R OFFSHORE

In 2024, to finance the development of 3R Offshore’s assets, Maha subscribed to non-convertible debentures issued by 3R Offshore in

the amount of TUSD 3,483. The debenture carries an interest rate tied to the Brazilian floating interbank rate (CDI), plus a spread of 3.8%.

MAHA-ENERGY.COM

20. Management of Financial Risk

The Company thoroughly examines the various risks to which it is exposed and assesses the impact and likelihood of those risks. The

Company’s risk management policies are established to identify and analyze the risks faced by the Company, to set appropriate risk

limits and to monitor market conditions and the Company’s activities. The Board of Directors has overall responsibility for establishment

and oversight of the Company’s risk management; however, the Board of Directors delegates execution responsibility to the Company’s

management.

The types of risk exposures and the objectives and policies for managing these risks exposures are described

below:

A) CURRENCY RISK

The main functional currencies of the Company’s subsidiaries are Brazilian Real (“BRL”) for the subsidiaries in Brazil and Luxembourg

and Swedish Krona (“SEK”) for the ones in Sweden, making the Company sensitive to fluctuations of these currencies against US Dollar

(“USD”).

To minimize foreign currency risk, the Company’s cash balances are held primarily in USD. USD funds are converted to other currencies

on a needed basis.

The following table summarizes the effect that a change operation’s currency against the US Dollar would have on net result of the

Company, including results from the discontinued operations, for the year-ended 31 December 2024.

Average Rate 2024 10% USD weakening 10% USD strengtheningBRL/USD 6.185128 5.5666 6.8036 Total effect on net result, TUSD 585 (479)

B) CREDIT RISK

The exposure to credit risk arises through the failure of a customer or another third party to meet its contractual obligations to the

Corporation. The Company’s policy is to limit credit risk by limiting the counterparties to major banks and oil and gas companies.

Where it is determined that there is a credit risk for oil and gas sales, the policy is to require an irrevocable letter of credit (or equivalent

instrument) for the full value of the sale or prepayment. The policy on joint operations parties is to rely on the provisions of the underlying

joint operating agreements to take possession of the licence or the joint operations partner’s share of production for non-payment of

cash calls or other amounts due.

As at 31 December 2024, the Company’s account receivables from the continuing operations in USA amounted to TUSD 1,269 (2023:

TUSD 1,092). The Company markets and sells its oil through marketing companies and payments are received in 30 days. There is no

recent history of default and expected credit loss associated with these receivables is not significant. Other short-term receivables are

considered recoverable as they are mainly related to taxes and employee advances.

C) LIQUID RISK

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. Liquidity risk also includes

the risk of not being able to liquidate assets in a timely manner at a reasonable price. The Company has since inception been equity

and debt financed through share and Bonds issues. The Company has in place a planning and forecasting process to help determine

the funds required to support the Company’s normal operating requirements on an ongoing basis. The Company ensures that there is

sufficient available capital to meet its short-term business requirements, taking into account its anticipated cash flow from operations

and its holdings of cash and cash equivalents.

The Company manages its liquidity risk by ensuring it has access to multiple sources of capital including cash, cash from operating

activities, as well as available capital markets. As of 31 December 2024, the Company had current assets of TUSD 106,314 which

includes TUSD 7,076 relating to assets held for sale and current liabilities of TUSD 7,222, including TUSD 6,039 relating to liabilities held

for sale.

As of December 2024, the Company has repaid outstanding bank debt and is now debt free.

2024 ANNUAL REPORT

The maturity dates for the Company’s undiscounted cash outflows related to financial liabilities of the

continuing operations are as follows:

TOTAL < 1 YEAR 1-2 YEARS 2-5 YEARS2024 Accounts payable and accrued liabilities (1,084) (1,084) - -Lease liabilities (417) (99) (100) (218) Bank debt - - - - Bank debt Interest - - - - (1,501) (1,183) (100) (218)

TOTAL < 1 YEAR 1-2 YEARS 2-5 YEARS2023 Accounts payable and accrued liabilities (3,752) (3,752) - - Lease liabilities (598) (104) (108) (386)Bank debt (34,379) (22,500) (11,879) - Bank debt Interest (3,031) (2,829) (202) - (41,760) (29,185) (12,189) (386)

D) INTEREST RATE RISK

Interest rate risk is the risk that changes in the market interest rates may affect earnings and cash flows. The Company was exposed

to interest rate risk through the Term loan.

The total interest expense for 2024 amounted to TUSD 4,176 (2023: TUSD 6,981) which included TUSD 886 (2023: TUSD 1,389) of the

bank loan fees amortization. By the end of 2024, the Company is not exposed to interest rate risk since it is now a debt free company.

E) COMMODITY PRICE RISK

The Company is subject to price risk associated with fluctuation in the market prices for oil and gas. Prices of oil and gas are impacted

by the normal economic drivers of supply and demand as well as the financial investors and market uncertainty which are generally

beyond the Company’s control. Factors that influence these include operational decisions, natural disasters, economic conditions,

political instability or conflicts and actions by major oil exporting countries.

Changes in crude oil prices may significantly affect the Company’s results of operations, cash generated from operating activities, capital

spending and the Company’s ability to meet its obligations. Most of the Company’s production is sold under short-term contracts; conse-

quently, the Company is at risk to near-term price movements. The Company manages this risk by constantly monitoring commodity

prices and factoring them into operational decisions, such as contracting or expanding its capital expenditures program.

The table below summarizes the effect that a change in the realized oil prices would have had on the net

result of the continuing operations and equity on 31 December 2024:

Net result of the year from continuing operations, TUSD (49,562) (49,562)Possible shift (10%) +10%Total effect on net result, TUSD 6,624 (6,624)(13.37%) (13.37%)

MAHA-ENERGY.COM

21. Management of Capital

The Company manages its capital structure to support the Company’s strategic growth. The Company’s objectives when managing its

capital structure are to maintain financial flexibility, preserve access to capital markets, ensure its ability to finance internally generated

growth and to fund potential acquisitions while maintaining the ability to meet the Company’s financial obligations as they come due.

The Company’s policy is to limit credit risk by limiting the counterparties to major banks. The Company considers credit ratings of the

major banks that it holds its cash with. Currently Maha’s investments are composed of low-risk assets and short-term investments with

high liquidity. In addition, the Company, from time to time may invest in potential attractive equity positions or high yield fixed income

assets but always keeping within Maha’s internal investment policies.

The Company considers its capital structure to include shareholders’ equity of TUSD 119,735 (31 December 2023: TUSD 154,825) and

current assets of TUSD 106,314.

The Company manages its capital structure and adjusts it considering changes in economic conditions and the risk characteristics

of the underlying oil and natural gas assets. To facilitate the management of its capital requirements, the Company prepares annual

expenditure budgets that are updated as necessary depending on various factors, including successful capital deployment and general

market and industry conditions. The annual budget and subsequent updates are approved by the Board of Directors.

22. Changes in Non-cash Working Capital

The subsequent table delineates the non-cash working capital:

Non-cash Working Capital Changes (TUSD)* 31-Dec-24 31-Dec-23Change in: Accounts receivable (203) (3,634)Inventory (29) (25)Accounts payable (1,307) 1,099Total (1,539) (2,560)

*To enhance clarity regarding the working capital, starting from 2024, the table will reflect the working capital solely from continued operations

23. Pledged Assets

The Group had TUSD 1,115 funds deposited in escrow accounts as collateral against potential liabilities arising from the sale of Maha

Brazil Transaction. The amount retained in escrow shall be released, totally or partially, (i) to PetroRecôncavo, to cover any applicable

losses, as agreed in the definitive documents or (ii) in Maha’s favor, on the closing of the last lawsuit, or within six (6) years from closing

date of Maha Brazil Transaction, as applicable based on the conditions of the relevant agreements.

In addition, the Group had TUSD 9,053 in Bank guarantee for potential contingent liabilities related to Maha Brazil Transaction, which

was guaranteed through the pledge of a portion of the Company’s shares in Brava Energia.

2024 ANNUAL REPORT

24. Earn-out

In December 2022, Maha announced the divestment of its Brazilian subsidiary (Maha Brazil) to PetroRecôncavo for total purchase

price of TUSD 150,916. In addition, earn‐outs of up to TUSD 36,100, could be paid based on certain contractual conditions being met,

whereof up to TUSD 24,100 refers to the average annual Brent oil price for the next three years and TUSD 12,000 refers to synergies

with PetroRecôncavo’s potential new assets. Maha received a TUSD 4,410 oil price-related earn-out from 2024 oil average on the first

quarter of 2025.

The average annual Brent oil price earn-outs will payable according to the table below:

Brent 2023 2024 2025 Total80 – 85 USD/bbl 1.5 4.4 3.9 9.8 85 – 90 USD/bbl 5.9 7.8 5.9 19.6Above 90 USD/bbl 8.4 8.4 7.2 24.1

25. Commitments

The Company had minimum exploratory commitments involving Blocks 117 and 118, which were sold to PetroRecôncavo as part of

Maha Brazil Transaction. Based on Maha Brazil Transaction’s terms, the parties have agreed to request an exception to such commit-

ments before the Brazilian oil and gas regulator – i.e., ANP --, and as the waiver was not obtained up to the payment of the second

installment of the purchase price, a parcel equivalent to the historic amount of such commitments was retained in escrow. In October

2024, approximately TUSD 4,659 held in the escrow account was released in exchange for a bank guarantee.

In the Illinois Basin, the Company has commitments to drill three (3) operated wells in 2024, and to drill four (4) operated wells from

2025 to 2027 and three (3) wells in 2028. In Q2 2024, the Company initiated a program comprising three production wells to meet this

obligation. This well program started generating revenue at the end of Q3 2024.

26. Contingent Liabilities

Contingent liabilities for which either the Company is unable to make a reliable estimate of the expected financial effect that might result

from resolution of the proceeding, or a cash outflow is not probable, are not recognized as liabilities in the financial statements but are

disclosed in the notes to the financial statements, unless the likelihood of any outflow of resources is considered remote.

Currently, the Company coordinates a dispute with ANP related to minimum exploratory commitments involving Blocks 117 and 118,

which were sold to PetroRecôncavo as part of Maha Brazil Transaction. Based on Maha Brazil Transaction’s terms, Maha will have to

indemnify PetroRecôncavo in case of loss when it comes to such dispute/past liability.

The amount in dispute corresponds to the value attributed by ANP to the non-performed parcel of the work commitment, based on a

system that attributes a fixed value in Reais, adjust by inflation until the date of payment.

In the end of 2024, the maximum estimated contingent liability related to this dispute is TUSD 6,918.

MAHA-ENERGY.COM

27. Related Party Transactions

There have been no significant changes in related party transactions in 2024 when compared to previous years. In relation to the Parent

Company, the subsidiaries are considered related parties. The Parent Company has provided subsidiaries with intragroup debt and

receives interest income on a loan from one of the subsidiaries.

28. Average Number of Employees

Canada United States Brazil Oman Sweden CompanyEmployees (2024) 1 2 17 4 1 25 (of which men) 0 2 9 4 1 16

Canada United States Brazil Oman Sweden CompanyEmployees (2023) 8 2 22 7 2 41(of which men) 4 2 14 7 1 28

Board members are not included in the table above. There are no women on the Board.

29. Remuneration to the Board of Directors, Senior Management

and Other Employees

2024 2023Salaries, other remuneration and social Salaries and other Social security Salaries and other Social security security cost (TUSD)remunerationcostremunerationcostParent Company in SwedenBoard Members 1,197 400 211 50 Employees 1,282 (52) 691 230Subsidiaries abroadCanada 567 7 973 41USA 253 17 223 16Brazil 2,968 411 2,031 413 Oman 705 8 581 10Total 6,972 791 4,710 760

2024 ANNUAL REPORT

The increase in 2024 salaries and other remuneration refers to the warrants granted during the year, as

detailed in the tables below (Option Based Award).

Salaries, other Short-term Remuneration remuneration and social Board Fee / Other variable for committee Option Based security cost (TUSD)Base salaryBenefits*remuneration**workAward Total 2024Parent Company in SwedenBoard MemberSvein Harald Øygard 29 - - 4 - 33 Paulo Mendonça 40 - - 10 332 382 Halvard Idland 29 - - 4 - 33 Richard Norris 29 - - 10 139 178 Viktor Modigh 29 - - 11 139 179 Fabio Vassel 29 - - - 193 222 Enrique Peña 29 - - 6 139 174 Total 214 - - 45 942 1,201 Subsidiaries abroad ManagementKjetil Solbraekke 341 67 - - 428 836 Other*** 915 117 512 - 650 2,194 Total 1,256 184 512 - 1,078 3,030

* Other benefits include health insurance and pension for the management

** Short-term variable remuneration includes severance payments.

*** Other represents the following members of the management for 2024: CFO, COO and CLO

Salaries, other Short-term Remuneration remuneration and social Board Fee / Other variable for committee Option Based security cost (TUSD)Base salaryBenefits*remuneration**workAward Total 2023Parent Company in SwedenBoard MemberSvein Harald Øygard 8 - - 1 - 9 Paulo Mendonça 11 - - 3 - 14Kjetil Solbraekke 13 - - 2 - 15Halvard Idland 21 - - 3 - 24Richard Norris 28 - - 11 - 39Viktor Modigh 28 - - 9 - 37Fabio Vassel 36 - - 4 - 40Enrique Peña 28 - - 6 - 34Total 173 - - 39 - 212Subsidiaries abroad ManagementPaula Mendonça 339 1 328 - - 668Kjetil Solbraekke 104 13 85 - - 202Other*** 1,000 127 1,403 - - 2,530Total 1,443 141 1,816 - - 3,400

* Other benefits include health insurance and pension for the management

** Short-term variable remuneration includes severance payments.

*** Other represents the following members of the management for 2024: CFO, COO and CLO

MAHA-ENERGY.COM

SALARIES, BENEFITS AND SOCIAL SECURITY COSTS

At the AGM 2023 it was resolved to adopt a policy for remunera-

tion and other employment conditions for Executive Management,

which is available on the Company’s website and comprises

the following rules regarding salaries, benefits and social secu-

rity costs, such rules observed under the relevant employment

agreements:

((1) The Executive Management of Maha shall be offered a fixed

remuneration to be paid in cash and on market terms commensu-

rate with the international oil and gas sector, based on responsi-

bilities, sector, time experience and performances. These salaries

are determined per calendar year with salary adjustments during

the first quarter of each year, if applicable.

(2) In addition to the fixed remuneration, the Executive Manage-

ment may be offered an annual variable cash remuneration to be

paid in cash and based on the result in relation to performance

goals within the respective area of responsibility and in line with

the shareholders’ interests (the “Regular Variable Cash Remu-

neration”). The Regular Variable Cash Remuneration shall be

tied to annual performance-related objectives and shall amount

to a maximum of 100 percent of the gross fixed annual cash

remuneration.

(3) Further variable cash remuneration may be awarded in

extraordinary circumstances, provided that such extraordinary

arrangements are limited in time and only made on an individual

basis, either for the purpose of recruiting or retaining Executive

Management, or as remuneration for extraordinary performance

beyond the individual’s ordinary tasks and/or as a premium for

the performance of such individual on relevant events or trans-

actions involving the Company (the “Extraordinary Variable Cash

Remuneration”). Such remuneration may not exceed an amount

corresponding to fifty per cent of the gross fixed annual cash

remuneration.

(4) Pension benefits (including health insurance, as the case

may be, according to the applicable law) shall be premium defined

unless the individual concerned is subject to a defined benefit

pension under mandatory collective bargaining agreement provi-

sions. The pension premiums for premium defined pension shall

amount to not more than 10 percent of the gross pension quali-

fying income.

(5) Other benefits may include, inter alia, life insurance, health

insurance and medical benefits, and shall be limited in value in

relation to other remuneration. Such benefits shall be paid only

in so far as they are in accordance with the market practice for

members of executive management holding corresponding posi-

tions on the employment market where the member in question

is operating. Premiums and other costs relating to such bene-

fits may amount to not more than 15 percent of the gross fixed

remuneration.

(6) The notice period for termination given by the Company shall

be no longer than six months for all members of the Executive

Management, with a right to redundancy payment after the expi-

ration of the notice period corresponding to not more than 100

percent of the gross fixed cash remuneration for a maximum of

12 months, meaning that the fixed remuneration and redundancy

payment shall together not exceed 18 months’ gross fixed salary.

(7) Any right to redundancy payment shall decrease in situations

where remuneration is received from another company. In any

case, observed the aforementioned limitation, the notice period

and the amount of the redundancy payment shall be defined, on

a case by case basis, taking into consideration (i) the require-

ments of law applicable to the contract entered with the member

of the Executive Management, (ii) the common practice of the

location where such contract was entered, and (iii) the period

that the member of Executive Management has been employed/

contracted by the Company prior to the notice of termination.

See page 85 of the Corporate Governance report for further

information on the Group’s principles of remuneration. During

the current year, AGM 2023 approved changes in the Company’s

Remuneration policy. Remuneration Report are available at the

Company’s website.

LONG TERM INCENTIVE PLAN

Maha has implemented Long Term Incentive Programs since 2017,

aimed to strengthen the retention of employees with the Company

and to motivate the employees to create shareholder value.

Maha has not adopted any new Long Term Incentive Program in

2024. Hence, as of December 2024, 10,972,452 warrants were

outstanding under four (4) Long Term Incentive Programs for

employees, Executive Management and the Board of the Company.

The complete terms and conditions of the Warrants under the

Long-Term Incentive Plan are available on the Company’s website

– Maha (maha-energy.com).

2024 ANNUAL REPORT

30. Shares in Subsidiaries – Parent Company

Subsidiary Registration number Registered office Share % 2024 (TSEK) 2023 (TSEK)Maha Energy Inc. 2017256518 Calgary, Canada 100 12,477 12,477 Maha Energy I (Brazil) AB 559058-0907 Stockholm, Sweden 100 748 -Maha Energy II (Brazil) AB 559058-0899 Stockholm, Sweden 100 680 680Maha Energy Brasil Holding Ltda. 49.361.643/0001-50 Rio de janeiro, Brazil 100 - 443,774Maha Energy BRZ Ltda. 54.995.828/0001-56 Rio de janeiro, Brazil 100 114,298 -Maha Energy Finance B163089 Luxembourg 100 - -(Luxembourg) S.A.R.L.Mana Energy Services LLC 2020-002241022 Wyoming, USA 100 8,553 -Maha Energy (Oman) Ltd 259894 Cyprus 100 - -Maha Latam Operaciones C.A. Venezuela 100 41 -Total 136,797 456,931

Participation in subsidiaries (TSEK) 2024 (TSEK) 2023 (TSEK)Opening value 456,931 16,153 Acquisition 9,342 443,774Disposition (329,476) (2,987)Write-off of investment - (9)Paid shareholders’ contribution - -Total 136,797 456,931

Indirect Subsidiaries Registration number Registered office Share %Maha Energy US Inc. TIN - 46-1986862 Wyoming, USA 100Maha Energy (Oman) Ltd. (Oman Branch) OM1100214536 Sultanate of Oman 100Maha Energy Indiana Inc. 7130-8332 Illinois / Indiana, USA 100Maha Energy Latam S.L. B56579964 Spain 100Maha Energy Finance (Luxembourg) S.A.R.L Sverige #B163089 Sweden 100

Associates Principal Activity Registered office Share % 2024 (TUSD) 2023 (TUSD)Brava Energia S.A. Oil and Gas Rio de Janeiro, Brazil 4.76 84,043 34,985 2B Amentrino AB Gas Sweden 7.69 11,901 -

MAHA-ENERGY.COM

31. Loans to Subsidiaries – Parent Company

The Parent Company loans to subsidiaries are mainly denominated in US dollars..

Subsidiary 2024 (TSEK) 2023 (TSEK)Maha Energy Inc. 71,440 154,485 Maha Energy US Inc. 116,619 106,821Maha Energy I (Brazil) AB 11,088 10,093Maha Energy II (Brazil) AB - 63Maha Energy BRZ Ltda. - -Maha Energy Finance (Luxembourg) S.A.R.L - 38Maha Energy Indiana Inc. 78,094 59,329Mana Energy Services LLC 1,044 1,927Maha Energy (Oman) Ltd - -Maha Latam Operaciones C.A. 17,293 -Maha Energy Latam S.L. 151 -Maha Energy Offshore (Brasil) Ltda. - 54Total 295,729 332,810

Loans to subsidiaries (TSEK) 2024 (TSEK) 2023 (TSEK)Opening value 332,810 691,849Impairment of loans to subsidiaries (2,082) (397,206)New lending to subsidiaries (18,488) (13,350)Loan repayment by subsidiaries - 83,500Interest income from subsidiaries - 95,861Currency translation (16,511) (127,884)Total 295,729 332,810Loans to subsidiaries – current - -Loans to subsidiaries – long term 295,729 332,810

2024 ANNUAL REPORT

32. Auditor’s Fees

TUSD Parent TSEKDeloitte2024 2023 2024 2023Audit assignment 305 321 3,227 3,406Audit related 3 - 33 -Tax advisor services 33 52 349 552Total 341 373 3,610 3,958

Audit assignments refer to the examination of the annual accounting and the accounting records, other tasks incumbent on the compa-

ny’s auditor to perform, as well as advice or other assistance resulting from observations made during an audit or the conduct of such

other duties.

Audit activities other than the audit assignment pertain to quality assurance services, including assistance regarding observations

made during such review, which is carried out in accordance with ordinances, the Articles of Association, By-laws or agreements, and

which result in a report that is also intended for others than the client.

Advice on tax questions is reported separately.

33. Proposed Distribution of Earnings

The Board of Directors proposes no dividends to be paid for the year.

34. Subsequent Events

Mesas Técnicas with PetroUrdaneta and CVP (Partner A, a PDVSA subsidiary) were settled outlining the main assumptions of the

business plan outlining a total projected production volume of approximately 90 million barrels of oil and 180 Bscf of gas until 2037.

The plan targets a peak production of around 40,000 barrels of oil equivalent and is pending approval by the Venezuelan authorities and

negotiations of proper contracts.

Maha received an TUSD 4,410 oil price-related earn-out from PetroRecôncavo during the first quarter of 2025, as part of Maha Brazil

Transaction, closed in early 2023.

Maha received TUSD 200 dividends from 2B Ametrino during Q1 2025, yielding 18% per year. 2B Ametrino AB holds a 38% interest in

GasTransboliviano S.A., a company which owns the Bolivian portion of the “Brasil-Bolivia” pipeline.

MAHA-ENERGY.COM

Key Financial Data and Ratios

The key ratios presented below include alternative key ratios or key ratios that are not defined in accordance with IFRS and are thus

not necessarily comparable to key ratios under similar names used by other companies. Those key financial ratios that are not defined

in accordance with IFRS are, together with key ratios that are defined in accordance with IFRS, used to facilitate the management and

other stakeholders’ analysis of the Group.

See the heading “Definitions of alternative key ratios” for definitions and objective of alternative key ratios, and the heading “Reconcilia-

tion of alternative key ratios” below for reconciliations of abovementioned key ratios. All alternative key rations have been taken from the

Group’s audited financial reports as per the financial years ended 31 December 2024 and 2023, unless stated otherwise.

Financial data:

CONTINUING OPERATIONS:

Financial Summary (TUSD) 2024 2023

Average (BOEPD) 328 197

Revenue 8,492 5,226

Operating Netback 4,417 2,197

G&A (8,196) (5,017)

EBITDA (4,791) (3,900)

Net Result (49,562) (6,755)

Earnings per share (basic & diluted) (0.29) (0.04)

Financial Liabilities - (34,379)

Financial assets 93,782 16,967

Cash flow from operations (9,179) (12,675)

Free cash flow (49,650) 79,975

Cash and cash equivalents (incl. restricted cash) 10,050 131,076

REGARDING THE DISCONTINUED OPERATIONS OF MAHA BRAZIL IN 2024 AND OMAN IN 2023:

Financial Summary (TUSD) 2024 2023

Average (BOEPD) - 1,562

Revenue - 9,049

Operating Netback - 6,755

G&A (2,832) (7,140)

EBITDA (1,461) 5,267

Net Result 16,997 (27,198)

Earnings per share (basic & diluted) - (0.17)

Financial Liabilities - -

Financial Assets - -

Cash flow from operations 779 821

Free cash flow (2,458) (15,601)

Cash and cash equivalent (incl. restricted cash) 365 399

2024 ANNUAL REPORT

REGARDING THE DISCONTINUED OPERATIONS OF MAHA BRAZIL IN 2024 AND OMAN IN 2023:

Financial Summary (TUSD) 2024 2023

Average (BOEPD) 328 582

Revenue 8,492 14,275

Operating Netback 4,417 8,952

G&A (11,028) (12,157)

EBITDA (6,252) 1,367

Net Result (32,565) (33,953)

Earnings per share (basic & diluted) (0.29) (0.21)

Financial Liabilities - (34,379)

Financial Assets 93,782 16,967

Cash flow from operations (8,400) (11,854)

Free cash flow (52,108) 64,374

Cash and cash equivalents (incl. restricted cash) 10,415 131,475

Key ratios

[1]

Financial Summary (TUSD) 2024 2023

Return on equity (%) -41.4% 3.4%

Equity ratio (%) 113% 77%

Data per share

Data per Share (TUSD) 2024 2023

Weighted number of shares (before dilution) 171,631,408 164,799,396

Weighted number of shares (after dilution) 171,372,460 164,799,396

Earnings per share before dilution, USD (0.29) (0.03)

Earnings per share after dilution, USD (0.29) (0.03)

Dividends paid per share n/a n/a

[1] Key ratios and data per share are based on continuing operations only.

MAHA-ENERGY.COM

RELEVANT RECONCILIATION OF ALTERNATIVE KEY RATIOS

The tables below reflect a reconciliation of alternative key ratios based on items, subtotals or total amounts included in the Group’s

audited financial reports for the financial years ended on 31 December 2024 and 2023, unless stated otherwise. The alternative key

ratios are not audited.

For definitions of alternative key ratios which has not been calculated in accordance with IFRS, see the section “Definitions of alternative

key ratios”.

Operating Netback from continuing operations

(TUSD) 2024 2023

Revenue 8,492 5,226

Royalties (1,891) (1,268)

Operational Expenses (9,650) (1,761)

Operating netback (3,049) 2,197

Operating Netback from discontinued operations

(TUSD) 2024 2023

Revenue - 9,049

Royalties - (776)

Operational Expenses (1,433) (1,518)

Operating netback (1,433) 6,755

EBITDA from continuing operations

(TUSD) 2024 2023

Operational Results (9,650) (6,933)

Depletion, depreciation and amortization 3,086 1,883

Impairment 558 2,459

Foreign currency exchange loss / (gain) 1,215 (314)

EBITDA (4,791) (2,905)

EBITDA from discontinued operations

(TUSD) 2024 2023

Operational Results (973) (20,977)

Depletion, depreciation and amortization 66 15

Impairment - 25,233

Foreign currency exchange loss / (gain) (93) 1

EBITDA (1,000) 4,272

2024 ANNUAL REPORT

Definitions of

Alternative Key Ratios

Definitions of key ratios that are not defined in IFRS (alternative key ratios) are included in the presentation of

definitions below.

The Group management uses alternative key ratios to follow the underlying development of the Company’s

operations and believes that the alternative key ratios, together with key ratios defined in IFRS, help investors

to understand the Company’s development from period to period and may facilitate comparisons with similar

companies, but are not necessarily comparable to key ratios under similar names that are used by other

companies.

The alternative key ratios are not audited. Investors are urged not to attach undue reliance to the alternative

key ratios and are also urged to review these together with the Group’s audited financial reports for the

financial years ended 31 December 2024 and 2023. See the heading “Reconciliation of alternative key ratios”

below for reconciliations of alternative key ratios.

Cash flow from operations: Cash flow from operating activities in

accordance with the consolidated statement of cash flow.

EBITDA (Earnings before interest, taxes, depreciation, and amor-

tization and impairment): Operating profit before depletion of oil

and gas properties, depreciation of tangible assets, impairment,

foreign currency exchange adjustments, interest and taxes.

EBITDA is used as a measure of the financial performance of the

Company.

Earnings per share: Net result is attributable to shareholders of

the Parent Company divided by the weighted average number of

shares for the year.

Earnings per share fully diluted: Net result attributable to share-

holders of the Parent Company divided by the weighted average

number of shares after considering any dilution effect for the year.

Equity ratio: Total equity divided by the balance sheet total assets.

Equity ratio is a measure that provides information to enable

investors to assess the financial stability of the Company and the

Company’s ability to cope with in the long term.

Net debt: Interest bearing bonds less cash and cash equivalents.

Net debt demonstrates the company’s total debt arrangements.

Operating netback: Operating netback is defined as revenue less

royalties and operating expenses. Operating netback is a common

measure within the oil and gas industry, with the objective to

illustrate the Company’s operational efficiency to enable internal

comparisons and comparisons with competitors.

Return on equity: Net result divided by ending equity balance.

Return on equity demonstrates in the accounts total return of the

owner’s capital.

Weighted average number of shares for the year: The number of

shares at the beginning of the year with changes in the number of

shares weighted for the proportion of the year they were issued.

The key ratio provides information to investors on the average

number of outstanding shares in the Company, not considering

any dilution effect.

Weighted average number of shares for the year fully diluted:

The number of shares at the beginning of the year with changes in

the number of shares weighted for the proportion of the year they

were issued, after considering any dilution effect.

MAHA-ENERGY.COM

Glossary

Oil Measurements

BOE or boe Barrels of oil equivalent

BBL or bbl Barrel

BSCF Billion Standard Cubic Feet

Mbbl Thousand barrels of Oil

MMbbl Million barrels of Oil

Mboe Thousand barrels of oil equivalents

MMBoe Millions of barrels of oil equivalents

Mboepd Thousand barrels of oil equivalent per day

MSCF Million standard cubic feet

Currency Definitions

SEK Swedish Krona

BRL Brazilian Real

USD US Dollar

TSEK Thousand SEK

TUSD Thousand USD

Other Related Terms

2P refers to proven reserves (P90) plus probable reserves (P50).

3R Offshore refers to 3R Petroleum Offshore S.A., entity which

issued the debentures currently held by Maha BRZ.

3R Petroleum refers to 3R Petroleum Óleo e Gás S.A., a Brazilian

oil & gas company, being its current corporate name Brava

Energia S.A.

2B Ametrino AB previously named EIG Bolivia Pipeline AB. Refers

to a Bolivian company that holds a 38% interest in GasTransbo-

liviano S.A., a company which owns the Bolivian parcel of the

pipeline “Brasil-Bolivia” or “GTB”.

Banco BTG Pactual refers to a Brazilian bank with who Maha

used to have a loan agreement.

Banco Safra S.A. refers to a Brazilian bank with who Maha used

to have a loan agreement.

Brava Energia refers to the new corporate name of 3R Petroleum

after the mergewith Enauta Participações S.A., under which

Maha holds shares.

Block 70 refers to Block 70, located in Oman, operated by Maha

Oman which holds 65% working interests.

Enauta refers to Enauta Participações S.A., company which was

merged into 3R Petroleum/ Brava Energia.

Illinois Basin refers to the Company’s Light oil field in Illinois/

Indiana, USA.

Mafraq refers to Mafraq Energy LLC.

Maha or the Company refers to, depending on the context, Maha

Energy AB (registration number 559018-9543) a Swedish public

limited company, the group which the Company is the parent

company, or any subsidiary in the Maha’s group.

Maha Brazil Transaction refers to the divestment of Maha’s

Brazilian subsidiary (Maha Brazil) to PetroRecôncavo.

OE&P refers to Odebrecht E&P España, S.L., partner B at Petro-

urdaneta, currently owned by Novonor LATINVEST ENERGY S.À

R.L., and which may be acquired by Maha under the call-options

executed in March 2024.

PetroUrdaneta refers an O&G mixed capital company operating

in Venezuela, and which shares are held by PDVSA (60%) and

OE&P (40%). The field’s last reported production is over 1,000

bopd.

PetroRecôncavo refers to PetroRecôncavo S.A., which on 28

February 2023 acquired Maha’s Brazilian subsidiary which had

working interest on Tie field and Tartaruga field.

Working Interest refers to a percentage ownership of the drilling

and extraction operation, providing the owner(s) with a right

to participate in such activities and a right to the resources

produced from that activity.

2024 ANNUAL REPORT

Board Assurance

The board of directors and the managing director declare that the consolidated financial statements have been prepared in accordance

with IFRS as adopted by the EU and give a true and fair view of the Company’s financial position and results of operations. The financial

statements of the Parent Company have been prepared in accordance with generally accepted accounting principles in Sweden and

give a true and fair view of the Parent Company’s financial position and results of operations. The statutory Administration Report of the

Company and the Parent Company provides a fair review of the development of the Company’s and the Parent Company’s operations,

financial position and results of operations and describes material risks and uncertainties facing the Parent Company and the compa-

nies included in the Company.

Approved by the Board

Maha Energy AB (publ)

Org. No. 559018-9543

Stockholm, April 11, 2025

Halvard Idland

Director

Fabio Vassel

Director

Viktor Modigh

Director

Paulo Mendonça

Chairman of the Board

Roberto Marchiori

Chief Executive Officer

Richard Norris

Director

Enrique Peña

Director

Svein Harald Øygard

Director

Our audit report was submitted on April 12, 2025

Deloitte AB

Signature on the Swedish original

Andreas Frountzos

Authorized public accountant

MAHA-ENERGY.COM

Auditor’s Report

To the general meeting of the shareholders of Maha Energy AB (publ) corporate identity

number 559018-9543

Report on the annual accounts and consolidated accounts

OPINIONS

We have audited the annual accounts and consolidated accounts

of Maha Energy AB (publ) for the financial year 2024-01-01 -

2024-12-31. The annual accounts and consolidated accounts of

the company are included on pages 30-88 and 94 in this document.

In our opinion, the annual accounts have been prepared in accor-

dance with the Annual Accounts Act and present fairly, in all mate-

rial respects, the financial position of the parent company as of 31

December 2024 and its financial performance and cash flow for

the year then ended in accordance with the Annual Accounts Act.

The consolidated accounts have been prepared in accordance

with the Annual Accounts Act and present fairly, in all material

respects, the financial position of the group as of 31 December

2024 and their financial performance and cash flow for the year

then ended in accordance with IFRS Accounting Standards, as

adopted by the EU, and the Annual Accounts Act. The statutory

administration report is consistent with the other parts of the

annual accounts and consolidated accounts.

We therefore recommend that the general meeting of share-

holders adopts the income statement and balance sheet for the

parent company and the group.

Our opinions in this report on the annual accounts and consoli-

dated accounts are consistent with the content of the additional

report that has been submitted to the parent company’s audit

committee in accordance with the Audit Regulation (537/2014)

Article 11.

BASIS FOR OPINIONS

We conducted our audit in accordance with International Stan-

dards on Auditing (ISA) and generally accepted auditing stan-

dards in Sweden. Our responsibilities under those standards are

further described in the Auditor’s Responsibilities section. We are

independent of the parent company and the group in accordance

with professional ethics for accountants in Sweden and have

otherwise fulfilled our ethical responsibilities in accordance with

these requirements. This includes that, based on the best of our

knowledge and belief, no prohibited services referred to in the

Audit Regulation (537/2014) Article 5.1 have been provided to the

audited company or, where applicable, its parent company or its

controlled companies within the EU.

We believe that the audit evidence we have obtained is sufficient

and appropriate to provide a basis for our opinions.

KEY AUDIT MATTERS

Key audit matters of the audit are those matters that, in our

professional judgment, were of most significance in our audit of

the annual accounts and consolidated accounts of the current

period. These matters were addressed in the context of our audit

of, and in forming our opinion thereon, the annual accounts and

consolidated accounts as a whole, but we do not provide a sepa-

rate opinion on these matters.

Key Audit Matter

Key audit matters of the audit are those matters that, in our

professional judgment, were of most significance in our audit of

the annual accounts and consolidated accounts of the current

period. These matters were addressed in the context of our audit

of, and in forming our opinion thereon, the annual accounts and

consolidated accounts as a whole, but we do not provide a sepa-

rate opinion on these matters

Divestment of associate

During 2024 the divestment of the investment in 3R Petroleum

Offshore S.A. (“3R Offshore”) have had significant impact on the

financial reporting. Maha agreed with 3R Petroleum Óleo e Gás

S.A. to roll up its 15% holdings in 3R Offshore through merge into

3R Petroleum. In exchange, Maha received new ordinary shares

issued by 3R Petroleum, equivalent to 2.17% of the total voting

and share capital of the entity resulting from the combination of

3R Petroleum and Enauta Participações S.A. Together with the

shares Maha AB already held in 3R Petroleum, upon the conclu-

sion of the transaction Maha now holds approximately 4.76% of

the shares in the combined 3R Petroleum/Enauta company called

Brava Energia.

After the roll up described above, the holding in Brava Energia

(4,76 %) is measured at fair value through profit and loss in accor-

dance with IFRS 9.

Information on accounting principles for business transactions is

disclosed in note 2 in the annual report. Further information on

financial assets is disclosed in note 19 and discontinued opera-

tions in note 8 in the annual report.

Our audit procedures for the 3R Offshore transaction included, but

were not limited to:

⁄ evaluated whether changes in investments have been recog-

nized in accordance with the applicable financial reporting

framework,

⁄ evaluated the reclassification from equity share accounting to

financial investment accounting recorded at fair value,

⁄ evaluated the tax effects with the involvement of internal

specialists, and

⁄ evaluated the disclosures in the annual report and its compli-

ance with IFRS and the Annual Accounts Act.

2024 ANNUAL REPORT

OTHER INFORMATION THAN THE ANNUAL

ACCOUNTS AND CONSOLIDATED ACCOUNTS

This document also contains other information than the annual

accounts and consolidated accounts and is found on pages 01-19,

89-93. The Board of Directors and the Managing Director are

responsible for this other information. The other information also

consists of the remuneration report which we obtained before the

date of this audit report.

Our opinion on the annual accounts and consolidated accounts

does not cover this other information and we do not express any

form of assurance conclusion regarding this other information.

In connection with our audit of the annual accounts and consoli-

dated accounts, our responsibility is to read the information iden-

tified above and consider whether the information is materially

inconsistent with the annual accounts and consolidated accounts.

In this procedure we also take into account our knowledge other-

wise obtained in the audit and assess whether the information

otherwise appears to be materially misstated.

If we, based on the work performed concerning this information,

conclude that there is a material misstatement of this other infor-

mation, we are required to report that fact. We have nothing to

report in this regard.

RESPONSIBILITIES OF THE BOARD OF DIREC-

TORS AND THE MANAGING DIRECTOR

The Board of Directors and the Managing Director are responsible

for the preparation of the annual accounts and consolidated

accounts and that they give a fair presentation in accordance

with the Annual Accounts Act and, concerning the consolidated

accounts, in accordance with IFRS Accounting Standards as

adopted by the EU. The Board of Directors and the Managing

Director are also responsible for such internal control as they

determine is necessary to enable the preparation of annual

accounts and consolidated accounts that are free from material

misstatement, whether due to fraud or error.

In preparing the annual accounts and consolidated accounts, The

Board of Directors and the Managing Director are responsible

for the assessment of the company’s and the group’s ability to

continue as a going concern. They disclose, as applicable, matters

related to going concern and using the going concern basis of

accounting. The going concern basis of accounting is however

not applied if the Board of Directors and the Managing Director

intends to liquidate the company, to cease operations, or has no

realistic alternative but to do so.

The Audit Committee shall, without prejudice to the Board of

Director’s responsibilities and tasks in general, among other

things oversee the company’s financial reporting process.

AUDITOR’S RESPONSIBILITY

Our objectives are to obtain reasonable assurance about whether

the annual accounts and consolidated accounts as a whole are

free from material misstatement, whether due to fraud or error,

and to issue an auditor’s report that includes our opinions. Reason-

able assurance is a high level of assurance, but is not a guarantee

that an audit conducted in accordance with ISAs and generally

accepted auditing standards in Sweden will always detect a mate-

rial misstatement when it exists. Misstatements can arise from

fraud or error and are considered material if, individually or in the

aggregate, they could reasonably be expected to influence the

economic decisions of users taken on the basis of these annual

accounts and consolidated accounts.

As part of an audit in accordance with ISAs, we exercise profes-

sional judgment and maintain professional scepticism throughout

the audit. We also:

⁄ Identify and assess the risks of material misstatement of the

annual accounts and consolidated accounts, whether due to

fraud or error, design and perform audit procedures respon-

sive to those risks, and obtain audit evidence that is sufficient

and appropriate to provide a basis for our opinions. The risk of

not detecting a material misstatement resulting from fraud is

higher than for one resulting from error, as fraud may involve

collusion, forgery, intentional omissions, misrepresentations,

or the override of internal control.

⁄ Obtain an understanding of the company’s internal control

relevant to our audit in order to design audit procedures that

are appropriate in the circumstances, but not for the purpose

of expressing an opinion on the effectiveness of the compa-

ny’s internal control.

⁄ Evaluate the appropriateness of accounting policies used

and the reasonableness of accounting estimates and related

disclosures made by the Board of Directors and the Managing

Director.

⁄ Conclude on the appropriateness of the Board of Directors’

and the Managing Director’s use of the going concern basis of

accounting in preparing the annual accounts and consolidated

accounts. We also draw a conclusion, based on the audit

evidence obtained, as to whether any material uncertainty

exists related to events or conditions that may cast significant

doubt on the company’s and the group’s ability to continue as

a going concern. If we conclude that a material uncertainty

exists, we are required to draw attention in our auditor’s

report to the related disclosures in the annual accounts and

consolidated accounts or, if such disclosures are inade-

quate, to modify our opinion about the annual accounts and

consolidated accounts. Our conclusions are based on the

audit evidence obtained up to the date of our auditor’s report.

However, future events or conditions may cause a company

and a group to cease to continue as a going concern.

⁄ Evaluate the overall presentation, structure and content of the

annual accounts and consolidated accounts, including the

disclosures, and whether the annual accounts and consol-

idated accounts represent the underlying transactions and

events in a manner that achieves fair presentation.

⁄ Plan and perform the group audit to obtain sufficient and

appropriate audit evidence regarding the financial information

of the entities or business units within the group as a basis

for forming an opinion on the consolidated accounts. We are

responsible for the direction, supervision and review of the

audit work performed for purposes of the group audit. We

remain solely responsible for our opinions.

We must inform the Board of Directors of, among other matters,

the planned scope and timing of the audit. We must also inform

of significant audit findings during our audit, including any signifi-

cant deficiencies in internal control that we identified.

MAHA-ENERGY.COM

We must also provide the Board of Directors with a statement that

we have complied with relevant ethical requirements regarding

independence, and to communicate with them all relationships

and other matters that may reasonably be thought to bear on our

independence, and where applicable, actions taken to eliminate

threats or safeguards applied.

From the matters communicated with the Board of Directors, we

determine those matters that were of most significance in the

audit of the annual accounts and consolidated accounts, including

the most important assessed risks for material misstatement, and

are therefore the key audit matters. We describe these matters in

the auditor’s report unless law or regulation precludes disclosure

about the matter.

Report on other legal and regulatory

requirements

OPINIONS

In addition to our audit of the annual accounts and consolidated

accounts, we have also audited the administration of the Board

of Directors and the Managing Director of Maha Energy AB (publ)

for the financial year 2024-01-01 - 2024-12-31 and the proposed

appropriations of the company’s profit or loss.

We recommend to the general meeting of shareholders that the

profit be appropriated in accordance with the proposal in the stat-

utory administration report and that the members of the Board of

Directors and the Managing Director be discharged from liability

for the financial year.

BASIS FOR OPINIONS

We conducted the audit in accordance with generally accepted

auditing standards in Sweden. Our responsibilities under those

standards are further described in the Auditor’s Responsibilities

section. We are independent of the parent company and the group

in accordance with professional ethics for accountants in Sweden

and have otherwise fulfilled our ethical responsibilities in accor-

dance with these requirements.

We believe that the audit evidence we have obtained is sufficient

and appropriate to provide a basis for our opinions.

RESPONSIBILITIES OF THE BOARD OF

DIRECTORS AND THE MANAGING DIRECTOR

The Board of Directors is responsible for the proposal for appro-

priations of the company’s profit or loss. At the proposal of a

dividend, this includes an assessment of whether the dividend

is justifiable considering the requirements which the company’s

and the group’s type of operations, size and risks place on the

size of the parent company’s and the group’s equity, consolidation

requirements, liquidity and position in general.

The Board of Directors is responsible for the company’s orga-

nization and the administration of the company’s affairs. This

includes among other things continuous assessment of the

company’s and the group’s financial situation and ensuring that

the company’s organization is designed so that the accounting,

management of assets and the company’s financial affairs

otherwise are controlled in a reassuring manner. The Managing

Director shall manage the ongoing administration according to the

Board of Directors’ guidelines and instructions and among other

matters take measures that are necessary to fulfill the company’s

accounting in accordance with law and handle the management of

assets in a reassuring manner.

AUDITOR’S RESPONSIBILITY

Our objective concerning the audit of the administration, and

thereby our opinion about discharge from liability, is to obtain

audit evidence to assess with a reasonable degree of assurance

whether any member of the Board of Directors or the Managing

Director in any material respect:

⁄ has undertaken any action or been guilty of any omission

which can give rise to liability to the company, or

⁄ in any other way has acted in contravention of the Companies

Act, the Annual Accounts Act or the Articles of Association.

Our objective concerning the audit of the proposed appropriations

of the company’s profit or loss, and therefore our opinion about

this, is to assess with reasonable degree of assurance whether the

proposal is in accordance with the Companies Act.

Reasonable assurance is a high level of assurance, but is not a

guarantee that an audit conducted in accordance with generally

accepted auditing standards in Sweden will always detect actions

or omissions that can give rise to liability to the company, or that

the proposed appropriations of the company’s profit or loss are

not in accordance with the Companies Act.

As part of an audit in accordance with generally accepted auditing

standards in Sweden, we exercise professional judgment and

maintain professional skepticism throughout the audit. The exam-

ination of the administration and the proposed appropriations of

the company’s profit or loss is based primarily on the audit of the

accounts. Additional audit procedures performed are based on

our professional judgment with the starting point in risk and mate-

riality. This means that we focus the examination on such actions,

areas and relationships that are material for the operations and

where deviations and violations would have particular importance

for the company’s situation. We examine and test decisions under-

taken, support decisions, actions taken and other circumstances

that are relevant to our opinion concerning discharge from liability.

As a basis for our opinion on the Board of Directors’ proposed

appropriations of the company’s profit or loss we examined

whether the proposal is in accordance with the Companies Act.

The auditor’s examination of the Esef report

OPINION

In addition to our audit of the annual accounts included on pages

30-88 and 94, we have also examined that the Board of Directors

and the Managing Director have prepared the annual accounts and

consolidated accounts in a format that enables uniform electronic

reporting (the Esef report) pursuant to Chapter 16, Section 4 a of

the Swedish Securities Market Act (2007:528) for Maha Energy AB

(publ) for the financial year 2024-01-01 – 2024-12-31.

Our examination and our opinion relate only to the statutory

requirements.

In our opinion, the Esef report has been prepared in a format that,

in all material respects, enables uniform electronic reporting.

2024 ANNUAL REPORT

BASIS FOR OPINION

We have performed the examination in accordance with FAR’s

recommendation RevR 18 Examination of the Esef report. Our

responsibility under this recommendation is described in more

detail in the Auditors’ responsibility section. We are independent

of Maha Energy AB in accordance with professional ethics for

accountants in Sweden and have otherwise fulfilled our ethical

responsibilities in accordance with these requirements.

We believe that the evidence we have obtained is sufficient and

appropriate to provide a basis for our opinion.

RESPONSIBILITIES OF THE BOARD OF DIREC-

TORS AND THE MANAGING DIRECTOR

The Board of Directors and the Managing Director are respon-

sible for the preparation of the Esef report in accordance with

the Chapter 16, Section 4 a of the Swedish Securities Market Act

(2007:528), and for such internal control that the Board of Direc-

tors and the Managing Director determine is necessary to prepare

the Esef report without material misstatements, whether due to

fraud or error.

AUDITOR’S RESPONSIBILITY

Our responsibility is to obtain reasonable assurance whether the

Esef report is in all material respects prepared in a format that

meets the requirements of Chapter 16, Section 4(a) of the Swedish

Securities Market Act (2007:528), based on the procedures

performed.

RevR 18 requires us to plan and execute procedures to achieve

reasonable assurance that the Esef report is prepared in a format

that meets these requirements.

Reasonable assurance is a high level of assurance, but it is not a

guarantee that an engagement carried out according to RevR 18

and generally accepted auditing standards in Sweden will always

detect a material misstatement when it exists. Misstatements can

arise from fraud or error and are considered material if, individu-

ally or in aggregate, they could reasonably be expected to influ-

ence the economic decisions of users taken on the basis of the

Esef report.

The firm applies International Standard on Quality Management

1, which requires the firm to design, implement and operate a

system of quality management including policies or procedures

regarding compliance with ethical requirements, professional

standards and applicable legal and regulatory requirements.

The examination involves obtaining evidence, through various

procedures, that the Esef report has been prepared in a format

that enables uniform electronic reporting of the annual accounts

and consolidated accounts. The procedures selected depend on

the auditor’s judgment, including the assessment of the risks of

material misstatement in the report, whether due to fraud or error.

In carrying out this risk assessment, and in order to design audit

procedures that are appropriate in the circumstances, the auditor

considers those elements of internal control that are relevant to

the preparation of the Esef report by the Board of Directors and

the Managing Director, but not for the purpose of expressing an

opinion on the effectiveness of those internal controls. The exam-

ination also includes an evaluation of the appropriateness and

reasonableness of assumptions made by the Board of Directors

and the Managing Director.

The procedures mainly include a validation that the Esef report

has been prepared in a valid XHMTL format and a reconciliation

of the Esef report with the audited annual accounts included on

pages 30-88 and 94.

Furthermore, the procedures also include an assessment of

whether the consolidated statement of financial performance,

financial position, changes in equity, cash flow and disclosures in

the Esef report have been marked with iXBRL in accordance with

what follows from the Esef regulation.

The auditor’s examination of the corporate

governance statement

The Board of Directors is responsible for that the corporate gover-

nance statement on pages 20-29 has been prepared in accor-

dance with the Annual Accounts Act.

Our examination of the corporate governance statement is

conducted in accordance with FAR´s auditing standard RevU 16

The auditor´s examination of the corporate governance state-

ment. This means that our examination of the corporate gover-

nance statement is different and substantially less in scope than

an audit conducted in accordance with International Standards on

Auditing and generally accepted auditing standards in Sweden.

We believe that the examination has provided us with sufficient

basis for our opinions.

A corporate governance statement has been prepared. Disclo-

sures in accordance with chapter 6 section 6 the second para-

graph points 2-6 of the Annual Accounts Act and chapter 7 section

31 the second paragraph the same law are consistent with the

other parts of the annual accounts and consolidated accounts

and are in accordance with the Annual Accounts Act/ the Annual

Accounts Act for Credit Institutions and Securities Companies/

the Annual Accounts Act for Insurance Companies.

Deloitte AB, was appointed auditor of Maha Energy AB by the

general meeting of the shareholders on the 2024-05-29 and has

been the company’s auditor since 2016-04-22.

Stockholm April 12th, 2024

Deloitte AB

Signature on Swedish original

Andreas Frountzos

Authorized Public Accountant

2024 ANNUAL REPORT

Head Office

Eriksbergsgatan 10

SE-114 30

Stockholm, Sweden

+46 8 611 05 11

Technical Office

Ataulfo de Paiva street, 1165 - 5th Floor

Leblon - Rio de Janeiro, RJ / BRAZIL

22440-032

+46 8 611 05 11

Email: info@maha-energy.com

Website: www.maha-ehergy.com