Maha Energy announces a change in the design of the Tie-4 well due to

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Due to ongoing issues with the reactive shale in the wellbore, Maha Energy AB chose to recap the wellbore and drill a simpler bypass to ensure continued production growth on the Tie field. The company does not expect this to have a significant impact on the completion date of the Tie-4 well or on Tie’s annual production for 2021. However, Tie-4 is most likely to be put into operation. production after the end of the year, which will affect the 2021 output. estimated production rate of 5,000 BOEPD and 5,500 BOEPD.

  • Due to the highly reactive shales encountered at drilling angles greater than 65 degrees, and thus causing wellbore stability problems, the company chose to reseal the well with the 9 5/8 “casing shoe.
  • A vertical deflection will be drilled from the 9 5/8 “shoe targeting both the Agua Grande and Sergi reservoirs.
  • The well will be completed by an electric submersible pump combined with two zones.

Jonas Lindvall, CEO of Maha Energy, comments: “We are obviously disappointed with the challenges we have encountered in this well. While these types of well designs are common in North America, we are applying this new technology to the Tie field and this is the first attempt to target these areas. We are confident that we will succeed in due course. In the meantime, we can take a proven approach and continue to use Tie-4 as a vertical well to start production as soon as possible. Hopefully before the end of the year, but most likely early next year.

1 A barrel of oil equivalent (“BOE”) conversion ratio of 6000 scf: 1 barrel is used.

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This information is information that Maha Energy AB (publ) is obliged to make public in accordance with the EU Market Abuse Regulation. The information has been submitted for publication, through the contact persons indicated below, at 4:35 p.m. CET on November 30, 2021.

For more information please contact:
Jonas Lindvall (CEO)
Phone: +46 8 611 05 11
[email protected]

Victoria Berg (Investor Relations)
Phone: +46 8 611 05 11
[email protected]

About Maha
Maha Energy AB (publ) is an international upstream oil and gas company whose business activities include the exploration, development and production of crude oil and natural gas. The strategy is to target and develop underperforming hydrocarbon assets globally. Maha operates four oil fields: Tartaruga and Tie in Brazil, Powder River (LAK Ranch) and Illinois Basin in the United States. The shares are listed on Nasdaq Stockholm (MAHA-A). The head office is in Stockholm, Sweden, with a technical office in Calgary, Canada, as well as operations offices in Grayville, Illinois, United States and Rio De Janeiro, Brazil. For more information, please visit our website www.mahaenergy.ca

  • 20 211 130 Maha Energy Press release Tie4 FR


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