Only small estimate changes after Q3
Maha Energy reported Q3'23 numbers broadly in line with our expectations. Net production of 1,953boe/d was preannounced ahead of the report and revenues of USD 1.3m were in line with ABGSCe. Note that Maha's main assets are equity accounted and consequently not fully reflected in reported numbers. EBITDA was USD -0.3m vs. ABGSCe of USD 1.3m due to slightly higher costs. FCF in Q3 was USD 49m (SEK 2.9/sh), vs ABGSCe of USD 50m (SEK 2.9/sh) when adjusting for investments in financial assets and some transfers to restricted cash. In sum, the Q3 numbers were fairly in line with our expectations, and we only make small estimate revisions in absolute terms.
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