MAHA Energy reports net revenue of USD 15.5m, below ABGSCe at USD 16.5m and cons. of USD 20.1m). EBITDA however, came in at USD 15.6m, this is above ABGSCe at USD 11.9m, and FactSet cons of USD 14.1m. The beat was driven by USD 5.2m of “Other gains”, this is provision reversal and adjustments of a one-off nature. Adjusting for “Other gains”, EBITDA would have been USD 10.4m, below both ABGSCe and cons. Production of 3,098boe/d was in line with ABGSCe at 3,174boe/d.
Positive commentary on Tie-4
Maha make positive comments regarding the initial performance of the Tie-4 well. The well has delivered at a rate of 4,695boe/d, which is a level that exceeds the total production for Maha in Q4 (3,098boe/d). There is however no revisions to production guidance, which currently sits at 4,000-5,000boe/d. We expect the well performance, and potential for production guidance upgrade for ’22 to be key at the conference call.
Conf. call today at 16CET
Maha will host a webcast today at 16:00CET. Tie-4 well performance and impact on ’22 production guidance will be the key in our view.
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