Revised FY’22 production guidance to 3.0-3.4kboe/d
Maha Energy has twice revised its FY’2022 production guidance since our last report, – first from 4.0-5.0kboe/d to 3.5-4.0kboe/d in September, and then to 3.0-3.4kboe/d in early November. The downgrades were caused by technical challenges during the well workover programme in Brazil and the later-than-planned commencement of the Oman drilling campaign. On the back of this and recent production data from ANP, we have lowered our production ests. for ‘22e-23e. We now forecast Q3’22e production of 2.34kboe/d (3.7kboe/d) and FY’22e of 3.2kboe/d (4.2kboe/d). This affects our Q3 estimates negatively; we now forecast revenues of USD 15.1m (cons. USD 20.3m) and EBITDA of USD 8.4m (cons. 14.6m).
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