The Royalties paid to the Authorities of Brazil has been diminished from 10% and 9.7% to 7.5% on the Tie and Tartaruga fields respectively.
The Board of Administrators of the Brazilian Nationwide Company of Oil, Pure Gasoline and Biofuels (“ANP”) has issued a Decision approving Maha Power Brasil Ltda.’s (“MEBL”) request of discount of royalties regarding the Tiê and Tartaruga concession agreements, on the grounds of ANP Decision No. 853/2021, which regulates this continuing.
Presently, the quantities of royalties due by the Tiê and Tartaruga Fields are 10%, and 9,7% respectively. The brand new royalties due by every of the above-mentioned fields will now be 7,5% as each are operated by MEBL, which is taken into account a “mid-size firm”, in accordance with ANP Decision No. 32/2014 – because it has an mixture common annual manufacturing of lower than 10,000 boe/d in Brazil and overseas.
An addendum to the Concession Agreements shall be executed by ANP and the concessionaires, that’s, solely MEBL for the Tiê Subject and MEBL and Petrobras for the Tartaruga Subject, inside 30 days of the above-mentioned notification. It’s noteworthy that the brand new royalties will solely be due on the manufacturing of the next month of the getting into into of the addendum to every of the concession agreements.
It is usually necessary to emphasise that the brand new royalties will stay efficient for the remaining time period of the respective Concession Agreements so long as MEBL is taken into account a “mid-size firm”. The effectiveness of the above-mentioned addendum can also be suspended within the case of non-payment of governmental royalties of any of the fields, as of the month of the manufacturing during which such obligations weren’t paid.
This info is such info that Maha Power AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The knowledge was submitted for publication, by way of the company of the contact individual set out under, 20:15 CET on 28 December, 2021.
For extra info, please contact:
Jonas Lindvall (CEO)
Tel: +46 8 611 05 11
Victoria Berg (Investor Relations)
Tel: +46 8 611 05 11
Maha Power AB (publ) is a listed, worldwide upstream oil and gasoline firm whose enterprise actions embrace exploration, growth and manufacturing of crude oil and pure gasoline. The technique is to focus on and develop underperforming hydrocarbon belongings on world foundation. Maha operates 4 oil fields: Tartaruga and Tie in Brazil, Powder River (LAK Ranch) and Illinois Basin in america. The shares are listed on Nasdaq Stockholm (MAHA-A). The top workplace is in Stockholm, Sweden with a technical workplace in Calgary, Canada, in addition to operations places of work in Grayville, Illinois, USA and Rio De Janeiro, Brazil. For extra info, please go to our web site www.mahaenergy.ca
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