Only small estimate revisions after Q4

Small estimate changes after Q4. Continues to focus on growth strategy. P/NAV of 0.50x and discounts Brent of USD 55/bbl.

Continues to focus on growth strategy

Executing on growth strategy

Maha has started to deploy its cash pile and execute on its M&A-focused growth strategy by acquiring 5% of 3R Petroleum.

Makes acquisition in 3R Petroleum and proposes strategic changes

Good position for more growth

Small estimate changes after Q3. SEK 6.1/sh of net cash and good position for more growth. P/NAV of 0.63x and ~62% of market cap covered by net cash.

Increases net cash position

Opportunistic entry into Venezuela

Minor estimate changes ahead of Q3. Opportunistic entry into Venezuela. P/NAV of 0.58x and ~70% of market cap covered by net cash.

A company reborn

Including DBO assets into our estimates. Significant cash position — looking for more M&A. P/NAV of 0.54x, discounts USD ~52/bbl.