Maha Energy AB (publ) provided the following Operational Update from its operations in Brazil. Stimulation clean-up operations of the P1 zone were performed using a dedicated jet pump from February 17th to February 23rd. The cleanup operation saw a significant portion of the stimulation fluids being produced back. Before shutting the well in and removing temporary flowback equipment, the P1 zone produced at a rate of 457 BOPD, 88 BWPD and 113 MSCFPD during a 24-hour flowback period. Note this is a dedicated test of the P1 zone only. The newly perforated P4 zone and the previously producing P6 zone are both temporarily closed off. Prior to shutting the well in for work in January 2018, the P6 zone was producing 191 BOPD, 0.6 BWPD and 92 MSCFPD of gas. Therefore, aggregate production from 7TTG, (not including the P4 interval,) should be approximately 650 BOPD. Tartaruga Facilities: The facilities at Tartaruga are capable of treating over 1,000 barrels of fluid per day however, as there is no current outlet for the associated gas, gas production will be restricted to approximately 200 MSCFD. This in turn restricts oil production to about 600 BOPD. Environmental licenses have been obtained for the implementation of a Gas-to- Wire project that will handle the excess gas once the upgrade is completed.