Maha Energy has received from PetroRecôncavo the second instalment of the purchase price related to the sale of its Brazilian subsidiary Maha Energy Brasil, amounting to USD 55.0 million. Following the receipt of the second instalment, Maha’s total cash balance amounts to USD 157 million (including restricted cash) --as per 30 June 2023 cash balance.

Maha completed in February 2023 the sale of Maha Brazil to PetroRecôncavo S.A. for a total purchase price amounting to USD 150.9 million which should be paid in two instalments: (a) USD 95.9 million at the closing date (which occurred in the end of February 2023), and (b) USD 55.0 million, six months after the closing date (which occurred in the end of August 2023). In addition, earn-outs of up to USD 36.1 million, can be paid within the next three years following the closing date based on certain contractual conditions being met.