Hey, welcome back to our small and micro-cap seminar. My name is Marcus Ahlberg, I'm an analyst here at the bank. I got with me Kjetil Solbrekke, who is CEO at Maha Energy. Warm welcome to you, Kjetil. Thanks a lot, Marcus. Pleasure to be here, and looking forward to give this presentation. Of course, I would have very much liked to be in Stockholm. My travel schedule made it very difficult, as I'm more or less commuting back and forth to Caracas from Rio these days, but let's go through the material. I think you at least, Marcus, are very well familiar with what we have, so let's start with the obligatory disclaimer, which we all assume that you read extremely fast. Of course, this material will be available for you after the presentation. So let's start now with the Maha as we see it today, and I think the Maha we're looking at is basically very much transformed Maha from what we have seen before. But what we have in Maha basically is a small E&P company listed in Nasdaq in Stockholm. Our market cap is $140 million USD, which is very much similar to what we have of cash and short-term investments, which mean basically is shares in 3R Petroleum in the company. So in a way, you can say what you- what has very little value appreciated by the market today is any upside in 3R Petroleum from our 4.76% shareholding position in 3R Petroleum. We believe strongly in the potential of increasing value in 3R, and I will talk more about that later. We also have our continued growth in Illinois, which is also not really priced into the company today. It's, of course, a different magnitude of this operation, but still it's a very interesting operation, and I'll share with you some of the highlights from that during the presentation. And of course, lastly, you know, there is very little appreciation so far on our position in Venezuela with PetroUrdaneta, a fantastic project with fantastic upsides in what I may call a challenging environment, which I think you will all understand. So with this, I think, Maha, we are quite happy with what we have achieved, and again, underlining that this has been a transformational journey over the last two years. We have divested some assets I characterize as challenging, both here in Brazil and also in Oman. I think both of them can create value for the existing owners today, but it would take a lot of focus and would take a lot of CapEx in order to get that back to where it should be, or develop these assets into what they really should be. I think it was a very good decision for us, from us, to basically divest of these assets and convert that into cash that we currently have. We have acquired accretive assets, mentioned, you know, the DBO, as I can explain a bit later, converted into value in 3R, and we have initiated a consolidation in Brazil. I like to say to my friends in the Nordic markets that I think Maha is far more known to the Brazilian market than actually it is in the Norwegian and the Swedish market, or in the Nordic markets. We have taken a position of leading the consolidation among smaller companies in Brazil, and I think basically everybody see Maha as a front runner and a company to really look towards when you look for where is the industry going here in Brazil and in Latin America. So we are proud of that position, and I think that can actually also be turned into value for our shareholder. Part of that is, of course, that we have established a very solid position in Venezuela, which I will also talk a bit about. And maybe the last part of the transformation over the last two years is that we have significantly reduced cost in the company. We have simplified the organization. We are now having a headquarters in Latin America, here in Rio, and having a small, efficient organization. And we have been able to drive down the cost of capital significantly with the latest payment we did of the old debt, and the new debt is basically coming in at approximately half the interest of the old debt. So with that, I think we are very well positioned for continuous growth, as I will come back to towards the end of the presentation. Firstly, just also underlining, we started the buyback program for shares. So far we have bought about seven hundred, a bit more now, seven hundred and fifty thousand shares. And of course, we are following strict regulations from Nasdaq on how this is being purchased in the market. We have basically an authority through our AGM to buy 10% of the outstanding total shares, and we'll come back to you on a regular basis, to the market, which press release and so on, how this is developing. We have started somewhat. call to understand and learn how this is being done, and we think this is the right thing, and this is also a request from many of our shareholders over the last year, and we have responded to that request. We think this is right for the company and right for our shareholders. Talking a bit about our U.S. operations, basically, we have Illinois Basin been developing very nicely with the production that was a result of the three wells that was built in the first quarter, 2023, and the production we saw in first quarter 2024. We have now decided... We've already drilled three additional production wells in the last quarter, and we expect to see a ramp-up of that production in third quarter and fourth quarter this year. These are good investments, short term payback on all our wells, but also very fast decline, so it's basically an asset where we need to continue to drill, and we will. We have a good portfolio of drillable prospects or drillable new well locations that we can apply. And we are constantly looking for other opportunities also here going forward. But we can continue this business for several years at this speed. We are discussing sometimes whether we should ramp it up further, but for the time being, it's going well. It gives us a good cash flow for the company, and I'm very pleased with the very, very efficient operations done by Alan and Kirby up in Illinois. 3R, going to Brazil, basically, we merged 3R and Enauta. That was completed in July, and left MAHA with 4.76% of the merged entity. We, as part of this transaction, we were also able to basically then include, roll up the shares we had in 3R Offshore, where we had 15%, and this was rolled into the new combined entity of 3R and Enauta, and is now a fully liquid stake. As part of that, I would also like to underline again that we, Maha, bought this share of DBO for $29.5 million, and it was basically rolled in to 3R at the value of $48 million. So it basically shows that we have created significant value through this operation for our shareholders. We believe that there is additional significant value to be taken out of the combined new company. The illustration here to the right is basically from Enauta's business presentations, showing a huge savings in the capital cost, showing significant savings in OpEx through optimizing operations, showing also potential for reducing CapEx per barrel, and also achieving a higher valuation for the barrels being sold in the market. So a total of north of $1 billion is expected by Enauta to be created through this business combination. Looking a bit more at 3R, what we are creating here, and again, let me just underline that, DBO, with myself and my partners, together with Starboard, were the two driving forces for creating 3R back in some six years ago. Today, it's about to become one of the largest privately owned E&P companies in Latin America. Together with Enauta, as you see from the table on the right and as the bullet points are highlighting here, this is now a very diversified, high-quality asset portfolio. We believe this company can produce north of 100,000 barrels by the end of the year, and the potential for next year is basically even higher than that. And just as a fun fact, this means that indirectly, MAHA is producing almost five thousand barrels of oil from through this position in 3R, more than I think ever the company has produced, and it's in a very liquid position. So I think the shareholders are well exposed into super interesting assets in 3R. Personally, I do expect that this share price is extremely undervalued. There are three years that are natural that the market are waiting for when it comes to starting up new wells in both Atlanta and Pap-T erra. We could talk a lot about it, but I don't think time allows for that now. But I expect I'm expecting that share price to be revalued, and I think we can look forward to a repricing of this company going forward. We have very synergies I already talked about. We have a very experienced management team. Brazil after a lot of changes here is a very investor-friendly jurisdiction, regulatory framework, and has royalties below 10%. So basically, the environment here where you're producing a barrel and the taxation per barrel is actually extremely competitive in our portfolio as we have it today. And also interesting for many of you guys, the trading volumes are very nice. The company 3R is trading at the stock exchange here in São Paulo basically 20-30 million USD per day. Okay, let me move to Venezuela, which I will not talk so much about, so many details of. I think I've... Too many of you have expressed the project or explained the project in far more details previously. The key thing now is to get the licenses. As I already said at the beginning, of course, it's a challenging time, challenging environment, but we are in continuous dialogue with the Americans on regarding an OFAC license. I remain very confident that we will get the license. I also cannot comment on exactly when I can expect to get that license, but I'm very confident that we will get the license. I'm also very confident that we will get our approvals in Venezuela. I am on my way to Venezuela over the weekend to meet with PDVSA officials and so on, trying to move this forward. Of course, in these kind of places, things often take time. Even the simplest thing takes a lot of time, but I'm very confident that we will get this thing going forward. The business plan, I think I've commented on many times, we see huge upsides. We think we can produce just from one of the fields we are taking over, and there are three of them we are taking over, that we can produce more than 20,000 barrels per day, with quite limited capital investments and limited capital exposure. So I won't say much more about Venezuela. I look forward to come back to you with news about the licenses and approvals and as soon as we see them are coming. So basically, let me finish a bit with the outlook here. I think we now have a company very well capitalized with a significant flexibility on the capital structure. We still have $40 million or more than $40 million in earn-outs from our divestments of PetroRecôncavo and Oman. That can be paid, and part of this, I'm very sure, will be paid over the next couple of years. I think this is kind of under not fully understood and appreciated by the markets. Our old debt fully repaid, as I already touched upon. Our company now has a capital cost of debt, which is only half of what it was before, with the previous administration. So then looking forward, we are continuing our buyback program. We are working to obtain the OFAC license and approvals in Venezuela. We have flexibility to do M&As, and we're still working on that all over Latin America. And let me say at the very beginning, as I say, you know, we're ready to deliver value for our shareholders, and being a significant shareholder myself, I would say that we are looking at, I am looking at, you know, how soon we can start paying dividends to our shareholders. We want our shareholders to benefit from our successes, and as soon as we realize value, we look forward to also pay this out in dividend to our shareholders. So with that, Marcus, I think I finish, and if there's still some time, I'm more than open for some questions. Yes. Maybe starting out with Venezuela. You talked a little bit about the status, and that you're looking for the certificate or the license, and I understand that it's difficult to say, but maybe talk a little bit about the confidence that you have that you will get a license. Where are you getting that confidence? Now, that's a good question. But I think I get it from, of course, numerous meetings with the U.S. officials. We have also gained very strong support from both the Brazilian Ministry of Foreign Affairs and the embassies in both Washington and Caracas. Also from the Norwegian delegations in these places. They're basically. I think there is an understanding in Venezuela and in the U.S. that no matter what kind of political situation you have, that nobody wants to revert into what has been over the last ten years. So I think, I'm very confident that the Americans want oil, so to speak, and I think they also would like to see progress for the economy of Venezuela. Of course, there is no doubt about. I think you can read the newspapers about their positions on the political situation and so on. That's not for me to talk so much about, but I feel they want to see the oil sector in Venezuela developing. I have no doubts that they will believe that it would develop much faster if you had another political direction also. But I think that's basically my feedback, is strong support from the Norwegian, Brazilian embassies, good dialogue with the American embassy, and similarly, very good dialogue with the administration in PDVSA, that are basically working technically on trying to understand what is needed in order to drive the investments and increase the production. We're working very closely with the local organizations and the local PDVSA local people where we are, and we think our engagement will be very positive for the local environment in Venezuela and in Maracaibo, where our operations will be. Yeah. And if you could just explain, 'cause there are a number of companies who have these kind of licenses already, right? So maybe for those who doesn't know about this, maybe you can just explain a little bit about the environment around you in Venezuela. Yeah, so, so basically, Chevron is already a very significant player. They are producing more than 100,000 barrels, 150,000 barrels, I think, and have the licenses. They are basically a neighbor of Maha, about 30 kilometers south and east of our license. Maurel & Prom, an independent French company, is also very close to where we're working. Shell is also getting license- has received licenses, so has Repsol. So all of this, and there is a unique collaboration, I would say, between these companies. So, I have been a bit around in different environments before, and I never saw that kind of close collaboration between companies like Maurel & Prom, Chevron, and Maha. We have very different companies, to put it mildly. But there is a very open culture. They basically want us to succeed, and because there is so much to do for so many companies, and I think that they are very, very helpful, very supportive, and we're really trying to help each other out in all bureaucratic challenges, among everything else. If everything goes as planned, and you get your license, how much... What kind of capital spend should we expect? I mean, I know it's difficult to say, but just to get an idea of what will happen once you get the license. It's difficult also to respond, simply because we haven't decided upon a development plan, which also, by the way, has to be approved by Venezuelans. There are also another condition here, or assumption, which is important to understand before we can really answer that question, and that is what kind of offtake arrangement we will have. So we would like to be able to, you know, basically be very free to sell our oil, wherever we want, and there is an upside for us to be able to sell, for instance, to Maurel & Prom or to Chevron. And if we can do that, we could sell very small volumes, as we start up and get immediate cash flow to pay for new investments and so on. So I think so that's gonna also kind of influence heavily the cash flow projections on this and how much capital you need to put in before you actually start extracting value and cash- Mm ... from the operations. But I think, what I would say also, what we are going to do in Venezuela is testing the potential in the wells. So we're not going into a full-fledged development on day one. We're going to test well by well, put them on stream, put them on production, and with that, I think that we are looking at a very controlled environment for adding new capital. So my expectations are very high. We have identified five wells that are deep basement wells, as we call them, for adding new technology, basically adding very powerful ESP pumps, submerged electrical pumps into the well. And with that, we think we can significantly increase the production. These are wells that are challenging to install correctly, but we believe we have the knowledge and technology to do so. And there are other things we will do in other part of the SOR, but we can do all of these things very gradually. We have a very controlled environment to do this, and we can stop and move on if we should have some unforeseen problems. So I would say that our capital will be very limited. We're not starting on a $200 million program on day one. We are basically using three, that's our expectation, $3 million per well test, and then spending some money and getting that in production. And then, as I said, depending on how soon we can start having cash flow from our selling of this test production, I think we're looking at something that very quickly can become cash positive. Yeah. Okay. And just, you will be operator of the asset, right? Yes. It's the structure in Venezuela is actually beneficial for a company like us. There you know, so basically you are doing what you have mixed companies. So there is a PDVSA organization in place. So you have, you know, you have a lot of operators. So we're not gonna start from scratch, we're not gonna start with nothing. So typically, what we need to negotiate is to have the same agreements as Chevron, Maurel & Prom, Shell, and the others have. Basically, that we can run the show, run the show, so to speak. Second, key people, key experts and managers into organization, and then we have operators that can basically execute a lot of this work as according to our plan. So this is what we, what we plan to do. So that's why, yes, we will operate, but we will operate through a PDVSA organization that are there, but needs to be strengthened, and that's what we are planning to do. But you will still be... So if you would characterize Maha today as being basically still is the holding of the 3R shares, which is the main asset together with Illinois, and then you will go back to being a producing oil company again, basically, if this comes true? Yeah, absolutely. I think we are prepared to operate, take full responsibility for the operations in PetroUrdaneta, building, and then, how can I say, developing the organization necessary in order to gradually actually operate a rather big operation in Venezuela. Mm-hmm. As we will start in one field in several different layers, we will develop that into other fields in the area. You know, I think the potential of what we're looking at is enormous, and just as a reminder, there is nine billion barrels of oil in place, and only 16% has been produced. So the potential is. Well, leave it to the imagination, so to speak, to create the boundaries. There is enormous potential. Kjetil, lots to follow up on, but I think time has run out. So thank you very much for talking to us, and thank you everyone for listening. Thanks so much, Marcus. Look forward to see you again.