Maha to Exercise the Call Option for PetroUrdaneta in Venezuela Following OFAC's Publication of General License 52

“We are pleased over OFAC’s publication of General License 52, which allows us to access PetroUrdaneta’s medium and light oil reserves. This development is very strategically important and represents a meaningful opportunity to support the reactivation of Venezuela’s economy. We will continue to evaluate our strategic alternatives to maximize shareholder value, while maintaining our focus on our core business at Keo," commented Roberto Marchiori, CEO of Maha Capital.

Background

Maha announced in March 2024 that the Company had signed definitive documents to potentially acquire 24-40% indirect equity interest in the Venezuelan oil company PetroUrdaneta. PetroUrdaneta is a joint venture in which PdVSA owns 60% and Novonor's subsidiary Odebrecht E&P (OE&P) owns 40%. PetroUrdaneta operates fields in the Maracaibo Basin region in northwestern Venezuela. In March 2024, Maha signed definitive agreements with Novonor and paid EUR 4.6 million, securing the exclusive right to acquire 60-100% of Novonor’s Spanish vehicle, which holds a 40% equity interest in PetroUrdaneta.

The GL 52

The General License 52 authorizes, among others, the following activities to be conducted with PdVSA Entities, provided certain conditions are met:

• the lifting, exportation, re-exportation, sale, resale, supply, storage, marketing, purchase, delivery, or transportation of Venezuelan oil or petroleum products of Venezuelan-origin oil and petroleum products;
• the provision to Venezuela of diluent, goods, services, and technologies necessary for exploration, development, or production activities in the oil, gas, or petrochemical products sectors;
• entry into new investment contracts for exploration, development, or production activities in the oil, gas, or petroleum products sectors of Venezuela;
• the formation of new joint ventures or other entities in Venezuela related to such activities; and
• all transactions ordinarily incident and necessary to such activities, including the performance of commercial, legal, technical, safety, and environmental due diligence and assessments related to the foregoing.

Next steps

Maha will use the prerogatives granted by GL 52 and other existing OFAC general licenses for the negotiation and enforcement of the relevant operational and collaboration agreements/framework with PdVSA and/or local authorities, allowing the redevelopment of PetroUrdaneta’s fields.