[9 September 2013, Hong Kong] MIE Holdings Corporation (“MIE” or the “Company”, together with the subsidiaries, the “Group”; Stock Code: 1555), an independent upstream oil company engaged in the exploration, development and production of crude oil and natural gas in China, Kazakhstan and USA, is pleased to announce that its subsidiary Emir-Oil LLC has successfully drilled its first horizontal well Kariman-113 in Kariman oil field and the well showed encouraging production results.
The drilling of Kariman-113 well was commenced on April 24, 2013 and finished on July 30, 2013. Thereafter, it was put into production on August 30, 2013 and started to flow. The well reached a peak daily production rate at approximately 2,000 barrels of oil per day using 3 mm nozzle. A total of 8,000 barrels of crude oil was produced within 4 days. The well has become the top producing well of the Group. The well is not yet in full production due to surface infrastructure restrictions and is capable or further production increase.
The drilling cost of Kariman-113 was about 8.5 million USD, approximately 1.5 times of directional drilling in the Kariman field. The initial production rate is between 3 to 6 times of a vertical well in the field and provides better economics than a conventional well.
“I must give credit to our operation team who used their many years of experience and planned this operation smoothly. The high production rate of K113 horizontal well demonstrated the promising future of our horizontal well program in Kazakhstan and our operation ability. With the outstanding results on Kariman-113, the Company is more optimistic for the application of horizontal drilling in oilfields held by Emir-Oil which will increase the production and lower unit production cost”, commented by Mr. Zhang Ruilin, the Chairman of the Company, who just returned to China from his visit of Emir-Oil after attending the Sino-Kazakhstan enterprise committee establishment ceremony in Astana where Chinese and Kazakhstani top leaders also presented.
About MIE Holdings Corporation
MIE is an independent oil and gas company engaged in the exploration and production of oil and gas in China, Kazakhstan and USA. The Group operates the Daan, Moliqing and Miao 3 oilfields in the Songliao Basins and Dagang – Kongnan block in the Huanghua Basin under four separate production sharing contracts with PetroChina, the largest oil company in China and holds a 51% stake in a joint venture that operates Linxing and Sanjiaobei with unconventional gas assets in the Ordos Basin under two separate production sharing contracts. The Group also holds an exploration contract and four production contracts that allow the Group to conduct exploration and production activities in the Mangistau province in the southwestern region of Kazakhstan. In addition, the Group pursues other development and production opportunities in China, and exploration, development and production opportunities internationally, both independently and in partnership with other major and independent oil companies.
MIE is listed on the main board of Hong Kong Stock Exchange with stock code 1555.
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