(2 July 2014, Hong Kong) MIE Holdings Corporation (“MIE” or the “Company”, together with the subsidiaries, the “Group”; Stock Code: 1555), an independent oil and gas company engaged in the exploration and production of oil and gas in China, Kazakhstan and USA, is pleased to announce that the Chinese Reserve Report (“CRR”) for Linxing East block in respect of the Linxing Production Sharing Contract (“LX PSC”), has been granted final approval by relevant Chinese government authorities. LX PSC is operated by Sino Gas & Energy Ltd (“SGE”), a joint venture investment by MIE.
CRR approval is a critical milestone reached and a step closer to achieving commercial production in respect of LX PSC and Sanjiaobei PSC. Accordingly, SGE has already commenced the preparation of Linxing East’s Overall Development Plan (“ODP”) as planned. The preparation is currently expected to be completed by the second quarter of 2015, after which it will be submitted to the China United Coalbed Methane Corporation, Ltd. and the relevant Chinese government authorities for approval. Meanwhile the preparation of CRRs for two other areas, Linxing West and Sanjiaobei, is underway and expected to complete by end of 2014.
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, the Dagang — Kongnan block in the Huanghua Basin under four separate production sharing contracts with PetroChina, and holds a 51% stake in SGE that operates both Linxing and Sanjiaobei unconventional gas assets located 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 the Stock Exchange of Hong Kong Limited with stock code 1555.
The above mentioned updates contain certain targets which may or may not materialize. Such targets are based on the current expectations and assumptions of the management and are therefore, subject to certain risks and uncertainties. Should one or more of these risks or certainties materialize, or should underlying assumptions prove incorrect, actual achievements may vary from those described as being expected. MIE neither intends, nor assumes any obligation, to revise the updates in light of developments which differ from those anticipated.
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