30/08/2011
[30 August 2011, Hong Kong] MIE Holdings Corporation (“MIE” or the “Company”, together with the subsidiaries, the “Group”; Stock Code: 1555), the largest independent upstream oil company operating onshore in the PRC as measured by gross production under production sharing contracts, is pleased to announce that MIE has been selected as the Hang Seng Composite Index (“HSCI”) and its sub-indexes, namely the Hang Seng Composite Industry Indexes and the Hang Seng Composite Size Indexes, with effective on 5 September 2011.
Commenting on the selection, Zhang Ruilin, Chairman, Executive Director and CEO of MIE said, “HSCI is an important benchmark index in the global capital market which numerous sizable funds and investment portfolios refer to. We are motivated and proud of being one of the constituent stocks of the HSCI, and I would like to extend my sincere gratitude to investors and the community for their long-standing support for us. Subsequent to the Company’s inclusion as a constituent stock of the HSCI, we will continue to enhance the transparency of corporate governance and strive for better performance, generating the best possible returns for our shareholders.”
The Hang Seng Index ("HSI"), the most widely quoted gauge of the Hong Kong stock market,
includes the largest and most liquid stocks listed on the Main Board of the Stock Exchange of Hong Kong. The Hang Seng Composite Index Series ("HSCI Series") includes Hang Seng Composite Index, Hang Seng Composite Industry Index and Hang Seng Composite Size Index. HSCI covers about 95% of the total market capitalization of all stocks listed on the Main Board of the Stock Exchange of Hong Kong ("SEHK"). The selection of MIE as a constituent of the HSCI indicates that both its market capitalization and turnover velocity are widely recognized.
About MIE Holdings Corporation
MIE is the largest independent upstream oil company operating onshore in the PRC as measured by gross production under production sharing contracts. The Group operates the Daan, Moliqing and Miao 3 oilfields in the Songliao Basin, PRC’s most prolific oil-producing basin, under three separate production sharing contracts with PetroChina, the largest oil company in China. 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.
The Group announced that it will purchase 100 % of EMIR-OIL, LLC, the oil and natural gas producer in the Republic of Kazakhstan, on February 14, 2011. The Group’s proved reserves , proved + probable reserves and proved + probable + possible reserves will increase from 32.9, 52.5 and 66.4 million bbls respectively to 60.9, 148.1 and 197.5 million bbls in net basis, and average production rate per day is expected to increase significantly after the acquisition.
The major outstanding condition not yet satisfied is the execution and registration of the production contracts for Kariman, Dolinnoe and Aksaz with the competent authority. Ministry of Oil and Gas (“MOG) has in-principle approved the production contracts subject to the approvals from a few ministries. The production contracts are now going through the required process to obtain the final approvals from other different ministries, after which EMIR-OIL, LLC will be able to enter into and duly register the production contracts with the MOG.
MIE has successfully listed on the main board on HKEx on December 14, 2010 with stock code 1555.
Issued by Porda Havas International Finance Communications Group for and on behalf ofMIE Holdings Corporation. For further information, please contact:
Porda Havas International Finance Communications Group
Mr. Terence Wong +852 3150 6773 terence.wong@pordahavas.com
Mr. Henry Ho +852 3150 6712 henry.ho@pordahavas.com
Ms. Beverly See-To +852 3150 6721 beverly.seeto@pordahavas.com
Fax：+852 3150 6728