03/11/2011
[3 November 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, refers to its press release dated 19 September, 2011 in relation to the completion of the acquisition of Emir-Oil, LLC (“Emir-Oil”). The Company wishes to provide a business update following the acquisition.
On the acquisition completion date, Emir-Oil had 24 wells drilled on Aksaz, Dolinnoe, Kariman and Emir oil fields and 8 wells have been shut-in due to various reasons. Since the acquisition was completed on 19 September, 2011, the Company management has been analyzing the 8 non-producing wells to find feasible solutions to put them back into production, as well as preparing for the drilling of new wells.
The Company is pleased to announce that, following completion of a side track well bore, Aksaz-2 well, being one of the shut in wells, has been producing for seven days. The current production rate of the well is 665 barrels of oil equivalent per day, consisting of 315 barrels of oil and 2,100 MCF of natural gas and making it the highest oil and gas producing well in Aksaz field. Aksaz-2 well first produced in 2009 and the stable production rate was approximately 6 barrels of oil per day. The sidetrack operation commenced in July 2011.
After the successful workover of Aksaz-2 well, Emir-Oil is currently producing approximately 2,700 barrels of oil equivalent per day, consisting of 2,100 barrels of oil and 3,400 MCF of natural gas from its 17 producing wells. “We are confident that we will have further opportunities to repeat such success using our technical expertise and experience in repairing other shut-in wells in 2011 and 2012”, said Mr. Ning Deyu, general director of Emir-Oil.
Besides repairing Aksaz-2 well, the Company plans to commence the drilling of two new wells on Kariman oilfield in 2011.
About MIE Holdings Corporation
MIE is an independent oil and gas company engaged in the exploration and production of crude oil and natural gas in China and Kazakhstan. It 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 under three separate production sharing contracts with PetroChina, the largest oil company in China. The Group also holds an exploration contract and three 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 was 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