25/06/2014
(25 Jun 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 positive test results from the TB-26 vertical well within the Linxing Production Sharing Contract (“PSC”), operated by Sino Gas ＆ Energy Ltd (“SGE”), MIE’s joint venture investment.
A 4 meter gas zone of the lower reservoir in Well TB-26 was perforated and flowed at a stable rate of 1.2 mmscf/day, with stable tubing head pressure of 1,740 psi (12MPa). This is an encouraging result given no fracture stimulation performed for such test rate and the tested interval is located in the lower (i.e. deeper) part of the reservoir, and previously considered as less prolific zone, and now proven with significant potential in terms of resources and production from its test result. The TB-26 vertical well has currently being shut in for pressure build up to gather reservoir information for Chinese Reserve Reporting purposes.
TB-26 was drilled in a prospective resource area, located in the northwestern part of Linxing West block, where no contingent resources or reserves have been assigned by RISC Pty Ltd in the gas resources and reserves estimate report prepared for the year ended December 31, 2013. MIE believes that the test results will further validate the potential of Linxing PSC.
SGE will soon commence work on testing of another vertical well within the same area, TB-22 and the first horizontal well in Linxing, TB-1H. The testing of these two important wells is scheduled to be complete during the third quarter 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 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 SGE that operates 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.
- End -
This press release is distributed by Wonderful Sky Financial Group Holdings Limited for MIE Holdings Corporation.
For further information, please contact:
Wonderful Sky Financial Group Holdings Limited
Abbey Zhao / Cassie Chiu
Direct Line: (852) 3970 2150 / (852) 3970 2109
Fax: (852) 2865 1638
E-mail: abbeyzhao@wsfg.hk / cassiechiu@wsfg.hk