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MIE 2014 ANNUAL RESULTS – Mie Holdings Corp.

Mie Holdings Corp. · Mar 20, 2015 · 42 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 1
    MIE 2014 Annual Results Presentation March 2015 Strictly Private and Confidential
  2. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 2
    Agenda 1. MIE Group update and highlights MIE group assets overview Significant reserves base Large resources inventory Production growth potential Company strategy 2014 results highlights 2015 operational guidance 2. Group…
  3. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 3
    MIE Group update and highlights
  4. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 4
    MIE Group update and highlights MIE group assets overview Independent onshore upstream oil and gas company in China, growing domestically and globally Significant near-term production growth Major cash flow contributor Emir-Oil…
  5. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 5
    MIE Group update and highlights Significant reserve base Total oil reserves breakdown (as of Dec 2014) Equally likely that the actual quantity recovered is above or below the stated 2P quantity 4 171 180 32 High degree of…
  6. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 6
    MIE Group update and highlights Large resource inventory provides significant upside to existing reserves Total oil resources breakdown (as of Dec 2014) 2C Contingent Resources BE Prospective Resources 20 300 223 245 250 15 1…
  7. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 7
    MIE Group update and highlights Further production growth potential from existing asset base 2014 vs 2013 net oil production (BOPD) 15,326 Production forecast by technical consultants (1) 14,673 145 92 4,320 5,201 35,000…
  8. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 8
    MIE Group update and highlights Company strategy Optimize development of two new core assets Optimize existing mature assets Emir-Oil SGE Leverage favorable PSC terms reallocate free cash flow amongst Groups assets Undertake…
  9. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 9
    MIE Group update and highlights Efficient allocation of resources to be prudent in low crude oil price environment FY2013 capex: US242m FY2014 capex: US205m FY2015 capex guidance: US103m(1) 7% 0% 0%13% 21% 16% 42% 38% 53%…
  10. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 10
    MIE Group update and highlights Operational highlights Financial highlights Group net oil production of 15,326 BOPD, an increase of 4.5% compared to FY2014 average oil price realised down by US10.9/bbl or 11.2% to same period in…
  11. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 11
    MIE Group update and highlights 2015 operational guidance Gross Wells Net Capex (USM) Net Production 2014 2015 2014 2015 2014 2015 Commentary Actual guidance Actual guidance Actual guidance No wells will be drilled under…
  12. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 12
    Group assets update
  13. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 13
    Group assets update China oilfields Jilin assets (Daan, Moliqing) Ownership 90% China oilfields: Total wells drilled in 2014 146 Group major cash flow contributor Gross wells which accounts for 90.4% of group 2,609 (as of Dec…
  14. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 14
    Group asset update China oilfields Operation update Net oil production 10,000 8,931 8,863 7,000 bopd 8,000 6,000 6,700 4,000 2013 2014 2015 Guidance Gross production decreased by 3.2% to 18,854 BOPD Average oil…
  15. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 15
    Group asset update SGE: Linxing & Sanjiaobei SGE assets Linxing: 64.75% Ownership (through SGE) Sanjiaobei: 49% Gross wells (as of Dec 2014) 94 Area Linxing East Linxing East 1,301km2 (1,301km2) Linxing West 573km2…
  16. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 16
    Group asset update SGE: Linxing & Sanjiaobei Operation update Clear path to commercial production Development timeline status 2014 Drilling Program: 19 wells drilled and 18 wells fraccd MIE value add First horizontal well TB-1H…
  17. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 17
    Group asset update SGE: Linxing & Sanjiaobei Well-established infrastructure in Ordos Basin Multiple gas pipelines with existing tie-in points will provide market access for Sino Gas pipeline quality gas 3RD BEIJING PIPELINE…
  18. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 18
    Group asset update Emir-Oil Emir-Oil Reserves & resources summary (Aksaz, Dolinnoe, Emir, Kariman) (as of Dec 2014) Ownership 100% Oil Gas ADEK contract area 850km2 (mmbbl) (bcf) ADEK Contract Area 1P reserves 34 43 (Emir-Oil)…
  19. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 19
    Group asset update Emir-Oil Operation update Net oil production Oil production increased by 20.4% to 5,201 BPOD compared to 4,320 10,000 BPOD in 2013 8,000 6,000 5,201 4,320 4,000 Average realized price: US63.3/bbl (2013:…
  20. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 20
    Group asset update Emir-Oil Exploration activities Exploration well Aidai-1 spudded in July 2014 with planned TD 5,200m. Currently drilling just above objective. YE2014 Reserve Report estimated the following Resources Unrisked…
  21. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 21
    Group asset update US asset (Condor Energy) Condor Energy Ownership 100%(1) Net acreage 7,039 acres(1) Niobrara (Condor Gross wells (horizontal) 5 Energy) Operation update Condor Acreage As of Dec 2014, MIE operated 5…
  22. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 22
    Financial update
  23. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 23
    Financial update Financial performance summary FY2013 FY2014 Corp & Corp & (In US million) China Emir-Oil USA Others Total China Emir-Oil USA Others Total 2014 vs 2013(%) Revenue 394.8 126.4 4.8 526.0 360.8 121.5 3.2 - 485.4…
  24. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 24
    Financial update Lifting costs analysis of China assets and Emir-Oil Lifting cost per barrel (1) 14.00 11.83 12.00 11.08 10.95 10.39 10.00 9.41 9.46 8.60 8.35 8.00 7.32 (US/bbl) 6.00 5.18 4.85 4.00 2.00…
  25. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 25
    Historical financials Key sales related statistics Average realized oil price Revenue breakdown by region 120 114.0 (1) 104.3 110.8108.1 108.6 (1) 600 108.0 108.7 96.2 97.1 99.0 97.3 (1) 100 96.0 90.1 0.6 5 87.8 86.3 91.6…
  26. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 26
    Financial update Oil price performance 140 Oil price (US/bbl) 2013 2014 2014 vs 2013 Jilin assets 120 Avg. realised oil price 104.3 97.3 (6.7%) Avg. Daqing price 104.1 94.1 (9.6%) 100 Emir-Oil (export) Avg. realized export…
  27. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 27
    Financial update EBITDA breakdown analysis of China assets Breakdown of China Oilfields (US/bbl) 2013 2014 104.25 104.35 97.31 97.89 9.36 10.2 2.65 3.13 9.05 10.02 4.55 4.65 Purchasing, services and 2.98 3.06 4.74 other…
  28. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 28
    Financial update EBITDA breakdown analysis of Emir-Oil assets Breakdown of Emir-Oil (US/bbl) 2013 2014 87.80 0.48 79.64 12.53 0.48 70.63 1.88 12.53 63.34 5.01 1.73 3.26 1.88 8.42 5.43 5.01 1.73 3.26 3.16 8.42 4.7 4.3…
  29. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 29
    Financial update Cash flow statement and key credit statistics For the period ended Dec 31 (In US million) 2013 2014 Cash Flow Statement Adj. EBITDA / net interest expense(2) Cash generated from operations 286 270 Interest paid (48)…
  30. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 30
    Appendix
  31. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 31
    Key milestones Dec 2010 Sep 2011 Nov 2011 Feb 2013 Sept 2013 Nov 2014 Dec 2014 Formed a JV (Condor US200m Emir-Oil successfully Completed the sale of Completed the sale of IPO on SEHK raised Completed the Emir-Oil Energy) with 80%…
  32. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 32
    Corporate and shareholding structure (31 Dec, 2014) Far East Energy Limited Celestial Public (Hong Kong)(1) 53.7%(3) 8.0%(3) 38.3%(3) MIE Holdings Corporation (Cayman Islands) HKSE Listed Company 100% 92.2% 100% 100% 100%…
  33. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 33
    Strong cash flow supported by PSC structure Jilin assets oil allocation under PSCs 2013 2014 Production Net:Gross 46% (2) 47%(2) VAT 5% of the total gross production Calculated at progressive ad valorem rates, ranging from…
  34. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 34
    China Special Levy (Windfall Tax)…
  35. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 35
    Jilin assets - sales and marketing PetroChina has been MIEs sole customer. Selling to PetroChina is MIEs choice, not obligation Sole customer MIE believes PetroChina is the best customer given they make timely payments MIE…
  36. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 36
    SGE ownership & PSC structure Annual Gross Production 85% 15% 92.2% Cost Recovery Gas VAT & Royalty Asia Gas Share of Operating Costs + Exploration Costs + Non-Cost Recovery 51% 49% Development Costs (plus 9% Gas SGE deemed…
  37. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 37
    Chinas favourable government policies and incentives for unconventional gas NDRC implementing a pilot program to test a more market-based gas pricing system to replace the existing cost-plus system Unconventional gas will move toward…
  38. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 38
    Understanding SGE Gas Reservoirs Linxing-East Sanjiaobei & Linxing-West e.g. North Dome or Urengoy e.g. Marcellus or Barnett 32
  39. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 39
    Emir-Oil O&G marketing options Infrastructure Map Replace current rental facility, which has processing capacity: 6480 BOPD 5.25 mmcfgpd New oil and gas processing station Processing capacity: oil 12,000bopd, gas 600,000m3/d…
  40. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 40
    Emir-Oil new sales route Aktau Port Samara Previous route New route Baku Port Makhachkala Port (Azerbaijan) (Russia) Kenkiyak Ukraine Batumi Port Novorossik Port (Georgia) (Russia) Kazakhstan ANPZ (US/ton) Previous route…
  41. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 41
    Kazakhstan tax summary Calculated based on the export sales price and ranges from as low as 0% if the export sales price is less Rent export tax than US40 per barrel to as high as 32% if the export sales price per barrel exceeds…
  42. MIE 2014 ANNUAL RESULTS – Mie Holdings Corp. – slide 42
    Kazakhstan tax summary (continued) 1. Export Duty 10.53 US/bbl (US80/ton effective Mar 2014) 2. Export Rent Tax Rate 7% 11% 14% 16% 17% 19% 21% 22% 23% 25% 26% 27% 29% 30% 32% Oil Price 40 50 60 70 80 90 100 110 120 130 140 150 160 170…

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