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August 2015 Investor Presentation – Mie Holdings Corp.

Mie Holdings Corp. · Aug 21, 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. August 2015 Investor Presentation – Mie Holdings Corp. – slide 1
    MIE Investor Presentation August 2015 Strictly Private and Confidential
  2. August 2015 Investor Presentation – 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 1H2015 results highlights 2015 operational guidance 2. Group…
  3. August 2015 Investor Presentation – Mie Holdings Corp. – slide 3
    MIE Group update and highlights
  4. August 2015 Investor Presentation – 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 growth prospects Major cash flow contributor Emir-Oil (ADEK…
  5. August 2015 Investor Presentation – 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. August 2015 Investor Presentation – 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. August 2015 Investor Presentation – Mie Holdings Corp. – slide 7
    MIE Group update and highlights Further production growth potential from existing asset base 1H2015 vs 1H2014 net oil production (BOPD) 16,558 Production forecast by technical consultants (1) 110 5,269 10,357 66 3,306 35,000…
  8. August 2015 Investor Presentation – 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 Reduce…
  9. August 2015 Investor Presentation – 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% 53% 49%…
  10. August 2015 Investor Presentation – Mie Holdings Corp. – slide 10
    MIE Group update and highlights Operational highlights Financial highlights Group net oil production of 10,357 BOPD, a decrease of 37.5% compared to 1H2015 Groups average oil price realised down by US44.38/bbl or 46.2% same period in…
  11. August 2015 Investor Presentation – Mie Holdings Corp. – slide 11
    MIE Group update and highlights 2015 operational guidance Gross Wells Net Capex (USM) Net Production 1H2015 2015 2015 1H2015 2015 Actual guidance guidance Actual guidance China Oilfields - - 13 6,985 BOPD 6,700-7,000 BOPD…
  12. August 2015 Investor Presentation – Mie Holdings Corp. – slide 12
    Group assets update
  13. August 2015 Investor Presentation – Mie Holdings Corp. – slide 13
    Group assets update China oilfields Jilin assets (Daan, Moliqing) China oilfields: Ownership 90% Major cash flow contributor Total wells drilled - in 1H2015 Gross wells 2,609 (as of Jun 2015) Significant reserve base with long…
  14. August 2015 Investor Presentation – Mie Holdings Corp. – slide 14
    Group asset update China oilfields Operation update Net oil production 12,000 9,731 10,000 bopd 7,000 8,000 6,985 6,000 6,700 4,000 1H2014 1H2015 2015 Guidance Gross production decreased 11.3% to 16,890 BOPD…
  15. August 2015 Investor Presentation – 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 Jun 2015) 106 Area Linxing East Linxing East 1,301km2 (1,301km2) Linxing West 573km2…
  16. August 2015 Investor Presentation – Mie Holdings Corp. – slide 16
    Group asset update SGE: Linxing & Sanjiaobei Operation update Clear path to commercial production Development timeline Status 2015 Drilling and Testing Program: 12 wells drilled and 5 wells tested Third horizontal well TB-3H…
  17. August 2015 Investor Presentation – 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. August 2015 Investor Presentation – 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. August 2015 Investor Presentation – Mie Holdings Corp. – slide 19
    Group asset update Emir-Oil Operation update Net oil production Oil production decreased by 37.3% to 3,306 BOPD compared to 5,269 BOPD in 10,000 1H2014 8,000 6,000 5,269 4,000 3,306 Average realized price: US48.76/bbl…
  20. August 2015 Investor Presentation – Mie Holdings Corp. – slide 20
    Group asset update Emir-Oil Exploration activities Exploration well Aidai-1 finished drilling in June 2015 at total depth of 5,080m. The well has pervasive oil shows in reservoir objective Triassic units and will be tested in…
  21. August 2015 Investor Presentation – Mie Holdings Corp. – slide 21
    Group asset update US asset (Condor Energy) Condor Energy Ownership 100%1 Net acreage 6,502 acres Niobrara (Condor Gross wells (horizontal) 5 Energy) Operation update Condor Acreage MIE operates 5 horizontal wells in a…
  22. August 2015 Investor Presentation – Mie Holdings Corp. – slide 22
    Financial update
  23. August 2015 Investor Presentation – Mie Holdings Corp. – slide 23
    Financial update Financial performance summary 1H2014 1H2015 Corp & Corp & (In US million) China Emir-Oil USA Others Total China Emir-Oil USA Others Total 2015 vs 2014(%) Revenue 215.8 77.0 2.1 - 294.9 66.8 30.0 0.5 - 97.3…
  24. August 2015 Investor Presentation – Mie Holdings Corp. – slide 24
    Financial update Lifting costs analysis of China assets and Emir-Oil Lifting cost per barrel (1) 14.00 12.00 11.47 10.14 10.00 9.66 9.29 8.59 8.00 7.22 US/bbl 6.00 5.34 4.39 4.31 4.00 2.00 0.00 1H2014…
  25. August 2015 Investor Presentation – Mie Holdings Corp. – slide 25
    Historical financials Key sales related statistics Average realized oil price Revenue breakdown by region 150 400 109 105 295 300 94 (1) 96 2 100 88 89 88 77 79 (USm) (USm) 74 191 200 1 (1) 58 53 54(1) 50 52 52…
  26. August 2015 Investor Presentation – Mie Holdings Corp. – slide 26
    Financial update Oil price performance Oil price (US/bbl) 1H2014 1H2015 2015 vs 2014 200 Jilin assets Avg. realised oil price 104.6 53.1 (51.5) Avg. Daqing price 104.9 53.2 (51.7) 150 (US/bbl) Emir-Oil (export)(1)…
  27. August 2015 Investor Presentation – Mie Holdings Corp. – slide 27
    Financial update EBITDA breakdown analysis of China assets Breakdown of China Oilfields (US/bbl) 1H2014 1H2015 104.54 104.56 53.08 8.09 9.36 4.05 4.05 2.98 3.13 Purchasing, services and other 17.63 17.73 Distribution and…
  28. August 2015 Investor Presentation – Mie Holdings Corp. – slide 28
    Financial update EBITDA breakdown analysis of Emir-Oil assets Breakdown of Emir-Oil (US/bbl) 2014 70.63 1H2015 63.34 1.73 8.42 53.68 1.73 3.16 48.76 8.42 4.3 2.03 3.16 39.68 8.12 4.74 4.3 2.03 8.12 3.85 1.73 11.35…
  29. August 2015 Investor Presentation – Mie Holdings Corp. – slide 29
    Financial update Cash flow statement and key credit statistics For the period ended Jun 30 Adj. EBITDA / net interest expense(1) (In US million) 1H2015 1H2014 Cash Flow Statement Cash generated from operations 42 125 9x Interest paid…
  30. August 2015 Investor Presentation – Mie Holdings Corp. – slide 30
    Appendix
  31. August 2015 Investor Presentation – Mie Holdings Corp. – slide 31
    Key milestones Dec 2010 May 2011 Feb 2013 Apr 2014 Nov 2014 IPO on SEHK raised Issued US400m Issued US200m Issued US500m Drawdown US35m net proceeds of Senior Notes due Senior Notes due Senior Notes due unsecured 1-year HK750m 2016…
  32. August 2015 Investor Presentation – Mie Holdings Corp. – slide 32
    Corporate and shareholding structure (August 2015) Far East Energy Limited Celestial Public (Hong Kong)(1) 54.3% 8.1% 37.6% MIE Holdings Corporation (Cayman Islands) HKSE Listed Company 100% 100% 92.2% 100% 100% 100% 100%…
  33. August 2015 Investor Presentation – Mie Holdings Corp. – slide 33
    Strong cash flow supported by PSC structure Jilin assets oil allocation under PSCs 1H2014 1H2015 Production Net:Gross 51% (2) 41%(2) VAT 5% of the total gross production Calculated at progressive ad valorem rates, ranging…
  34. August 2015 Investor Presentation – Mie Holdings Corp. – slide 34
    China Special Levy (Windfall Tax)…
  35. August 2015 Investor Presentation – 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. August 2015 Investor Presentation – 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. August 2015 Investor Presentation – 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. August 2015 Investor Presentation – 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. August 2015 Investor Presentation – Mie Holdings Corp. – slide 39
    Emir-Oil O&G marketing options Infrastructure Map Replace current rental facility, which has processing capacity: 6,480 BOPD 5.25 mmcfgpd New oil and gas processing station Processing capacity: oil 12,000bopd, gas 600,000m3/d…
  40. August 2015 Investor Presentation – 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 Novorossiysk Port (Georgia) (Russia) Kazakhstan ANPZ (US/ton) Previous…
  41. August 2015 Investor Presentation – 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. August 2015 Investor Presentation – Mie Holdings Corp. – slide 42
    Kazakhstan tax summary (continued) 1. Export Duty US8.11/bbl (US60/ton effective Mar 2015) 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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