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INVESTOR PRESENTATION – Mie Holdings Corp.

Mie Holdings Corp. · Jan 14, 2015 · 41 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. INVESTOR PRESENTATION – Mie Holdings Corp. – slide 1
    MIE Investor Presentation January 2015 Strictly Private and Confidential
  2. 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 1H2014 results highlights 2014 operational guidance 2. Group…
  3. INVESTOR PRESENTATION – Mie Holdings Corp. – slide 3
    MIE Group update and highlights
  4. 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 near-term production growth Major cash flow contributor Emir-Oil…
  5. INVESTOR PRESENTATION – Mie Holdings Corp. – slide 5
    MIE Group update and highlights Significant reserve base Total oil reserves breakdown (as of Dec 2013) Equally likely that the actual quantity recovered is above or 200 below the stated 2P quantity 41 1 184 180 160 High degree…
  6. 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 2013) 2C Contingent Resources BE Prospective Resources 250 250 185 206 200 200…
  7. INVESTOR PRESENTATION – Mie Holdings Corp. – slide 7
    MIE Group update and highlights Further production growth potential from existing asset base 1H2014 vs 1H2013 net oil production (BOPD) 16,558 Production forecast by technical consultants(1) 14,334 110 125 5,269 3,454 45,000…
  8. 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 Undertake…
  9. INVESTOR PRESENTATION – Mie Holdings Corp. – slide 9
    MIE Group update and highlights Efficient allocation of resources to ensure stronger growth and profitability FY2013 capex: US337m FY2014 revised guidance capex: US296m(1) 3% 1% 16% 25% 35% 41% 42% 37% China oilfields…
  10. INVESTOR PRESENTATION – Mie Holdings Corp. – slide 10
    MIE Group update and highlights Operational highlights Financial highlights Group gross oil production reached 26,961 BOPD, up 3.5% from 1H2013 1H2014 average oil price realised down by US3.16/bbl or 3.2% to US96.02bbl compared to…
  11. INVESTOR PRESENTATION – Mie Holdings Corp. – slide 11
    MIE Group update and highlights 2014 operational guidance Net Capex Gross Wells Net Production (USM) Commentary Revised FY14 Revised FY14 Revised FY14 9M 2014 9M 2014 guidance guidance guidance China 10,000-10,500 Re-aligned…
  12. INVESTOR PRESENTATION – Mie Holdings Corp. – slide 12
    Group assets update
  13. INVESTOR PRESENTATION – Mie Holdings Corp. – slide 13
    Group assets update China oilfields Hebei (Kongnan block) Jilin assets (Daan, Moliqing, Miao 3) China oilfields: Ownership 100% Ownership 90% Area 31km2 Total wells drilled Group major cash flow contributor 140 Total wells in 1H2014…
  14. INVESTOR PRESENTATION – Mie Holdings Corp. – slide 14
    Group asset update China oilfields Operation update Net oil production Gross production decreased by 5.8% to 19,628 BOPD 20,000 15,000 10,500 bopd Net production of 9,992 BOPD (1H2013: 9,823 BOPD) 10,754 11,179 flat…
  15. 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 2014) 73 Area Linxing East Linxing East 1,301km2 (1,301km2) Linxing West 573km2…
  16. INVESTOR PRESENTATION – Mie Holdings Corp. – slide 16
    Group asset update SGE: Linxing & Sanjiaobei Operation update Clear path to commercial production Development timeline status Drilling program underway with 19 wells drilled and 18 wells fraccd in 2014 MIE value add First…
  17. 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. INVESTOR PRESENTATION – Mie Holdings Corp. – slide 18
    Group asset update Emir-Oil Emir-Oil Reserves & resources summary (Aksaz, Dolinnoe, Emir, Kariman) (as of Dec 2013) Ownership 100% Oil Gas ADEK contract area 850km2 (mmbbl) (bcf) ADEK Contract Area 1P reserves 32 38 (Emir-Oil)…
  19. INVESTOR PRESENTATION – Mie Holdings Corp. – slide 19
    Group asset update Emir-Oil Operation update Net oil production Oil production increased by 52.5% to 5,269 BPOD compared to 3,454 10,000 BPOD in 1H2013 8,000 5,600 5,269 6,000 4,000 3,454 Realized export price increased from…
  20. INVESTOR PRESENTATION – Mie Holdings Corp. – slide 20
    Group asset update Emir-Oil Exploration activities Aidai-1 spudded July 25 and currently drilling just above objective YE 2013 Reserve Report estimated the following Resources Unrisked Prospective Resources: 185 mmbbls (Best…
  21. INVESTOR PRESENTATION – Mie Holdings Corp. – slide 21
    Group asset update US asset (Condor Energy) Condor Energy Ownership 80% Net acreage 7,035 acres Niobrara (Condor Gross wells (horizontal) 5 Energy) Operation update Condor Acreage As of Jun 2014, MIE operated 5 horizontal…
  22. INVESTOR PRESENTATION – Mie Holdings Corp. – slide 22
    Financial update
  23. INVESTOR PRESENTATION – Mie Holdings Corp. – slide 23
    Financial update Financial performance summary 1H2013 1H2014 1H2014 vs (In US million) China Emir-Oil USA Others Total China Emir-Oil USA Others Total 1H2013(%) Revenue 209.0 50.2 2.0 261.1 215.8 77.0 2.1 - 294.9 12.9% - Total…
  24. 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 13.10 12.48 12.00 11.65 10.33 10.52 10.00 9.31 9.29 8.53 8.44 8.00 (US/bbl) 6.00 5.71 4.82 4.39 4.00…
  25. INVESTOR PRESENTATION – Mie Holdings Corp. – slide 25
    Financial update Cash netback analysis of China assets and Emir-Oil Cash netback of China oilfields Cash netback of Emir-Oil(1) (US/bbl) (US/bbl) 113.51 105.46 104.25 105.59 104.35 104.54 104.56 85.73 88.19 8.53 9.31…
  26. INVESTOR PRESENTATION – Mie Holdings Corp. – slide 26
    Historical financials Key sales related statistics Average realized oil price Revenue breakdown by region 120.0 105.5 (1) 102.9110.2 (1) 104.5 (1) 106.2 109.8 109.2 400 104.1 99.2 99.9 108.9 100.0 95.0 96.0 92.5 94.1 295 85.7…
  27. INVESTOR PRESENTATION – Mie Holdings Corp. – slide 27
    Financial update Oil price performance US/bbl 140 Oil price (US/bbl) 1H2013 1H2014 1H14 vs 1H13 Jilin assets Avg. realised oil price 105.5 104.5 (0.9%) 120 Avg. Daqing price 107.3 104.9 (2.2%) Hebei (Kongnan) Avg. realised…
  28. INVESTOR PRESENTATION – Mie Holdings Corp. – slide 28
    Financial update EBITDA breakdown analysis of China assets and Emir-Oil Breakdown of China Oilfields Breakdown of Emir-Oil(1) 105.46 105.59 104.54 104.56 79.10 78.04 8.04 8.83 8.09 9.36 2.79 2.94 4.05 3.66 3.93 4.05 1.41…
  29. INVESTOR PRESENTATION – Mie Holdings Corp. – slide 29
    Financial update Cash flow statement and key credit statistics For the period ended June 30 (In US million) 1H2013 1H2014 Adj. EBITDA / net interest expense Cash Flow Statement Cash generated from operations 157 125 Interest paid (21)…
  30. INVESTOR PRESENTATION – Mie Holdings Corp. – slide 30
    Appendix
  31. INVESTOR PRESENTATION – 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. INVESTOR PRESENTATION – Mie Holdings Corp. – slide 32
    Corporate and shareholding structure (31 Dec, 2014) Far East Energy Limited Celestial Public (Hong Kong)(1) 53.7% 8.0% 38.3% MIE Holdings Corporation (Cayman Islands) HKSE Listed Company 100% 92.2% 100% 100% 100% 100% 100%…
  33. INVESTOR PRESENTATION – Mie Holdings Corp. – slide 33
    Strong cash flow supported by PSC structure Jilin assets oil allocation under PSCs 1H2013 1H2014 Production Net:Gross 47% (2) 51%(2) VAT 5% of the total gross production Calculated at progressive ad valorem rates, ranging…
  34. INVESTOR PRESENTATION – Mie Holdings Corp. – slide 34
    China Special Levy (Windfall Tax)…
  35. 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. 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. 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 Gas pricing Unconventional gas…
  38. 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. INVESTOR PRESENTATION – Mie Holdings Corp. – slide 39
    Emir-Oil O&G marketing options Infrastructure Map New oil and gas processing station Processing capacity: oil 12,000bopd, gas 600,000m3/d (21,000 mmcfgpd) FEED completed and the proposal had been approved by the government…
  40. INVESTOR PRESENTATION – Mie Holdings Corp. – slide 40
    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…
  41. INVESTOR PRESENTATION – Mie Holdings Corp. – slide 41
    Kazakhstan tax summary (continued) Export Duty 10.53 US/bbl 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 90 100 110 120 130 140 150 160 170 190 Oil Price 50 60 70 80 90 100…

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