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2013 Annual Results Presentation – Mie Holdings Corp.

Mie Holdings Corp. · Mar 25, 2014 · 39 slides

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Slides

  1. 2013 Annual Results Presentation – Mie Holdings Corp. – slide 1
    2013 Annual Results Presentation March 2014 Strictly Private and Confidential
  2. 2013 Annual Results 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 2013 full year highlights 2014 operational guidance 2. Group…
  3. 2013 Annual Results Presentation – Mie Holdings Corp. – slide 3
    MIE Group update and highlights
  4. 2013 Annual Results 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-team production growth Major cash flow contributor Emir-Oil…
  5. 2013 Annual Results 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. 2013 Annual Results 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. 2013 Annual Results Presentation – Mie Holdings Corp. – slide 7
    MIE Group update and highlights Further production growth potential from existing asset base 2013 vs 2012 net oil production (BOPD) Production forecast by technical consultants(1) 14,297 14,673 23 145 2,787 4,320 45,000 11,487…
  8. 2013 Annual Results 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. 2013 Annual Results Presentation – Mie Holdings Corp. – slide 9
    MIE Group update and highlights Efficient allocation of resources to ensure stronger growth and profitability FY2012 capex: US313m FY2013 capex: US337m(1) FY2014 capex: US350m(1) 4% 3% 2% 5% 20% 15% 25% 35% 36% 76% 37%…
  10. 2013 Annual Results Presentation – Mie Holdings Corp. – slide 10
    MIE Group update and highlights 2013 full year highlights Operational highlights Financial highlights Group gross oil production reached 26,298 BOPD, 13% up from 2012 2013 average oil price realised down by US11.04/bbl to…
  11. 2013 Annual Results Presentation – Mie Holdings Corp. – slide 11
    MIE Group update and highlights 2014 operational guidance Gross Wells Net Capex (USM) Net Production Commentary FY14 guidance FY14 guidance FY14 guidance Strategic Capex re-allocation to SGE and Emir-Oil while maintaining…
  12. 2013 Annual Results Presentation – Mie Holdings Corp. – slide 12
    Group assets update
  13. 2013 Annual Results Presentation – Mie Holdings Corp. – slide 13
    Group assets update China oilfields Hebei (Kongnan block) Jilin assets (Daan, Moliqing, Miao 3) Ownership 100% Ownership 90% China oilfields: Area 31km2 Total wells drilled Total wells in 2013 97 Group major cash flow contributor 5…
  14. 2013 Annual Results Presentation – Mie Holdings Corp. – slide 14
    Group asset update China oilfields 2013 operation update Net oil production 14,000 11,487 10,500 12,000 10,208 Gross production decreased by 1.9% to 20,142 BOPD 10,000 bopd 8,000 Net production of 9,234 BOPD 6,000…
  15. 2013 Annual Results 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 Dec 2013) 58 Area Linxing East Linxing East 1,301km2 (1,301km2) Linxing West 573km2…
  16. 2013 Annual Results Presentation – Mie Holdings Corp. – slide 16
    Group asset update SGE: Linxing & Sanjiaobei 2013 operation update Clear path to commercial production Development timeline status Drilled total of 30 vertical wells and one horizontal well in 2013, bringing MIE value add total…
  17. 2013 Annual Results 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 Key transcontinental…
  18. 2013 Annual Results 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. 2013 Annual Results Presentation – Mie Holdings Corp. – slide 19
    Group asset update Emir-Oil 2013 operation update Net oil production 6,000 5,600 Oil production increased by 55% to 4,320 BPOD compared to 2012 5,000 4,320 4,000 bopd 2,787 production in September reached 5,743 BOPD…
  20. 2013 Annual Results Presentation – Mie Holdings Corp. – slide 20
    Group asset update Emir-Oil Exploration activities Evaluation of 3D seismic in progress to identify additional drillable prospects YE 2013 Reserve Report estimated the following Resources. Unrisked Prospective Resources: 185…
  21. 2013 Annual Results Presentation – Mie Holdings Corp. – slide 21
    Group asset update US asset (Condor Energy) Condor Energy Ownership 80% Net acreage 7,058 acres Niobrara (Condor Gross wells (horizontal) 5 Energy) 2013 operation update Condor Acreage As of 31 December 2013, MIE operated…
  22. 2013 Annual Results Presentation – Mie Holdings Corp. – slide 22
    Financial update
  23. 2013 Annual Results Presentation – Mie Holdings Corp. – slide 23
    Financial update Financial performance summary 2012 2013 (In US million) China Emir-Oil USA Others Total China Emir-Oil USA Others Total 2013 vs 2012(%) Revenue 463.4 88.3 0.6 - 552.3 394.8 126.4 4.8 526.1 (4.7%) - Total…
  24. 2013 Annual Results Presentation – Mie Holdings Corp. – slide 24
    Financial update Lifting cost analysis of China assets and Emir-Oil Lifting cost per barrel (1) 12.00 11.08 10.39 10.00 9.70 9.41 8.60 8.35 8.00 7.32 7.16 7.29 (US/bbl) 6.00 5.18 4.00 2.00 0.00 2011 2012…
  25. 2013 Annual Results Presentation – Mie Holdings Corp. – slide 25
    Financial update Cash netback analysis of Jilin assets and Emir-Oil Cash netback of China oilfields Cash netback of Emir-Oil(1) (US/bbl) (US/bbl) 90.10 87.80 113.51 7.32 104.25 5.18 104.35 8.60 5.26 7.17 Lifting costs…
  26. 2013 Annual Results Presentation – Mie Holdings Corp. – slide 26
    Historical financials Key sales related statistics Average realized oil price Revenue breakdown by region 800 140 (1) (1) 700 120 106.0 110.0 110.2 108.8 108.0 114.0 110.8 108.1 108.7 104.3 108.6 (1) 600 552 526 97.0…
  27. 2013 Annual Results Presentation – Mie Holdings Corp. – slide 27
    Financial update Oil price performance Oil price (US/bbl) 2012 2013 2013 vs 2012 Jilin assets 140 Avg. realised oil price 113.5 104.3 (8.2%) Avg. Daqing price 113.4 104.1 (8.2%) 130 Hebei (Kongnan) 120 Avg. realised oil…
  28. 2013 Annual Results 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) 113.51 120.00 104.25 100.00 104.35 85.91 7.91 90.00 79.64 3.76 100.00 9.36 10.20 7.07 2.65…
  29. 2013 Annual Results Presentation – Mie Holdings Corp. – slide 29
    Financial update Cash flow statement and key credit statistics For the period ended December 31 (In US million) 2012 2013 Adj. EBITDA / net interest expense Cash Flow Statement 9.0x Cash generated from operations 267 286 7.4x 7.5x…
  30. 2013 Annual Results Presentation – Mie Holdings Corp. – slide 30
    Appendix
  31. 2013 Annual Results Presentation – Mie Holdings Corp. – slide 31
    Key milestones Dec 2010 Sep 2011 Nov 2011 2H2012 Feb 2013 Mar 2013 Formed a JV (Condor Successfully drilled 4 US200m Senior Emir-Oil was granted 17- IPO on SEHK raised Completed the Emir-Oil Energy) with 80% interest, net proceeds…
  32. 2013 Annual Results Presentation – Mie Holdings Corp. – slide 32
    Corporate and shareholding structure (31 Dec 2013) Far East Energy (2) Limited Public (Hong Kong)(1) 53.4% 8.7% 7.2% 30.7% MIE Holdings Corporation (Cayman Islands) HKSE Listed Company 100% 100% 92.2% 100% 100% 100% 100%…
  33. 2013 Annual Results Presentation – Mie Holdings Corp. – slide 33
    Strong cash flow supported by PSC structure Jilin assets oil allocation under PSCs 2012 2013 Production Net:Gross 56% 46% VAT 5% of the total gross production Calculated at progressive ad valorem rates, ranging from zero to…
  34. 2013 Annual Results Presentation – Mie Holdings Corp. – slide 34
    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…
  35. 2013 Annual Results Presentation – Mie Holdings Corp. – slide 35
    SGE ownership & PSC structure 92.2% 49% Asia Gas 51% SGE CUCBM 64.75% 49% 30% Linxing Sanjiaobei 51% PSC PSC 5.25% CBM Energy 30
  36. 2013 Annual Results Presentation – Mie Holdings Corp. – slide 36
    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 Policies…
  37. 2013 Annual Results Presentation – Mie Holdings Corp. – slide 37
    Understanding SGE Gas Reservoirs Linxing-East Sanjiaobei & Linxing-West e.g. North Dome or Urengoy e.g. Marcellus or Barnett 32
  38. 2013 Annual Results Presentation – Mie Holdings Corp. – slide 38
    Emir-Oil O&G marketing options Infrastructure map New oil and gas processing station Processing capacity: oil 12,000bopd, gas 600,000m3/d FEED completed and the proposal(1) Emir submitted to the Government for approval Gas…
  39. 2013 Annual Results Presentation – Mie Holdings Corp. – slide 39
    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…

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