Mie Holdings Corp. · HKEX:1555
Mie — Investor Presentation (March 2017)
20 slides from Mie's investor presentation, Mar 31, 2017
Slide 1: MIE Holdings Corporation
MIE Holdings Corporation Strictly Private and Confidential
Slide 2: Disclaimer
Disclaimer The information contained in this presentation has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions co
Slide 3: Corporate Overview
Corporate Overview @® MIE Holdings Corporation |
Slide 4: Corporate Overview: Global Asset Base
Corporate Overview Global Asset Base Major cash flow contributor Jilin Oilfields Kazakhstan • Gross production of 14,031 BOPD during FY2016 (Net Production: 5,872 BOPD) (China) • 18.9 mmboe of net 2P reserves as of year end 2016 (90% operator) • Attractive fiscal regime under PSC structure provides
Slide 5: Significant Reserve Base
Corporate Overview Significant Reserve Base Total Oil & NGLs Reserves Breakdown (as of Dec 2016) 70 High degree of confidence 4 0.5 62 stated Proved quantities will be 60 20 commercially recovered Equally 50 likely that the actual mmbbl 40 8 quantity 0.1 29 recovered is 30 6 13 above or below the 20
Slide 6: Company Strategy
Corporate Overview Company Strategy Solicit producing, cash-flow generating assets in stable environment (e.g. North America) with attractive valuations Upgrade Asset Portfolio Secured partnership with Reach Energy Berhad to enhance future ramp-up of Emir-Oil Divested Sino Gas & Energy Ordos B
Slide 7: 2017 Operational Guidance
Corporate Overview 2017 Operational Guidance Net MIE Capex Contribution # Gross Wells Net Production (US$M) Commentary 2016 2017 2016 2017 2016 2017 Actual Guidance Actual Guidance Actual Guidance 15 wells in Daan and 2 wells in Moliqing China Oilfields - 17 2 17 5,872 BOPD 5,500 – 6,000 BOPD Co
Slide 8: Key Assets
Key Assets @® MIE Holdings Corporation |
Slide 9: China Oilfields (Daan & Moliqing)
China Oilfields (Daan & Moliqing) Overview China Oilfields Located in Jilin Province and situated in the (Daan, Moliqing) Ownership 90% Songliao Basin, China’s most prolific oil- Total wells drilled in 2016 - producing basin Gross wells 2,609 Total area 90% participating interest in the foreign
Slide 10: China Oilfields: Operation & Financial Update
China Oilfields (Daan & Moliqing) Operation & Financial Update Net Oil Production Adjusted EBITDA Breakdown (US$/bbl) 8,000 6,687 FY2015 FY2016 60 6,000 6,000 5,872 5,500 46.65 36.73 bopd 4,000 50 2,000 7.59 40 2.78 - FY2015 FY2016 2017 Guidance 4.38 7.21 0.25 30 Lifting Costs 2.60 4.28 0.19 10.00 9
Slide 11: Kazakhstan Project (Emir-Oil)
Kazakhstan Project (Emir-Oil) Overview Emir-Oil Acquired 100% stake in Emir-Oil in 2011 (Aksaz, Dolinnoe, Emir, Kariman) Ownership 40% Total wells drilled in 2016 2 First successful international acquisition Gross wells 52 Contract area 850km2 Located in the Mangistau Oblast in the Exploration
Slide 12: Kazakhstan Project (Emir-Oil): Operation & Financial Update
Kazakhstan Project (Emir-Oil) Operation & Financial Update Gross Oil Production New Export Sales Contract 5,000 FY2015 FY2016(1) Benchmark Oil(1) Urals (RCMB) Brent 4,000 3,412 Benchmark Price US$53.97 US$43.28 3,328 3,000 Discount US$5.56 US$4.89 bopd Net Realized Price US$48.41 US$38.39 2,000 Dist
Slide 13: Kazakhstan Project (Emir-Oil): Operation & Financial Update
Kazakhstan Project (Emir-Oil) Operation & Financial Update Adjusted EBITDA Breakdown (US$/bbl)(1) FY2015 FY2016(1) 48.41 43.95 38.39 7.17 34.85 7.17 4.11 13.94 4.11 12.53 13.25 10.50 12.02 4.50 9.13 2.00 2.96 4.50 1.61 1.92 2.00 2.42 2.96 1.61 2.25 1.93 5.92 2.73 1.93 7.17 5.26 5.19 4.11 4.52 2.39 0
Slide 14: Canada Project (Journey Energy)
Canada Project (Journey Energy) Overview Acquired 37.5% stake in Journey Energy Reserves (TSX.JOY) at C$2.07/share in Sep 2016. Reserve Oil (Mbbl) Gas (Bcf) NGL (Mbbl) BOE Post exercise of warrants by AIMCO in PDP 8,841 71.4 1,390 22,128 March 2017, MIE’s stake was diluted to 1P 13,740 86.4 1,952
Slide 15: U.S. Project (Condor)
U.S. Project (Condor) Overview Condor Energy Ownership 100% Net acreage 2,752 acres Niobrara (Condor Gross wells (horizontal) 5 Energy) Operation Update Condor Acreage Operates 5 horizontal wells in a Colorado Niobrara asset through Condor Energy Operational and technological expertise gained fr
Slide 16: Financial Update: Financial Performance Summary
Financial Update Financial Performance Summary 2015(1) 2016 Corp & Corp & (In US$ million) China Emir-Oil USA Others Total China Emir-Oil USA Others Total Revenue 114.9 - 0.9 - 115.7 79.8 - 0.6 - 80.4 Net profit for the year (122.6) (28.7) 0.8 (93.8) (244.4) (56.6) (107.8) 3.3 (37.7) (198.7) Margin
Slide 17: Key Sales Related Statistics
Financial Update Key Sales Related Statistics Average realized oil price Revenue breakdown by region(3) 485 120 500 3 97 100 121 86 400 80 71 300 (US$m) (US$m) 60 47 48 46 37 (2) 37 200 166 40 38 361 1 50 80 20 100 - 1 115 80 0 0 2014 2015 2016 2014 2015 2016 Jilin assets Emir-Oil export price (1,2)
Slide 18: Appendix
Appendix @® MIE Holdings Corporation |
Slide 19: Key Milestones
Key Milestones Dec 2010 Sep 2011 Dec 2012 Apr 2014 Dec 2014 Jan 2015 Jul 2016 Nov 2016 IPO on SEHK Acquired Emir- Acquired PCR Issued Completed the Acquired Completed the Completed the raised net Oil (O&G (oil project in US$500m sale of Miao 3 remaining 20% sale of SGE for sale of 60% proceeds of pr
Slide 20: Key Corporate and Shareholding Structure (31 Mar 2017)
Key Corporate and Shareholding Structure (31 Mar 2017) Far East Energy Limited Public (Hong Kong)(1) 48.1% 51.9% MIE Holdings Corporation (Cayman Islands) HKSE Listed Company 100% 100% 100% 34% 100% 100% 100% PetroBroad MIE Maple MI Energy Gobi Energy Ltd Riyadh Energy Ltd MIE Jurassic MIE New Ventu