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mie holdings corporation (1555) Details

MIE Holdings Corporation, an investment holding company, primarily explores for, develops, produces, and sells oil and other petroleum products under production sharing contracts (PSC) in the People’s Republic of China, the Republic of Kazakhstan, and the United States. The company operates two PSCs in China comprising Daan oilfield and Moliqing oilfield in Songliao Basin; and four production contracts, including Aksaz, Dolinnoe, Kariman, and Emir oilfields in Kazakhstan. It also holds interest in the Niobrara shale oil and gas assets in the United States; and a 51% interest in Sino Gas & Energy Limited that consists of two PSCs located on the eastern flank of the Ordos Basin in the People’s Republic of China. The company has net proved oil and gas reserves of approximately 116.8 million barrels of oil equivalents (BOE); net proved and probable oil and gas reserves of approximately 218.7 million BOE; and net proved, probable, and possible oil and gas reserves of approximately 289.8 million BOE. It also operates a total of 2,753 wells, including 2,703 wells in the People’s Republic of China, 45 wells in Kazakhstan, and 5 wells in the United States. The company is based in Hong Kong. MIE Holdings Corporation is a subsidiary of Far East Energy Limited.

2,131 Employees
Last Reported Date: 04/17/15

mie holdings corporation (1555) Top Compensated Officers

Chairman and Chief Executive Officer
Total Annual Compensation: CNY7.4M
Executive President and Executive Director
Total Annual Compensation: CNY3.9M
Chief Financial Officer, Senior Vice Presiden...
Total Annual Compensation: CNY4.6M
Vice Chairman and Senior Vice President
Total Annual Compensation: CNY4.6M
Chief Geologist, Senior Vice President and Ex...
Total Annual Compensation: CNY3.0M
Compensation as of Fiscal Year 2014.

mie holdings corporation (1555) Key Developments

MIE Holdings Corporation Announces Results of the Consent Solicitation for its 750% Senior Notes Due 2019

Reference is made to the announcement of MIE Holdings Corporation dated July 2, 2015 in relation to the concurrent solicitations of consent seeking consents from holders of its outstanding 6.875% Senior Notes due 2018 and its 7.50% Senior Notes due 2019 to certain proposed amendments to the indenture governing the 2018 Notes dated as of February 6, 2013, as amended and supplemented from time to time, and the indenture governing the 2019 Notes dated as of April 25, 2014, as amended and supplemented from time to time, by and among the Company, the subsidiary guarantors named therein and Citicorp International Limited, as trustee. The 2018 Notes and 2019 Notes are listed on the Singapore Exchange Securities Trading Limited. The company announced that it has received unrevoked consents from the Holders of at least the requisite aggregate principal amount of the 2019 Notes necessary to approve the proposed amendments to the 2019 Indenture, as described in the consent solicitation statement dated July 2, 2015 relating to the Consent Solicitation with respect to the 2019 Indenture, and has executed the supplemental indenture amending the 2019 Indenture with the Trustee to give effect to the Proposed Amendments. The Consent Solicitation relating to the 2018 Indenture expired at 5:00 p.m., Central European time, on July 16, 2015 and the Consent Solicitation relating to the 2019 Indenture expired at 5:00 p.m., New York time, on July 16, 2015 and following expiration, the Company will pay the consent payment to all Holders who have delivered valid consents prior to the respective Expiration Date in accordance with the terms and conditions set out in the consent solicitation statement dated July 2, 2015 relating to the Consent Solicitation with respect the 2018 Indenture and the 2019 Notes Statement.

MIE Holdings Corporation Announces Consent Solicitation for its 6.875% Senior Notes Due 2018 and 7.50% Senior Notes Due 2019

MIE Holdings Corporation announced that it has commenced a concurrent consent solicitation seeking consents from holders of its outstanding 6.875% senior notes due 2018 and its 7.50% senior notes due 2019 to certain proposed amendments to the indenture governing the 2018 Notes dated as of February 6, 2013, as amended and supplemented from time to time, and the indenture governing the 2019 Notes dated as of April 25, 2014, as amended and supplemented from time to time, by and among the Company, the subsidiary guarantors named therein and Citicorp International Limited, as trustee. The 2018 Notes and 2019 Notes are listed on the Singapore Exchange Securities Trading Limited. As of the date of this announcement, the aggregate principal amount of the 2018 Notes is USD 200,000,000 and the aggregate principal amount of the 2019 Notes is USD 500,000,000. The consent solicitation to the 2018 Indenture will expire at 5:00 p.m., Central European time, on July 16, 2015 and the consent solicitation to the 2019 Indenture will expire at 5:00 p.m., New York time, on July 16, 2015, unless either or both are extended or terminated by the Company. The Company is seeking consents to amend certain provisions of the Indentures to align with more recent issuances in the region and provide the Company with additional flexibility in light of the continuing volatility of the oil and gas industry to take advantage of market dislocation and realize value and liquidity, including through opportunistic acquisitions and dispositions. The Company is soliciting the consents of the Holders of at least a majority in aggregate principal amount of the outstanding Notes of each Series to allow the Company to amend provisions relating to its ability to incur Indebtedness and make Investments and changes to certain related definitions; the Asset Sale covenant; and the Merger and Consolidation covenant; and provide for a suspension of certain covenants in the event the Notes are rated investment grade. Subject to the terms and conditions set in the consent solicitation statements dated July 2, 2015 relating to the Consent Solicitation, the Company offers to make the consent payment of USD 5.00 to each Holder for each USD 1,000 in principal amount of Notes in respect of which such Holder has validly delivered a consent to the proposed amendments prior to the expiration date of the Consent Solicitation. Under no circumstances will the Company make any consent payment to any Holder delivering a consent under each of the Indentures unless and until the requisite consents for both Series of Notes have been received; and supplemental indentures for both Series of Notes containing the amendments above have been executed and have become effective.

MIE Holdings Corporation Provides Earnings Guidance for the Six Months Ending June 30, 2015

The Board of MIE Holdings Corporation informed the holders of the company's shares and other securities and potential investors that based on the Board's preliminary assessment of the information on hand pending finalization of consolidation of the results of the Group for the six months ending 30 June 2015, the Group may record a loss as compared to a profit for the corresponding period in 2014. The above change is primarily due to the significant drop in global crude oil prices and accordingly average oil price realized and net oil sales revenue realized from its China and Kazakhstan operations in the first half of 2015 compared to first half of 2014.

 

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Valuation 1555 Industry Range
Price/Earnings 41.4x
Price/Sales 0.8x
Price/Book 0.7x
Price/Cash Flow 2.1x
TEV/Sales NM Not Meaningful
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