HONG KONG, June 20, 2012 /PRNewswire-Asia/ -- MIE Holdings Corporation ("MIE" or the "Company", together with the subsidiaries, the "Group"; HKEx Stock Code: 1555), an independent upstream oil company engaged in the exploration, development and production of crude oil and natural gas in China, Kazakhstan and USA, is pleased to announce that the Group has signed the loan documentation for a new USD80 million syndicated loan facility ("Bank Facility") arranged by China Minsheng Banking Corporation Limited Hong Kong Branch with China Minsheng Banking Corporation Limited head office and China Minsheng Banking Corporation Limited Hong Kong Branch being the lenders ("Minsheng Bank"). Minsheng Bank would also, subject to future negotiations, internal approvals and documentation, provide the Group with another facility of USD170 million for the Group's development.
The Bank Facility will be applied to the development of the Group's ADE Block in Kazakhstan, including exploration and production drilling and field infrastructure.
Mr Zhang Rui Lin, Chairman, Executive Director and CEO of MIE commented: "We are delighted to announce this completion with Minsheng Bank. This is a major milestone on the road to our objective of achieving production in 2012 and building a long term oil and gas business in Kazakhstan. We look forward to a long and fruitful relationship with the team at Minsheng Bank."
About MIE Holdings Corporation
MIE is an independent oil and gas company engaged in the exploration and production of crude oil and natural gas in China, Kazakhstan and USA. The Group operates the Daan, Moliqing and Miao 3 oilfields in the Songliao Basin under three separate production sharing contracts with PetroChina, the largest oil company in China. The Group also holds an exploration contract and three production contracts that allow the Group to conduct exploration and production activities in the Mangistau province in the southwestern region of Kazakhstan. In addition, the Group pursues other development and production opportunities in China, and exploration, development and production opportunities internationally, both independently and in partnership with other major and independent oil companies.
MIE is listed on the main board on HKEx with stock code 1555.
For further information, please contact:
| Porda Havas International Finance Communications Group | ||
| Mr. Terence Wong | +852-3150-6773 | terence.wong@pordahavas.com |
| Mr. Henry Ho | +852-3150-6712 | henry.ho@pordahavas.com |
| Ms. Yuly Chen | +852-3150-6746 | yuly.chen@pordahavas.com |
| Fax: | +852-3150-6728 | |
