MIE Holdings Reports Asset Impairment in 2024 Annual Update
MIE Holdings Corp. (HK:1555) reported asset impairment losses of approximately RMB93.4 million in its 2024 Annual Update, primarily related to oil and gas properties at the Daan Oilfield. The impairment assessment utilized a discounted cash flow model, considering factors like crude oil prices and production volumes, with a shorter forecast period due to the production sharing contract expiring in 2028. The company's current market cap is HK$118.3M, with a year-to-date price performance of 52.17%.
An update from MIE Holdings Corp. ( (HK:1555) ) is now available.
MIE Holdings Corporation has announced supplementary information regarding its 2024 Annual Report, focusing on impairment losses on assets. The company conducted an impairment assessment of its cash-generating unit (CGU) at the Daan Oilfield, using a discounted cash flow model to estimate the present value of future cash flows. The assessment revealed impairment losses of approximately RMB93.4 million, attributed mainly to oil and gas properties. The valuation was based on key assumptions such as crude oil prices, production volumes, and discount rates, reflecting a shorter forecast period due to the impending expiration of the production sharing contract in 2028.
More about MIE Holdings Corp.
MIE Holdings Corporation is engaged in the exploration, development, production, and sale of crude oil and other petroleum products, primarily operating under the Daan Oilfield in the People’s Republic of China. The company operates under a production sharing contract with China National Petroleum Corporation, which is set to expire on February 29, 2028.
YTD Price Performance: 52.17%
Average Trading Volume: 28,365,609
Technical Sentiment Signal: Buy
Current Market Cap: HK$118.3M
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