MIE Holdings Corporation announced establishment of independent investigation committee. An independent investigation committee (the Investigation Committee') comprising Mr. Ai Min as the chairman and Mr. Mei Jianping, Mr. Liu Ying Shun, Mr. Yeung Yat Chuen and Mr. Guo Yanjun as members (all of whom are independent non-executive Directors) has been established by the Board to investigate (the `Investigation') the Guarantee, the Repayments and other related matters including the internal control deficiencies of the Group, if any. All the members of the Investigation Committee had confirmed to the Board that they are independent of and not connected with Mr. Zhang and the Relevant Matters.

The Investigation Committee is currently in the course of engaging independent investigation consultant(s) (``Investigation Consultant(s)'') to assist with and conduct the Investigation. It is expected that such Investigation Consultant(s) will produce a report of findings to the Investigation Committee. Redesignation Of Director: Although the outcome of the Investigation is unknown as at the date of this announcement, in light of the Relevant Matters, the Board announced that Mr. Zhang has been redesignated from an executive Director to a non-executive director (the Redesignation') with effect from 25 February 2023.

Following the Redesignation, Mr. Zhang will remain as Chairman of the Board, but will not be involved in the day-to-day business operation and management of the Group. Mr. Zhang, aged 52, had been an executive Director and the Chairman of the Company since March 2008. Mr. Zhang has over 32 years of experience in the oil and gas business.

Following the takeover of the Company by Far East Energy Limited (FEEL) in August 2003, Mr. Zhang joined the Group in September 2003 and has been a Director since then. Prior to the Redesignation, he was primarily responsible for overseeing the Group's overall strategies, planning and day-to-day management and operations. Mr. Zhang is also a director for various subsidiaries of the Group.