MIE Holdings Corporation announced that the Company has completed the drilling of 268 wells on the Daan oilfield and the compilation of the Supplemental ODP. The conditions have been satisfied several months ahead of three-year period contemplated in the Supplemental PSC. Accordingly, the production period of the Daan oilfield will be extended until February 29, 2028.

As at December 31, 2022, the total number of wells on the Daan oilfield was 2,674, whereas the total number of operators and management personnel was 987. As at December 31, 2021, the cumulative output value of the Daan oilfield was approximately RMB 35.87 billion. The successful extension allows the Company to produce oil from and to review further potential opportunities within the Daan oilfield.

It is mutually beneficial to both the Company and PetroChina to use the experienced management team and operation personnel to continue the development of the Daan oilfield in a cost effective manner.