Hong Kong – MIE Holdings Corporation released its unaudited interim results for the six months ended 30 June 2026, reporting a 4.70% year-on-year revenue increase to RMB 382.82 million, driven by a 16.8% rise in the average realised crude price to USD 81.34 per barrel.

\n\nNet loss attributable to shareholders shrank 2.40% to RMB 144.47 million. Loss before tax improved to RMB 121.90 million from RMB 129.33 million a year earlier. EBITDA fell 5.20% to RMB 202.89 million, while adjusted EBITDA declined 5.30% to RMB 201.91 million.

\n\nOperationally, gross crude output from the Daan Production Sharing Contract (PSC) in mainland China slipped 4.9% to 1.45 million barrels. Net production allocated to the Group dropped 7.8% to 0.67 million barrels, or 3,717 barrels of oil per day. No new wells were drilled during the period. Lifting costs rose 16.2% to USD 20.15 per barrel.

\n\nCost dynamics were mixed. Depreciation, depletion and amortisation fell 15.4% to RMB 134.30 million following 2025 impairment charges, but special oil gain levy surged to RMB 27.29 million as crude prices exceeded the USD 65 per-barrel threshold. Finance costs increased 3.30% to RMB 190.50 million, reflecting higher accrued interest and asset-retirement charges.

\n\nThe balance sheet shows cash and cash equivalents of RMB 136.88 million against total borrowings of RMB 3.07 billion. Current liabilities exceeded current assets by RMB 85.74 million, and shareholders’ deficit widened to RMB 2.75 billion. Management flagged “material uncertainty” over going-concern assumptions, citing crude-price volatility, refinancing needs and the necessity to extend collaboration with China National Petroleum Corporation (CNPC) beyond the 29 February 2028 expiry of the Daan PSC.

\n\nLooking ahead to H2 2026, the Group plans to contain discretionary spending, enhance operating efficiency and maintain stable production to mitigate market volatility. The board declared no interim dividend for the period.