MIE Holdings reported a RMB144.47 million net loss for the six months ended 30 June 2026, marginally narrower than the RMB148.02 million loss a year earlier.

Revenue rose 4.7 % to RMB382.82 million, driven by a 16.8 % increase in the average realised oil price to US$81.34 per barrel. This gain compensated for a 6.8 % drop in net crude-oil sales volume to 0.68 million barrels and a 7.8 % fall in net production to 0.67 million barrels.

EBITDA declined 5.2 % to RMB202.89 million, mainly reflecting higher lifting costs (US$20.15 per barrel versus US$17.34) and a jump in the special oil gain levy to RMB27.29 million. Adjusted EBITDA fell to RMB201.91 million from RMB213.18 million.

Depreciation, depletion and amortisation fell 15.4 % to RMB134.30 million following prior-year impairment charges, while finance costs rose 3.3 % to RMB190.50 million. Basic and diluted loss per share remained RMB0.04.

Operating cash flow increased to RMB207.11 million from RMB165.08 million, but capex and additional restricted cash pushed free cash flow into negative territory. Cash and cash equivalents stood at RMB136.88 million against total borrowings of RMB3.07 billion, leaving the group with net current liabilities of RMB85.74 million and a shareholders’ deficit of RMB2.75 billion. Management continues to prepare cash-flow forecasts on a going-concern basis and is exploring refinancing options.

Production remains concentrated in the Daan Oilfield PSC, whose term was extended to 29 February 2028. No new wells were drilled in the first half.

Looking ahead to H2-26, management plans to “dynamically optimise” production schedules, reinforce cost control and pursue financing flexibility amid volatile oil prices.