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AAG Energy Wins FinanceAsia Achievement Award

Release date: 28-Jan-2016

 

27 January 2016AAG Energy Holdings Limited (“AAG” or the “Group;” stock code: 2686), a leading independent coalbed methane (CBM) producer in China, is pleased to announce that the Group has garnered the “FinanceAsia Achievement Award– Best Project Finance”for securing a US$250,000,000 reserve-based loan for a six-year period, the largest oil and gas financing facility in Asia during 2015. The Hongkong and Shanghai Banking Corporation Limited, Bank of Communication Ltd., Offshore Banking Unit, Standard Chartered Bank (Hong Kong) Limited and SocieteGeneraleacted as original lenders.

 

The obtaining of the loan after the Group’s successful IPO in Hong Kong demonstrates the strong business generated byAAG’s robust commercial CBM production and the strong cashflow from thePanzhuang concession. The additional capital enables the Group to continue to boost the production capacity in the Panzhuang concession and further enhance the commercialization of theMabiconcession as well as finance new unconventional investment opportunities to create additional value for shareholders. This reaffirms the strong confidence in the Group’s ability to the solid development prospects of China’s market in CBM and other unconventional energy resources.