The Panzhuang CBM project, a joint Production Sharing Contract (PSC) project of AAG Energy Holdings Limited (“AAG Energy” or the “Group;” stock code: 2686), a leading independent coalbed methane (CBM) producer in China, and China United Coalbed Methane Corporation, Ltd, started trading on the Shanghai Petroleum and Natural Gas Exchange (SHPGX) today, making it the first CBM transaction to be traded online in China. The Panzhuang CBM concession is in southern Qinshui Basin, Shanxi Province and has an area of 141.8square kilometers.In November 2011, the Overall Development Plan (ODP) of the Panzhuang project was approved by the National Development and Reform Commission, making it the first Sino-foreign CBM cooperative project to begin full-scale commercial development in China. As at 17 June 2016, Panzhuang daily gas production exceeded 1.55 mmcm/day (54.7million cubic feet (“mmcf”)/day), which createda record high for the daily CBM production in Panzhuang.
Mr. Li Jing, AAG Energy Chief Executive Officer and President, commented: “The setting up of SHPGX is a milestone for China as it strives for the oil and gas reform and development, and we are delighted to see the gas fromPanzhuang CBM project startedtrading on the exchange. I would like to take this opportunity to thank all our partners for their support in making it happen. The setting up of the platform can enable users to understand how the market operates and encourage more industrial and non-industrial users to adopt CBM which is more environmentally friendly, and to accelerate the progress of CBM commercialization in China,which will certainly benefit AAG, who is a first-mover in the CBM industry in China. In the future, we will continue to work together with all our partners to promote the market-oriented reform and development of China’s oil and gas industry.”
SHPGX commenced trial operation on July 26th, 2015 in Shanghai. SHPGX wasfounded to promote the market driven reform in the oil and gas industry and serves as a leading pricing center for the industry in the Asia Pacific region. On 26th November 2016, SHPGX will organize a formal OnlineBriefing cum China Oil and Gas Reform and Development Summit in Shanghai.
The information contained in this website intended solely for your personal reference. Such information is subject to change without notice and no representation warranty express or implied is made as to, and no reliance, should be placed on, the fairness, accuracy, completeness or correctness of the information contained in this presentation. This website does not intend to provide, and you may not rely on this website providing, a complete or comprehensive analysis of the Company's financial or trading position or prospects. None of the Company nor any of its respective affiliates, advisors or representatives shall have any liability (in negligence or otherwise) whatsoever for any loss or damage howsoever arising from any use of this website or its contents or otherwise arising in connection with this presentation.
This website contains projections and forward looking statements that may reflect the Company's current views with respect to future events and financial performance. Readers are cautioned not to place undue reliance on these forward-looking statements which are subject to various risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
This website does not constitute an offer or invitation to purchase or subscribe for any securities or financial instruments or the provision of any investment advice, and no part of it shall form the basis of or be relied upon in connection with any contract, commitment or investment decision in relation thereto, nor does this website constitute a recommendation regarding the securities or financial instruments of the Company.
Ownership of the copyright of this site
The copyright in the contents and any downloads from this website is owned by AAG or its subsidiaries unless otherwise stated. You are responsible for obeying all applicable copyright laws. We permit you to make copies of this website as necessary incidental acts during your viewing of it; and you may take a print for your personal use of so much of the site as is reasonable for private purposes. All other use is strictly prohibited. You may not frame this site nor link to a page other than the home page without our express permission.
Use of any Hyperlink
Neither we nor any of our subsidiaries are responsible for the content of any other website, including any website through which you may have gained access to our website or to which you may gain access from our website. We do not accept any liability in connection with any such sites or links.
Where we provide a hyperlink to a third party's website, we do so because we believe in good faith that such a website contains or may contain material which is relevant to that on our website. Such a hyperlink does not signify that AAG or its subsidiaries have reviewed or approve of the connected third party's website or its contents - indeed in certain instances a hyperlink may connect you to a third party's website containing views contradictory to those expressed on our website or otherwise held by AAG and its subsidiaries.