HKEx: HK$0.00 Search English|简体中文
Home>Investor Relations>Press Releases
Press Releases

AAG GAS PRODUCTION SURPASSES 1 MILLION CUBIC METERS PER DAY

Release date: 10-Jun-2014

Beijing, June 10, 2014 – AAG Energy Limited (AAG), the leading independent Coalbed Methane (CBM) company in China, announces today that on June 8, 2014 the combined gross production from its Panzhuang and Mabi concessions surpassed 1 million cubic meters per day (35,315 mcf/d).
 
Carl Lakey, Chief Operating Officer commented “The achievement of this significant milestone represents a true team accomplishment and foreshadows more to come. We are on track for another great year, and expect this positive trend to continue. ”
 
Production at the Panzhuang concession has grown on average 50% year over year since 2011 when Panzhuang became the first Sino-foreign Cooperative CBM Project to obtain Overall Development Plan (ODP) approval from the National Development and Reform Commission (NDRC). Due to the swift production increases and rising natural gas price environment in China, AAG has increased revenue ~140% since 2011 reaching $22.36 million by the end of 2013. Keeping pace with the rapid development in Panzhuang, in 2013 the Mabi concession obtained preliminary ODP approval from the National Energy Administration (NEA). Mabi has a first phase commercial capacity target of 35 BCF per year, with future commercial production expected to surpass 100 BCF per year.
 
“This milestone marker of 1 million cubic meters per day reached on June 8th represents a 200% production increase from a year ago levels. This speaks to the quality of our Panzhuang and Mabi assets and also our ability to utilize fit for purpose technology to rapidly commercialize CBM assets in an environmentally friendly and safe manner.” Said Steve Zou, Founder, Chairman, and CEO.

 
 
  • Press Contact

    Jiayi Wu, Joint Company Secretary's Assistant, +86 1592-859-9449, jiayi.wu@aagenergy.com