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AAG Energy Announces 3rd Quarter 2017 Operations Updates

Release date: 31-Oct-2017

AAG Energy Holdings (HKEX stock code: 2686) is pleased to announce its operations update for 2017Q3, i.e. three months ended September 30, 2017.

 

Key Quarterly Highlights:

 

  • HSE (health, safety, environment) continues to outperform the target with zero injury in Q3
  • Gross production on track to deliver the 614 MMCM guidance for 2017 (Panzhuang: 557 MMCM, Mabi: 57 MMCM)
  • Q3 gross production of 166 MMCM, 11% YoY increase for Panzhuang and 52% YoY increase for Mabi
  • Q3 total daily production averaged 1.8 MMCM per day
  • Mabi signed pilot gas sales agreement with PetroChina in Q3
  • Mabi pilot gas sales utilization rate of 98%
  • Panzhuang Gas sales with exceptional utilization rate of 99% in Q3
  • 2017 drilling program on schedule, with 37 wells drilled in Q3
  • 33 wells drilled YTD in Panzhuang, passing full year target of 29 wells
  • Excellent performance in Cost Control
  • Drilling costs for Panzhuang in Q3 down by 27% per well from 2016
  • Drilling and completion costs for Mabi in Q3 down by 25% compared with the budget
  • Completion costs for Mabi are down 30% YoY

 

Please click HERE for the full announcement.