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AAG Energy Provides Operation Update for the 4th Quarter 2017

Release date: 08-Feb-2018

AAG Energy Holdings Limited ("AAG" or the "Company") hereby provides its operation update for the 4th quarter of 2017, i.e. three months ended December 31, 2017 ("2017Q4") to its shareholders and potential investors on a voluntary basis.


Key Quarterly Highlights:

  • HSE continues to outperform the target with zero injury in Q4

         — AAG has achieved 5 million man-hours (3 years and 111 days) without Lost Time Injury on 25th December, 2017

  • Panzhuang Gas sales price increased by 22% from 1.26 rmb/m³ to 1.54 rmb/m³ for Q4
  • Panzhuang maintained exceptional utilization rate of 98% in Q4
  • Gross production surpassed the guidance for Full Year 2017 achieving 629.84 MMCM (Panzhuang 571.56, Mabi 58.28 MMCM), a 16% YoY increase.

         — Q4 gross production of 171 MMCM, 18% YoY increase for Panzhuang and 23% YoY increase for Mabi

         — Q4 total daily production averaged 1.86 MMCM per day

  • 2017 drilling program exceeded plan, with 46 wells drilled in Q4 and 122 wells drilled for the year

         — 55 wells drilled in Panzhuang (45 SLH, 10 PDW), passing full year target of 29 wells and 67 wells drilled in Mabi, completed the target drilling plan.

  • Excellent performance in cost control for Full Year 2017

         — Panzhuang drilling costs reduced by 24% YOY for 45 SLH wells

         — Mabi drilling costs 30% under budget and completion costs 25% under budget for 67 PDW wells


Please click HERE for the full announcement.