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

AAG Energy’s Operations Remain Strong in 2018Q1

Release date: 17-Apr-2018

Panzhuang’s ASP and Production Volume Continue to Rise
Pilot Production at Mabi Further Expands in Preparation for Commercial Development

 

AAG Energy Holdings Limited (HKEX stock code: 2686) is pleased to announce that its operations for the three months ended 31 March 2018 continued their strong performance in the first quarter of 2018.


Dr. Stephen Zou, Chairman and Executive Director of AAG Energy, said, “In the first quarter of this year, AAG Energy sustained the strong momentum of 2017 as its business and operations remained sound. A remarkably consistent growth in the average selling price and production volume was recorded at Panzhuang. As the leading independent coalbed methane (“CBM”) producer in China with high productivity and a sound financial condition, AAG is expected to prosper in line with the rising demand in the natural gas market of China. We are fully prepared for further expansion of production at Panzhuang and commercial development at Mabi.”


Key Quarterly Highlights:

  • HSE continues to outperform the target with zero injury in 2018Q1
  • Panzhuang Gas Average Sales Price (“ASP”) increased to 1.57 RMB per cubic meter (“rmb/m3”) (a 20% increase over Panzhuang’s 2017 ASP of 1.31 rmb/m3 and a 24% increase over Panzhuang’s 2017Q1 ASP of 1.26 rmb/m3)
  • AAG’s gross daily production for 2018Q1 achieved 2.04 MMCM per day (“MMCMD”) (Panzhuang 1.79 MMCMD, Mabi 0.25 MMCMD), an 18% increase compared to the average daily production of 1.72 MMCMD in 2017 (Panzhuang 1.57 MMCMD, 14% increase; Mabi 0.16 MMCMD, 54% increase) or a 29% increase compared to the average daily production of 1.58 MMCMD in 2017Q1 (Panzhuang 1.45 MMCMD, 24% increase; Mabi 0.14 MMCMD, 80% increase)
  • Panzhuang drilled 13 SLH wells and 1 PDW well in 2018Q1, and 5 wells were put into production during the quarter
  • 24 PDW wells in Mabi completed fracture work and altogether 56 wells were put into pilot production in 2018Q1

 

For details, please refer to the announcement: 

http://www.hkexnews.hk/listedco/listconews/SEHK/2018/0416/LTN201804161186.pdf
and you can also find the document on the announcements page of our website:
http://www.aagenergy.com/en-US/file/files/2018-04-16/19534070928.pdf