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2018 AAG Energy Interim Results

Release date: 27-Aug-2018

AAG Energy Holdings (HKEX stock code: 2686)announced its unaudited condensed consolidated interim results for the six months ended 30 June 2018.

 

Key Highlights: 

  • HSE continued to outperform the targets with zero incident for TRIR, LTIR and PMVA for 1H2018
  • Net profit and EBITDA surged by 223% and 109% to RMB205.7 million and RMB367.6 million, respectively
  • Mabi generated revenues, subsidy, VAT refund and associated expenses in 1H2018 after signing of exploration phase sales contract in July 2017
  • Panzhuang’s realized ASP increased from RMB1.26 per cubic meter in 1H2017 to RMB1.53 per cubic meter in 1H2018
  • Mabi’s realized ASP increased from RMB1.13 per cubic meter in 1H2017 to RMB1.42 per cubic meter in 1H2018
  • Gross production on track to deliver the 723 MMCM target for 2018

            1H2018 gross production reached 381 MMCM, 24% YoY increase for Panzhuang and 91% YoY increase for Mabi

            1H2018 daily production reached 2.11 MMCM per day for the first half year, 30% YoY increase

  • 29 SLH and 6 PDW wells were drilled in Panzhuang in 1H2018 with stable low cost, but Mabi’s 2018 drilling program was postponed due to change of expected time for Mabi ODP I approval
  • Mabi ODP I approval process resumed in June 2018 using the NDRC Approval Process while waiting for the new NDRC Filing Process to be in place. Final approval for Mabi ODP I expected in late 2018
  • AAG’s combined 2018 capital expenditures for Panzhuang and Mabi revised down to RMB490 million given Mabi ODP I submitted to NDRC in June 2018 to apply for ODP approval using NDRC Approval Process

 

For more informationabout Interim Results Announcement, please feel free to click the link:
http://www.aagenergy.com/en-US/file/files/2018-08-24/23065729127.pdf

  • Press Contact

    Jiayi Wu, Supervisor of the Board Office, +86 1592-859-9449, jiayi.wu@aagenergy.com