HONG KONG, Oct 30, 2018 - (ACN Newswire) - AAG Energy Holdings Limited (HKEX stock code: 2686) is pleased to announce its operations update for 2018Q3, i.e. three months ended September 30, 2018.
Key Quarterly Highlights:
- By the end of September 2018, The National Development and Reform Commission of the People's Republic of China officially announced its Approval of Overall Development Plan for Cooperation on Southern Block in Mabi CBM Concession in Shanxi Qinshui Basin initiated by the Company
- AAG continues to outperform the HSE target with zero injury in 2018Q3
- AAG's gross average daily production for 2018Q3 achieved 2.24 MMCM per day ("MMCMD") (Panzhuang 1.96 MMCMD, Mabi 0.28 MMCMD), a 3.2% increase compared to the 2018Q2, and a 24.4% increase compared to 2017Q3
- Panzhuang drilled 15 SLH wells (2017Q3: 10 SLH wells) and 2 PDW wells in 2018Q3 (2017Q3: 1 PDW wells), and 13 wells were put into production
- Panzhuang Average Well-head Sales Price ("ASP") was 1.66 RMB per cubic meter ("rmb/m3") in 2018Q3, an increase of 10.7% over 2018Q2, and an increase of 31.7% over 2017Q3
- Mabi ASP increased by 21% to 1.39 rmb/m3 in 2018Q3 from 1.15 rmb/m3 in 2017Q3
For details, please refer to the announcement:
and you can also find the document on the announcements page of AAG's website:
About AAG Energy Holdings Limited (HKEX stock code: 2686)
AAG Energy Holdings Limited is an international energy company and the leader in China's CBM exploration and development sector. It focuses on developing and optimizing the value of unconventional gas resources to supply clean energy to the Chinese economy. AAG Energy's key operating assets, Panzhuang and Mabi concessions, are located in the Southwestern part of Qinshui Basin, which boasts the largest proved CBM geological reserves of any basin in China. AAG Energy's Panzhuang concession in partnership with China United Coalbed Methane Corporation Ltd., is the most commercially advanced Sino-foreign CBM asset in China and the first Sino-foreign CBM cooperative project to have entered full-scale commercial development and production. The Project has a designed annual production capacity of 500 million m3. AAG Energy's Mabi CBM Project in partnership with PetroChina received preliminary ODP Phase I approval from NDRC in November 2013. The designed production capacity of Mabi Phase I is 1 billion m3 per year. With proven ability to commercialize CBM and a highly-respected management team, the Group has attracted support from leading international and Chinese investors. For further details, please visit www.aagenergy.com.
Oct 30, 2018 20:56 HKT/SGT
Topic: Press release summary
Sectors: Daily Finance, Energy
From the Asia Corporate News Network
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