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Monday, 30 October 2017, 14:51 HKT/SGT
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Source: AAG Energy Holdings Limited
AAG Energy Announces 3rd Quarter 2017 Operations Updates

HONG KONG, Oct 30, 2017 - (ACN Newswire) - On behalf of AAG Energy Holdings (HKEX stock code: 2686), we would like to inform you that AAG Energy 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

For details, please refer to the announcement:
http://www.hkexnews.hk/listedco/listconews/SEHK/2017/1030/LTN20171030003.pdf
and you can also find the document on the announcements page of our website:
http://www.aagenergy.com/en-US/file/files/2017-10-30/08105667029.pdf



Oct 30, 2017 14:51 HKT/SGT
Topic: Press release summary
Sectors: Daily Finance, Energy
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