HONG KONG — 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