HONG KONG, Jan 26, 2017 - (ACN Newswire) - AAG Energy Holdings Limited (HKEX stock code: 2686) is pleased to announce its operation update for the 4th quarter of 2016.
AAG Energy CEO & President, Jing Li commented: "2016 was a challenging year for most upstream operators under the continued low oil & gas price environment. We are happy to have had another year of robust production increase from Panzhuang and significant progresses made on the Mabi pilot program and ODP I approval. With continued improvement in operations efficiency and cost control, AAG is well positioned to further expand our business and provide more clean energy to our customers and markets in China."
- Q4 Gross production of 144 million cubic meters (MMCM), comprising 131 MMCM from our Panzhuang concession and 13 MMCM from the Mabi concession
- Panzhuang concession over produced annual design capacity of 500 MMCM, producing 506 MMCM in 2016
- Q4 Total average daily production of 1.57 million cubic meters (MMCMD): an increase of 14% from last year
- Q4 Mabi record gross production of 12.85 MMCM
- Q4 Mabi record daily production of 140 thousand cubic meters per day (MCMD)
- 17 wells drilled in Q4; 13 production for Panzhuang, 4 exploration for Mabi
- 5 wells put into production in Q4 for Panzhuang
- Q4 98% sales utilization rate for Panzhuang
- Q4 Capex of RMB123 MM
- Mabi ODP Phase I approval is on schedule and under CNPC final review
- Health, Environment, Safety (HSE) injury rate indicators were all 0 for Q4
- Drilling costs continue to fall, SLH well costs down 40% since 2015
(Operations update as of December, 31st 2016, 08:00 CST)
For details, please refer to the announcement: http://www.hkexnews.hk/listedco/listconews/SEHK/2017/0126/LTN20170126027.pdf and you can also find the document on the announcements page of our website: http://www.aagenergy.com/article/1065
Sectors: Daily Finance
From the Asia Corporate News Network
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