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Monday, 24 July 2017, 21:20 HKT/SGT
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Source: AAG Energy Holdings Limited
AAG Energy Announces 2nd Quarter 2017 Operation Updates

HONG KONG, July 24, 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 operation update for the 2nd quarter of 2017, i.e. three months ended June 30, 2017 ("2017Q2").

Key Quarterly Highlights:

- Health, safety, environment (HSE) continues to outperform the target with zero incidents in Q2
- Gross production on track to deliver the 614 MMCM guidance for 2017 (Panzhuang: 557 MMCM, Mabi: 57 MMCM)
-- Q2 gross production of 150 MMCM, 10% YoY increase for Panzhuang and 77% YoY increase for Mabi
-- Q2 total daily production reached 1.65 MMCM per day
- 2017 drilling program on schedule, with 32 wells drilled in Q2
- Gas sales with exceptional utilization rate of 98% in Q2
- Costs are well under control
-- Drilling costs for Panzhuang in Q2 down by 26% per well from 2016
-- Drilling costs for Mabi in Q2 down by 25% per well compared with the budget

For details, please refer to the announcement:
http://www.hkexnews.hk/listedco/listconews/SEHK/2017/0724/LTN20170724701.pdf
and you can also find the document on the announcements page of our website: http://www.aagenergy.com/en-US/file/files/2017-07-24/20125935466.pdf

Topic: Earnings
Sectors: Daily Finance, Energy
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