1. Home
  2. Press release
Jan 26, 2017 11:30 JST

Source: AAG Energy Holdings Limited

AAG Energy Announces 4th Quarter 2016 Operation Updates

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."

Key highlights:

- 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

Source: AAG Energy Holdings Limited
Sectors: Daily Finance

Copyright ©2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

Related Press Release

AAG Energy's Operations Remain Strong in 2018Q3
October 30 2018 20:56 JST
 
AAG Energy 2018 Interim Net Profit Surges by 223% and EBITDA up by 109%, Gross Gas Production Up by 30%
August 24 2018 23:14 JST
 
AAG Energy's Operations Remain Strong in 2018Q2
July 11 2018 21:54 JST
 
AAG Energy's Operations Remain Strong in 2018Q1
April 16 2018 21:58 JST
 
Revenue of AAG Energy Increases by 31.2% to RMB 735.5 Million in 2017
March 24 2018 14:10 JST
 
AAG Energy Announces 4th Quarter 2017 Operations Updates
February 08 2018 20:16 JST
 
AAG Energy Announces 3rd Quarter 2017 Operations Updates
October 30 2017 14:51 JST
 
AAG Energy Achieves Remarkable Results for 2017 Interim
August 24 2017 23:50 JST
 
AAG Energy Announces 2nd Quarter 2017 Operation Updates
July 24 2017 21:20 JST
 
AAG Energy Announces 2016 Annual Results
April 05 2017 09:43 JST
 
More Press release >>

Latest Press Release


Four-strong TOYOTA GAZOO Racing squad to push for more Portugal success
May 02, 2024 18:05 JST

Spectacular Spa awaits TOYOTA GAZOO Racing
May 02, 2024 17:46 JST

Q&M Dental Enhances Digital Capabilities by Integrating Align Technology's Newest iTero Lumina(TM) Intraoral Scanner Across Dental Clinics in Singapore
May 02, 2024 11:00 JST

Sumitomo Metal Mining and Mitsubishi Corporation to Participate in Kalgoorlie Nickel Project - Goongarrie Hub
Apr 30, 2024 19:08 JST

New Immuno-Oncology Research Project in Partnership With Merck Starts at the BioMed X Institute in Heidelberg
Apr 30, 2024 18:00 JST

SPARX Group Establishes Space Frontiers Second Fund
Apr 29, 2024 18:49 JST

MHI Establishes Local Subsidiary "Mitsubishi Heavy Industries Vietnam"
Apr 29, 2024 18:00 JST

POSCO Future M and Honda Reach Basic Agreement on Collaboration for Production of Cathode Materials for Automotive Batteries in Canada
Apr 29, 2024 14:25 JST

Honda Plans to Establish Comprehensive Electric Vehicle Value Chain in Ontario, Canada
Apr 29, 2024 14:16 JST

JCB enables JCB Contactless acceptance at Taichung MRT in Taiwan
Apr 26, 2024 10:00 JST

Mazda Production and Sales Results for March 2024 and for April 2023 through March 2024
Apr 25, 2024 18:21 JST

MHI Begins Operation of SOEC Test Module the Next-Generation High-Efficiency Hydrogen Production Technology at Takasago Hydrogen Park
Apr 25, 2024 17:45 JST

GAC Honda to Begin Sales of All-new e:NP2, the Second Model of e:N Series
Apr 25, 2024 16:50 JST

Toyota Exhibiting at Beijing Motor Show 2024
Apr 25, 2024 16:25 JST

Honda Reaches Basic Agreement with Asahi Kasei on Collaboration for Production of Battery Separators for Automotive Batteries in Canada
Apr 25, 2024 11:10 JST

UNIQLO Sponsors KAWS + Warhol Exhibition Tour, Starting in Pittsburgh
Apr 25, 2024 09:00 JST

Mitsubishi Power Begins Commercial Operation of Seventh M701JAC Gas Turbine in Thailand GTCC Project; Achieves 75,000 AOH To-Date
Apr 24, 2024 17:19 JST

MC and Denka Sign J/V Agreement in Fullerene Business
Apr 24, 2024 17:02 JST

Mitsubishi Motors Posts Record Sales in the Philippines in FY2023
Apr 24, 2024 13:56 JST

NEC Develops High-speed Generative AI Large Language Models (LLM) with World-class Performance
Apr 24, 2024 13:25 JST
 More Latest Release >>