AAG Energy Holdings Limited (HKEX stock code: 2686) has published its 2017 Interim Report detailing its financial performance for the six months ended 30 June 2017. As a move to support environmental protection, here is the hyperlink to download a softcopy of the Interim Report:
Bilingual Version:
http://www.hkexnews.hk/listedco/listconews/SEHK/2017/0830/LTN20170830324.pdf
Key highlights:
- Health, Safety and Environmental showed strong performance for first half of 2017
- Higher realized ASP of RMB1.26 per cubic meter in 1H2017
- Profit from operations and EBITDA increased by 17.9%% and 21.5% respectively
- Gross production on track to deliver the 614 MMCM guidance for 2017 (Panzhuang: 557 MMCM, Mabi: 57 MMCM)
- 1H2017 gross production of 292 MMCM, 11% YoY increase for Panzhuang and 130% YoY increase for Mabi
- 1H2017 daily production reached 1.62 MMCM per day for the first half year
- 2017 drilling program on schedule, with 39 wells drilled in 1H2017
- Gas sales with exceptional utilization rate of 98% in 1H2017
- Costs under control
- Drilling cost per well for Panzhuang in 1H2017 down by RMB1 million YoY
- Drilling cost per well for Mabi in 1H2017 RMB0.3 million lower than budgeted RMB1.2 million
- Increased drilling program for Panzhuang in 2017 from 29 wells to 44 SLH wells and 8 PDWs as a result of Capex savings and faster well completion