AAG Energy achieves production milestone

AAG Energy Holdings Ltd has announced that the Group has achieved new production milestones at both the Panzhuang and Mabi CBM concessions.

CBM production from the Panzhuang concession has exceeded 1.5 million m³/d. The Panzhuang concession was the first Sino-foreign CBM cooperative project to have received Overall Development Plan (ODP) approval from the NDRC.

At the Mabi CBM concession, the CBM gross gas flow rate from the pilot wells exceeded 100 000 m³/d. This is an increase of 300% over the January 2016 average daily production.

Mr. Carl Lakey, Co-CEO and COO of AAG Energy, commented: "I am very excited about these two encouraging news. This continued ramp-up in production should enable Panzhuang to soon exceed its ODP-designed annual commercial capacity of 500 million m³, marking yet another significant milestone as well as demonstrating its leading role in China's CBM development. We have also achieved remarkable progress at Mabi, a direct result of our relentless testing and application of innovative CBM development technologies and operational best practices for the past several years. The performance improvement in the pilot area reinforces our confidence that we are on the right track to commercialise Mabi's CBM resources. AAG Energy is committed to sustainable development in a socially responsible and environmentally sustainable way, providing superior returns on shareholders' investment and simultaneously acting in the long-term interests of the environment and society. We will continue our efforts to secure and share even greater benefits wherever we operate."

Edited from press release by Angharad Lock

Read the article online at: https://www.worldcoal.com/cbm/05072016/aag-energy-achieves-production-milestone-1066/