AAG Energy Holdings Limited Reports Audited Consolidated Earnings and Production Results for the Year Ended December 31, 2017; Provides Production and Capex Guidance for 2018
During the year 2017, the gross production volume was 629.9 mmcm compared to 541.1 mmcm a year ago. Gross production volume was 22.3 bcf compared to 19.1 bcf a year ago. Gross sales volume was 21.7 bcf compared to 18.3 bcf a year ago. Gross sales volume was 613.3 mmcm compared to 516.9 mmcm a year ago. Net sales volume was 15.3 bcf compared to 12.7 bcf a year ago. Net sales volume was 433.0 mmcm compared to 359.8 mmcm a year ago.
The group's full year gross production expectation for Panzhuang is 626.0 MMCM (22.1bcf) subject to anticipated project execution and related government approvals. The group's full year gross production expectation for Mabi is 97.3 MMCM (3.4 bcf) subject to anticipated project execution and related government approvals.
Foe the year 2018, the total capital expenditure will be approximately RMB 890 million (comprising RMB 320 million for Panzhuang and RMB 570 million for Mabi) which will be funded by internal cashflows, a portion of proceeds from the IPO and/or the unutilized portion of the reserve-based lending facility.