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Panzhuang Project

Situated in Jincheng, a city in the southern aera of the Qinshui Basin in Shanxi Province, and in partnership with China United CBM Limited, the Panzhuang concession was developed by Sino-American Energy Limited, a subsidiary of AAG Energy Holdings Limited. The Panzhuang concession is the most advanced CBM commercially developed concession with an area of141.8 k㎡ under PSC. In 2008, Panzhuang realized its first CBM sales, making Sino-American Energy Limited one of the first CBM developers to realize CBM commercialization.

 

The Panzhuang concession is the first Sino-foreign CBM cooperative project in China to have received overall development plan approval, with a designed annual production capacity of 500 million m³. On November 1st, 2016, the Panzhuang concession officially entered the production phase making it the first foreign cooperative CBM project to enter full-scale commercial development and production. In 2017, total annual production reached 571.6 mmcm with an 13% increase YoY(Year on Year), ASP ( average selling price) reached 1.31 RMB/m³, increased 10% YoY. The 45 SLH wells were completed in just 16.9 days with an average drilling cost of RMB 2.9 million per SLH well.