AAG Raised $100 mn Loan for Development of Panzhuang Concession

AAG Energy Limited (AAG), a China focused coal bed methane company, has raised $100 million loan for development of its Panzhuang concession in Shanxi Province.

The Panzhuang concession is China’s most commercially advanced CBM asset and is the first CBM concession to receive Overall Development Plan (ODP) approval from the National Development and Reform Commission (NDRC), AAG said in a statement.

Panzhuang concession extends over an area of 141.8 square kilometres. The company received approval of the Panzhuang ODP from the NDRC in November 2011. AAG partners CUCBM in Panzhuang PSC.

Steve Zou, Founder, Chairman, and CEO of AAG commented “We are excited to see that our commercial achievements in Panzhuang are recognized by two leading international lenders. Securing this $100 million loan is a testament to our track record and the execution capabilities of our team”.

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