Queensland Pacific Metals Limited (QPM) subsidiary QPM Energy (QPME) and operating partner GR Production Services have successfully assumed operating control of the Moranbah Project.
The operatorship was securely transferred, with no disruptions to well field operations or gas deliveries to customers. A first-rate operations team has been formed, led by a core group of experienced Moranbah Project staff.
“We are delighted that, following completion of the Moranbah Project acquisition last Friday, we have now successfully completed transfer of operatorship. We have a highly motivated, experienced team in control of the Project who have a clear vision of what needs to be done to significantly grow the business into 2024,” QPME CEO David Wrench said.
QPM previously issued preliminary forecasts for the Moranbah Project, predicting an increase in output to support the considerable growth in EBITDA over the following 12 months. To accomplish this, QPM will undertake the following plan, which requires modest capital to implement:
- Existing well workover program to boost gas output – Initial 9-well campaign is slated to begin in October 2023;
- Installation of tie-in points on the neighbouring Anglo mine site to capture gas that is now being drained and flared — three are expected to be completed by September 2023, and three more by December 2023;
- New well drilling program funded by the $80 million Dyno Nobel Development Funding Facility — drilling will begin in early 2024, with the first gas expected in mid-2024; and
- Other infrastructure optimisation activities.
