Queensland Pacific Metals Limited (ASX:QPM) is excited to announce the imminent finalisation of the remaining Condition Precedents to enable the completion of the Moranbah Project acquisition. This significant development provides QPME, a wholly-owned subsidiary of QPM, with the confidence to finalise key operating agreements, facilitating the transition to full operatorship of gas production assets and electricity generation.
Imminent Completion of Moranbah Project Acquisition: QPME is close to satisfying the remaining condition precedents for the acquisition, with financial close expected before 31 August 2023.
Transition to Full Operatorship: QPME is finalising arrangements to become the full operator of upstream gas production assets and downstream electricity generation.
Appointment of Upstream Petroleum Services: QPME has appointed UPS as the contract operator for the Moranbah gas field, with formal notification to the Queensland Regulator.
Power Purchase Agreement with Townsville Power Station: The Moranbah Project assets include an agreement with TPS, allowing QPME to generate and sell electricity into the National Electricity Market (NEM).
Appointment of CQ Energy and SGM Solutions: QPM has engaged CQ Energy for key operational services, including the bidding and dispatch of electricity generated by TPS into the NEM. SGM Solutions will run gas nominations and scheduling services under various gas agreements.
Compliance with Financial Provisioning Act: QPME has been notified of compliance with obligations under the Mineral and Energy Resources (Financial Provisioning) Act 2018.