Queensland Pacific Metals Ltd (ASX:QPM), a leader in the metals and mining sector, is proud to announce a series of significant achievements and future plans for its wholly owned subsidiary, QPM Energy (“QPME”), in relation to the Moranbah Project.
Key Highlights:
- Exceptional Safety Record: QPME has achieved a remarkable milestone in its operations with no lost time injuries, underscoring its commitment to safety and operational excellence.
- Increased Production Capacity: The company has successfully increased its production from 22.9TJ per day to approximately 27TJ per day, marking a significant step in its growth trajectory.
- Expansion at Townsville Power Station: The growing electricity generation at Townsville Power Station (“TPS”) is a testament to QPME's dedication to enhancing its energy production capabilities.
- Strategic Infrastructure Developments: The construction of new tie-in points for directly connecting pre-mining gas drainage wells at the Grosvenor and Moranbah North mines is set to bolster the company’s operational efficiency.
- Upcoming Drilling Program: An 8 well drilling program, fully funded under the Dyno Nobel Deferred Funding Facility, is scheduled to commence around April 2024, highlighting QPME's forward-looking approach in resource development.
- Expanding Market Reach: QPME is actively developing further third-party gas sale opportunities with industrial users in the Townsville region, aiming to broaden its market footprint and customer base.
Operational Excellence and Future Growth:
In the three months since assuming operatorship of the Moranbah Project, QPME has focused on maintaining safe and stable operations while implementing a series of production optimization and improvement initiatives. The transition of operations has been highly successful, thanks in part to the efforts of contract operator GR Production Services in establishing a robust management and operating team.
A key factor in this success has been the implementation of good gas field operating practices, which have not only ensured zero lost time injuries but have also significantly improved field performance.
Looking Ahead:
As QPM and QPME continue to build on these strong foundations, the focus remains on sustainable growth, operational excellence, and the exploration of new opportunities in the energy sector. The company is well-positioned to capitalize on its recent achievements and looks forward to a future of continued success and innovation.
QPME CEO David Wrench commented, “ We are delighted with the way our acquisition of the Moranbah Project and transiton to operatorship has progressed over the last 3 months. The rapid turnaround in production we have seen has validated our operating strategy and has identified further upside as we build a profitable energy business.”
Contact details:
Jane Morgan