Brisbane, Australia – April 29, 2024 – Queensland Pacific Metals Ltd (ASX: QPM), a leader in the development of natural gas resources, is thrilled to announce a substantial increase in its 2P gas reserves at the Moranbah Project. Following a newly completed independent assessment by Netherland, Sewell & Associates Inc., the company reports a 38% increase in 2P reserves, rising from 240PJ to an impressive 331.2PJ.
This significant update, which represents a net increase of 105PJ after accounting for production, solidifies QPM’s position as a key player in the Eastern Australian gas and electricity markets. Over 200PJ of these reserves remain uncontracted, offering QPM considerable flexibility to expand and meet growing energy demands.
Strategic Developments and Future Growth
In response to the reserve upgrade, QPM is aggressively moving forward with several strategic initiatives aimed at increasing gas production and supply capabilities. Key projects include:
- New well development programs at Teviot Brook South.
- Expansion of well workover programs to enhance field productivity.
- Integration of additional mine waste gas supplies into existing infrastructure.
- Collaborative efforts in the Northern Carbon Abatement Hub to foster sustainable practices.
QPM CEO David Wrench commented:
“We are very pleased with the results of our extensive well workover program which has re-invigorated the field and established a stable production base. This program has increased production and underpinned the significant reserve upgrade announced today. With over 200PJ of uncontracted gas reserves and a myriad of sales opportunities ahead of us, this is an exciting time for shareholders.”
Contact details:
Jane Morgan