Brisbane, Australia, May 10, 2024: Queensland Pacific Metals Ltd (ASX: QPM) is excited to announce that its subsidiary, QPM Energy, has been awarded a $3 million Frontier Gas Exploration Grant by the Queensland State Government. This grant is part of the Queensland Resources Industry Development Plan and will fund a groundbreaking trial program aimed at unlocking gas resources in the Fort Cooper Coal Measures (FCCM), specifically the Fairhill Seam.
Key Highlights:
- Innovative Exploration Project: The FCCM Production Assessment Project is designed to trial a new series of wells targeting the high-gas-content FCCM, currently untapped for gas drainage activities.
- Potential for Immediate Impact: Successful trials could lead to an immediate increase in gas production at the Moranbah Gas Project. Data obtained will also aid in future estimations of gas reserves and resources in the FCCM.
- Environmentally and Economically Significant: This project aims to convert a potential waste product and greenhouse gas into a commercially viable resource, improving returns from the Moranbah Project. It will also significantly reduce carbon emissions and transform mining safety and emissions challenges into economic opportunities.
- Funding Milestones: The grant funding will be utilized during the 2024/25 fiscal year, with milestones tied to the successful achievement of several project objectives.
QPM’s Chief Executive Officer David Wrench commented,:
"We are delighted to receive this funding support from the Queensland Government. The grant will provide the funds to complete a new drilling technique which has the opportunity of not only increasing gas production from the Moranbah Project but will also result in a significant reduction in carbon emissions from the Bowen Basin. If successful, it can result in increased economic gas resources which can be incorporated into QPM’s long term field development plan.”
About us:
The company is focused on developing the 100% owned Townsville Energy Chemicals Hub (TECH) Project. The TECH Project will be a modern and sustainable, battery metals refinery, 40km south of Townsville, in northern Queensland. The TECH Project will produce critical metals for the rapidly emerging lithium-ion battery and electric vehicle sector.
Contact details:
Jane Morgan
jm@janemorganmanagement.com.au
