Sydney, Australia - 24 April 2024 - Queensland Pacific Metals Ltd (ASX:QPM), an ASX listed gas exploration company, is thrilled to announce the commencement of drilling operations for seven new production wells at the Teviot Brook South area as part of its ongoing production growth strategy. This initiative marks a significant step in the company's development and commitment to enhancing its output capabilities.
Teviot Brook South Well Program Details
The Teviot Brook South Well Program will see the installation of seven new Surface to Inseam (SIS) well pairs. Each pair consists of a vertical production well linked with a lateral well drilled within the Goonyella Middle Seam. The innovative drilling plan aims to optimize gas extraction over an average lateral exposure of approximately 1,000 meters to the coal seam.
Located in a highly productive sector of the MGP field, the new wells are strategically positioned to leverage the proven output of adjacent wells, ensuring robust production and efficiency. The drilling schedule is set to complete all vertical wells by the end of June, with lateral drilling occurring from July to September. Full operational status for these wells is expected by the end of the December quarter, following the installation and commissioning of necessary pumps and surface equipment.
Expected Production Profile
These new wells are designed to initially ramp up to peak gas production before transitioning to a stable long-term output phase, similar to the many existing wells across the MGP field that have demonstrated sustained productivity for over 15 years.
Well Workover Program Update
In parallel with the new drilling program, QPM has continued to enhance its existing well infrastructure through an aggressive workover program. Over the past six months, the company has successfully returned 22 previously offline or suspended wells to production, increasing the total number of producing wells from 96 to 118 since the acquisition in September 2023.
Funding and Future Outlook
Both the Teviot Brook South drilling program and the ongoing well workover operations are fully funded through the Dyno Nobel Development Funding Facility, ensuring that QPM can continue to expand its production capacity without financial impediment.
QPM CEO David Wrench commented,
“The Teviot Brook South program will be the first new owner-drilled wells for the Moranbah Project in many years. We are excited at the increase in production these wells will deliver, which will provide a significant step change in the business for QPM Energy.”
Contact details:
Jane Morgan
jm@janemorganmanagement.com.au
