AUSTRALIA: Queensland Pacific Metals Ltd (ASX:QPM) has reported a substantial increase in reserves at its Moranbah Project in Queensland, with 2P reserves rising by 38 per cent from 240PJ to 331PJ.
The independently certified reserve update, completed by Netherland, Sewell & Associates Inc. (NSAI), indicates a significant growth in the project’s potential.
The Moranbah Gas Project’s reserves are located within QPM’s portfolio of 100 per cent owned Petroleum Leases, connected to gas gathering and processing infrastructure.
This increase in reserves positions QPM to expand its energy business and supply Eastern Australian gas and electricity markets, with over 200PJ of uncontracted 2P reserves.
CEO David Wrench expressed satisfaction with the results, attributing them to an extensive well-workover program that revitalised the field, leading to increased production and a significant reserve upgrade.
He emphasised the exciting opportunities ahead for shareholders, highlighting the company’s focus on increasing gas production and supply, alongside developing a portfolio of gas offtake and electricity generation projects.
QPM’s near-term activities include a new well development program at Teviot Brook South, a continued well workover program, the connection of new mine waste gas supply to the Moranbah Project infrastructure, and participation in the development of the Northern Carbon Abatement Hub.
The company is also negotiating new Gas Transportation and Capacity Agreements and developing a portfolio of new baseload and peaking power generation projects.
The estimated proved and probable reserves, evaluated as of 31 March 2024, are contained within granted Petroleum Leases PLs 191, 196, 223, and 224, referred to as the Moranbah Project, located in the Bowen Basin of Queensland, Australia. The increase in reserves underscores QPM’s commitment to sustainable growth and its strategic position in the energy market.
