Queensland Pacific Metals Limited (QPM) has announced that its solely-owned subsidiary, QPME, has successfully assumed operating control of the Moranbah Project, with zero interruptions to well field operations or deliveries of gas to customers during the transition.
The Moranbah Project is an established coal mine waste gas project with production, 240 PJ of 2P reserves, and existing infrastructure capable of processing up to 30 PJ per annum. It will secure a long-term, economically sustainable gas supply for the Townsville Energy Chemicals Hub (TECH Project) project, avoiding exposure to the extreme price volatility of the eastern Australian gas market. The project is directly connected to five operating coal mines and has the capacity to quickly connect additional mines.
QPME CEO David Wrench said: “We are delighted that, following completion of the Moranbah Project acquisition last Friday, we have now successfully completed transfer of operatorship. We have a highly motivated, experienced team in control of the project who have a clear vision of what needs to be done to significantly grow the business into 2024.”
The company will now begin implementing a comprehensive set of operating initiatives aimed at augmenting production, driving earnings growth, and instilling financier confidence in long-term gas supply — especially concerning the TECH Project.
The TECH Project will be a innovative and sustainable battery metals refinery, focused on the production of critical minerals for the rapidly emerging lithium-ion battery and EV sector. The TECH project expects to achieve its sustainability target of negative 989,000t CO2e emissions per annum.
QPM has also outlined a multi-faceted production growth works program plan:
- Existing Well Work Over — An initial campaign involving nine wells that is planned to start in October 2023, aimed at enhancing gas production
- Gas Capture at Anglo Mine Site — Installation of tie-in points at the adjacent Anglo mine site to capture gas currently being drained and flared. Three are anticipated to be completed by September 2023, with three more by December 2023.
- New Well Drilling Program — Funded under the $80 million Dyno Nobel Development Funding Facility, drilling is set to commence in early 2024, with first gas output expected by mid-2024.
- Infrastructure Optimisation — Additional activities are also planned to streamline existing infrastructure for better efficiency and output.
