• Major review of MGP's reserves completed, resulting in a significant upgrade to 435PJ 2P reserves
• Successful integration of 12.8MW Moranbah Power Station into MGP operations delivered cost savings and increased electricity generation and sales
• QPME managed production impacted by storms and heavy rainfall events, but rectification work completed by quarter end

QPM Energy Ltd (ASX:QPM) reported its March 2025 quarterly activities, including a major review of the Moranbah Gas Project (MGP) reserves that resulted in a significant upgrade to 435PJ 2P reserves. The company also successfully integrated the 12.8MW Moranbah Power Station (MPS) into its operations, delivering operating cost savings and increased electricity generation and sales. However, QPME's managed production was impacted by periods of restricted field access and damage to electrical infrastructure caused by storms and heavy rainfall events. These issues were resolved by the end of the quarter, with production increasing to over 23TJ/day. The overhaul of the Townsville Power Station (TPS) commenced, with the plant scheduled to be re-commissioned in late June. Legacy contracts for the North Queensland Gas Pipeline and QPS capacity expired, with new contracts to commence on 1 July 2025. FEED work on the proposed new power station in Moranbah (Moranbah Power Project) continued to advance positively.

QPM Energy expects to maintain production rates of 20-24TJ/day during April and May 2025 to meet Dyno Nobel and CRL gas supply nominations and Moranbah Power Station dispatch, before ramping up ahead of the re-commissioning of TPS at the end of the June quarter.