• Continued progress towards Final Investment Decision for 112MW Isaac Power Station
• Transformational upgrade of gas reserves and resources to 1,016PJ
• Commenced gas supply growth initiatives to support Isaac Power Station commissioning

QPM Energy Limited has provided a quarterly update highlighting continued progress towards a Final Investment Decision for the 112MW Isaac Power Station, including receiving key development and environmental approvals, executing a grid connection agreement with Powerlink Queensland, and securing a loan facility of up to $72 million from the Northern Australia Infrastructure Facility. The company also reported a transformational upgrade to its gas reserves and resources, which now total 1,016PJ, providing over 800PJ of uncontracted gas that can support energy security in Queensland and the east coast of Australia for decades. Additionally, QPM has commenced several gas supply growth initiatives, including a well workover program, a wellhead blower installation project, and a new drilling program targeting the Wotonga area, to increase gas production ahead of the Isaac Power Station's commissioning. The company's quarterly gas and electricity operations showed relatively stable production, with a decline in third-party gas supply offset by managed production growth. Queensland electricity prices were weak during the quarter, but the ASX Energy Futures market indicates an expected increase in prices over the next few years, which will benefit the low-cost Isaac Power Station.

QPM is finalising the project finance package for the 112MW Isaac Power Station, with a target Final Investment Decision in the coming months. The company's significant uncontracted gas reserves and resources of over 800PJ provide a strong foundation for its low-cost, long-duration electricity generation strategy.

QPM is focused on completing the Final Investment Decision for the Isaac Power Station and executing its gas supply growth initiatives to support the power station's commissioning. The company is also exploring opportunities to accelerate the monetization of its gas reserves, potentially through the development of a pipeline to connect the Bowen Basin to Gladstone, which could provide access to domestic and export markets.