QPM Energy Limited has executed two funding agreements with foundation customer Dyno Nobel Ltd. to refinance existing facilities and strengthen QPM’s balance sheet. QPM said in a regulatory filing that there will be no change to the existing Development Funding Facility, which is being used to fund the drilling of new wells and other infrastructure optimization and development projects at the MGP.
The company said that the facilities will be used to fully repay its existing working capital facility with Dyno, currently drawn to $27 million, and provide a stable, funded platform to underpin the growth of QPM’s gas supply and energy portfolio.
QPM’s existing $80 million Development Funding Facility with Dyno Nobel remains in place and may be increased to $120 million. QPM has drawn down $38.3 million from the DFF to fund the Teviot Brook South 7 well drilling program, existing well workovers, and optimization works on the MGP gas-gathering infrastructure.
QPM said it is currently finalizing plans for a new production well drilling program, which is set to start later this year. It intends to fund these wells under the Development Funding Facility.
The Development Funding Facility is not repaid in cash but rather amortized as QPM delivers gas into the NGSA with Dyno Nobel. QPM has agreed to grant Dyno a further option to extend the NGSA by another four years.
“In just under two years, we have reinvigorated the MGP and developed an exciting integrated energy business. These funding agreements with Dyno Nobel represent another important step in this transformation. From July 2025, the business will transition to a much lower cost structure under the new contracts with Townsville Power Station and North Queensland Gas Pipeline. In combination with the new funding agreements announced today, QPM has established a stable and secure long-term business that is primed for growth”, QPM CEO David Wrench said.
To contact the author, email andreson.n.paul@gmail.com
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