Energy company behind huge Queensland gas project in administration
One of Queensland’s leading energy providers is in voluntary administration, but receivers say it’s “business as usual” for supplies in the state.
The owner of a major gas project in Queensland is now in voluntary administration, but receivers say it’s “business as usual” for supplies in the state.
Moranbah Gas Plant owner QPM Energy made the announcement yesterday, after its share price collapsed 78 per cent in six months, according to reports.
It comes one day after the company entered a trading halt, with its shares last trading at less than one cent. Shares of QPM will remain suspended from trading during the administration process.
McGrathNicol’s Mark Holland and Anthony Connelly were appointed voluntary administrators, while FTI Consulting’s Chris Hill and Ben Campbell were appointed receivers and managers over seven entities within the group by secured creditor Dyno Nobel.
In a joint statement, Hill and Holland assured customers and traders these appointments were intended to provide stability as the future of QPM Energy was assessed.
“The appointment of Voluntary Administrators and subsequently Receivers is intended to provide a stable basis for continued trading, to enable an immediate assessment of the options available to support the long-term future of the QPM Group and facilitate a restructure of the operations,” the statement said.
QPM Energy’s main operations include the supply of gas to customers and the generation and dispatch of electricity into the National Electricity Market.
QPM Group owns 100 percent of the Moranbah Gas Plant (MGP) and manages a portfolio of gas supply sourced from the MGP and mine waste gas produced by co-located coal mining operations.
The group also manages the dispatch of the gas-fired Townsville and Moranbah Power Stations.
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“The Receivers and Voluntary Administrators intend to work together to continue operations on a ‘business as usual’ basis and look forward to the support of relevant stakeholders while an urgent assessment of options is undertaken,” the statement said.
The collapse comes less than two months after the Bowen Basin-focused company was progressing its $196 million, 112-megawatt Isaac Power Station development at Moranbah, into which it had already sunk $138 million by the end of March this year, according to reports.
The first creditors meeting will be held on July 17.
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