The $43 million owner of a major gas project in Queensland has fallen into administration after its share price collapsed 78 per cent in six months.
QPM Energy appointed McGrathNicol as its administrators, receivers and managers on Tuesday to either steer the business in the right direction, sell it to a new owner or liquidate it.
It comes one day after the company entered a trading halt, with its shares last trading at less than one cent.
The energy company owns 100 per cent of the Moranbah Gas Plant in Queensland’s Bowen Basin and also manages waste gas from nearby coal mining operations.
A joint statement from McGrathNicol’s Chris Hill and Mark Holland, who are serving as QPM’s receiver and administrator respectively, said the company will continue operating while they examine its viability.
“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.
“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.”
QPM reported a maiden post-tax profit of $8.2 million for the 2025 financial year where its revenue lifted 12.6 per cent to $120 million.
However, the company’s 78 per cent drop over the past six months has wiped about $150 million off its value.
The Moranbah Gas Plant has been in production since 2006 and was acquired by QPM in August 2023.
The plant has 500 kilometres of gathering and water pipelines, alongside a 150 kilometre electricity distribution network.
Workers will continue to receive their salaries and the administrators and receivers have asked employees to continue their normal duties “until advised further”.
The first creditors meeting will be held on July 17.