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.<\/p>\n
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.<\/p>\n
It comes one day after the company entered a trading halt, with its shares last trading at less than one cent.<\/p>\n
The energy company owns 100 per cent of the Moranbah Gas Plant in Queensland\u2019s Bowen Basin and also manages waste gas from nearby coal mining operations.<\/p>\n
A joint statement from McGrathNicol\u2019s 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.<\/p>\n
\u201cThe 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,\u201d the statement said.<\/p>\n
\u201cThe receivers and voluntary administrators intend to work together to continue operations on a \u2018business as usual\u2019 basis and look forward to the support of relevant stakeholders while an urgent assessment of options is undertaken.\u201d<\/p>\n
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.<\/p>\n
However, the company\u2019s 78 per cent drop over the past six months has wiped about $150 million off its value.<\/p>\n
The Moranbah Gas Plant has been in production since 2006 and was acquired by QPM in August 2023.<\/p>\n
The plant has 500 kilometres of gathering and water pipelines, alongside a 150 kilometre electricity distribution network.<\/p>\n
Workers will continue to receive their salaries and the administrators and receivers have asked employees to continue their normal duties \u201cuntil advised further\u201d.<\/p>\n
The first creditors meeting will be held on July 17.<\/p>\n","protected":false},"excerpt":{"rendered":"The $43 million owner of a major gas project in Queensland has fallen into administration after its share…\n","protected":false},"author":2,"featured_media":784968,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[6014,64,63,99,370863,2572,370862,370861],"class_list":["post-784967","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-administration","tag-au","tag-australia","tag-business","tag-company-collapse","tag-energy","tag-energy-company","tag-qpm-energy"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/784967","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=784967"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/784967\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/784968"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=784967"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=784967"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=784967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}