Associated News, page-3420

Too much uncertainty with how things play out. Once they can prove some stable operating surpluses (which requires the new wells coming online to be successful, the gathering system running efficiently, they demonstrate the ability to take on third party tie ins without causing pressure issues, electricity prices remaining at profitable levels etc etc), then the market will see some appreciation. They had to CR because the delay in handover of the asset by months aswell as the poor handling of transition by previous owners (TJ / d output was significantly under expectation) has blown out the timeline of intial expectations. It made the actual turnaround take much longer and put the project months behind. The asset itself and its existing infrastructure is still capable of producing +ve EBITDA in the not too distant future.

As said before, waiting to hear more news surrounding the new wells that are coming online and gathering system dealing with pressure from third party tie ins, aswell as the new NQGP + TPS contracts, which should prove to make project economics much more viable. For QPM to reach a valuation of 10c / ~$250m market cap, I think this is a long way away but achievable.