From the quarterly:-"Average net-back gas price $24.28/GJ"That...

First 174 Last

Share
Profile

Follow
Justadabble

12,572 Posts.

4419

30/04/24

09:21

Post #: 73573661
Share

Originally posted by Justadabble: ↑

I hold STX too so I offer as follows:-

STX has multiple permits which are at different stages of exploration so direct comparison
It has one in production, Walyering. Walyering as a stand alone is a good comparison to Moranbah.
Walyering is conventional not CSG so not a straight match
Walyering gas is sold at around $7.50 Gj, two contracts
Walyering currently produces around 24 Tj/day but the plant has a nameplate of 33 Tj/day
Gross revenue at 24 Tj/day sits at about $80M pa but productions costs are lower than Moranbah
It's 2P reserves are well below Moranbah, field life at peak is currently just 5 years.
It cost roughly just under $100M from first drill to first gas to market
They are going to spend another $10M on a single drill to hopefully add 30Pj to the 50Pj 2P
Macquarie currently have a conservative NPV of just under $200M for the production/sale of the Walyering 2P.
If the bottlenecks were removed, and the plant was derestricted and produced 33Tj/day, that $200M NPV will jump a bit higher than linear as WA uncontracted gas is now around $9.50/Gj
Export potential may open up.

Pros - Moranbah is producing too, has much larger 2P reserves, longer field life, has scope to lift production, has pipeline capacity at about the same level, and has the added potential to monetize via TPS at much higher $/Gj if more supply was available.
Cons - Production needs to lift, higher OPEX, NQGP is a closed market, disconnected from the high demand east coast market, export is not currently possible, needs GSA from third party(s) if TECH is stalled. If a third party GSA is done to deliver increased production, the rest of the cons don't matter. Oh, big con, Pie says it's a red herring.

SUMMARY
The plant and reserves for free, plus some cash, and the deal with Dyno compare extremely favourably to STX Walyering. QPME, upon increased production and a 3rd party GSA, will comfortably exceed the NPV of Walyering IMO. As always, not financial advice, DYOR.

Expand

From the quarterly:-

"Average net-back gas price $24.28/GJ"

That is 3.2x STX Walyering gross $/Gj.

QPM Price at posting: 5.3¢ Sentiment: Hold Disclosure: Held
5 Upvote

0 Great analysis

Reply

Top Stories

ASX Market Open: Futures rocket on 'total and complete' Israel-Iran ceasefire | June 24

Listen: HotCopper Wire Podcast 014 – Abu Dhabi wants to buy our 'true' oil and gas gem

ASX Market Close: Middle East War rattles investors | June 23, 2025

Markets were expecting Trump to bomb Iran. It's just another new normal

MPK

Many Peaks accelerating gold hunt in Côte d'Ivoire after assay 'justification'

First 174 Last

Add to My Watchlist

What is My Watchlist?

A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.

(20min delay)
Last 3.5¢		Change 0.000(0.00%)		Mkt cap ! $88.38M

Open	High	Low	Value	Volume
0.0¢	0.0¢	0.0¢	$0	0

Buyers (Bids)

No.	Vol.	Price($)
1	2837	3.7¢

Sellers (Offers)

Price($)	Vol.	No.
3.4¢	30000	1

View Market Depth

No.	Vol.	Price($)
1	2837	0.037
2	52162	0.036
15	1891311	0.035
10	2129792	0.034
6	265424	0.033

Price($)	Vol.	No.
0.034	30000	1
0.035	18867	1
0.036	308493	2
0.037	500000	1
0.038	190433	2

Last trade - 09.45am 24/06/2025 (20 minute delay)

QPM (ASX) Chart

Day chart unavailable

From the quarterly:-"Average net-back gas price $24.28/GJ"That...

Top Stories

ASX Market Open: Futures rocket on 'total and complete' Israel-Iran ceasefire | June 24

Listen: HotCopper Wire Podcast 014 – Abu Dhabi wants to buy our 'true' oil and gas gem

ASX Market Close: Middle East War rattles investors | June 23, 2025

Markets were expecting Trump to bomb Iran. It's just another new normal

Many Peaks accelerating gold hunt in Côte d'Ivoire after assay 'justification'

Buyers (Bids)

Sellers (Offers)