Associated News, page-2852

Looking at the presentation that QPM provided during the initial acquisition of the Moranbah gas project, they quoted an OPEX of approximately $30 million AUD per quarter. This number could obviously change as they bring more wells online. So we'll need to be seeing an average of at least $10 million AUD per month to meet that target. Obviously January and February have been good (to be expected, being the height of summer), but this still needs to offset potential lower revenues during the cooler months. Will be interesting through some of the other quarters how that revenue ebs and flows and whether it's enough to offset the OPEX. There's definitely a bright future if they can continue to bring more gas online to feed to the TPS - but they'll need to ensure that any additional operating costs to do so are controlled to allow maximum return.