It is relevant but not quite at the moment. Markets are however, forward looking. QPME will continue ramping gas production - main focus is on getting TPS to full capacity. How far away this is? Anyones guess - they will, hopefully, be at 35 TJ / day within 6 months time as previously indicated. QPME are selling about 20/21 TJ/day to Dyno and the remainder of production goes through to TPS. Maximum capacity for TPS is 19 TJ / day (6.9 PJ annual), so they have to get gas production to 39/40TJ/day. My best guess, if they can nail down the pressure issues within the system, is mid-late CY25 TPS will be at full throttle, but this is largely a guess. We will need to see more info regarding further wells being planned or how many further tie ins are being planned, but with safeguard mechanisms I would assume they have a steady line of customers just waiting to tie in.
With the asset they have, they have the potential to be a pretty big player, more in the electricity side of the energy space rather than gas, but they have in previous announcements hinted at the opportunity for micro-LNG plays and other long term third party gas sales.
SP performance is pretty dreadful, plenty of reasons to continue holding but I'm struggling to find reasons to be buying up any more at the moment. With credit due to the management, they have turned around the asset quite significantly, and they are sitting on billions worth of gas which has been communicated effectively enough to the market, but with so much up in the air (mostly OPEX/CAPEX with Moranbah), I think it is best to watch from the sidelines at the moment. I do expect some announcements very shortly regarding the new wells and, if all is going to plan then some reasons to buy might appear
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