Introduction to Queensland Pacific Metals (ASX: $QPM) drilling announcement

Queensland Pacific Metals Ltd (ASX: $QPM) has announced the commencement of the next phase of its production growth strategy. The company is set to drill 7 new Surface to Inseam (SIS) well pairs in the Teviot Brook South area of PL191, marking a significant step in its production expansion efforts. The drilling rig is on location to spud the first well, TB118V1, as part of this program.

Executive commentary on production growth strategy

The Teviot Brook South program will be the first new owner-drilled wells for the Moranbah Project in many years. We are excited at the increase in production these wells will deliver, which will provide a significant step change in the business for QPM Energy.

Summary of Queensland Pacific Metals (ASX: $QPM) drilling announcement

Queensland Pacific Metals (ASX: $QPM) has initiated the drilling of 7 new production wells as part of its Teviot Brook South program, representing a key milestone in its production growth strategy. The company's well workover program has also contributed to the increase in producing well count, with successful returns to production and incremental production added. The programs are funded under the Dyno Nobel Development Funding Facility, with an estimated total cost of approximately $27.5m. QPM Energy's CEO, David Wrench, expressed excitement at the anticipated increase in production from the new wells, highlighting the significant impact it will have on the business. The company's forward-looking statement emphasizes the potential growth and industry trends, while acknowledging the associated risks and uncertainties.