Update on QPM's 7 production well drilling program

Queensland Pacific Metals Ltd (ASX:QPM) has provided a positive update on its 7 production well drilling program at Teviot Brook South. The drilling program, funded under Dyno Nobel Development Funding Facility, is progressing well with the drilling of all vertical and 5 of the proposed 7 lateral wells completed. Two wells are already in production, and three more are expected to be completed and commissioned by the end of October. The encouraging early gas flows from the first two wells have been a significant milestone for the company.

Executive Commentary on Progress and Funding

We're excited at the progress we have achieved to date for our maiden production well drilling campaign. The encouraging early gas flows from the first two wells and positive production growth trends we have seen to date are very pleasing. Furthermore, we also appreciate the continued support of IPL who have funded this drilling program and agreed to an amendment to our Corporate Guarantee Facility to directly fund the fixed charges under the existing NQGP and TPS contracts and support QPM's financial capacity over the term of the agreement.

Summary of Progress and Funding Update

Queensland Pacific Metals Ltd (ASX:QPM) is making positive strides with its 7 production well drilling program at Teviot Brook South. The drilling program, fully funded under Dyno Nobel Development Funding Facility, is on track with encouraging early gas flows from the first two wells. The company's Chief Executive Officer, David Wrench, expressed excitement at the achieved progress and the support received from IPL. The amendment to the Corporate Guarantee Facility will provide QPM the flexibility to fund fixed charges under existing contracts, enhancing the company's financial capacity. These developments mark significant milestones for QPM's gas production endeavors, reflecting positive growth trends and a promising outlook for the company's future operations.