Queensland Pacific Metals (ASX:QPM) said its unit QPM Energy has finalized the agreements relating to its Townsville Power Station (TPS) dispatch rights contract and North Queensland Gas Pipeline (NQGP) gas transport and storage services contract, according to a Wednesday filing with the Australian bourse.
In August, QPM Energy signed a ten-year contract with RATCH Australia Corporation (RAC) to secure dispatch rights for 100% of TPS's 160MW gas turbine capacity once current arrangements expire.
The gas producer also signed a ten-year contract with NQGP for gas transport and storage services, the filing said.
The company maintains the key commercial terms announced in August, which stated that the agreements will significantly reduce fixed operating charges, strengthening the company's financial position and accelerating its gas production growth plans.
QPM Energy also said that annual fixed charges under the agreements are expected to drop by 83% compared to current terms and the new terms will boost the company's financial performance for the year by over AU$30 million, the filing added.
"The financial benefits expected to flow on from these agreements are now locked in and we look forward to the commencement of these new contracts from July 2025," Chief Executive Officer David Wrench said.
QPM Energy's shares rose 4% in recent Wednesday trade.
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