Australia's Queensland Pacific Metals gains on deal to buy gas project

QPM Energy

05/04/2023 04:25

** Shares of Queensland Pacific Metals  QPM.AX  rise as much
as 7.7% to A$0.14, hitting their highest since Nov. 28
    ** The mineral explorer says its units have entered deal to
acquire 100% of assets from Moranbah Gas Project & North
Queensland Energy Joint Venture, collectively called Moranbah
Project 
    ** Says acquiring Moranbah Project from Arrow Energy Group &
AGL Energy  AGL.AX  for A$5 mln ($3.38 mln) as consideration 
    ** Adds, co will receive A$35 mln as consideration for
assuming obligations to supply gas under Moranbah Project
contracts
    ** QPM up over 18% YTD, as of last close 
    



($1 = 1.4799 Australian dollars)

 (Reporting by Riya Sharma in Bengaluru)
 ((Riya.Sharma@thomsonreuters.com;))