Moranbah Gas Project owner QPM Energy has gone into receivership, with the first meeting of creditors due by the end of next week.

It comes less than two months after the company was hailing the arrival in Queensland of two GE Vernova LM6000 gas turbines to underpin its planned $196 million Isaac Power Station development at Moranbah.

The company said at the time it had invested about $138 million, unaudited, in Isaac Power Station development, capital expenditure and associated financing costs by the end of March 2026. It had arranged a financing facility to fund the capital cost of construction.

In addition to the Moranbah Gas Project, QPM Energy (ASX:QPM) manages a portfolio of gas supply sourced from the MGP and mine waste gas produced by co-located coal mining operations.

The company also manages the dispatch of power from the gas-fired Townsville and Moranbah power stations.

Chris Hill and Ben Campbell of FTI Consulting have been appointed as receivers and managers over the gas-producing operations and entities within the QPM Group.

Their appointment follows the appointment of Mark Holland and Anthony Connelly of McGrathNicol as voluntary administrators to QPM Energy and all of its controlled entities.

“The QPM Group produces raw and processed natural gas and the generation and dispatch of electricity to domestic customers,” Mr Hill and Mr Holland said in a joint statement.

“The appointment of voluntary administrators and subsequently receivers is intended to provide a stable basis for continued trading, to enable an immediate assessment of the options available to support the long-term future of the QPM Group and facilitate a restructure of the operations.

“The receivers and voluntary administrators intend to work together to continue operations on a ‘business as usual’ basis and look forward to the support of relevant stakeholders while an urgent assessment of options is undertaken.”

Explosives group Dyno Nobel (ASX: DNL) has a first-ranking security over the gas-producing assets owned by QPM and was behind the FTI Consulting appointment to act in its interests.

The company draws gas from QPM for its Moranbah ammonium nitrate manufacturing facility.

‘Dyno Nobel does not anticipate any interruption to gas supply to its Moranbah facility as a result of this development,’ the company said in an update to the ASX.

‘QPM reported independently certified 1P gas reserves of 304PJ (total 2P Reserves of 602PJ and 2C Resources of 414PJ) on 30 April 2026, which represents ample supply for Moranbah’s 7PJ annual consumption.

‘Balance sheet exposure to QPM at 30 June 2026 comprised of gas prepayments and loans which were provided in support of the gas supply arrangements. About 80 per cent of these funding arrangements are recoverable via gas supply, which is contracted and supported by available reserves.’