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Queensland gas producer and power developer QPM Energy (ASX: QPM) and 16 of its controlled entities have been placed into voluntary administration, with receivers also appointed over the group's gas-producing operations.
McGrathNicol's Mark Holland and Anthony Connelly were appointed voluntary administrators effective today, while FTI Consulting's Chris Hill and Ben Campbell were appointed receivers and managers over seven entities within the group by secured creditor Dyno Nobel (ASX: DNL).
The collapse comes less than two months after the Bowen Basin-focused company was progressing its $196 million, 112-megawatt Isaac Power Station development at Moranbah, into which it had already sunk $138 million by the end of March this year.
QPM's half-year accounts to 31 December 2025 had flagged a material going-concern uncertainty, with auditors noting the company's ability to continue as a going concern was dependent on securing project finance for the Isaac Power Station by 30 June this year.
The company had failed to formally finalise its overarching project financing by that date and yesterday called for a trading halt ahead of an announcement expected on that front.
In a joint statement issued today, the administrators and receivers say their appointments are intended to provide "a stable basis for continued trading" and to facilitate a restructure of the operations, with business-as-usual operations planned across QPM's gas production and sales activities.
“The QPM Group produces raw and processed natural gas and the generation and dispatch of electricity to domestic customers," says the 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.”
QPM held $19.9 million in cash at 31 March 2026, down sharply from $31.7 million the prior quarter.
The company had drawn $100.3 million on a Macquarie master lease agreement, $45.5 million on a Dyno Nobel development funding facility and $22.9 million on a Dyno Nobel additional funding facility.
The group recorded a net loss of $5.9 million for the first half of FY26 and reported year-to-date gas and electricity sales of $43.6 million for FY26 as at the March quarter.
Dyno Nobel, which appointed the FTI receivers as its secured creditor holding first-ranking security over QPM's gas-producing assets, says it does not anticipate any interruption to gas supply.
The explosives manufacturer reported balance sheet exposure via gas prepayments and loans to QPM, of which about 80 per cent is recoverable via contracted gas supply arrangements.
QPM's Isaac Power Station had secured a $72 million loan facility from the Northern Australia Infrastructure Facility, approved in late 2025.
The company was also pursuing a $40 million convertible note, described as a non-binding term sheet in the March quarterly report.
The gas assets underpinning the group include independently certified 2P reserves of 602 petajoules and 2C contingent resources of 414 petajoules across its Bowen Basin tenements.
Nine of QPM's 16 entities are subject to voluntary administration only, while seven are subject to both receivership and voluntary administration.
The total amount of the group's aggregate liabilities beyond the disclosed drawn facility amounts has not been specified.
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