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SPP raises A$10.2mln for shale oil project |
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| AUSTRALIA: November 29, 2002 | ||
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MELBOURNE - Australian shale oil producer Southern Pacific Petroleum Ltd (SPP) said yesterday it has raised A$10.2 million ($5.6 million) to help it push ahead with its controversial Stuart Project.
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The new capital includes A$6.7 million from the issue of non-renounceable rights and a A$3.5 million private placement to some overseas shareholders and new investors, which raises the the company's estimated available funds to A$20 million. "This cash position provides SPP with financial flexibility to continue its program to identify joint venture partners and other forms of financing to progress development of the Stuart project," the company said in a statement. The future of the company's controversial Stuart Oil Shale project has been threatened by Greenpeace, which claims the production plant produces high greenhouse gas emissions, dioxin releases, air and water pollution and has affected the health of local people. SPP has rights to more than 17 billion barrels of oil in 10 shale deposits in central Queensland. The company plans to expand the Stuart Shale Oil plant to a fully commercial operation with the capability of producing up to 200,000 barrels of oil per day. Shares in SPP added two cents in early trade to 27.5 cents.
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REUTERS NEWS SERVICE
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