The deal with SCP Koala Partners (Sandefer) involves a $51 million package made up of three tranches, the first $34 million of which is expected to be drawn down shortly, after Foreign Investment Review Board and other legalities have been cleared.

SPP is issuing 5 year convertible bonds, exercisable at 12 cents. SPP shares have risen steadily during the month, opening at 22 cents to be trading at 27 cents today.

SPP chief Jim McFarland said production for the current production run from the plant presently stood at more than 102,000 barrels with year-to-date production at more than 213,000 barrels, which is already some 65% of what was produced during the whole of 2002.

Mr McFarland added, "The Sandefer financing package will allow us to build on our successes to date."