An extraordinary general meeting in Brisbane in May voted to accept the overall $51 million funding proposal put forward by Texan company.
Under the terms of the financing package, the Sandefer group could own anywhere between 42% and 52% of SPP.
The decision will enable the alternative fuel producer to continue upgrading stage one of the central Queensland shale oil project and to move into the second phase, boosting production from 4,500 barrels a day to 20,000 barrels a day.
Additional funds of $17 million are expected to be received during the next two years, subject to the achievement of certain agreed performance targets on Stage 1 and approval of the Stage 2 EIS by regulatory agencies.
