The Ernst & Young appointed joint receivers and managers of the collapsed SPP, David Winterbottom and Angus Blackwood, have finalised the completion of the majority sale of the Stuart Oil Shale project to the Jeff Sandefer-led Queensland Energy Resources Ltd (QER).
The green light for the sale came after a number of conditions were met, transfer conditions adhered to and final approval from the Foreign Review Board was given.
Sandefer, an American oil investor, had originally invested US$34 million in SPP last early last year but placed the embattled company in receivership in December following the US$6 million blowout associated with Stuart plant shutdown and other crucial pre-conditions not having been met.
Via his Sandefer Capital Partners LP, Sandefer formed QER and has re-employed many former SPPG employees. Sandefer has also protected the former employees’ employment and entitlements during the period of SPPG’s receivership.
