SPP told the market that the Stuart Plant had recently achieved its longest production run of 120,000 barrels between July and August while oil sales have grown following a major contract win with Mobil Australia.

"The plant has now processed more than 930,000 tonnes of shale and produced 556,000 barrels of oil during 250 operating days, providing the commercial and operational data to underpin development of the Stage 2 commercial module," SPP said in a statement to the market.

SPP said year-to-date sales have reached 391,000 bbls, including 247,000 bbls of ultra low sulphur naphtha to Mobil and a further 144,000 barrels of light fuel oil to Singapore.

This month, to coincide with its record production run, shareholders have also been invited to participate in a one for one rights offer priced at 35 cents per share with the money to be used for capacity enhancements at Stage 1 and to finance further development for Stage 2.

SPP said it was now working towards finalising Stage 2 regulatory approvals for the project, which would allow it to proceed to full commercialisation.