Southern Pacific Petroleum NL
Encyclopedia
Laguna Resources NL is an Australia
n and mineral exploration and mining company. It explores and develops gold
and silver
projects in the Maricunga Gold Belt of Northern Chile
. It was a developer of the Stuart Oil Shale Project
.
on 16 May 1968.
to develop the Rundle oil shale deposit in Queensland
. The active development of the Rundle deposit ceased in late 1980s when Esso deferred of the project.
In 1997 SPP/CPM signed a joint venture agreement with the Canadian company Suncor Energy
to develop the Stuart oil shale deposit. Suncor was designated as the project operator. In April 2001, Suncor left the project and SPP/CPM became the sole shareholder of the project. In February 2002, SPP and CPM merged and SPP became the holding company for the group's interests, including the Stuart Oil Shale Project.
. The most important remained asset was the stake in the Rundle joint venture, which was sold on 11 May 2007 to Australian Oil-Shale Holdings.
In 2008, the company's shares were reinstated to quotation. To reflect the change of its core activities, the company changed its name to Laguna Resources in 2009.
and 15 kilometres (9.3 mi) southwest of Nargoorin, Central Queensland. The mineralization zone consists of a series of copper
-silver
-gold
bearing skarn
lode
s. Laguna Resources intended to commence a work program to test the major geochemical anomaly areas for potentially economic mineralization.
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
n and mineral exploration and mining company. It explores and develops gold
Gold
Gold is a chemical element with the symbol Au and an atomic number of 79. Gold is a dense, soft, shiny, malleable and ductile metal. Pure gold has a bright yellow color and luster traditionally considered attractive, which it maintains without oxidizing in air or water. Chemically, gold is a...
and silver
Silver
Silver is a metallic chemical element with the chemical symbol Ag and atomic number 47. A soft, white, lustrous transition metal, it has the highest electrical conductivity of any element and the highest thermal conductivity of any metal...
projects in the Maricunga Gold Belt of Northern Chile
Chile
Chile ,officially the Republic of Chile , is a country in South America occupying a long, narrow coastal strip between the Andes mountains to the east and the Pacific Ocean to the west. It borders Peru to the north, Bolivia to the northeast, Argentina to the east, and the Drake Passage in the far...
. It was a developer of the Stuart Oil Shale Project
Stuart Oil Shale Project
The Stuart Oil Shale Project was an oil shale development project in Australia near Gladstone, Queensland. It was Australia's first major attempt since the 1950s to restart commercial use of oil shale...
.
History
Southern Pacific Petroleum NL was incorporated on 6 February 1968 as an oil company. It was listed on the Australian Securities ExchangeAustralian Securities Exchange
The Australian Securities Exchange was created by the merger of the Australian Stock Exchange and the Sydney Futures Exchange in July 2006. It is the primary stock exchange group in Australia....
on 16 May 1968.
Oil shale activities
Since 1973, the main activity of the company was an oil shale exploration and shale oil extraction. In the mid 1980s, Southern Pacific Petroleum NL and Central Pacific Minerals NL (CPM) formed a joint venture with Esso AustraliaEsso Australia
Esso Australia is an Australian affiliate of ExxonMobil, the US based oil giant. Esso operates a number of oil and gas platforms in Bass Strait, south east of Melbourne, Australia, as well as a gas processing facility at Longford and Long Island Point in Hastings....
to develop the Rundle oil shale deposit in Queensland
Queensland
Queensland is a state of Australia, occupying the north-eastern section of the mainland continent. It is bordered by the Northern Territory, South Australia and New South Wales to the west, south-west and south respectively. To the east, Queensland is bordered by the Coral Sea and Pacific Ocean...
. The active development of the Rundle deposit ceased in late 1980s when Esso deferred of the project.
In 1997 SPP/CPM signed a joint venture agreement with the Canadian company Suncor Energy
Suncor Energy
Suncor Energy Inc. is a Canadian integrated energy company based in Calgary, Alberta. It specializes in production of synthetic crude from oil sands...
to develop the Stuart oil shale deposit. Suncor was designated as the project operator. In April 2001, Suncor left the project and SPP/CPM became the sole shareholder of the project. In February 2002, SPP and CPM merged and SPP became the holding company for the group's interests, including the Stuart Oil Shale Project.
Financial difficulties
On 25 October 2003, the trade with SPP's share was suspended due financial difficulties of the company. As SPP had granted fixed and floating charges in favor of Sandco Koala LLC in May 2003, the chargee appointed receivers of SPP on 2 December 2003. On 13 February 2004, the Stuart Oil Shale Project and other assets were sold by receivers to the newly formed company Queensland Energy ResourcesQueensland Energy Resources
Queensland Energy Resources Limited is an Australian oil shale mining and shale oil extraction company with the headquarter in Brisbane. It is the developer of the Stuart and McFarlane oil shale projects.-History:...
. The most important remained asset was the stake in the Rundle joint venture, which was sold on 11 May 2007 to Australian Oil-Shale Holdings.
Recapitalization
In September 2007, the proposal of recapitalization of the company by Ascent Capital was accepted and on 28 May 2008, shareholders approved the recapitalization. At the same time all interests held by third parties in the Glassford Tenement, Central Queensland, were transferred to SPP and the company focued on exploration and development of mineral resources.In 2008, the company's shares were reinstated to quotation. To reflect the change of its core activities, the company changed its name to Laguna Resources in 2009.
Glassford Tenement
The Glassford Tenement, approximately 136 hectares (1.4 km²), is located 70 kilometres (43.5 mi) south of GladstoneGladstone, Queensland
- Education :Gladstone has several primary schools, three high schools, and one university campus, Central Queensland University. It is also home to CQIT Gladstone Campus.- Recreation :...
and 15 kilometres (9.3 mi) southwest of Nargoorin, Central Queensland. The mineralization zone consists of a series of copper
Copper
Copper is a chemical element with the symbol Cu and atomic number 29. It is a ductile metal with very high thermal and electrical conductivity. Pure copper is soft and malleable; an exposed surface has a reddish-orange tarnish...
-silver
Silver
Silver is a metallic chemical element with the chemical symbol Ag and atomic number 47. A soft, white, lustrous transition metal, it has the highest electrical conductivity of any element and the highest thermal conductivity of any metal...
-gold
Gold
Gold is a chemical element with the symbol Au and an atomic number of 79. Gold is a dense, soft, shiny, malleable and ductile metal. Pure gold has a bright yellow color and luster traditionally considered attractive, which it maintains without oxidizing in air or water. Chemically, gold is a...
bearing skarn
Skarn
Skarn is an old Swedish mining term originally used to describe a type of silicate gangue, or waste rock, associated with iron-ore bearing sulfide deposits apparently replacing Archean age limestones in Sweden's Persberg mining district. In modern usage the term "skarn" has been expanded to refer...
lode
Lode
In geology, a lode is a deposit of metalliferous ore that fills or is embedded in a fissure in a rock formation or a vein of ore that is deposited or embedded between layers of rock....
s. Laguna Resources intended to commence a work program to test the major geochemical anomaly areas for potentially economic mineralization.