Shale of the century speeds up

The administrators for Southern Pacific Petroleum's Stuart oil shale project want a result from their sales process by the end of February.

Global marketing for the sell off of the embattled project has put a closing date for offers at February 9, with a hopeful conclusion by the end of the month.

Lazard and Co is handling the sale on behalf of SPP's receiver manager, Ernst & Young. US investor Jeff Sandefer called in the receivers late last year after taking a stake in the project.

The marketing material says around A$543 million has been spent on developing the oil shale industry in Australia with a $363 million figure put on the capital and operating costs of the Stuart stage one plant.

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