Both SPP and CPM were placed into receivership late last year with voluntary administrators appointed, before a sale of the majority of the SPP assets to the Jeff Sandefer-led Queensland Energy Resources (QER) was announced in February.

However, a few days later the company revealed that it was unlikely there would be sufficient funds available from the sale to repay the secured creditors debt in full.

SPP also said a number of shareholders have called for a declaration stating they will not receive anything for their shares, allowing them to seek a tax write-off.

The administrators have now announced that they are still investigating all options available including the sale and reconstruction of the company, although on current analysis the shares appear to have no value.

Sandefer, an American oil investor, had originally invested US$34 million in SPP 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.