Shareholders of Southern Pacific Petroleum and Central Pacific Minerals have finally agreed to a merger of the "shale oil twins" at an extraordinary general meetings held last week.
CPM will be delisted but will remain as a subsidiary of SPP, with one ordinary share being exchanged for 2.664 SPP shares. With a share price around the 60c mark, there has been speculation in the market the company could become a possible takeover target.
As for the Stuart shale oil project itself, the plant produced 88,000 barrels of oil in the December quarter, for a total of 233,000 bbls since production began early last year. The company aims to break even this calender year.
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