Southern Pacific Petroleum
| Company type | Public company (formerly listed) |
|---|---|
| Industry | Mineral exploration and mining |
| Predecessor | Southern Pacific Petroleum NL |
| Founded | February 6, 1968 |
| Defunct | February 2012 |
| Fate | Acquired by Kingsgate Consolidated Limited |
| Headquarters | Perth , Australia |
| Products | Gold, silver, copper, oil shale |
| Parent | Kingsgate Consolidated Limited (from 2012) |
Laguna Resources NL, previously known as Southern Pacific Petroleum NL, was an Australian company specializing in mineral exploration and mining, concentrating on gold and silver ventures within Chile's Maricunga Gold Belt. The company also advanced the Stuart Oil Shale Project.
History
Southern Pacific Petroleum NL was established on 6 February 1968 as an oil-focused enterprise and subsequently listed on the Australian Securities Exchange on 16 May 1968.
Oil shale operations
Beginning in 1973, the company's main activities centered around exploring and extracting oil shale. During the mid-1980s, Southern Pacific Petroleum NL collaborated with Central Pacific Minerals NL (CPM) and Esso Australia to develop the Rundle oil shale deposit located in Queensland. However, development was suspended in the late 1980s when Esso postponed the initiative.
In 1997, SPP/CPM entered into a joint venture with Canadian corporation Suncor Energy to progress the Stuart oil shale deposit project, with Suncor acting as operator. After Suncor withdrew in April 2001, SPP/CPM assumed full ownership. Subsequently, in February 2002, SPP merged with CPM, positioning SPP as the parent company overseeing all group assets, including Stuart.
Financial challenges
Due to financial difficulties, trading of SPP shares was halted on 25 October 2003. Following the granting of fixed and floating charges to Sandco Koala LLC in May 2003, receivers were appointed on 2 December 2003. On 13 February 2004, the receivers sold the Stuart Oil Shale Project along with other assets to Queensland Energy Resources. The remaining significant holding—a stake in the Rundle joint venture—was divested on 11 May 2007 to Australian Oil-Shale Holdings.
Recapitalization efforts
In September 2007, Ascent Capital's recapitalization proposal received approval, and shareholders endorsed it on 28 May 2008. At the same time, all third-party interests in the Glassford Tenement located in Central Queensland were transferred back to SPP, enabling a strategic focus on mineral resource exploration and development.
The company’s shares were reinstated for trading in 2008. Reflecting its revised strategic direction, it rebranded as Laguna Resources in 2009.
Acquisition
Following a successful acquisition by Kingsgate Consolidated Limited, Laguna Resources was removed from the stock exchange listings in February 2012.
Glassford Tenement
Spanning roughly 1.36 km², the Glassford Tenement is situated about 70 km south of Gladstone and approximately 15 km southwest of Nargoorin in Central Queensland. This area contains copper-silver-gold bearing skarn deposits. Laguna Resources aimed to commence exploration programs focusing on significant geochemical anomalies to identify economically viable mineral deposits.