In 1997 SPP/CPM signed a joint venture agreement with the Canadian company Suncor Energy to develop the Stuart oil shale deposit.
[2] On 13 February 2004, the Stuart Oil Shale Project and other assets were sold by receivers to the newly formed company Queensland Energy Resources.
[1] 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.
At the same time all interests held by third parties in the Glassford Tenement, Central Queensland, were transferred to SPP and the company focused on exploration and development of mineral resources.
Laguna Resources intended to commence a work program to test the major geochemical anomaly areas for potentially economic mineralization.