 As SPP had granted fixed and floating charges in favour of Sandco Koala LLC in May 2003, the chargee appointed receivers of SPP on 2 December 2003.In February 2004, the Stuart Oil Shale Project was sold by receivers to the newly formed company Queensland Energy Resources, which announced on 21 July 2004 that the plant would be closed for economic and environmental reasons.Greenpeace, which had protested the project, viewed the closure as a major victory.