The Brisbane-based junior will retain the prospective oil interests in the Alton area of the southern Surat Basin.
Sunshine purchased the Roma Shelf and Alton area assets in 2003 for $4 million.
The sale, which is conditional on shareholder approval, will allow Sunshine to focus on establishing the Walloon Coal Seam Gas play within its neighbouring 100%-owned ATP 795P and ATP 767P acreage, managing director Tony Gilby said.
“In addition, the company will be in a strong financial position to capitalise on near-term growth opportunities currently recognised within Sunshine’s existing asset portfolio,” he said.
“These include the company’s prospective UK joint venture where drilling of the Wellington-1 oil exploration wildcat well is scheduled to get underway in early July.’’
