The Underwriters will be taking up the shortfall valued at approximately $400,000 which will be a further 2,123,490 shares.
The funds raised are to be used for the Northern area projects and further development of the company’s ATP645 – Overston field with a testing of the Overston-2a well set for July, dependent on the availability of the required equipment and service providers.
Results from the test will provide the JV (Sunshine/Samson 50% each) with additional information on the potential commerciality of the gas discovered, after the well was cased and suspended as a gas producer.
Overston-2a was drilled to 3140 metres with the Tinowon Sandstone section above the Wallabella Coal appearing to be relatively tight, based on the initial flow test results.
Sunshine Gas Limited also advise that 33,960,000 shares today have been
released from escrow, in addition to 19,905,000 Class A options.
