Sunshine said it would pay $4 million to the Interstate Group of Companies for the south-east and central Queensland fields, which have been producing gas since the mid 1960's.
Santos as operator holds the remaining interest of 85%.
Sunshine estimates that the 15% interest represents about 4 petajoules (pj) of proven and probable reserves of gas with approximately 12pj of total proven, probable and possible gas reserves.
The deal includes access to production infrastructure which should lead to the early development of the company's recent Overston 1 gas discovery, which is nearby.
The deal becomes effective from 1 July, with a $400,000 deposit and will be funded by an 11 million convertible note issue at 50 cents raising $5.5 million, pending shareholder approval at the 11th August AGM.
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Earlier this year Sunshine Gas sealed a $10.5 million farm-in with US independent oil and gas company Samson-International, which paved the way for the development of its maiden Overston gas discovery.
Samson will be earning between 50%-60% interests from its $10.55 million exploration spend in the Sunshine licences in Queensland. This is the Australian market entry for Samson.
