Sunshine Gas Managing Director Tony Gilby said "the sale will allow the Company to focus on establishing the Walloon Coal Seam Gas play within its adjacent 100 percent-owned ATP 795P and ATP 767P acreage".
"In addition, the Company will be in a strong financial position to capitalize on near term growth opportunities currently recognized 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.''
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