Sunshine Gas Awarded Permit ATP 789P in Queensland

Sunshine Gas has been formally awarded a 100% interest in ATP 789P in the Queensland portion of the Cooper/Eromanga Basin. The permit area is considered by the Company to be highly prospective for oil being located adjacent to existing oil fields that have been on production for some time.

Commenting on the award, Sunshine's Managing Director Mr. Tony Gilby noted that "ATP 789P is surrounded by oil fields, including Kenmore and Bodalla to the immediate west, Utopia to the south and Bargie to the east. This indicates an active hydrocarbon system is present in the area. Using modern-day seismic reprocessing and acquisition techniques, it is likely that several oil prospects will emerge from our initial seismic based exploration program and provide near term drilling opportunities."

The Ballera to Wallumbilla gas pipeline passes approximately 5 kilometers to the south of the permit boundary. In addition, IOR's Eromanga oil refinery (located only about 25 kilometers from the western permit boundary) provides a low cost transportation option to market any oil discovery made in the permit.