Sunshine sells UK assets for £15m

Sunshine Gas Limited announces that it has reached an agreement to sell its UK subsidiary, Sunshine Oil PLC, for £15 million (approx AUD$32.6m) to UK partner, Hurricane Exploration PLC.

The sale is subject to:
• Hurricane’s satisfactory completion of commercial, financial and legal due diligence of Sunshine Oil;
• Necessary shareholder approvals; and
• Hurricane and Sunshine Gas entering into a Sale and Purchase Agreement.

The sale of the UK assets allows the company to focus solely on development of the Company’s coal seam and conventional gas assets in Queensland and the progression of the proposed Gladstone LNG (liquefied natural gas) joint venture project with Sojitz Corporation.