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Sunshine said it placed about 19 million new shares at 64 cents to raise the $12 million.
The company has interests in 16 petroleum leases and 13 authorities to prospect covering an area of over 37,000 square kilometres.
It also has conventional gas and liquids reserves and production from the Roma Shelf as well as several projects in various stages of development.
“These projects are expected to lead to strong earnings growth in the future,” the company said in a statement.
Meanwhile Sunshine Gas spudded Champagne Creek-2 yesterday.
"Assuming that the structure is filled to spill and using reservoir properties estimated from Champagne Creek-1, a high-side contingent gas-in-place resource of 440 PJ has been calculated for the Champagne Creek structure," the company said in a statement.
Sunshine Gas said that upwards of 80% of this in-place resource should be recoverable.
The well is expected to take between two and three weeks from spud to reach the planned Total Depth of 1,900m. The primary target Showgrounds Sandstone section is planned to be air-drilled.
