"The company is confident that the ATO will grant the product ruling to the Sunshine Gas Project, as it is in line with a previously granted product ruling given to Brilliant Gold Reef Project PR 2001/85," Sunshine said.
"The company has been advised that it is not likely that one group of tax payers would be considered differently from another group of tax payers."
The directors of Sunshine said due to the likely time delay awaiting the grant of the product ruling, they will be required to allocate funds raised under its recent initial public offering pto the exploration of ATP 645P and will be actively seeking other means of funding for this exploration.
Recently, Sunshine announced it intends to drill Overston-1 in ATP 645P, approximately 20km to the east of the promising Churchie gas discovery, in the first week of October, while a second well in the same permit is scheduled for November. Exploration activities in ATP 693P are also expected to start during October 2002.
