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Fri04182014

Last updateThu, 17 Apr 2014 1pm

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Trillions in Shale Oil Discovered in Australia

Linc Energy says that two separately commissioned and independent reports have confirmed the significant resource potential of the three formations of the Arckaringa Basin (the Stuart Range, Boorthanna and Pre-Permian) in the Australian outback. What’s not yet known is how cost-effective it will be to access the oil.

According to one report, the unrisked prospective resources for unconventional reservoirs in the Arckaringa Basin are estimated to be 233 billion barrels of oil equivalent (233 BBOE).

“If you took the 233 billion, well, you’re talking Saudi Arabia numbers,” said Linc Energy CEO Peter Bond.

“It is massive, it is just huge if the Arckaringa plays out the way we hope it will, and the way our independent reports have shown, it’s one of the key prospective territories in the world at the moment.

"If you stress test it right down and you only took the very sweetest spots in the absolute known areas and you do nothing else, it is about 3.5 billion [barrels] and that’s sort of worse-case scenario.”

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