January 24, 2013

Major oil find in South Australia

Australia's ABCNews online, January 24, 2013 reports http://www.abc.net.au/news/2013-01-24/major-oil-discovery-in-outback-sa/4481982. New oil find up to to "233 million barrels" :
"Brisbane company Linc Energy says independent studies have confirmed a major shale oil source in the Arckaringa Basin in South Australia's far north.
The company says US-consultants have carried out drilling and geological and seismic surveys around Coober Pedy.

Linc Energy holds rights over more than 65,000 square kilometres of land in the area and started explorations in 2008.

In a statement to the Stock Exchange, the company said reports from US-based consultants indicate underlying rock formations "are rich in oil and gas prone kerogen."

The company says up to 233 million barrels of oil are estimated to be trapped in the shale."

"...If the reserves and the pressure was right over millions of years and the rocks have done the things they think they've done they think they can extract vast reserves of oil out of South Australia which would have a value of about $20 trillion."

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