Mineral Rich Australia May Contain World’s Next Major Oil Find (Shale Oil)

[NickB79]

http://themoderatevoice.com/184872/mineral-rich-australia-may-contain-worlds-next-major-oil-find-guest-voice/

Six months ago Brisbane company Linc Energy Ltd.Energy released two reports, based on drilling and seismic exploration, estimating the amount of shale oil in the as yet untapped 30,000 square mile Arckaringa Basin surrounding Coober Pedy ranging from 3.5 billion to a mind boggling 233 billion barrels of oil.

If the upper end estimates are correct then it means that the Arckaringa Basin is six times larger than the Bakken, seventeen times the size of the Marcellus formation, and 80 times larger than the Eagle Ford U.S. shale deposits.

To put the potential of the Arckaringa Basin in context, Saudi Arabian reserves are estimated at 263 billion barrels.

So, what next for Linc Energy Ltd.? The company has been in discussions to find a partner to develop the Arckaringa Basin after hiring Barclays Plc to help with the process and expects to narrow the talks to one group in a “few weeks,” according to Linc Energy Ltd. chief executive officer Peter Bond. Bond added that Linc Energy Ltd.is talking with at least four parties from outside Australia interested in the shale oil project in the Arckaringa Basin.

It's a global race to see who can cook the planet the fastest, apparently.

[pscot]

2. You have to wonder

where they'll find enough water to exploit their find.

[appal_jack]

3. First question that came to mind for me, too. k&r, n/t