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JAN 23, 2013 - Business Insider

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Shale Oil Bonanza Reaches Australia With '$20 Trillion' Discovery

A Brisbane-based company, Linc Energy, today released two reports that suggest huge figures in potential shale oil reserves located in South Australia, the Herald Sun reports. The estimates of oil reserves in the Arckaringa Basin range from 3.5 billion to 233 billion barrels of oil — potentially worth as much as $20 trillion. "If it comes in the way the reports are suggesting, it could well and truly bring Australia back to (oil) self-sufficiency," Linc managing director Peter Bond said. The announcement seems to be an attempt to emulate a US style shale bonanza, but the ... Read More

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