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Major oil discovery in Australian outback [$20 Trillion]
Yahoo News ^ | January 24, 2013, 5:54 pm

Posted on 01/24/2013 5:16:02 AM PST by DeaconBenjamin

Brisbane company Linc Energy says independent studies have confirmed a major shale oil source in South Australia's far north, which officials have estimated could be worth $20 trillion.

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 Arckaringa Basin 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 billion barrels of oil are estimated to be trapped in the shale.

Chief executive Peter Bond says even if the amount of retrievable oil is well below that, the discovery is still "bigger than the Cooper Basin and Bass Strait combined".

"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's about 3.5 billion [barrels] and that's sort of worse-case scenario," he said.

"So if you took the 233 billion, well, you're talking Saudi Arabia numbers. It's massive, it's just huge.

"We've also spent a lot of time with our own geologists and external geologists trying to unlock what's the best option there.

"What it could do is really turn this thing into the next boom, so where you saw coal-bed methane transform Queensland and the gas industry, shale could and I think will transform South Australia and a potential oil boom."

But Mr Bond says it could cost up to $300 million to prepare the site for production.

"We've got something in excess of a billion-dollar market cap... but the issue here isn't just capital. It's the expertise to unlock the acreage as well," he said.

(Excerpt) Read more at au.news.yahoo.com ...


TOPICS: Australia/New Zealand; Business/Economy; Foreign Affairs; Government
KEYWORDS: australia; australian; discovery; major; oil; outback

1 posted on 01/24/2013 5:16:10 AM PST by DeaconBenjamin
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To: DeaconBenjamin
GREAT!

The less money for the Arabs and terrorist the better for all!!

2 posted on 01/24/2013 5:20:48 AM PST by Johnny_cash (10 out of 10 idiots voted for 0Bama!)
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To: DeaconBenjamin

Are their enviro nuts as bad as ours?


3 posted on 01/24/2013 5:38:12 AM PST by Fair Paul
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To: DeaconBenjamin

Will the aborigines sell that land for beads?


4 posted on 01/24/2013 5:44:44 AM PST by DownInFlames
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To: DownInFlames

Will the Chinese buy it out from under the Australians?


5 posted on 01/24/2013 5:47:32 AM PST by DeaconBenjamin (A trillion here, a trillion there, soon you're NOT talking real money)
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To: Fair Paul

We’re about to discover that the kangaroo is an endangered species.


6 posted on 01/24/2013 5:49:24 AM PST by sphinx
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To: DeaconBenjamin

The Aussies haven’t sought my advice but if they want it, they should meet ALL of there own needs first before they sell a drop to anyone else. As I see the world developing, energy self-sufficiency will be critical to national sovereignty. Good on ya, mate.


7 posted on 01/24/2013 6:00:08 AM PST by muir_redwoods (Don't fire until you see the blue of their helmets)
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To: DeaconBenjamin

You hit the nail on the head.

China would consider that much resource a very valid reason to invade, and the UN would back them.


8 posted on 01/24/2013 6:16:45 AM PST by Celerity
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To: Celerity

Tie mi kangaroo down sport!

Wipe mi butt when I’m dead Fred!


9 posted on 01/24/2013 6:21:09 AM PST by DIRTYSECRET
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To: DeaconBenjamin

Global social justice will suck Australa’s milk shake dry, one way or another.


10 posted on 01/24/2013 6:22:48 AM PST by TADSLOS ( "I ask sir, what is the militia? It is the whole people except for a few politicians."-George Mason)
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To: DeaconBenjamin

But...what about peak oil?


11 posted on 01/24/2013 6:36:16 AM PST by buffaloguy
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To: DeaconBenjamin

love news that leaves Peak Oil stupids twisting in the wind.


12 posted on 01/24/2013 6:38:30 AM PST by Gasshog (Welcome to the United States of Stupidos!)
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To: DIRTYSECRET
Wipe mi butt when I’m dead Fred!

I thought it was "Tan me hide when I've died, Clyde!"

13 posted on 01/24/2013 6:40:17 AM PST by Vigilanteman (Obama: Fake black man. Fake Messiah. Fake American. How many fakes can you fit in one Zer0?)
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To: Gasshog

Oh, wait. It wouldn’t be “fair” if they were to not share their find with the less fortunate in the world. Why...I’m sure the aboriginies should be given at least half of the oil. How cruel of these white interlopers to find this oil.


14 posted on 01/24/2013 6:42:10 AM PST by hal ogen (First Amendment or Reeducation Camp?)
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To: muir_redwoods
The Aussies haven’t sought my advice but if they want it, they should meet ALL of there own needs first before they sell a drop to anyone else. As I see the world developing, energy self-sufficiency will be critical to national sovereignty. Good on ya, mate.

Hoarding isn't necessary. Drilling for oil is a win/win in all situations. Local production ensures sovereignity in case of war or disaster, and oil is completely fungible. Any increase in supply, anywhere, decreases the power of OPEC.

15 posted on 01/24/2013 7:33:19 AM PST by Rinnwald
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To: DeaconBenjamin

Another blow to the unwashed Bedouins ...


16 posted on 01/24/2013 7:35:10 AM PST by IronJack (=)
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To: sphinx

LOL! That about sums it up.


17 posted on 01/24/2013 7:36:37 AM PST by Moltke ("I am Dr. Sonderborg," he said, "and I don't want any nonsense.")
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To: DeaconBenjamin; naturalman1975
They currently have a Prime Minister who's at *least* as far left as is Osama Obama so we shouldn't be surprised if she attempts (successfully) to shut that whole thing down.However,reading the Sydney Morning Herald from time to time doesn't make me an expert on Australian politics (or national attitudes) so I certainly could be wrong.
18 posted on 01/24/2013 7:37:22 AM PST by Gay State Conservative (Red State Secession Is The Only Answer)
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To: DeaconBenjamin
Hopefully they don't have a socialist regime like we do that would squash the use of this natural resource.
19 posted on 01/24/2013 7:39:01 AM PST by McGruff (No New RINOs!)
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To: muir_redwoods
The Aussies haven’t sought my advice but if they want it, they should meet ALL of there own needs first before they sell a drop to anyone else.

That certainly makes sense.But remember that the country has a very small population (I think it's around 20 million) so meeting their own energy requirements might not be that difficult.

20 posted on 01/24/2013 7:40:43 AM PST by Gay State Conservative (Red State Secession Is The Only Answer)
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To: IronJack

Just when we get the f’n arab boot off our necks, we get the rat boot stomping down! Not fair!


21 posted on 01/24/2013 7:41:30 AM PST by txhurl
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To: Vigilanteman
Tie Me Kangaroo Down Sport
22 posted on 01/24/2013 7:45:02 AM PST by Gay State Conservative (Red State Secession Is The Only Answer)
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To: DeaconBenjamin

I think water for fracking could be an issue.


23 posted on 01/24/2013 7:51:23 AM PST by dirtboy
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To: DeaconBenjamin

Wonder what bed wetter liberals and their PhonyCon RINO buddies are saying now about Dr Jerome Corsi and WorldNetDaily WND....who wrote about the bogus “peak oil” myth?

Looks like Oz has a planet-load of petroleum in the Outback....lets hope their liberals do not sandbag its development


24 posted on 01/24/2013 8:05:10 AM PST by SeminoleCounty (GOP = Greenlighting Obama's Programs)
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To: DeaconBenjamin

The Chinese are very interested in this bit of news I bet.


25 posted on 01/24/2013 8:17:28 AM PST by Eye of Unk (AR2 2013 is the American Revolution part 2 of 2013)
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To: sphinx

Ahhhh more work for Ken Salazar and Richard Windsor/aka Lisa Jackson


26 posted on 01/24/2013 8:52:34 AM PST by Captain7seas (Fire Jane Lubchenco)
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