What you say about the Monterey shale is absolutely correct, but the Australia formation they are talking about is not oil. It is keregen like the oil/keregen in the Green River formation in the western US. These keregen/oil formations can also be found in Israel/Palestine. Mongolia, and eastern Europe.
Think Bakken, Eagle Ford, Wolfcamp, Cline rather than Green River. They are going to be drilling and producing oil, at least for now.
The company aims to drill up to six horizontal wells to further confirm its figures, but Mr Bond is confident the region will be home to oil production.
But the oil in place number will have little comparison to the much, much smaller technically, economically recoverable amount.