Ping
If you go to a real news source, instead a blog, you find Linc reported it differently. The blog tries to confuse oil in place with recoverable amounts, very different values in shale formations.
The reports estimated the company’s 16 million acres of land in the Arckaringa Basin in South Australia contain between 133 billion and 233 billion barrels of shale oil trapped in the region’s rocks.
It is likely however that just 3.5 billion barrels, worth almost $359 billion (£227 billion) at today’s oil price, will be able to be recovered.
- - - - - - -
http://www.abc.net.au/news/2013-01-24/major-oil-discovery-in-outback-sa/4481982
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.