Linc Energy announced that huge amounts of shale oil, potentially worth tens of trillions of Australian dollars, has been uncovered in South Australia.
The Brisbane-based company made its momentous discovery while performing drilling and seismic exploration in the Arckaringa Basin around Coober Pedy.
According to Linc, the shale oil deposits are estimated to hold anywhere between 3.5 and 233 billion barrels. Such a massive amount of the resource can trigger an economic boom in South Australia that is similar to the one enjoyed by the United States.
Australia will be able achieve total self-sufficiency in fossil fuels using this oil. It can also transform its role in the international commodities market from an oil importer to an oil exporter.
Linc Energy is now seeking investors for the second stage of its project. The company intends to confirm the size and scope of the oil reserves by drilling up to half a dozen horizontal wells. This stage will cost between $150 million and $300 million.
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