| shenayuwzv | Date: Friday, 28 Jun 2013, 14:46:39 | Message # 1 |
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Mr Bond said the potential in SA was "massive", but even at the lower end of estimates about 3.5 billion barrels it was still very large.
"There is still a long way to go, but investment in unconventional liquid projects in South Australia will accelerate as more and more companies such as Linc Energy and Altona prove up their resources."
Mr Bond said Linc had so far spent about $130 million in the Arckaringa Basin, drilling four deep wells and "a couple of dozen" shallower wells.
The Wall Street Journal reported last week the US could pass Saudi Arabia as the world's largest oil producer this year, thanks to the shale oil explosion.
British company Altona Energy was scheduled to start drilling this month to discover more resources for a proposed coal to liquids and power project also in the Arckaringa Basin.
"If you look at the upper target, which is 103233 billion barrels of oil, that's massive," he said.
"You put in 50 of them and that's a lot of oil," he said. "We have a very good idea that this will be an oilproducing asset."
锘?0 trillion shale oil find surrounding Coober Pedy fuel Australia
That project, which could cost up to $3 billion, would involve an opencut coal mine and possibly a 560 megawatt power plant.
The process was once prohibitively expensive but advances have created a new oil boom in the US.
"The opportunity of turning this into the next shale boom is very real.
Mr Koutsantonis said: "We have seen the hugely positive impact shale projects like Bakken and Eagle Ford have had on the US economy.
At the higher end, this would be "several times bigger than all of the oil in Australia", Linc managing director Peter Bond said.
Shale oil extraction involves using new technologies to drill vertically and then horizontally for distances of more than one kilometre through shale rocks that contain oil.
The Linc Energy reports, from consultants DeGolyer and McNaughton and Gustavson Associates, are available on the Australian Securities Exchange website.
Brisbane company Linc Energy yesterday released two reports, based on drilling and seismic exploration, estimating the amount of oil in the as yet untapped Arckaringa Basin surrounding Coober Pedy ranging from 3.5 billion to 233 billion barrels of oil.
"If the Arckaringa plays out the way we hope it will, and the way our independent reports have shown, it's one of the key prospective territories in the world at the moment." Mr Bond said each well could flow at 10002000 barrels per day.
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