A threat to the Saudi's? A potential $20 Trillion dollar shale oil site
in S. Australia, but I didn't hear about it. This rather explains why
renewables won't be seriously developed till there's significant
die-off. There's still too much money to be made the easy way by
polluting and cornering the market on oil and gas. Around 230 billion
barrels just swimming beneath year round 100 degree + desert land. (So,
what are the odds that they'll stop fracking up the US?) It's what
caused LINC ENERGY stock to increase in value by over 400%. Speculation
by a healthy skeptic that Statoil from Norway is very likely to act as
the operator of the project, and Halliburton, well experienced in shale
gas extraction, will likely become the service provider--is your free
$500 expert guess from */Stock Gumshoe/*, if you want to help pollute
the planet faster. He's also certain it will be a decade(s) long,
expensive project.
*Natalia*
http://www.rigzone.com/news/oil_gas/a/123676/Linc_Looks_to_Start_Shale_Oil_Production_Works_in_the_Arckaringa_Basin
Linc Energy revealed Wednesday that it will be moving into production
drilling in the Arckaringa Basin, following two independent reports
confirming the presence of shale oil in the onshore basin, South Australia.
A report prepared by Gustavson estimated that the Stuart Range,
Boorthanna and Pre-Permian unconventional reservoirs could hold unrisked
prospective resources of up to 233 billion barrels of oil equivalent
(boe), while a separate report by DeGolyer and MacNaughton (D&M)
estimated that the region could hold unrisked prospective resources of
up to 103 billion boe.
"These conclusions presented by Gustavson and D&M are consistent with
[our] view that formations within the Arckaringa Basin have excellent
resource play potential with total organic carbon levels, permeability,
porosity and thickness that compare favorably to prolific U.S. plays
such as the Bakken and Eagle Ford," Linc said in its disclosure.
"The estimates provide strong encouragement that the balance of the
basin may also be prospective for conventional hydrocarbon deposits and
suggests that additional work on conventional resource potential is
justified," Linc added.
The company has appointed Barclays Bank for advice on strategic options,
including the introduction of an experienced shale operator to joint
venture the development of this shale play. Linc's Managing Director
Peter Bond told Rigzone Wednesday in an interview that the company will
take around six months to identify a suitable operator.
"We are keen to work with both international and local partners,
especially Asian partners," Bond said.
After selecting a partner, Bond intends to develop the company's assets
in the Arckaringa Basin through the drilling of both exploration and
production wells. The company is also exploring the possibility of doing
horizontal drilling in its permits.
Linc, through its wholly owned subsidiary SAPEX, currently holds seven
petroleum licenses that cover a total of 21,224 square miles (54,970
square kilometers) in the 31,000 square miles Arckaringa Basin. Linc has
also obtained approval for an additional petroleum license that would
add another 3,649 square miles to the area of interest.
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