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Kodiak Oil & Gas Corp Message Board

  • g8trgr8t g8trgr8t Jan 24, 2013 4:19 PM Flag

    OT - Australian Shale Oil Discovery

    Linc Energy Ltd. anybody know how I can but through Fidelity?

    But Mr Bond did not walk away from the potential of the shale play at Arckaringa, where Linc has 16 million acres of which 2-3 million acres could be ‘‘sweet spot’’ territory.

    ‘‘No matter how you look at it, it’s big,’’ he said.

    Mr Bond said Linc paid $104 million for its exploration acreage at Arckaringa four years ago, and spent $30 million on drilling 15-16 holes, of which half targetted shales, and 1000 kilometres of 3D seismic.

    But Linc is now looking for a ‘‘farm-in’’ partner to spend up to $300 million to develop the resource and prove up reserves.

    Mr Bond said Linc’s consultants estimated there was a minimum of 3.5 billion barrels of oil equivalent at Arckaringa.

    ‘‘It’s a multi-billion barrel opportunity, and that’s a good news story. OK it’s not $20 trillion. But 3, 4, 5 billion barrel resources are virtually unheard of these days, so even stressing this number down to the minimum number the experts stress it down to, it’s still a big story.’’

    sydeny morning herald