Saturday, January 26, 2013

Giant Oil Field Found in Australia

A giant oil field has been found in south Australia that could hold as much as 233 billion barrels of oil, valued at today's prices at over $20 trillion. The oil is located in the Arckaringa Basin, an area surrounding Coober Pedy.

Estimates at this time are anywhere from 3.5 billion to 233 billion barrels of oil.

While the range has a huge disparity, Linc Energy is moving towards securing financing so it can drill six horizontal wells to confirm and identify the amount of oil estimated to be available for extraction.

Barclays Bank has been hired by Linc to secure financing for the project, which for the next stage is estimated to cost from $150 to $300 million.

Assuming the probable upper target of the estimates, the range is expected to come in at from 103 billion barrels of oil to 233 billion barrels.

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