US$21 tril. shale oil deposit found in Australia: company

Linc said two independent reviews of its three deposits in central Australia's Arckaringa Basin had estimated there was up to 233 billion barrels of shale oil trapped within its rocks.

However, officials cautioned that it was too early to say whether the oil could be profitably tapped.

“Analysis presented in these reports indicates that the Stuart Range formation and the underlying Boorthanna and Pre-Permian formations are rich in oil and gas prone kerogen that may form the basis of a new liquids-rich shale play,” Linc said in a statement to the Australian stock exchange.

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