$20 trillion shale oil deposit found in Australia

Their share price is up around 25% today and about 100% for the month. Nice work.

A timely find for resource-starved Australia.

The company has since distanced itself from the calculations of 20 trillion:

Linc chief executive Peter Bond told BusinessDay: ‘‘That’s not our valution. I don’t know who did that but someone’s got a calculator out and come up with that number ... but we wouldn’t put a valuation on it at this stage. It’s too hard.

These figures describe the size of the field, not how much (if any) can be extracted. But good luck just the same.

That would be a lot of fracking oil, yeah?

well with the Baaken Oil find in the US I guess the price of fuel will come down??? certainly not.

Burn, baby, burn.

Cool news for Australia.

Soon you will see that China claiming that land as theirs.

Realmind, you beat me to it! If it were on the coast in the WATER, I am sure CHINA would be somewhere in this news about oil etc...

Soon you will see that China claiming that land as theirs.

or the u.s. will claim australia has wmd and invade.

Congratulations to Australia!!

Peak oil is a myth, it's a way for big oil to gouge all of us.

Peak oil is not a myth, but I'm sure the industry is content to find ways to gouge us- as plenty of industries tend to do. Although on different timescales, it's akin to saying the world ending due to the death of the sun (within around 5 billion years), is a myth. Oil is finite and whether peak oil hits in a decade or a hundred years, it is a certainty.