[larry00]

Add a estimated 19 billion bbls crude and 63 trillion cubic Ft natural gas to the till from this huge find . in Western Australia ! Another Shale find by a Canadian Production Co. who will spend 30 million just proving the find. They are looking for partners for development.
Here is the whole article as I'm likely misquoting !

NIGEL ADLAM December 11th, 2009

THE company that believes it has made a world-class oil and gas strike in the Territory Outback is looking for joint venture partners. Canada-based Falcon has spent $20million exploring the Beetaloo Basin in the past four years and expects to spend at least $6million more in 2010.

Company boss Marc Bruner believes production could start within the next three years. "We've got interested parties looking at all the technical information," he said during a visit to Darwin. Mr Bruner, the son of a Texas oilman, freely admits he faces a big challenge in proving that it is technically possible to extract the oil and gas profitably.

An independent report by major international resources analyst Ryder Hunt says that Beetaloo - a 30,000sq km tract of land surrounding Daly Waters, 600km south of Darwin - holds 19 billion barrels of oil and 63 trillion cubic feet of shale gas. That's five times more gas than the $12billion offshore Inpex project.

Mr Bruner said Beetaloo could one day be producing hundreds of thousands of barrels of oil a day. "This could change the face of Australia," he said. Mr Bruner said it had been known for a long time that oil and gas was held in shale. But it was only recently that the technology was developed to bring it to the surface.

There are several big shale oil and gas operations in the United States. Mr Bruner said he was confident US technology would work in Australian geological conditions.

He said the oil and gas was held in shale and sand - much of it very thick and some of it much richer than world-class fields in America. "For sure the oil is there, for sure the gas is there.

"So it's not a question of what we've found, but a question of whether we can produce it commercially."

Mr Bruner, the former boss of Ultra Petroleum, added: "Oil is in my blood. And this is the biggest thing I've ever found. "There's nothing like it onshore - and maybe not even offshore."

Falcon owns 75 per cent of the exploration permits and its partner, Sweetpea Petroleum, 25 per cent.

[mos6507]

"This could change the face of Australia," he said.

The face of australia is already changing, to a permanent desert.

Here is but the first thing gleaned off of google news. One of surely countless other reports.

[the_sword]

This is a penny stock scam. FO trades on for 15 pennies and has 600 million shares.

Don't believe a word they say.

[leaflight]

How many barrels of oil is used daily worldwide , anybody got a estimate?
Also apparently a big find in the gulf of mexico a couple of years ago but it was hushed up some say.

[IslandCrow]

Mr Bruner, the son of a Texas oilman, freely admits he faces a big challenge in proving that it is technically possible to extract the oil and gas profitably. ... "For sure the oil is there, for sure the gas is there.

"So it's not a question of what we've found, but a question of whether we can produce it commercially."

Now that is the "$64 000 / barrel" question. Peak Oil is not about the end of oil, but the end of cheap oil.

[zeke3000]

So, an offset of <250 days. Considering it´s gonna take a whole lot of energy(~oil) before they have turned those oil stones into oil the number is likely smaller.

[ian807]

Haven't heard of this one yet. The questions, of course, are the same as always:
1) What's the EROEI in the reservoir pay zones (if there are any pay zones)?

2) What type of oil is in the reservior(s) (i.e. heavy sour or light sweet crude).?

3) How much does it cost? Deepwater finds are wildly more expensive.

4) How much is actually recoverable? Bakken has a large quantity of oil too, but is almost completely unusable.

And of course, it's always good to review diagrams like this: [url][url=http://www.theoildrum.com/files/We%20have%20lots%20of%20oil%20but%20.%20.%20..pdf]link[/url] when thinking about new oil finds.

[SeaGypsy]

1st Oilfinder posted the Beetaloo find months ago.
2nd it is NOT in Western Australia it IS in th Northern Territory.
3rd W.A ant N.T are not the same place!!!
4th This is very early days in the prospect and therefore penny stock.

[Homesteader]

Aw.. . fer cryin' out loud. . . don't tell me oily has been reincarnated!

[SeaGypsy]

I am currently 200 miles from Beetaloo and a light year from Oily; but I am a gentleman and credit where credit is due.

[The_Virginian]

"This could change the face of Australia," he said.

The face of australia is already changing, to a permanent desert.

Here is but the first thing gleaned off of google news. One of surely countless other reports.

This is the ugly truth about Australia. Farmer switched to growing olives when the wheat growing made the soil saline...olives are not known to re-generate soil...

[The_Virginian]

"This could change the face of Australia," he said.

The face of australia is already changing, to a permanent desert.

Here is but the first thing gleaned off of google news. One of surely countless other reports.

This is the ugly truth about Australia. Many farmers switched to growing olives when the wheat growing made the soil saline...olives are not known to re-generate soil...

[KevO]

How many barrels of oil is used daily worldwide , anybody got a estimate?:

80 mbpd so 1 billion every 12 days. 19 X 12 = 228 days

Great.