In a statement to the Stock Exchange, the company said reports from US-based consultants indicate underlying rock formations "are rich in oil and gas-prone kerogen".
The company says up to 233 billion barrels of oil are estimated to be trapped in the shale.
Chief executive Peter Bond says even if the amount of retrievable oil is well below that, the discovery is still "bigger than the Cooper Basin and Bass Strait combined".
"If you stress test it right down and you only took the very sweetest spots in the absolute known areas and you do nothing else, it's about 3.5 billion [barrels] and that's sort of worse-case scenario," he said.
Maybe, with a huge spread and fracking...
So if you took the 233 billion [barrels] well, you're talking Saudi Arabia numbers. It's massive, it's just huge.
http://www.abc.net.au/news/2013-01-24/m ... sa/4481982