Stocks climb following promising discovery

SHARES in Linc Energy surged following the disclosure of a promising shale oil discovery in South Australia yesterday, which the company said could contain more than 200 billion tonnes of oil shale.

By InvestSMART · 28 Sep 2011

By InvestSMART ·
28 Sep 2011

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SHARES in Linc Energy surged following the disclosure of a promising shale oil discovery in South Australia yesterday, which the company said could contain more than 200 billion tonnes of oil shale.

Linc shares closed up 22.5c at $1.90, rallying off 12 month lows. The company said it had encountered a shale oil resource more than 124 metres thick at a depth of 854 metres in the Arckaringa Basin. "At around 100 metres thick, an oil shale deposit of over 200 billion tonnes may be present," the company's chief executive, Peter Bond, said in a statement.

The shale oil can be processed underground, Linc said, to be used as fuel, or refinery feedstock. Preliminary analysis indicates potential oil yields of 25-45 litres per tonne although only part of the material could be processed so that recoverable material would be a modest part of the overall resource.

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Stocks climb following promising discovery

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