Experts Doubt 223 bboe Estimates of Oil Reserves in South Australia’s Arckaringa Basin
Australians who are considering buying stocks of oil and gas companies on the basis of the reported $20 trillion worth of potential oil reserves at the Arckaringa Basin in South Australia: beware.
Oil experts are casting doubts on initial estimates by two independent consultants that the area could have between 133 and 233 billion barrels of oil equivalent (bboe). Even Linc Energy, the company which released the report, doubted the accuracy of the estimates or how the consultants reached those figures.
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