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t is 6 times larger than the Bakken, 17 times the size of the Marcellus formation, and 80 times larger than the Eagle Ford shale.
All told the recent discovery outside a sleepy Australian town contains more black gold than in all of Iran, Iraq, Canada, or Venezuela.
The current estimates of 233 billion barrels are just 30 billion barrels shy of the estimated reserves in all of Saudi Arabia.
Now, one renowned international energy expert predicts the proven reserves will be much bigger.
"The find may land at 300 or 400 billion barrels, making it one of the greatest unconventional oil discoveries any of us will see in our lifetimes," says Dr. Kent Moors and advisor to six of the top 10 oil producers and active consultant to 20 world governments.
"It represents a bona-fide redrawing of the global energy map as we know it," Moors says, "and the mainstream media is completely ignoring it."
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".