The Australian shale find in the Arckaringa Basin was announced a few months ago by linc energy (LNGCY in US or LNC in Australia)
The recoverable oil could be 3.5 to 233 billion barrels of oil from tight shale.
The "risked mean" recoverable oil is 3.5 billion barrels. This is the estimate that Linc energy solicited from the 3rd party assessors. The 233 billion barrel figure is one reason many don't bother looking at the company. It is a huge estimate for a play that is producing zero barrels of oil right now and has zero productive wells. Therefore, many will discount them without bothering to look.
The company does plan to drill 6 horizontal early in 2014.
At this point, this play seems very speculative. The two major unknowns for me anyway are 1) whether it can be made to flow oil to surface in sufficient amounts that wells are economic and 2) How long it would take to get oil to market if it is an economic resource.
For me it is something to put on a watch list while waiting for further developments.