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US oil and gas player Apache has made what is being heralded as the country's largest oil discovery in the last 30 years, and the first in the offshore part of Western Australia's Canning Basin.

Shares in Australian company Carnarvon Petroleum, a junior partner in the venture, instantly more than doubled on the news.

Apache's executive vice president and chief operating officer for the international business, Thomas Voytovich, described the result as "exciting", while cautioning that the results were still in the early stage of evaluation.

Even so, he said the qualities of the reservoir found "point to a commercial discovery".

The Phoenix South-1 well found oil in at least four different sections of the hole, and testing has shown the reservoir to be productive, with potentially up to 300 million barrels of oil in place, Apache reported on Monday.

"If these results are borne out by further appraisal drilling, Phoenix South may represent a new oil province for Australia," Mr Voytovich said.

Carnarvon Petroleum one of the three junior partners in the Apache-led venture, described the result as "one of the most significant developments in Australian oil and gas in recent times".

Carnarvon managing director Adrian Cook said the find was "the most significant new oil play in the North West Shelf since the Enfield discovery opened up the Exmouth Basin almost 20 years ago."

"The implications on the rest of our acreage are still being assessed but the potential is extraordinary," Mr Cook said.

Carnarvon shares, which closed Friday at 8.1¢, surged as high as 20¢.

Carnarvon owns 20 per cent of the WA-435-P drilling venture, as do Japan's JX Nippon and unlisted Finder Exploration, while Apache owns 40 per cent and is the operator.

http://www.smh.com.au/business/mini...n-30-years-20140818-1059vv.html#ixzz3Ai988yUm
 

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I am actually hoping that Australia doesn't have any continued resource boom of any kind. All it has done for the average person is gigantically increase the cost of living and has pushed unemployment up in many regions due to those businesses dying out because of high costs and the high AUS$.

Despite all the rhetoric we hear the fact of the matter is that the resources sector has not massively increased unemployment, much of the employment growth is very temporary and then no longer required.

We need to get away from resources and build actual industries that actually employ people indefinately.
 

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I am actually hoping that Australia doesn't have any continued resource boom of any kind. All it has done for the average person is gigantically increase the cost of living and has pushed unemployment up in many regions due to those businesses dying out because of high costs and the high AUS$.

Despite all the rhetoric we hear the fact of the matter is that the resources sector has not massively increased unemployment, much of the employment growth is very temporary and then no longer required.

We need to get away from resources and build actual industries that actually employ people indefinately.
all it has done? are you sure about that?

bhp alone pays as much in taxes and royalties as the entire WA annual health budget
 

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Sorry to be a grammar nazi, but I think the title should be Struck Oil, or Oil Strike, but not Striked Oil.

Any major resource finds are a great thing for Australia. Sad that some are so blinded by the greens take on mining, exploration, etc that they can see a negative to something providing more jobs and money into the economy. It's keeping our standard of living high. If a project was mass polluting I'd understand it, but it seems like any plan must be fought against.
 

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This can't be true...we all know we have passed peak oil and there is little left to dribble out of the Earth. Bah humbug...Look like it was a bad week to sell my V12 Bugatti ?????
 
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