Looks like the Ozzies have their own version of the Bakken.
The Georgina Basin has very similar geology to the Bakken and with current technology there should be 5 - 11 billion barrels recoverable.
To put that into perspective, Australia uses about 1 million barrels per day which is 365 million barrels per year.
So this resource should last 10-20 years for Australia alone.
Putting that another way: We have another friendly jurisdiction (like Brazil) which will be now be capable of continuing to manufacture post-oil technology during a period when it's conceivable that global peak and decline are reached.
If we take the Hirsch Report at face value we are facing a LIQUID FUELS shortage. Well this new discovery means that Australia won't be. Also it's worth pointing out that Canada won't be either due to the Oil Sands. So at least two USA friendly jurisdiction capable of continuing to manufacture.
I wonder how many more Bakkens are out there?