It's believed more than 20 trillion dollars worth of oil remains untapped under land near Coober Pedy in South Australia's north.
Research by Brisbane company Linc Energy suggests there could be anywhere between 3.5 billion and 233 billion barrels of oil in the untapped Arkaringa Basin.
Linc is now looking for an investment partner for the next stage of the project, costing up to $300 million.
The company aims to drill up to six horizontal wells to further confirm its figures.
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