Greenvale Mining (ASX: GRV) has seen a major uptick in share price after confirming that it could now progress its programs for the Alpha, Lowmead and Nagoorin oil shale projects in Queensland.
Shares in Greenvale were up 54.41% to $0.105 today.
This comes after the Queensland Department of Natural Resources and Mines removed the moratorium on oil shale mining in all areas of the state.
Queensland currently has around 90% of Australia’s known oil shale resources, which are equivalent to around 22 billion barrels of oil.
As the world supply of conventional crude oil diminishes, there are strong prospects for oil shale to become the next major source of liquid fuel supplies in Australia.
Despite this, there has been extremely limited commercial application of oil shale in Australia and overseas.
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