There has been some production in the basin since the 1980's, this is not a new discovery.
Toreador Resources (TRGL) just moved above the high it made in May but is still below the January highs and far below the $36+ it traded at in 2005 i.e. there is overhead supply.
From Next Big Future:
Paris Basin Shale Oil Could have more recoverable oil than the Bakken oil fieldParis Texas is not in oil country, there is one derrick at Gene's flea market, moved there from east Texas.
The Paris Basin has an area of ~170,000 km2, encompasses most of the northern half of France and extends into Luxembourg, Belgium and Germany.
IHS has identified three possible unconventional hydrocarbon plays in the Paris Basin, France:
the Lias Shale oil play, the Permo-Carboniferous Shale gas play, and the Upper Carboniferous coalbed methane play. Analysis based on IHS proprietary data and public sources indicates the presence of a thick sequence of Palaeozoic sediments. We have constructed a preliminary stratigraphic succession of the Palaeozoic sediments and mapped their distribution, which could help in exploration of the Palaeozoic reservoirs as an extension of known conventional petroleum systems. Our analysis of the Paris Basin indicates that the basin still holds good hydrocarbon potential, both for conventional and unconventional plays, and merits a new phase of exploration, especially considering its excellent infrastructure and recent advances in technology.Estimates range from just a few to many tens of billions of barrels of oil in the Paris Basin. Much like the North American shale plays, these formations have been drilled through many times – there are over 1,000 wells drilled into the Basin – so exploration risk is low. It’s completion risk – how to best unlock the oil from the rock – that is the main risk.
Activity by explorers in this part of France has been growing, and is now hitting a fever pitch. A huge land race is underway, with applications for more than 1.6 million acres pending approval for several companies, including Toreador Resources (TRGL-NASD)* in the US, Vermillion Energy (VET.UN-TSX) and Realm Energy (RLM-TSXv) in Canada....MORE
It does however have an Eiffel Tower:
With a cowboy hat on top.
