The application of thermal analysis to Australian oil shales has been quite common, however, the results have been somewhat limited by experimental technique and advances in thermal analysis instrumentation. In this paper we present a novel approach to the thermal characterisation of Australian oil shale. This approach involves separation of the unique components of oil shale, the kerogen (organic component) and the clay minerals (inorganic components), using chemical and physical techniques. The heat capacity and enthalpy changes for the kerogen and clay minerals were measured using non-isothermal modulated DSC from 25 to 500 degrees C. Heat capacity data was obtained over a temperature range spanning several hundred degrees in a single experiment. Heat capacity was also estimated by incorporating TG data during regions where thermal reactions involving mass loss occurred. Enthalpy data for dehydration and pyrolysis of kerogen were also determined.