Wildcat Drilling


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Wildcat Drilling

The practice of drilling for oil in an area with no proven reserves. That is, the wildcatter has no idea if the venture will yield a significant amount of oil. This is extremely high risk but has the potential for large profits if the wildcatter strikes "black gold." See also: Exploratory Oil and Gas Partnership.
References in periodicals archive ?
The 5,120 gross acre Glacier Prospect, located in Harper County, has been the focus of a significant wildcat drilling program by the company.
At that, this August development drilling made up 9,773 m and exploration drilling 302 m and wildcat drilling 170 m.
Under the terms of the contracts, Devon is committed to conduct 2-D seismic survey and wildcat drilling during the 8-year exploration period in the two blocks.
In 1983 INOC started wildcat drilling in the field, with Limex of Germany operating as a drilling contractor.
Not only have we effectively doubled the known strike length of the main zone, but wildcat drilling on the north and north-eastern extents of the dome have returned significant gold intercepts.
He noted that wildcat drilling is inherently risky with high failure rates, but the promise of big discovery makes it worthwhile, especially in the midst of the world's fifth largest economy, California, which now imports nearly 60% of its oil and nearly 90% of its natural gas needs to feed its burgeoning markets.
North American new-field wildcat drilling increased by 6% to 1,584 wells, but remained 8% below the average for the decade.
Tri-Valley has undertaken a program of large target, high impact wildcat drilling, primarily from its proprietary database along with selected submittals from outside sources in an effort to obtain exponential gains in value from discovery success.
In other news, the 5th Circuit Court of Appeals has denied the Company's petitions for rehearing of the recent decision which reinstated the arbitration award against the Company arising out of its participation in a wildcat drilling project offshore Benin in 1997.
Worldwide, (excluding North America) new-field wildcat drilling bounced back from a 1999 low of 629 wells to a completion rate of 826 wells, which was still fewer than any other year during the 1990s.
Based on the success of the initial drill program, Northern Dynasty is also planning another phase of wildcat drilling, designed to make more discoveries within the giant 89 square km sulphide system.
World-wide, (excluding North America) new-field wildcat drilling bounced back from a 1999 low of 629 wells to a completion rate of 826 wells, which was still fewer than any other year during the 1990s.