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 ?
Also being funded this season is exploration work, including wildcat drilling and high-tech geological research techniques used to help identify new underground reservoirs.
Geological surveys over the Zhilyanskoye area commenced in the 1930 s with wildcat drilling intersecting the core of the Zhilyanskoye anticline in 1940 s.
In 1983 Limex of Germany began wildcat drilling in the field, operating as a contractor.
Canada-based Rathlin Energy has embarked upon what it describes as a "wildcat drilling operation" for oil in East Yorkshire.
Chairman of Rathlin Energy UK, David Montagu-Smith, said: "This is a high risk operation, we call this a wildcat drilling operation.
The near term focus, as noted above, will be on the Heintschel appraisal and development, however wildcat drilling is expected to commence in the near future, with an especially active program in 2011.
In 1983 INOC started wildcat drilling in the field, with Limex of Germany operating as a drilling contractor.
At that, this August development drilling made up 9,773 m and exploration drilling 302 m and wildcat drilling 170 m.
According to the report, "For Jan-Aug 2012 it was carried out 99,844 m of drilling works, including 94,670 m of development and 5,174 m of exploration drilling (2,150 m of wildcat drilling)."