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 ?
Because this is a wildcat drilling area, we are in the early stages of understanding the geologic factors which affect production in the area.
Chairman of Rathlin Energy UK, David Montagu-Smith, said: "This is a high risk operation, we call this a wildcat drilling operation.
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.
At that, this August development drilling made up 9,773 m and exploration drilling 302 m and wildcat drilling 170 m.
North American new-field wildcat drilling increased by 6% to 1,584 wells, but remained 8% below the average for the decade.
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.
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.
31, 2000, as well as risks associated with exploratory wildcat drilling.
The Company has other attractive wildcat drilling locations in the area based on a seismic shoot that covered 82 square miles, 65 of which are proprietary to H&P.
The objectives of the drilling program are to extend the current zone of mineralization and based on our new geological synthesis to do some wildcat drilling into a previously untested rhyolite dome.
Expenditure under the $150 million program is initially being focused on wildcat drilling along the foothills corridor of Alberta where Canadian 88 has led the industry as the most active driller over the last 24 months," Canadian 88 President Greg Noval said.