Excerpt from Uncertainty in the Oil and Gas Exploratory Process: A Framework for Analysis and Econometric Estimation

Association of Petroleum Geologists (aapg) into several categories-new field wildcats, new pool wildcats, deeper pool tests, shallower pool tests and outposts-roughly in the order of decreasing risk in drilling. For a detailed discussion of exploratory drilling and definition of the above categories, see Labee (ll).

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