When looking at rig reports there’s often a column that lists either ‘Exploration’ or ‘Development’. What do those mean?
Thanks
Larry
Larry, It’s a gray area in the rig and well reporting world.
The only consistent difference I’ve found is whether or not it is the first well drilled on a lease unit. It’s largely a category reported by individual rig managers/operators and there isn’t much consistency. Don’t put a lot of weight in whether or not Baker Hughes or Smith Bits call it exploration or development.
You would much rather know if it is part of the operating company’s development plans or a real wildcat.
RT - thanks for the response, and you’re right about my wanting to know if it’s part of the company’s development plans. How does one get that answer?
Larry