In the world of oil and gas exploration, a ‘wildcat well’ is an exploratory oil well that is drilled in land not known to be an oil field.
According to Definitions.USLegal.com
: “Wildcat drilling refers to exploring for oil or gas in an unproven or unexplored area.
Wildcat drilling, a form of high-risk exploratory drilling, is the process of drilling for oil or natural gas in unproven or fully exploited areas that either have no concrete historic production records or have been completely exhausted as a site for oil and gas output.
This higher degree of uncertainty puts oil companies and investors at great financial risk, however, the financial rewards can be commensurate with the risk.