Wildcatters Still a Gamble for Investors Despite Oil's Rise

Wildcatters Still a Gamble for Investors Despite Oil's Rise
Even with talk that prices of $100 a barrel could again be in sight, investors are wary before taking the gamble.

Tullow Oil Plc has stakes in Guyana, which is why shareholders could shake off the well they missed in Namibia last month, he said. Eco Atlantic Oil & Gas Ltd. also has stakes in both plays and its stock is up 80 percent this year. Hannam analysts are watching for the appraisal of Exxon’s Hammerhead discovery in Guyana, which extends onto Eco’s block as a possible “catalyst” for the company.

Chariot will now face increasingly impatient investors. In a September results call, Bottomley was already asked if he could understand their frustration as wells continued to miss.

“A dry well is just as painful to us,” he said. “We’ve invested our time, talent and effort and it’s something that we’re very close to, and so, yes, we do -- we do -- we do feel that -- that pain.”

To contact the reporter on this story: Paul Burkhardt in Johannesburg at pburkhardt@bloomberg.net. To contact the editors responsible for this story: James Herron at jherron9@bloomberg.net Rakteem Katakey, Amanda Jordan.


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