Chariot Partners success rates: certainly an ugly day in the market all around. CGX Energy hammered as they need to raise $20 million very soon to cover delay costs on a duster well that has already been drilled, what a disaster there. Like I said before, CGX has way too much financial risk for me to stomach. Their Eagle shallow well was like a 1 in 10 shot at hitting, their Jaguar well currently drilling has a better shot but now they are looking at having probably over 400 million shares outstanding.
EOG on the other hand don't need to drill any well in the next year but will benefit greatly by all the other wells scheduled to be drilled offshore Namibia in the next year. A hit by anyone and EOG is a billion dollar company without drilling their own well. Also, remember Chariot well has a 1 in 4 shot at hitting plus their Nimrod well has some significant partners with major offshore success track record:
"The Kabeljou-1 exploration well will test the Nimrod prospect in the second half of this year. Petrobras remains the project operator following today’s deal and it will now have a 30 per cent stake in the project, while BP now owns 45 per cent and Chariot retains a 25 per cent stake."
https://www.proactiveinvestors.co.uk/companies/news/40347/chariot-oil-gas-pleased-as-bp-acquires-additional-stake-in-nimrod-licence-40347.html
Keep in mind that BP like Tullow has a better than 70% offshore drilling success rate. We all know how good Petrobras is already with these offshore drilling, so major things to come.
BP track record for offshore drilling:
"We have one of the best exploration records in our industry, having achieved a seven out of 10 success rate in ‘wildcat’ exploration over the past few years (against an industry average of one in four)"
https://www.bp.com/sectiongenericarticle.do?categoryId=9015382&contentId=7028108