Drilling for oil is a lot like gambling. And just like at the casino, Mother Nature has stacked the odds against those looking to make a quick buck: the chance of a frontier exploration well being commercially successful is typically around one-in-six.
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On 20 June, Wentworth Resources (WRL) and its highly respected partner Anadarko Petroleum began drilling the frontier Tembo prospect with the first of two back-to-back wells looking for liquids-rich hydrocarbons onshore Mozambique. It is hoped Tembo contains some 255 million barrels of oil-equivalent recoverable resources, which analysts at Investec estimate would be worth roughly 58p a share to Wentworth in a success case. The well is expected to take between 60 and 90 days to complete.
