What does Exploratory Well mean?
A well drilled to discover oil or gas in an area. An exploratory well is drilled in an unproved for the purpose of finding oil. The well drilled may or may not find oil, if no oil is found it is declared dry well.
Futures Knowledge Explains Exploratory Well
Exploration of oil and gas is a long and multi-stage activity. It starts with surveys such as topographical, geophysical and seismic surveys. A positive survey result only indicates there is some probability that oil may be below the ground in the area. Next stage is to drill a well to verify whether oil is there or not. Such a well is called exploratory well. If oil flows out of well, this is called discovery of oil.