Wildcat drilling refers to the exploration of oil or gas in areas that have not previously been proven to contain these resources. This type of drilling is often conducted in untested geological formations, making it a high-risk venture for energy companies. The goal is to discover new reserves that could lead to profitable extraction. Due to its speculative nature, wildcat drilling can be both financially rewarding and risky. Successful discoveries can significantly boost a company's value, while failures may result in substantial losses. As a result, companies often conduct extensive geological surveys and research before proceeding with wildcat drilling projects.