You lot seem well informed. Guess there is a few geochemists,...

You lot seem well informed. Guess there is a few geochemists, engineers or just plenty of oil experience amongst you.

What is the industry average on success to failure on exploration wells?
With success being defined as a commercially viable discovery.

I reckon about 1 in 7, but there must be genuine accurate published research. Anyone know? Also any current stats on exploration well budget / actual costs would be an interesting read.

My mkt observations is the sp tends to fall after say 4 weeks into drilling exploration period. Investors become nervous and the sp fluctuates.