WellBet is about making an educated guess on the result of prospects to be drilled. Geonova and Atlantic Petroleum decided to bring this great idea out to the community so everybody can participate and place a bet. All you need to do is to create a user account on Geonova, make up your mind and place your bet.
“We developed “WellBet” as an internal game to test the prediction marked concept in our business. Now we have decided to play the game with the rest of you, and are happy that Geonova takes this on and want to develop a public version of the game. By including more people we expect the prediction rate to become even better in the future! So join us in Wellbet and let the game begin,” says Susanne Sperrevik, Director Exploration and BD at Atlantic Petroleum Norge AS.
How it works
In WellBet, each prospect is presented with a standard set of publicly available information. Participants can indicate whether they predict a technical or commercial discovery and whether they expect what kind of hydrocarbons to be found. In addition, participants can say what knowledge they have of the prospect, their age and their background (oil industry, finance, academia or other).
It is noteworthy that all information in the bets is placed absolutely anonymous.
After placing a bet, the current average results are shown and participants can instantaneously see how their prediction compares to the community’s assessment of the prospect. The bet on a prospect ends with the publishing of the press release from the NPD and results are compared.
In the long run, we shall closely monitor how the predictions of the community members compare to the real outcome – and the industry’s experts.
Ready to gamble? Then visit WellBet, learn about featured prospects and place your bets!