I've got a lower fender bolt that sheared off and it seems that the break point is deeper than the surface around it.
What sort of options or techniques do I have here? I've historically been unsuccessfully at drilling bolts out.
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Looking at that, I would suggest that you drill it out and then tap it to match a new bolt.
There are extractors but the most common are based on tapers and they will likely cause more issues.
The better type of extractor uses a hardened rod with flutes that is driven into a hole drilled to match the rod size. Then the rod is turned with special nuts to remove the remainder of the bolt.
Even with the application of duck oil, snake oil and other "magic" penetrants as well as heat I still think you are better drilling and tapping for a new bolt.