Lol, yeah. It's all about knowing your theory/descriptive chemistry really well. Labs dont count for much in the national exam; as long as you have a plan of action that shows you understand the concepts involved, nothing bad should happen (i.e., it's not a dealbreaker for going to camp...although if you want to be comforted, go for a 55+/90+ on the theory part of the exam to compensate for an anticipated failure on the actual test).
The thing is, chemistry is hated on by the general public (boo), so people who are naturally good at it will do very well on the olympiad.
Even if you don't make it, remember the cardinal rule: olympiads only test how well you do on olympiads.
