We have analyzed the archival Chandra X-ray Observatory observations of the compact feature in the Small Magellanic Cloud supernova remnant (SNR) 1E 0102.2-7219 which has recently been suggested to be the Central Compact Object remaining after the supernova explosion. In our analysis, we have used appropriate, time-dependent responses for each of the archival observations, modeled the background instead of subtracting it, and have fit unbinned spectra to preserve the maximal spectral information. The spectrum of this feature is similar to the spectrum of the surrounding regions which have significantly enhanced abundances of O, Ne, & Mg. We find that the previously suggested blackbody model is inconsistent with the data as Monte Carlo simulations indicate that more than 99% of the simulated data sets have a test statistic value lower than that of the data. The spectrum is described adequately by a non-equilibrium ionization thermal model with two classes of models that fit the data equally well. One class of models has a temperature of $kTsim0.79$ keV, an ionization timescale of $sim3times10^{11},mathrm{cm}^{-3}mathrm{s}$, and marginal evidence for enhanced abundances of O and Ne and the other has a temperature of $kTsim0.91$ keV, an ionization timescale of $sim7times10^{10},mathrm{cm}^{-3}mathrm{s}$, and abundances consistent with local interstellar medium values. We also performed an image analysis and find that the spatial distribution of the counts is not consistent with that of a point source. The hypothesis of a point source distribution can be rejected at the 99.9% confidence level. Therefore this compact feature is most likely a knot of O and Ne rich ejecta associated with the reverse shock.
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