RE: Options28 Aug 2018 04:17
Penceofpurpose - I will try to respond to all your observations, but apologies as trying to comprehend some of your Dutch English is rather interesting to say the least. After reading your 42 posts, I note you only joined in 26th July 2018, I sense a genuine vulnerability about you, some posters will remember Fairman who had to stop posting, as he stated he was having a nervous breakdown.
Right to business and we’re talking about the oil business which I don’t need to assume a mantle as you put it, I actually hold a senior position within the O&G sector and yes because of that I know what everybody gets paid for the position they do as its commonly known oil companies agree pay scales for each position (otherwise it would be like a bidding war and your budget is wasted on salaries). Staff members get paid a lot less than what we call day raters (but its easier to fire a day rater without any compensation and you don’t have to pay any health insurance etc).
The Angus team have drilled 1 well in the past 12 months. The same size of team in another oil company can drill 4-5 wells a year and simultaneously plan another 10 wells. It’s not rocket science. Your formations don’t change, only the thickness, direction, angle and depth. So your Well Programmes are just cut and paste (first wells’ paperwork always takes more effort to iron out the creases), with the name and depths changing depending on well profile (angle / measured depth). Do you know how many times I get a programme with the wrong name on it…happens more often than you think and thats after its been checked going up the food chain. Also assuming the ‘mantle’ as you put it of being technically superior….well this is my bread and butter and seeing that folk are invested in an oil company, it would be strange not to ask somebody who been actually doing to for a long time. I give unbiased opinions on the operations, I neither ramp or deramp. I’ve even been asked to help explain matters on UKOG and CERP board. As for being a wise man….well in hindsight a wise man would have sold up when the SP was mid 30’s lol
Like Vonk and Tidswell have built into the contracts, reward them once production rates have increased to a certain bopd and then their salaries are doubled. Reward them for increased production, efficiency, but not because its been another 12 months.
The Angus Team shouldn’t be rewarded because of the screw up over the well names. All it would have taken is to survey all 3 wells with slickline and compare the historical data). But they didn’t do that as they were too lazy and just assumed that information was correct, even though they knew information collected by their predecessors was terrible (they don’t even know what was produced from each formation for specific years).
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