Posted On Brocham Alan20175 Feb 2019 07:03
Well Angus cease to amaze me with the latest RNS. They honestly haven't learned their lesson from the Lidsey days.
Firstly they can't even be bothered to post the RNS on their website. So coupled with the Vonk shares disappearing and reappearing on the Angus Major Shareholder page .....that makes it 2 strikes for Lucan already....sigh.
Well to the folk who said its great that Angus let the rig workers enjoy Christmas with their loved ones.....I always said it was an illogical decision as oil companies don't shut down for Christmas.
So Angus planning report card would read terribly. Breaking down the following paragraph in the Angus RNS, in laymen's terms they did not have back up equipment for critical items. What denotes a critical item? Items that will cause you to shut down operations resulting in delays and / or loss of production revenue.
"During operations several key completion components failed for a variety of reasons beyond the Company's control. This also led to delays over the December and early January periods. These long-lead items have not been re-installed..."
It's a rule set in stone that you order a Primary and a Back Up for every piece of completion equipment. These items can be damaged between the yard and reaching the site, using the crane to move it to the rig floor, you can cross thread the connections when making up to a joint of production tubing or even whilst being run in the well. Far too many scenarios / risks to start trying to save a few beans.
All you do is run the primary completion string in the well, set it and ensure everything is working correctly. Then and only then you send the back up equipment back to the supplier unused and all you pay for is very minor rental costs.
Same self induced headache happened at Lidsey when Angus didn't have another downhole pump and had to wait for 3-4 months.
And who is to blame for this? The person a lot of folk have been praising today. Tidswell is the Operations Manager and as of July has had less responsibilities / since since stepping down as CEO / BOD member over his shameful America share dealings. So what has he been doing all this time?!?!? Are you really surprised after he drilled a side track from the wrong well? Drilling and completing a well is not rocket science. An army can only march as far as the supply train can keep up. Tidswell lacks focus and understanding of what needs to be done. Quick proof is he has many years missing from his LinkedIn CV. His paperwork is shockingly sloppy as the OGA, EA and SCC have inferred.
Angus will never progress if Tidswell has any dealings with running the company. He has a poor reputation within the oil industry. Yet he draws a £120k salary plus other perks we will not know about, as well as being awarded £2 million shares after the America scandal.
Sign In
Follow the stocks
