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clock Created with Sketch. 05/10/14
22:26
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Originally posted by Philley
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KEY is a brilliantly run company.It has very little money and yet has operated 2 wells with a pipeline of future wells. Its current success whether it flows or not will imho lead to the farmout to future wells in ep 437.• Streamlined management structure to reduce duplication and number of consultants • Flattened management structure and increased accountability • Staff had increased by +50%, current streamlining reduced by 30%, to pre 2013 levels • Strong internal cost discipline • Approval processes very rigorous - and appropriate staff to deliver • Need for step change recognised after review of previous 5 years of drilling • JV have agreed to contract DDH1 Rig #31, a UDR5000 highly mobile mineral rig which has been converted for oil and gas operations • The rig is currently drilling deep shale gas wells for an operator in the Northern territory • Expected to be mobilised to the first drilling location for Buru Energy in October • The rig is capable of drilling cored holes to at least 3,000 metres drill depth and has a small footprint and crew • Expectation of substantially reducing exploration well costs • Standard oilfield rig will still be required for development drilling CONTRACT STRUCTURE • Fixed price contract which is expected to result in a decrease in drilling costs • The fixed price includes key aspects of the drilling program from mobilisation to demobilsation and movement between wells • Arrangements are in place to address a shutdown of operations due to weather
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LOL@Philley. If someones daddy hadn't thrown KEY a nice bone your comments about a brilliantly run company may be somewhat different. I wouldn't call a positive result from massive dose of nepotism brilliant management, but then again we all have different points of view.
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