how many drills & frack spreads in australia?, page-5

You are right sleekback. We didn't receive an expert job from NSE so far? I am hoping they are looking for some experts to do the job right. I am not sure if Conoco's US experts are helping NSE here or only the technical team of Conoco Australia helps with limited shale knowledge!

Btw, many people pretend to be an expert here in Australia, but it is hard to find the real ones. That's a big problem in this unlucky continent. A lot of directors of companies here waste a lot of money without being experts in their profession. That's why Australia has a reputation for being a country with very low productivity with employees who get very high salaries and wages.

Same is happening with NSE. Therefore NSE directors may feel that they don't have to drill as soon as possible.

Look at the salaries the directors and managers get from this tiny company without giving any successfull outcome yet! They are only sitting on Buru's success (selling Buru shares) atm but keep getting the huge salaries from the company. They also get incentive share component of up to 30% of annual salary! They also get loan from the copmany to finance they share purchases!

Look at the "Executive Service Agreements" below. This is from the 2012 Annual report (Page 30).

It's exactly a "Too many chiefs and not enough indians!" case. Only those directors get close to $2,000,000 a month. This is TOO MUCH! They haven't delivered anything yet! They have to cut it down I believe.

Phil Tick Current MD;
I don't know how much he gets from the company atm. It should be at least $300,000.

NSE Executive Service Agreements

S Willis - (Former MD);
1- Annual salary of $330,000 inclusive of superannuation.
2- A short term incentive cash bonus of up to 20% of annual salary subject to achievement of agreed upon KPI’s.
3- A long term incentive share component of up to 30% of annual salary based upon achievement of relative and absolute share price performance.
4- 12 week notice period of termination of employment agreement. If the company terminates the employment contract it is required to make a termination payment of up to 9 months pay.

M Hagan -Tech.Director (consultancy agreement)
1- Annual fees of $329,000 invoiced monthly.
2- A short term incentive cash bonus of up to 20% of annual salary subject to achievement of agreed upon KPI’s.
3- A long term incentive share component of up to 30% of annual salary based upon achievement of relative and absolute share price performance.
(iv) 12 week notice period of termination of consultancy agreement.

M Gracey -Commercial and Legal Manager (employment agreement)
1- Annual salary of $225,000 inclusive of superannuation.
2- A short term incentive cash bonus of up to 20% of annual salary subject to achievement of agreed upon KPI’s.
3- A long term incentive share component of up to 30% of annual salary based upon achievement of relative and absolute share
price performance.
4- 12 week notice period of termination of employment agreement.

D Hansen-Knarhoi -Chief Financial Officer and Joint Company Secretary (employment agreement)
1- Annual salary of $200,000 inclusive of superannuation.
2- A short term incentive cash bonus of up to 20% of annual salary subject to achievement of agreed upon KPI’s.
3- A long term incentive share component of up to 30% of annual salary based upon achievement of relative and absolute share
price performance.
4- 12 week notice period of termination of employment agreement.

P Achour -Health, Safety and Environment Manager(employment agreement)
1- Annual salary of $150,000 inclusive of superannuation.
2- A short term incentive cash bonus of up to 20% of annual salary subject to achievement of agreed upon KPI’s.
3- A long term incentive share component of up to 30% of annual salary based upon achievement of relative and absolute share
price performance.
4- 12 week notice period of termination of employment agreement.

B Walker -Exploration manager(employment agreement)
1- Annual salary of $330,000 inclusive of superannuation.
2- A short term incentive cash bonus of up to 20% of annual salary subject to achievement of agreed upon KPI’s.
3- A long term incentive share component of up to 30% of annual salary based upon achievement of relative and absolute share
price performance.
4- 12 week notice period of termination of employment agreement.