I have had a look at the announcement re the remediation of Red Gully North - 1. Bear in mind our CEO is in fact a drilling expert, we have at least two other drilling consultants on the payroll, one of which is a FIFO, these are mates of the CEO from his Origin days. We employed a drilling contractor - one would assume they have a level of expertise in this field but still the hole was a cockup.
Inexplicably and at what cost we don't know Aztech Well Construction was engaged to 'perform an extensive technical evaluation to determine the cause and best technical solution to the high formation water production...."
What they found is 'three variables identified as possible root causes to a poor cement job,' - '...data suggest that there is insufficient cement between the 7" casing and open hole section....."
This whole consultancy report is an arse covering exercise for someone who made a blue. If you take X amount of material out of the ground you need to fill it back up with X amount of material, its not rocket science. What this report doesn't say is with all the experts we had, and pay BIG dollars, this should not have happened in this day and age. We can put scan instruments down the hole that can measure just how much cement is need to fill the hole we dug.
But who is AZTECH? I looked at their website, I invite you to do the same. It doesn't tell you who any of the consultants / engineers are. There are NO PHOTOS OR BIOS of any of the staff in this business. We, as shareholder cannot make an informed assessment as just who this mob are and how much they charged us for the report.
The other thing that is of concern is the complete absence of any information coming out of this company. I hope, Cameron Morse FTI Consulting 0894858888 is not on a retainer.
EGO Price at posting:
41.0¢ Sentiment: Buy Disclosure: Held
