Raisama Slashes Salaries of Two Executive Directors to Reduce Costs

Raisama Energy disclosed Wednesday that it has reduced the salaries of two of its executive directors, Jeff Steketee and Jim Durrant, to save on overhead costs.

In a statement released, the company noted that both of the directors will draw $231,030 (AUD 225,000) per annum; their salaries will be increased to $256,700 (AUD 250,000) per annum upon settlement of a dispute with Blade Petroleum. Steketee was earning $325,000 (AUD 333,710) per annum, while Durrant was drawing a yearly salary of $308,040 (AUD 300,000).

Blade started court proceedings against Raisama last year, the former was seeking to terminate a farm-in agreement pertaining to the Cadlao oil project located in the Philippines inked in 2010, according to a statement from Raisama.

The statement also revealed that both of the directors will be required to give six months' notice period for their rolling employment term of one year. Under their previous contracts, the directors had to present 18 months' notice.

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Raisama Slashes Salaries of Two Executive Directors to Reduce Costs

Raisama Energy disclosed Wednesday that it has reduced the salaries of two of its executive directors, Jeff Steketee and Jim Durrant, to save on overhead costs.

In a statement released, the company noted that both of the directors will draw $231,030 (AUD 225,000) per annum; their salaries will be increased to $256,700 (AUD 250,000) per annum upon settlement of a dispute with Blade Petroleum. Steketee was earning $325,000 (AUD 333,710) per annum, while Durrant was drawing a yearly salary of $308,040 (AUD 300,000).

Blade started court proceedings against Raisama last year, the former was seeking to terminate a farm-in agreement pertaining to the Cadlao oil project located in the Philippines inked in 2010, according to a statement from Raisama.

The statement also revealed that both of the directors will be required to give six months' notice period for their rolling employment term of one year. Under their previous contracts, the directors had to present 18 months' notice.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

View the original article here

Raisama Slashes Salaries of Two Executive Directors to Reduce Costs

Raisama Energy disclosed Wednesday that it has reduced the salaries of two of its executive directors, Jeff Steketee and Jim Durrant, to save on overhead costs.

In a statement released, the company noted that both of the directors will draw $231,030 (AUD 225,000) per annum; their salaries will be increased to $256,700 (AUD 250,000) per annum upon settlement of a dispute with Blade Petroleum. Steketee was earning $325,000 (AUD 333,710) per annum, while Durrant was drawing a yearly salary of $308,040 (AUD 300,000).

Blade started court proceedings against Raisama last year, the former was seeking to terminate a farm-in agreement pertaining to the Cadlao oil project located in the Philippines inked in 2010, according to a statement from Raisama.

The statement also revealed that both of the directors will be required to give six months' notice period for their rolling employment term of one year. Under their previous contracts, the directors had to present 18 months' notice.

Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

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Raisama Withdraws from Farm-In Agreement Offshore New Zealand

New Zealand Oil & Gas (NZOG) revealed Wednesday that Raisama Energy is withdrawing from its farm-in agreement to participate in drilling the Kakapo structure in PEP 51311, offshore Taranaki Basin.

NZOG noted in its statement that Raisama acquired the opportunity to earn a ten percent interest in the prospect by paying 20 percent of drilling costs up to $3.1 million (AUD 3 million) and 10 percent after that.

"As the well has not yet been drilled, Raisama's withdrawal means it will not incur these costs," NZOG said in its disclosure.

NZOG is at present, seeking further farm-in partners and a drilling rig on suitable terms.

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