Course Description

In spite of intensive education efforts within the industry, it became clear to us that teaching RA concepts and procedures was not enough – companies were still experiencing difficulties in implementing company-consistent RA processes. Accordingly, we have expanded the focus of our practice regarding RA. In addition to providing education to staff and management, we have broadened our services to enhance training of practical applications. This combination of education and training facilitates efficient, consistent and effective implementation of RA.

For client companies who commit to corporate implementation of our Exploration Risk Analysis (RA) Process, we offer on-site an innovative training course that reviews key concepts, then immediately applies them to company prospects.

The Surgical Theater is a novel, yet proven, training method in the Medical field, which has already received much acclaim in our play reviews. Using actual maps, seismic sections, and geotechnical data, instructors review real company prospects with the exploration team that generates them. We begin with probabilistic distributions of prospect reserves components, continue on to elements of geological chance of success and commercial chance of success, discuss issues of profitability and economic ranking measures, and conclude with portfolio "roll-up" procedures.

As prospect parameters and values are estimated using robust, user-friendly software, they are projected to a screen. All of this is done before an audience of 10-30 observers (analogous to a medical surgical theater, hence the name), who can not only watch the RA process in action, but also learn useful methods to apply reality checks, and be "de-briefed" in a positive manner.

In the 3-day version, several additional opportunities are reviewed using this procedure. The result is a rapid assimilation by geotechnical staff of: (1) applied Prospect RA, (2) software orientation and familiarization, and (3) methods for successful interviews of prospectors by risk analysts and facilitators.

Course Documentation

RA ST Prospect.pdf (35.5k)