The Easiest Way to Manage AFEs: Creation, Approval, Tracking and Field Variance
The days of emailing and calling to check on the status of AFE approval, internally or with NonOps, is over! DeepData makes it easy to create AFEs. Then you define the approval workflow both internally and with NonOps. Best of all, you get a real-time dashboard for tracking when each person in the approval process views the AFE and their approval status. This is the way AFEs should be handled in the age of the Internet. Once you try it, you’ll never go back to the old email, meeting and phone call approach.
The Modern AFE Solution
Customized for the Way You Work
It takes just a minute or two to load your cost codes, and another few minutes to design your workflow for both internal and external review and approval. Once this is done, DeepData’s AFE Management module is completely customized for the way your business works.
Create or Clone an AFE
Create a new AFE, or clone an previous one, in just minutes. Cost calculations can tailor your costs on the fly, using equations built around things like lateral length, measured depth, number of stages and more. Once you’ve created your AFE, for any well process, it goes through your internal approval process.
Internal Approval & Tracking
The internal approval process is simply a chain of individuals or groups who must approve the AFE in sequence. You get real-time updates on when they open each AFE, whether they have comments and whether they have approved or declined it. No need to call, email or call people out in the hall or in meetings, you know the status is for each AFE in real-time.
Total Visibility into NonOp Approval
Assemble complete AFE packages, with attachments, for your NonOps. The software apportions their cost share based upon their working interest and includes the non-consent penalty. It routes the packages to each NonOp and then provides you with updates each time they view, and approve or decline your AFE.
Track Field & Actual Variance
Field costs can be entered either directly in the AFE module or through the cost logging solutions in our Completion and Drilling modules. Then the accounting team can enter actual costs into the AFE Management module and it tracks all variances.
A Complete History of AFEs for Each Well
When you pull-up any well in the AFE overview, you get a complete history of each AFE for that well, complete with initial cost estimates, field estimates and actual costs. You instantly know the historical financial outlay for every process on every well.