George Frangeskides, Exec-Chair at Alba Mineral Resources, discusses grades at the Clogau Gold Mine. Watch the full video here.
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While we sit not knowing for years on end whats happening about our company they have meetings with all and sundry
They try to pass the non communications off with us as letting dark forces in on the secret but they are quite happy to be hosting meetings with exxon and gerogian officials and have it splattered everywhere. I am amazed we have discovered it,
lets not say too much about it on here in case it all gets scuppered by the mysterious rats that lurk here
Maybe the dark forces dont know about facebook etc so wouldnt know what sn and co are up to so shush say no more
theres been a suspicious car parked outside since I started reading this thread
Deloitte is sorting out the Post Office disaster and since FRR has come
to the attention of Deloitte I have become an optimist again though I
know nothing about FRR. I am one of many Mugs who bought in ignorance.
I agree A221. Consider the number of new wells FRR drilled subsequently to 2011 in MK, including working over and flaring the UD2 well, drilling 3 new wells at Traibani and undertaking new CPRs gas reports. I think also the advancement in shale production techniques may have compelled them to revisit B12. However the underlying premises is that Exxon continues to be linked with Georgia and SN through various of business meetings, which is the most intriguing part, but it could just as well be a ‘coincidence’.
Would think that if Exxon was at a meeting where SN was, also attending not that long ago then Exxons thoughts on X11 just might have changed.
Let's hope so
I believe 2010/11. Didn't they say in the few months before delisting that they had signed an NDA with a major to look at data? IRRC that one was stated or rumored to be BP.
Can you recall when was the last time Exxon looked at FRR’s B12’s data?
Exxon has looked at the data at least 1/2 times in the past and took a pass. Seems like it would take some new information to bring them to the table for Block XII.
ToT - noted your observations on Block Energy because I don’t follow that stock. But agree that Schulumburger are, in the main, an O&G support company and a world class at that. At the same time, I do not underestimate the toxic politics in that country. But perhaps this has changed a lot from the Ukraine war and Georgias ambitions of becoming a full EU member.
On the video link, I couldn’t get the subtitles on but I agree that perhaps it is being ring-fenced for FRR to sort itself first. And the only reason why GG would consider doing that if there is already an agreement in place between the two US companies which has been shared with GG. Plus, I don’t think 1% of the block is going to get Exxon out of the bed but a JV for the whole block would be very exciting for all the stakeholders.
Also, in the Exxon article I posted earlier dated Oct 2018, they signaled that gas was their priority, and how much gas was estimated on Block 12 (via Mk Complex, Taribani and UD2 area)? 18TCF. FRR also produced some independent CPRs from Ryder Scott and Netherlands, Sewell & Associates to support their estimates. Lets us also not forget the substantial drilling and logging data FRR has accumulated over the years particularly in the Taribani field drilling down to the Eldari Miocene formations. And in Exxons world, time is money, so will not want to start operations from scratch ie from seismic to drilling. Plus, Europe doesn’t have the luxury of time as gas security needs to be secured asap.
Wrong link. Hopefully this one will work: https://fb.watch/qj2uokp1Cr/?
On the other issue you raised as to why the balance of Block XII has not been put out to tender this post on Facebook confirms that blocks don’t have to be tendered any more: https://fb.watch/qj1Qbp0x1G/? so maybe the balance of Block XII is already earmarked for a coalition of FRR and Exxon to explore and develop once all the dust has settled….
Monti there’s only one reason why Schlumberger pulled out of Georgia. It was (and still is) essentially an oilfield services company which made a brief entry into the much more risky activity of direct exploration and production. That did not go down well with its major shareholders and they quickly withdrew from all such activity and hence the sale of of their interests in Georgia to Block Energy.
Another waste of space for the filter
Well, seems the company can no longer rely of secret messages via LOOED and had to send in ToT.
You guys are a hoot. Left to your own devices you really can make 2+2 equal anything you desire.
Just lols.
Then the liquidators will have to change the offer or persuade them that there is no better available.
Thanks gotreal…..’ If 100 entities are owed money, 51 have to agree with the propsal’.
However, plz explain what happens if 51 of those creditors only hold say 30% of the debt and it gets voted down?
MontiBurns ..... No - its >50% of the number of creditors...... If 100 entities are owed money, 51 have to agree with the propsal.
I am glad I sent out the T.o.T s.o.s and even more happy the old man and the sea answered it.
Many thanks for finds and inputs to both yourself and Monti, more positives than negs in these for me personally.
With luck Looed or Jim will be sending updates soon.
GLA real holders
Hi ToT - thanks for the research on Exxon. I agree with you that it seems Exxon walked away from Georgia and the Chinese stepped in. However the question is why is Exxon continuing to be linked with Georgia and as recently as the November 2023, business meeting held at the Embassy, co-arranged (and with special thanks) by SN.
Then the other major question is why B12 has not been tendered out by now? Sure, you could argue Georgia is still a difficult place to do business for foreign companies (recall Schulumbeger leaving and handing over its acreage to Block Energy) and perhaps there is still a question mark over the geology. Therefore, in my opinion, there is something to read ‘between the lines’ with Exxon, SN and Georgia. Also worth mentioning that the Ukraine war has probably shifted the political landscape in the country and are now more genuinely EU facing.
I have dug up the below article from Oct 2018, when Exxon was going to undertake hydrocarbons field study in Georgia. It seems focus was on gas even then but probably more urgent now for Europe following the destruction of Nord Stream pipeline. While we don’t know the conclusion of their findings, perhaps worth reaching out to them to get a copy if available; I always find Investor Relations more than helpful when you start off by saying that ‘I am a Shareholder and I need …….’.
Hence I find it hugely intriguing the continuing ‘triune link’ (SN-Exxon-Georgia).
Here is the article: https://agenda.ge/en/news/2018/2204
Agenda.ge, 24 Oct 2018 - 13:04, Tbilisi,Georgia
American multinational oil and gas corporation ExxonMobil has shown an interest in Georgia’s potential in terms of oil and gas, is going to evaluate the potential of hydrocarbons in the country’s west.
ExxonMobil signed an agreement on conducting fieldwork on hydrocarbon resources in Georgia with the State Agency for Oil and Gas of Georgia’s Ministry of Economy.
After completing the examination of the geological and geophysical data transmitted by the agency to the company, ExxonMobil will prepare a report.
The fact that such a large company is showing an interest in Georgia’s potential in terms of oil and gas is a promising fact of outstanding significance”, Economy Minister of Georgia Giorgi Kobulia stated.
Representative of ExxonMobil Jonathan Wilson said that they are happy with cooperation with Georgia and will be able to use the experience to study Georgian hydrocarbon potential.
We have worked for a decade in the Black Sea and the surrounding areas. And it is a pleasure to extend our knowledge and experience to evaluate the potential of Georgia. We look forward to working closely with the state agency involved in the gas sector”, Wilson commented.
ExxonMobil will provide trainings for the employers of the State Agency for Oil and Gas to perfect their skills in using the database and stratigraphic analysis.
Sorry auto check
Piscator
Picador, Monti & Got
Thanks for excellent info on SN & Exxon
Gotreal - thanks for providing the reference: “It requires a majority (>50%) of the creditors who represent more than 75% of the debt”.
So applying my simple theoretical example yesterday, let’s say there is a total of $30m owed to creditors, $20m provided by SN and $10m relating to YA, GG, Mourant and YJ. Technically any settlement would require at least 51% approval from creditors representing 75% of total amount owed which equates to the following imho: $22.5m (75% of $30m) and 51% of this amount equates to c$12m, meaning SN would pass his own proposal through if he is owed $20m for funding the legal cases. The point here is to demonstrate the principal and not the financial numbers, which nobody knows except Deloitte. So, imho SN has probably got this squared off (in terms of destiny in his own hands) and hence we see comments from the company that there is a desire to return FRC back to pre-wind up status, which took many of us by surprise (admittedly).
Yesterday I suggested that perhaps SN would offer 20c to the Dollar but now I think about it, it could be even lower as A#s221 alluded to. When OMF bought the CLNs, it was at 20c to the $ but at that time, FRR still had a valid PSA and was a publically listed company. Now we have an expired PSA , no share listing and a statement from Deloitte saying the company is insolvent. You can make your own guess as to what SN could offer in this scenario.
The only issue I see here is relating to GG. They will never morally accept this amount regardless of the creditor vote meaning a permanent sour relationship with FRR and therefore kissing goodbye to the renewal of the PSA forever.
So my conclusion is that Exxon were right to walk away from this block with all its problems, but the recent diplomatic activity referred to in one of my earlier posts suggests that they might well be interested in partnering the development of block XII, which is very rural by comparison. Their presence at the recent meeting with the Georgian Ambassador in Houston suggests to me that they could well be involved in acquiring the vacated parts of Block XII in partnership with FRR Mk 2 aka FRR US. I’m with Monti on how things might pan out with the liquidators of FRC, that 1% of the original PSC being critical to any arrangement with Exxon imo.
OK here’s the translation:
Signing a 100-million-yuan engineering service contract to open a new market for Western Drilling in Georgia
China Petroleum News Center
Publication date: 2023-04-25 10:47
News from China Petroleum Network (Special Correspondent Niu Yun, Correspondent Wu Rongrong) On April 17, after more than a year of follow-up research and promotion, Western Drilling officially signed a RMB 100 million contract for drilling, logging, and cementing engineering services in Georgia. This is the first time that Western Drilling has entered the Georgian market in West Asia.
Georgia has a stable social environment, broad prospects for the oil and gas market, and promising economic benefits from the project. This project is located in Block V in the Kutaisi area. Western Drilling is responsible for drilling, logging, directional, cementing, coring, simple pressure control, mid-course testing and other services. The first well E-CH-FN1 is designed as a three-split directional well. , the design well depth is 4580 meters.
In April 2022, Western Drilling received a bidding invitation letter from Georgia's Western Gulf Petroleum Engineering Co., Ltd. and was invited to participate in the bidding for engineering and technical services in Block V in the Kutaisi region. Western Drilling attaches great importance to this, and has traveled to and from Beijing many times, organized specialists to conduct on-site inspections of oil fields in Georgia, and repeatedly communicated and negotiated with the senior management of Western Gulf Company to promote business progress and cooperation at multiple levels. For more than a year, multiple parties have repeatedly discussed and communicated, and finally achieved the expected goals and successfully signed the contract, creating new profit growth points for the high-quality development of PetroChina's overseas business.
There is little well geology and actual drilling data in Block V in the Kutaisi area, and the project is adjacent to a nature reserve. There are residential areas, high-voltage lines, railways, etc. around the well site, making it an environmentally sensitive area. The designed trajectory of the first well is a bypass well. The upper strata are loose and trajectory control is difficult. In view of the construction difficulties, the specialized units of Western Drilling cooperated efficiently, participated in technical management with a highly responsible attitude, implemented the concept of green and environmentally friendly drilling, and studied countermeasures for various difficulties and risks in advance. On the premise of ensuring safety, we continued to provide high-quality services. Shape the brand image of Western Drilling.
On April 19, Western Drilling held a kick-off meeting for the Georgia project. With drilling as the leader, it linked integrated technical service units such as logging, orientation, cementing, and oil testing, and mobil
It seems that Exxon were offered Block V in western Georgia but presumably walked away because of the environmental issues now being faced by the Chinese company that has taken it on. These issues would seem to prevent any large scale Texas style field development with nodding donkeys at 100m intervals: http://news.cnpc.com.cn/system/2023/04/25/030099945.shtml
Translation will be provided in my next post.
Avi8or, thanks for the tip but this iPad is practically up to its storage limit so I’m not downloading any more apps or programmes to it. When I’ve thrown of this lurgy I’ll get back on my pc and post from there but in the meantime here’s a link to Exxon’s visit to Georgia in 2018: https://www.facebook.com/1416847798539016/posts/pfbid0QKskJSKcbeQKA56nkSt3LdTQhfcStUNbLTPoXqgh1xncUFUcTTyBUpdvWmg2Baogl/? In order to avoid the timing out issue I’ll say more about this in my next post.