Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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It is with great regret that Frontera Resources has not complied with its concession obligations, and the recently collected facts cast serious doubt on the feasibility of the concession project for the next 45 years.
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No sht Sherlock
Just lols
Tabs only a select few dig your dark humour, I dig it, keep it up 👍
It was a joke av
How can they do anything anywhere? The company has been in multiple legal disputes which have prevented it performing core functions everywhere, not just Georgia.
Wow bit of a shock they havent done anything in moldova, heres me thinking we were bashing on there. Come to think of it ...have they done anything in georgia
Good Morning Looed,
I guess today's meeting may shed some light for those creditors on the "guest list" later.
I wouldn't expect us to necessarily be communicated to directly by Deloitte as I'm sure they're more focussed on the outcomes for themselves and the higher-priority creditors that are lined up. However, has the company given you any indication that they might share a post-meeting update with you / us?
Kind regards,
Bezzy
Today, early on, the President of the CUB, Igor Munteanu, sent the Government of the Republic of Moldova a request regarding the verification of the fulfillment of concession obligations by the company Frontera Resources, which received in 2017 a Concession Agreement for approximately 36% of the state's territory.
"In the last 8 years, the company that holds exclusive rights according to this contract, has not been properly monitored, and the company has not fulfilled its concessionary obligations. The contract required the concessionaire to carry out exploration works in the first 5 years (2017-2022), and subsequently recognized the rights to exploit the discovered deposits for a period of 45 years. The perimeter agreed by the government and the company covered an area of 12,125 km2, conventionally included between Ungheni - Basarabeasca, in the northern direction, outlined by angular points to the south of the country, within the state borders.
It is with great regret that Frontera Resources has not complied with its concession obligations, and the recently collected facts cast serious doubt on the feasibility of the concession project for the next 45 years.
Apparently, none of Frontera Resources' basic contractual obligations have been honored. Nor the obligation to submit to the State Commission for Natural Reserves the entire project documentation for geological research and geological data expertise for approval; nor the presentation to the Geology and Mineral Resources Agency, by April 30 of each year, of truthful geological information; presentation of annual reports on the exploration works carried out; the presentation of the data of a comprehensive audit on the financial statements of the concessionaires and the investments made during the year, contracted by the government, from the resources of the concessionaire. In the same way, the Concessionaire was supposed to establish the royalty that the state collects from the concessioned activities based on the geological data presented, but until today, the Company has not fulfilled this clause either
https://telegraph.md/guvernul-a-concesionat-36-din-rezervele-sale-subterane-unei-companii-din-offshore/
I get what you are saying about this company as the underlying fundamentals were sound for investing. So, what do I mean by that? A huge acreage with partially proven oil fields thanks to the Soviet’s, a country sitting on the doorstep of Europe with EU membership aspirations, important infrastructure running through the block partially owned by BP, and a management team with deep O&G experience and (political) connections. Against this, a mish-mash’ exploration strategy: a lot of money squandered on high risk drills such as Lloyd2 rather than targeting the low hanging fruits like shallow oil fields. But the biggest detriment was politics. First the invasion by the Russians in 2008 and then by the Georgian Dream Government which coming in to power from 2012. To top it all off, you had cannibalistic Directors in form of ZM and Hope. But that’s history so where do we go from here is the million dollar question…
Monty, I do enjoy reading your posts and very kind words, fear not a jot that anyone on this board can make me down, been there and got the t-shirt, back up many yrs ago by reading II board and through the finds of the super sleuths on here last few yrs. I have a very sizeable chunk of savings monies ( for me personally anyway ) in our company and I am very much hoping for a return still on our/ my investment, but I totally understand we are not out the dark tunnel yet.
Nothing about this share has been normal, but I see positives where some want our company to fail, the I told you these are crooks etc etc, I am a novice not a trader.
I “believe” in our leader full stop, I am not here trying to promote him, just sharing my thoughts on our company share board like others share their thoughts, nothing wrong with that.
You are one of the few who gets it and I believe still hold hope as I do…We are seat belts on and hoping for a take off with the squadron of black swans.
Karma to the rest
Lifeishard- don’t let any one stop you from keeping a positive perspective here because the alternative could be depression, anxiety and self doubt; people underestimate mental health issues and the gang at FRR has certainty tested our mental state over the years. Anyway, we have little choice but to let this play out now that the company is being managed by Deloitte. And who got us to this point, the people at the helm, namely the FRR Board. Can they get us out of this predicament now, well, Friday could be a hugely monumental occasion.
I also recall a message from the company in Jan 2019 when they said that they intended to keep shareholders updated via RNS-Reach service? And what did we get, zilch. But to be fair, it was ZM who made that proclamation, while at the same time he was engineering the sale/transfer of the company to Green Capital. This was followed up by multiple new legal cases, including getting the permanent injunction against ZM. So company approach can be partially understandable to keep things on the ‘low down’, given the unfolding situation.
Having said all that, we must not be detached from the ‘cold day of reality’ that even if the company can be put back to the pre-wind up status, what price will shareholders have to pay in this enforced creditor restructuring?
Then go and buy more shares in our company if I am promoting like rr 🤣🤣 mad mondays I see, dice are rolled folks long ago, we are locked in, cages are getting rattled again , maybe news is due sooner than we think ?
GLA real holders
Agreed. The "our leader fights for us" schtick sounds an awful lot like RR's cheerleading for ZM back in the day.
Nope not RR and coming from someone who was going to start a Looed beer fund to questioning Looed in later months / yrs 🤣🤣 comical or lack of meds from a boat tripper
Just so the likes of Billy Bibbet and his friends try and understand, well I say understand I mean when the meds kick in, I am not trying to promote our leader in this mad mad goings on, it’s purely my belief our leader “is” in the background doing good by us real holders, time tells all tales folks?
GLA
He is Rainbow Rider
No nurse Ratched needed for me Sdyas, that is for the ones like Billy Bibbet and his friends in the nest, the ones who like boat trips.
Bless you and your ++++++ but you sound like rainbowrider for ZM , you can see a nurse or if things get worse a doctor ! Pls God
Scarf , that is the million, whoops sorry, the multi billion dollar question we real holders would love to know?
Lets hope like I do we are still on planet earth to find out?
“All things bright and beautiful, all companies great and small” just like ours?
GLA real holders
Shareholders of what.. exactly
Given we are in a bit of a void at the moment it might be interesting to establish what folks might be expecting to happen on 14 March.
The latest Company message kindly shared by Looed said: "We are working closely with Deloitte to return the company to the pre-windup status quo for the benefit of all stakeholders, and we are advancing a joint formal plan in this regard."
On the 28th Looed posted: "If the parties are cooperating via Deloitte, then the 1st creditor meeting in March could be significant. Sometimes these first meetings are procedural (appoint a committee etc.) but if matters are being discussed – and hopefully resolved – ahead of time then perhaps some important decisions can be made at the meeting."
So, if Looed is correct, then we should learn if the ex-Directors are indeed doing what they told us they are...
It would also be interesting to know when we might hear what happened in the meeting. Presumably as shareholders we have a right to know pdq...
Do I detect a Eurovile?
Good morning Dulwichman
Thank you for your reply, just to add context to your rhetoric: the sixth US state signed a free trade agreement with the UK in September last year (three and a half years after Brexit). No more since. There are fifty US states. So that leaves 44 without the promised free trade agreement. So, as you aptly say: "never let the truth get in the way of a good story".
There speaks a man that lacks the critical thinking to understand what is going on in the world. The West is on fire, metaphorically speaking, and reversal is now almost impossible. We are led by an utterly corrupt and useless political class, which ever side is in power, same old, same old.
Brace yourselves, we are sinking.
Bank of Georgia is going from strength to strength. So is RR .
FRR is keeping us in suspense and the FCA can't cope.
They are not the only ones. I am off on a cruise in good company
away from tragedy, que, sera, que sera, what will be, will be.
lol 😂 dulwichman brexit is a total crock of **** built on a pack of lies, even if there was a deal with the us you can bet your bottom dollar that the terms wouldn’t be favourable to the uk especially if it was agreed with trumps maga clowns.
I think you will find thatr negoations under Johnson and trump began imidiatly after the result of brexit was known and Johnson became PM (remember that the PM resigned the next say after the result0 they were scuppered when the trump lost the presidency and the "Am I awake president" took tenure. What has heppened in the mean time is the trade arrangments have advnced and some are in place on a state by state basis - never let the truth get in the way of good story!