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Fingers crossed we get an update soon. I guess the 14th for the creditors meeting is the next step. I miss it when Looed doesn't post...
For tomorrow and going forward , GLA real holders š
https://m.youtube.com/watch?v=eZQyVUTcpM4
All good Keith , I Sent you a WhatsApp š
Proven/probable reserves; with todays technology and advances these are a conservative estimate too. Good to see the court and legal issues now being wrapped up, allowing a return to market. Given BLOE's positive news and recent price increase, this could bode well for FRR, particularly given the figures we have, circa 10 fold minimum.
Clearly something is happening with BLOE given the resident troll is frantically responding to each and every post and working itself into a frenzy. Hopefully it will disappear up its own rear end, or better still, banned.
BLOE market cap is Ā£8.24m. A good reminder that 2C resource estimates =/= proven/probable reserves.
Or if the 202TCF reported was to be verified - one hundred and twenty point three two billion dollars. LOL
Hey Millsy
how are you dude.
so on that even at the 12 TCF we reported thats about 7 billion dollars value, wonder why theres still l.ife in the old dog yet...........
Just over 1% of our reserves then. Good luck to Bloe.āø
, the development and production company focused on Georgia, is pleased to announce upgraded internal resource estimates for the Rustavi and Teleti fields.
Combined with the independently audited 2C recoverable resources on the Patardzueli-Samgori field, the total Project III 2C Contingent Recoverable Resource figure for Patardzueli-Samgori, Rustavi and Teleti fields now stands at over 2.77 TCF, with an estimated Net Present Value 10 ("NPV") of USD 1.65 billion.
Rhetoric suggests that is dependent on what side you are placed of the liquidation no?
We've got both on this board, along with judge and jury.
Are we the complainant or defendant? I assume the former.
How do you get to Georgia? Not by EUROSTAR.
Post - Brexit red tape is a curse everywhere
It seems it may soon disappear.
Georgia by plane is faster than train.
Actions Coming thick & fast now!
Date : 06/03/2024 13:00
Judge : Salome Samkharadze
Parties : "Frontera Resources US LLC", Giorgi Kishmaria, Elene Kishmaria, Zaza Mamulaishvili
hall : 0
https://tcc.court.ge/ka/Sessions
March 14th!
So is our next ābig momentā coming on March 12th? Is that how long weāre going to have to wait?
Sorry folks, the movie is called ā The Sting ā
Monty, you have just made me think of a cracking movie, a true 70ās classic movie.
Our very own leader SN as Paul Newman and Dustin as Redford and their team behind them, the plot is based on the set up to get one over a corrupt gangster ( ZM )
I like your thoughts Monty, I will cut you in for 0.5% of the movie profits, this movie will blow the bloody doors off
I am currently looking for more cast??
GLA real holders
ODR1 - yes all supposition on my part but itās been difficult trying to work out what is going on behind the scenes with recent developments. My line of thinking on why SN consented to the Mourant Court w/up request was: 1) All the legal cost incurred over the years was funded from somewhere/someone so now owes the company an hefty amount, 2) Deloittes stating that they had uncovered substantial liabilities but without specifying for what and to whom (so we assume these relate to legal costs), 3) Company statement via Looed that the company was working on a joint formal plan to return the companyās status to pre-wind up for the benefit of all stakeholders.
So to my mind, the only way for this to happen and to keep the destiny in his own hands, SN has been funding the company for the past 5-yrs, and therefore has become the largest creditor, who would then via his own majority debt approve any settlement plan. Of course, this will mean new money being injected by SN if the plan is to offer some cents to the $. But at the same time, we have to acknowledge that he would be also essentially writing off his own debt for the greater good. There is also the question on legal costs and whether these could have been āinflatedā to become the largest creditor over the years; here I mean lawyer fees can be subjective and are free to be set by the legal firm so who knows. But if you want the best, you have to pay over the odds. And here we know there is a ālegal teamā looking after all of FRRās cases; how much has this been costing us over the years? I guess it all adds up. Other major creditors are YA, Mourant, the Georgian Govt, employees etc. Is YJ in there to make up the creditor numbers? I think they were only owed Ā£65k?
So the main question is why go down this w/up-and-recovery route? Well, I donāt think there is an option to go in to a voluntary creditor arrangement given the legal battles that FRR has been involved with with some creditors. I also think FRR team may have āengineeredā this w/up by deliberately reneging on the previously struck deal with Mourant; perhaps Mourant are an insider for us?
I make huge assumptions and may be akin to the Bourne-type espionage theme but with this company, any thing is possible.
The duty states a director must act in a way that they consider, in good faith, would be most likely to promote the success of the company for the beneļ¬t of its members (shareholders) as a whole. When making decisions, directors must also consider the likely consequences for various stakeholders, including employees, suppliers, customers and communities, the reputation of the company, company success in the longer term and all of the shareholders (including minority shareholders).
I believe strongly our leader Steve is doing just this šŖšš
GLA real holders and have a great weekend
Runner up not yet good enough.1st prize attacks Financial Services Industry
as experienced. Soon it will be all A I . There are too many Funds, Trusts,
brokers, etc. The lot can go under one hat and serves us all fairly.
Same in supermarkets. Far too much choice, waste and space, what for.
The rich pay less tax and grab more and more from the poor.
Its the most ridiculous bizarre situation ever
Monti: you say that your view of the reason that SN allowed the liquidation to go through was that he was the largest creditor. Well, of course we are all speculating here, but, in the absence of evidence to the contrary then it is reasonable to assume that SN has stumped up the legal fees, and so would be a very large creditor.
But, if that was the case, then surely that is a reason not to let the liquidation to go through as he will lose far more personally than what he saves the Company in terms of the other creditors having to accept cents in the dollar?
Montiburns ā You might assume most people are astutely aware of the type of liquidation, but someone had recently posted a link to info on voluntary liquidations of a solvent company, so it is important people understand the type of procedure in play.
FTI prepared a report (relating to FRGC not FIC) that stated the there was no commercially viable pathway to pass on the PSA to another party, and so their recommendation was that for the GOGC to terminate the PSA, which is what the GOGC did. Following that, we know the situation regarding the assignment and the MoU.