SB, on the Outrider issue they remain the majority bondholder as evidenced in this statement in the accounts: "In addition, Frontera asserted claims in the Adversary Proceeding against the holders of the largest outstanding group of Notes, Outrider Master Fund LP and Outrider Management, LLC (collectively "Outrider"), contending that Outrider was complicit in a scheme to misappropriate the Company's confidential information and trade secrets on a number of occasions in 2014, 2015 and 2016, and through those actions interfered with Frontera's financing efforts and ability to capitalize on financing and development opportunities that were then available to Frontera."
That has got me thinking that their plan might have been to introduce Varang into the equation, thus stymying any other prospect of raising finance to develop the Taribani field (which might yet prove to contain the bulk of commercially extractable oil in Block XII). Varang is deliberately shrouded in mystery but perhaps its real purpose is to bring the company to its knees by starving it of the funding it has signed up to in order to force a debt default this year. Then the debtholders take control and sell the assets to Varang, who as you know from my previous postings I believe to be Salyan Oil and Gas, a JV vehicle owned by Socar and one of the Chinese national oil corporations. The lack of any reference to Varang funding in successive accounts confirms my suspicions here.
Socar are the primary supplier of gas to Georgia and have a huge amount of clout within the country. I am therefore speculating that they used this clout to persuade the Ministry of Energy to be obstructive in respect of ramping up gas exploration and production in Block XII with a view to delivering the killer blow to the company. If so, I would love to be a fly on the wall or better still present at the mediation hearing on 12th October where all should be revealed (although I currently have no idea if the public are allowed into these hearings.) Meanwhile the company will obviously have been using diplomatic channels to resolve the impasse with the Ministry and seem to be making some progress here, and if they can prove skullduggery by Socar et al, then they have a lot of additional leverage.
If you agree that this explanation is possible then perhaps you would have a more sympathetic view of SN, as I now do, but I agree that we should attempt to have some reps at this year's AGM and demand some further information on various matters, and Varang in particular. Given the poor reception our intrepid traveller to the EGM received however, I think we would wish to seek advance assurance via the company's advisors beforehand that there would be a proper Q&A with the CEO this time around. Financing the trip would currently be an issue for me as my income is tiny compared to when I was working and I have not had much in the way of investment returns these past three years to fina
With very little income we are still going to frac for the GAS we supposedly cannot sell..i find this ..???###!!!*** .....now please feel free to finish the sentence...may only need one word...ps has anyone any idea how many headroom shares left.to use for monthly bacon butty runs..
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