Morning folks - well I think the FRR patient nearly died in June and lost most of its blood and so is a bit unsteady on the feet!
With the slow progress on Taribani (no excuse for that when it was funded by a farm-in!) and the gas monopoly embargo the company has been driven to desperate measures to keep going (huge dilution for the strategic partners and default on long term debt!). I expect they are working in taribani but slowly using the money from Varang and the service providers. The last guidance we got was that they were on target for the 16 refrac/ 6 new well campaign (that leaves 4 months to achieve the targets). The fact that YA could only raise $500k last time and so far have not been back suggests they have not got the fracking kit they wanted yet so are probably not doing the larger stimulations yet. Still thik the BOPD target for 2016 is achievable just off NIKo, Dino and a few other wells being re-completed. We must be coming up now on the 1 year count down on the exploration license also.
The lack of news on the YA $4m for kit and $10m working capital (in 2016) is starting to concern me with the half year results meaning accountants will need to sign off going concern yet again in a little over 3 weeks. With the CLN holders being dispatched in court and no information on what they intend to do with their RPN its going to be a twitchy next 6 weeks with election season in Georgia simply adding to the pot..
I emailed them in August got a reply back that they where all on holiday till 22 August and I still have had no reply to any emails!!absolute joke this company gonna give it a few more months and I'm out!! This is the worst company I have ever dealt with in my entire life!!!
Just to pass the time while the pills are working.!!! Has anyone been bothered to email the pr team or anyone from frr. recently if yes any responses..traders 11 .got to say light heartedly..Your mad as a fruit loop..
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