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Sunday night shorters are out ! Not long now until their fate is sealed and delivered ;)
If the workers have gone on strike and need the state oil company to come in to avoid an environmental catastrophe then this is very very concerning as to me this would be surely be a breach of our license agreement for block 12. It sounds an absolute disaster so close to the end of court proceedings. Without workers our income is 0...and here I was hoping for a Zaza Christmas message!
If we got the tax rebate that's in the accounts rns we'd certainly could of paid the workers and plus
Hi Puddy,
Yes life pretty good but even better if get our money back here lol.
How can Santa avoid the North he is from Lapland and I know he is like Zaza in that he does not pay his workers and hopefully has a big sack of Xmas prezzies for us all.
However if the elves go on strike like our Georgian friends Coggy and Tsbs will still get their glass of sherry and carrot they normally leave for Santa and Rudolph as if they do not call they will just keep them for the Xmas table.
In Coggys day he was always happy with a pear drop and a visit to Santa grotto but we all have to tighten our belt in these austere times.
Ivy hope you are well Santa trees to avoid the north load of roughens up their mate
Morning Coggy,
Hopefully the Carlisle kids will get their Xmas prezzies and usual day off.
Even better if we get our Xmas prezzies even if we have to wait until January.
Bet that Woolies window is cold at this time of year
bedecked, gotta have a laugh a day. Keeps the demons at bay.
:)
You can take your subversive political agendas elsewhere as far as I am concerned Coggy!
You are no better than trumpy or pukey imo.trying to influence local issues. :))
You can take your subversive political agendas elsewhere as far as I am concerned Coggy!
You are no better than trumpy or pukey imo.trying to influence local issues. :))
You need a bit of humour in this share lol
Tsbs, to be fair, you are disadvantaged by living in Carlisle. Until they stop sending kids up chimneys and raise the school leaving age to 9 in North Cumbria, you'll always struggle to keep up
KMOA
How to headline
" Local oil workers in fight for pay"
" unpaid workers take their case to Court"
or" Frontera Eastern Georgia employees"......emphasis on the Co., not the employees.
Yere right
Wot......our Gary roaster....Tabby ?
Nahh......eez a pillar of society.....me old son ......lol
.....and it took you 13 posts, TSBS?!?
Coggy, you’re still sharp as a tack :-)..
Just transport costs dedo - Batumi then..
I believe the last payment to YA and by far the biggest after the resheduling of payments agreement with them was $1 million point something, maybe $1.3 or something along those lines, they had a series of much smaller monthly payments before this though, again forget exactly but about $100k or so a month. So guessing all in all it would have probably amounted to roughly $2 million by the time of the resheduling of payments agreement to the final payment which I think was around July this year. The rest I guess probably went on operational costs and paying of interest from other loans possibly. Also I guess there was probably some money left in the liquidated part of Frontera (the 5 percent) to justify the move of assets as legally acceptable. The point made above about keeping some money back to pay of Hope's OMF interest of $2 million might be a valid point, but I'm guessing that's probably the least pressing matter to date.
bugsy, there ain't no lifting costs, cos they've not paid the wages.
Approx $12 barrel lifting & transport costs..
5500 tonnes =38,060 barrels=$2,283,600 @$60 a barrel. Enough to pay off YA?
I reckon 5,500 Ton of crude is worth approx $2 million
Good post, Phil. How much is 5500 tonnes worth ?
Zaza said he wasn’t expecting to get this VAT refund in cash but it would probably be off-set. Maybe they are trying to get the govt to pay the wages out of the VAT refund. Desperate times. I guess we have to believe that oil sales have been used to pay lawyers or shore up a war chest for the OMF debt. Of course, we have no idea how substantial the oil revenues have been.
Seems to back up what I've been saying on here that FRR saved the money from the oil revenue (5500 tons apparently) to pay off YA (presumably the significant debt). Doesn't look like Frontera has been paying it's Lawyers or the Employees as unfortunately for them they come down the list of debtors. Now though with YA presumably paid off and the strike action they need to come first. If the workers aren't at work then the company could come in real danger off collapse. Zaza needs to reach an agreement with the workers that he can keep to get things ticking over in the short term.
I can understand how the workers feel seeing tons of oil trundling out worth hundreds of thousands and then being told there is no money to pay them. Zaza needs to be empathetic to their plight and sort out some finance to pay them. It could well be that another month of oil revenue might be all it takes to get back to a financial position to pay the workers again but in the meantime something else looks like it should be sorted out.
Don't suppose we have had this paid yet. Would would cover the back wages.
"....From the inception of operations in Georgia, theCompany has incurred certain tax expenses which per the terms of the Production Sharing Agreement with the Georgian government are subjecttoreimbursement from the state. The Company has notified the appropriate authorities and is in the process of collecting a tax refund from the Georgian government. As of June 30, 2018the amount of refund due to the Company was$6.4million.As collectabilityis uncertain, the Company has not recognized a receivable as of June 30, 2018 or 2017 for these ongoing proceedings...."
Not nice situation.
Dopey, and his crew of Shorters and company wreckers, have got an awful lot to answer for !
I pray they will rot in 'ell.