Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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It isn't written anywhere to my knowledge Timster. We don't even know if we, The shareholders have a holding in this newly formed company.....
But where is it written that FRR rejected 3.5 billion can someone point that out in a Fact based legal document please?
Just thinking out loud about your comment prodigy this part in particular
'this would suggest the positive outcome is worth far in excess of 3.5 billion.'
if you were submitting a claim wouldn't you ask for the maximum not the minimum? like when we submitted a claim against hope for 56million... im sure FRR never expected to get this amount but they can then come to an agreement and meet somewhere in the middle?
i agree with your points. I think your slanting it as a negative - apologies if not the case -whilst i see arbitration as a positive route for frr to achieve best outcome.
The GG have blinked first and made an offer - positive in almost every occurence
Frontera have offered to withdraw the counter claim for 3.5 billion if other requests are met- this would suggest the positive outcome is worth far in excess of 3.5 billion.
Again just my opinion based on the info coming to light
If frr lose out significantly through arbitration it will be because the georgian argument is stronger . Us companies havnt got a god given right to operate to their own rules.if they are not adhering to the psa it is breach of contract basically.
I would say geo politically georgia is more important than fronterra to the us ..I think the georgians have taken the correct route by going to arbitration rather than direct apropriation .lets see how it turns out .
I agree Tsbs, it can't be right after finding all that oil & gas and spending all that money doing so. Yet courts can give unjust and unfair verdicts based solely on what the agreements were. That I do not see as justice but it can happen.
I'm rather hoping there is more going on here and a couple of minor divergences from the agreement are not seen as considerable enough to amount to the GG claim what they believe they can claim under the agreement.
Certainly if the GG think they can stiff a company then still expect investment I think they are sorely mistaken. In addition riskas has been put it may put US willingness for involvement in Georgia at risk. That will leave Georgia to the mercy of the Russians. The US won't want to help out a country that displays anti competitive practices and is against US companies. That couldn't be more clear than under Trump, he will quite happily leave them to face the music from Russia if they chose to not play ball.
That said the ability of any court to come up with bullsh*t nonsensical unbalanced verdicts knows no bounds. If we have made a deal with the GG that is likely much better as otherwise my fear is that such a bs verdict may come down against FRR.
Has anyone got a clue why they want a meager 99% back intead of the more Obvious 100%?
Is this their attempt at coming across reasonable and fair lol
When I dwell on the potential losses here, don't bear thinking about.
Coggy it's easy to fall into negative thinking but really doesnt do you mental state any good!
positive thinking for LTH ... let the shorters have the sleepless nights ;)
Nice one Millsy baby. Good positive attitude. Sorry I have my low moments from time to time.
GLAce cherrys
I can see how you could write that sentence but if you had read it back to yourself then surely you would register the distinct possibility that the GOGC themselves were a 'dodgy bunch of charlatans' and then hit the backspace. Mmmmm.
i never knew when i invested how much of a political play this would become
I suspect that GOGC thought that FRR would be unable to afford any of the inevitable legal fees and that the Arbitration would be an easy win for them that reason. And yet FRR keep fighting....
Doom and gloom Mugs have come out ..... You really think Georgia are going pick a fight with
USA ? Trump will sanction the sh 1t out of them ... Just look at Iran,China and North Korea hes knock
them out ! Who would of thought that little old frontera Resources had powerful friends in high places
not Georgia or scum shorters ....
Tick tock
GOGC vs a dodgy bunch of charlatans. Mmmmmm
I agree Coggy...but if it was a slam dunk you would not need the A team and 6Mil spend.
At the risk of sounding a bit negative here, spending £6mill to blow us out of the water suggests they're pretty damn serious about it. With our track record, the odds are probably against us.
IMHO
On what has come out, it is looking likely that GOGC had offered something to Frr & it probably was concerning length of PSA . On that it is obvious that an ext to 2027 would be of no use to Frr of which the Arbitrator should easily be able to see. So as previously mentioned feel that on that being case they just might come up with a settlement that is somewhere in between the 7yrs & what Frr are looking for.
Tsbs,the georgians instigated the arbitration claim on the grounds that frr havnt fullfilled their comitments .It would be very surprising if they have spent over $6 m based on nothing.
They have taken it to an internationally recognised body . We wait and see what they come up with .
It is encouraging to hear report that they made frr an offer although we dont know at what stage or what kind of offer this was .If the georgians have racked up $ 6 m on this one case,how much have frr and hope racked up overall ?
I knew the video link was coming
Neil? What doe that mean?
Incoming.....
I would rather fear that we get some bad news out of the Arbitration as a final judgement. Possibly news that is damning to the company that finishes it off.
I personally think the best thing to do would be for all sides to get together, agree that all are entitled to a fair slice of the pie rather than one side trying to be greedy and nab it all and work out an agreement. To my mind the GG will still need someone to work the field and pump the oil so that might as well be FRR. Better for all sides to get on with the job rather than be stuck with a gas & oil field that produces nothing despite the apparent resources there.
I know there has been some discussion on here and over on iii on the prospects of appealing on arbitral award which I thought it may be helpful to clarify. The starting point is that it depends on the governing law of the contract. I am not aware of what that is on our case. If the governing law clause is English, then the Arbitration Act provides very limited grounds for appeal (jurisdiction, procedural irregularity). Grounds for appealing an arbitral award are far more limited than a normal appeal. Other governing laws may also provide for a similar limited appeals process.
Its also worth bearing in mind that arbitral awards can be in parts - so they can be broken down into the various issues before the arbitral tribunal and decisions made on each of those issues. In effect there could be an overall winner/loser or an award that finds in favour of both parties across the various issues. For what its worth, if Frontera are successful, I don't think the GOGC will appeal. If FRR are unsuccessful, I suspect there will be an appeal (and they have probably already been advised on possible grounds). Why do I say this? Well FRR have already raised issues with the way the arbitration has progressed and the proper parties to the arbitration.
I am not hopeful of a positive outcome out of the arbitration. I become extremely nervous when parties do not participate in preliminary hearings, change lawyers and raise procedural issues which the tribunal effectively ignore. For me, everything is riding on an equitable resolution of the dispute. This will need compromise from both sides (the Georgian government don't want to alienate the US and FRR need traction to raise much needed finance). Let's hope the recent letter is a catalyst for the parties to thrash something out that works for all.