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anyone who thinks the investment and the GVT and now the election are not related are either extremelly ignorant or attempting to muddy the waters.
Roll on October
Star: a bit belittling that. Hypocrite.
Me thinks the lady doth protest too much
“Only if you win the election though. Better get canvassing.”
YOU or WE Star? I can sense a degree of nervousness!
Star , yes agree.
I posted as your original inferred that the Court stepped in to takeover as opposed to the true situation i.e. that it was asked .
Whist the result is the same your post to someone who perhaps did not know the history of that move may take your version as being more concerning than it actually is .
And yes before you point it out , the situation re court supervision is concerning just pointing out the facts of that journey as I know how you ( quite rightly ) like to refer to them .
Any deal for Block 12 will make the SH/O debt look like small change.
1) The legality of the transfer is debatable.
2) FTI and the creditors are only allowed what is owed and not allowed to profit.
3) A deal in Georgia that pays all fees and debts renders 1) + 2) obsolete.
4) Any charges for illegally transferring Block 12, 'IF' it could be proved to be illegal, would be null and void due to 3), which would be regarded as a CRS, which acts as a waiver.
Star
Which is what I said
I'm sure the judge determined that Hope was funding FTI and had to step away....
It matters nothing. Hope won't be getting B12_in any shape or form and can kiss his 46 million goodbye...oh and still in court getting sued over his fiduciary standards.....he must be sweating.
Star
Right destination but you got the journey wrong .
I believe FTI asked Caymans Court to grant Court supervised Liquidation , which the Court agreed and invited FTI to continue to act . As you know the main purpose of FTI choosing to take this route was to allow them to involve courts USA .
Keep up the good work on here MP and Zib. For what it’s worth, I still think we have a chance here.GLA
All instigated by SH/O, which is why he had to resign first, opening the door for the transfer of Block 12, as he couldn't veto it.
The oil sales were based upon the little information we had about flow rates and production figures and prior to finding out that they had been blocked and accounts frozen. The liquidation was instigated by SH/O and you know very well that the liquidator will not risk missing their fee just to put a spanner in the works for FRR, so stop pulling the wool.
Lol there isn't a cat in hells chance that Hope or Outrider get anything in Georgia. Out of the Ashes rises FRRR....total new company with a new PSA...its not personal its business...
SR, MP hasn't changed his tune as it fits, a month ago Zaza informed the world that the GG had frozen accounts and stopped FRR selling oil or did you deliberately miss that to suit your agenda? Azerbaijan pulled the same trick on FRR and it worked. This time around it might not.
If the opposition win its game on for Zaza and game over for Hope. No doubt they'll include a covenant denying any predatory takeover as part of the new 25 year PSA.
Oh dear MP you are still out of touch, clinging in on to all the old excuses.
Frr messed up. Failed to produce and recently cried all over the media.
If I am wrong I will admit it. Maybe you should too for all your pretend oil sales and income figures you tried to sell us . It's obvious now that you , as well, are a fantasist if you can't back it up.
People have a lot of money at risk here, they can't do anything about it now but you still post as though it can be a daily ramp.
Keeping spirits up eh?
tsbs1 - If the liquidation proceeds in NY, then the GOGC take back Block 12 as it will be in a company with insufficient funds. The liquidator will not even cover their costs, but if they wait until a possible deal, they will probably be paid in full. What would you do if you were the liquidator? If SH/O thought they still had a chance with the NY case, why did they bother with the Texas case?
in a few weeks if the gd get back in it will be too late anyway
as mole has said many times lack of finance is the biggest problem and huge debt
no one seems to mention the 30 m outrider were owed in august here we are nearly in october and still not a peep
they can give us every square inch in georgia but we are doing nowt if thats not sorted
1) If no contact with SH's is essential due to the court cases, arbitration and the election, then yes it is acceptable. It is annoying, even worrying for some, but if it avoids a slip up that could prove disastrous, then IMHO it is justified.
2) IMHO the assets are good as it's the same geology as in Azerbaijan, the same Kura basin, and the same Maykop formation.
3) Good assets in countries invaded by Russia; needing funding after a banking crisis (2008); after a collapse in the PoO; or in a country where the government is blocking investment and exploration, are NOT EASY TO FUND.
4) If the assets are not as good as FRR are suggesting, why did the GG only become disruptive after FRR announced a huge gas resource?
5) Why have the GG spent millions on arbitration and lobbying if the O + G is questionable? Surely it would have been better to just collect the taxes and keep Georgian people employed?
6) Block 10 is not the same as Block 12 and Schlumberger may have been hampered by the GG.
7) If the assets are not as good as FRR are stating, why is the GG suddenly mentioning the depth that resources are allowed to be extracted from? Eldari B having a gusher perhaps?
8) If the politics aren't a factor, why are Icona Capital and the Anaklia Development Consortium also experiencing problems, and why has foreign investment plummeted?
9) If FRR had little chance of success, why does SH/O still want shares?
MHO a deal with the SM's will allow the debts to be settled, negating the NY and Texas cases. The Californian case can then progress at leisure.
Can anybody point me to a Company in Georgia that has found and is producing significant amounts of O&G ?
Is the problem the fact that they can find it but extracting it from the Georgian geology presents a vastly different challenge?
Schlum have walked and handed the sticky end of the stick to bloe ( well good luck there to anyone sucked in by that mob)
Blame the GG!
My gripe with frr is that they lead us along for so long, encouraging people to invest whilst they were fully aware of the problems facing them as outlined many times by Mole.
Mole ,
I think the defaulting of the loan interest was calculated and the the first step in getting Hope off the board who was a Pyrhon slowly squeezing the life out of the company.
Did Schlumberger find large quants of gas in block 10? Foreign exploarion is welcomed.. let them do all the hard work.. its when you find something thats when you have problems.
How come other companies have all expressed the same concerns about the GG if there is no basis in?
Would a hostile government not be enough to scare off most cash investors?
Whats the problem with just waiting another 5 weeks before making serious attempts to contact the company?
In spite of the danger of starting the debate all over again.....I hope we all agree that as we approach 2 years since the fateful date the interest fell due saying absolutely nothing in that period is really unacceptable. I'd be pleased to hear someone try to defend that.
Prior to the promotion of the company in 2017 to fund the last drilling campaign - the company were bad communicators. We got RNS often reduced to the cut and paste spot the difference quarterly RNS as they really weren't doing much particularly after the Varang mysterly farmout vanished into thin air without any explanation to be followed by a 2 heavy dillutions to pre-fund service providers and shallow exploration in taribani and then the 2017 restructure.
There have been events like the bid for Ukraine licenses which could have been at least mentioned to the owners of the company as they are nothing to do with the other issues and are not even secret.
Looking at whats going on since 2015 its been all about Outrider and since 2017 about getting out of the mess the debt restructure has caused. The issue is not securing a partner on the assets or sufficient production to pay the bills while waiting. Underpinning this is the age old debate how good are the assets. Good assets are easy to fund - is the real issue uncertainty on the geology? The political stuff to me does not hold water - why were schlumberger allowed to explore and drill for deep gas in block 10 if it was a huge political red line?
Its a bit like Reggie Perrin excuses. The common theme between the arbitration/political interference explanation for the problems and the fiduciary/Outrider interference explanation is that its always someone else stopping progress. Be it Hope won't allow a loan or GG have stopped the bank account or obstructed some vague historic event. However, the more obvious explanation when you look at the accounts is that they have insufficient capital to invest the sums needed to exploit the resource (hence the GG dispute) and pay the interest (hence the Outrider series of litigation).
Hence my view remains this will hinge on the litigation with Outrider not the politics. They cannot lose that and survive as not only would we lose the asset but the costs and damages will be huge. It could like 2016/17 end up with another mediated restructure/compromise. If it is scheduled for April 2021 then while the politics of a new government could enable the transfer in FRR to complete but the asset is sill moot unless FRR can stop the litigation. The litigation will run its course or be terminated. If that is the real issue Pacer docs are key. The company will be totally silent. If there really are partners/funders in the wings then there are a couple of ways out: win or settle and pay Outrider off. FRR went to great lengths not to let Outrider have equity. Those who believe seem to think there is a plan here - I tend towards they have been improvising hoping to get a lucky break.
Ref this letter malarkey over on the LSE. Why an earth would you send one now after all this time. If there’s a 0.01% chance of a positive outcome here then wait till after the election. What benefit will a letter to a hack do anyway.