The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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I think as this fiasco has gone on for so long of which includes before the delisting I lost track.
Let's hope that something worthwhile comes out of this mess.
Enjoy
FRR over the years have drilled new wells - I have seen them. Apart from the expensive Basin Edge well, Nico and Dino are FRR wells as well as numerous shallow gas wells in Mtsare. The rest like the T wells in Taribani and the likes of UD2 are old badly drilled and poorly completed soviet wells. Mind they have had several goes at Dino and Nico to get them to flow with various sidetracks which they have also done on the old soviet wells - so many are not new wells per se but are sidetracks from the old bore. I would also class some of the Mirzani wells as closer to FRR than Soviet with the work schlumberger did.
The problem as ever has been getting the wells to flow good volume beyond the initial flow. Hence the question of whether the fields are exhausted or empty at the higher zones or whether its closer to an unconventional field in the higher zones that needs alot of stimulation to get the gas and oil out - while the deeper zones which ma be more conventional remain out of reach due to the cost of the deeper wells. That is what FRR have been trying to do for the past decade.
But that requires money and access to expertise that FRR over the past decade had not been able to marshal. That is at the root of the arbitration dispute. FRR thought their past investment and work merited more time on the block while GOGC thought otherwise. It was not till the last minute that FRR got the 2017/18 campaign underway with shareholder support and to this day we do not have the definitive answer particularly what happened at the last well when they finally went a bit deeper which remained unreported and under test right up to when communication ceased.
So outside Taribani the activity has not resulted in a new well in a previously unproduced field - other than arguably Mtsare shallow gas. Again that has been a puzzle as to why more cheap wells were not drilled and hooked up to generate revenue - we know there were issues with water but that should have been solvable - how prospective the rest of the shallow gas was and why they stopped is a mystery.
The CPR as I have posted many times are not full CPR that could result in bookable reserves. They remain at the prospective level and as noted by GOGC lacked sufficient confirmatory drilling and detailed field development plan to move towards bookable reserves.
FRR problems since the 2011 restructure is insufficient capital, failure to produce sufficient revenue from exploratory drilling to attract a farm in partner or alternative funding. The consequence of that was that Outrider could not be paid off and that once the interest was big enough and secured when combined with the GOGC running out of patience has delivered the two pronged assault on the company that has left workers without jobs and unpaid, shareholders left in limbo with their shares unlisted and effectively worthless while the company executive focus on securing their own interest.
Snippet says
The tribunal that ruled against Houston-based Frontera Resources in a multibillion-dollar dispute over a Georgian oil and gas block found no evidence that the company had made a discovery or drilled any wells at the site, it has emerged.23 hours ago
Overall though $500M spent & if right not one new well drilled.
As far as drilling new Wells are concerned did not think Frr had. It was just a case of them reworking a few old one of which included UD 2.
be good to see what it says along with the note from a gibraltar entitybelow the other report
looks like georgia gets these companys to spend the money to find reserves then boot them outta country
although the frr article claims they never drilled!!!! someones lied or lying