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Just a few thoughts on Regdiks post,
I think the most important fact of the last year is Hope's removal from the board. I'm pretty that's what the litigation was all about. Hope was strangling the company as we know.
I think the GG would love to pay us £ 3.5 billion and keep all the asset IF the asset is as big as what we have been told.
The US and China sniffing round says it all . They want to control the regions energy and strangle the Russian economy, especially the USA.
I dont think we ever got to the bottom of the employees not being paid. My thoughts are in the last 4 years they have not been paid for 10 months. Not have not been paid for the last 10 months.
The Caymans case which could be being withdrawn could be linked to the ADR 120 days nearly being up. Perhaps they have reached agreement.
Has the asset been moved ? This has not been confirmed however it is almost certainly linked to the arbitration.
Oh deal 2Mil - when will your dad sort out your education.
I deal in facts and never indicated GG were supporting FRR - talking yes as its documented.
Tax rebate no doubt that they may owe some but did not include it as its the amount has never been confirmed and agreed with GG. Therefore, not a fact. Twisting content as per usual.
Thanks Regdik,
There seems no doubt at all that the box is overflowing. In which case as long as everything is legal and above board we should have nothing to worry about as everything should be able to be worked through. If it goes wrong from here after 20 plus years and £400 million spent mostly of shareholders money then that's a shambles or a conspiracy. Theres no other explanation
Another link that puts FRR spending in 2019 into some perspective. In a list of 165 companies who have spent on O&G lobbying in 2019, FRR are at No. 81
https://www.opensecrets.org/federal-lobbying/industries/summary?cycle=2019&id=E01
Facts emerging in the recient few months and I'm sure I missed load out.
FRR are still alive and talking with GG
FRR are pictured supporting Georgian exports (wine) with senior GG officials
FRR still have a claim against GG for 3.5Bi
Arbitration is still active and looking for a date that exceeds 2027
FRR have paid US based lobbyists a significant sum in the recient months/years
FRR have been supported by several senior Politian’s in recient months
FRR have not paid their employees and have made some redundant.
FRR have not paid their Cayman law firm and have moved the case to California which is under review to withdraw (with or without a lawyer)
FRR are shedding lawyers at a rate of knots and are seeking new firm which is a well known delaying tactic (as used by Trump several times).
Texas (Hopes case) is still having trouble serving papers on ZaZa and SN and are seeking court action to resolve.
US law has no authority in Georgia
US are active in supporting Georgia and are in the process of making a significant treaty law
Georgia has been subject to outside interference and cyber attacks
Georgia has been also meeting with a Chinese trade and investment delegation
FRR have moved their HO address to a new location associated with several interesting firms that deal in distressed companies retain assets.
FRR have moved 95% of B12 to FRUS
BP are ramping up in the region and the main AGT pipeline passes B12.
FRR have still not communicated with SH’s
FRR have a failed bid on the Dolphin Ukraine block and would have spent a significant sum on this
I have not included any information on court documents as these have not been tested in court so remain unproven.
I have not included any financial or production as this is speculation.
So what stands out
FRR are fighting to retain B!2 and extend the block licence past 2027 and have activity sort US political help. US have responded positively and have put into place (but not yet law) a treaty protecting Georgia’s sovereignty with full US backing. This is a big thing in Russia’s back yard. Georgia is on the silk road so of great interest to China and would not like any US influence in play. China are looking for new sources of energy.
Apart from Texas (Hope share grab) the CC seem to be slowing down with signs of negotiations going on. This has taken a year so have FRR successfully played for time protecting B12 from Hope whist the political situation and arbitration is sorted. The issues with staff indicates that a price had to be paid for this delay as FRR clearly focused funds into Political issues and not the coal face. The workers are like SH bystanders and both have been impacted.
This must be a very big box as the effort by those fighting to open it as been immense.
Outcome is unsure but the known facts indicate to me that a end may be in sight
My only takeaway from this is that the association seems to be current and ongoing. If FRR did not feel they where getting some benefit then presumably they would either stop paying and / or change firms. From the documents seen it is difficult to say how big or small any such benefit is. At least these bills seem to have been paid and in full!
The lobbying might have helped in some way during the arbitration through some form of talking with GG.
Is all this lobbying money being spent having any real affect I wonder? If it were why are we in arbitration at all and not getting the deal agreed to at the outset?
Sonny
Thanks
Morning Ivy - the Cornerstone payments seems very recent with a US$50K declaration in Q3 2019, not sure if they are using more than one organisation. I will keep digging.
Latest Lobbying Report states between 1st July to 30 September 2019.
If anybody knows.
What date was the last bit of lobbying listed for?
Morning Looed
Did they not move from Cornerstone to Akers Gump who now do the lobbying on behalf ofvFRR
Should have made clear that the second link also refers to Cornerstone Govt Affairs Inc.
FRR gets a mention in this lobbying report.
https://www.ethics.state.tx.us/data/search/lobby/2019/2019LobbyGroupByClient.pdf
There is an entry on pg 189 that FRR paid between US$0 - US$9,999,99 to Tyler Nelson of Cornerstone Govt Affairs Inc.
This listing shows considerably more substantial amounts being spent by FRR from 2017 to present day. Not sure if this one has already been posted -
https://projects.propublica.org/represent/lobbying/300927606