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The directors of Frontera have entered into court proceedings that Outrider and Steve Hope have not met their fiduciary responsibilities as Directors it would surely be open to further court proceedings if they themselves didn’t meet this basic standard.
Looed: so your contact is still communicating with you? Last time you mentioned him, I thought you said you hadn't heard anything for a couple of weeks and so didn't know if the line of communication was still open.
The contact hasn't made any comments regarding the strike-off.
Generally speaking, they strike me as calm and collected. I don't sense any 'panic'
The fact they are talking at all seems to me to be a positive step. I need to progress carefully, but I do hope I can get back to you with an update soon.
Just googled frontera eastern Georgia & says registration a date of Aug 1997. It also has a VAT No.
In this translation/article it sounds like it's just being phrased as a matter of fact term that the 99 percent area was not explored and the state can issue a tender for it. It could just be that FRR are way ahead on their field and have all the necessary data and know that they aren't likely to be affected much by such happening. Either that or a new big investor has bought into FRR who is interested in it.
I'm not sure why people are getting all worked up as to whether we are taken into the new restructured company. It's surely something they must do in order for it to be legal. There was the same panic on here when we heard the asset had been transferred to another part of FRR a year or so back before we found out all was well. To me Zaza has always struck me as a sincere kind of guy so I'm sure all will be fine. I'm more interested in finding out more about this restructuring as a whole. It must be a fair way in now so should be resurfacing soon or has already done so. I think in one of the recent articles Zaza said FRG is a legal entity in Georgia, is there any info out there to confirm this?
Looed, great work as always. Are you able to provide any positivity based on your interaction with a company representative, specifically around the liquidation for FRC? Catching up on this message board I’m getting increasingly nervous that end of October spells end of our investments, but much else of what I read suggest we are still in with a fight, and your note the other day about company interaction sits at the top of ‘reasons to believe’ list!
Pt.2
"California Investment Company has already applied to the Prime Minister of Georgia, Giorgi Gakharia, to give the company the right to extract oil and natural gas from the twelfth license block." As a result of which, Georgia will benefit from these resources, and the company itself will be able to repay the investment made in the current license holder company," – stated Outrider Management.
According to Zaza Mamulaishvili, regarding the execution of the decision made by the Arbitration Court, "Frontera" has already transferred 99% of the license area to the state. This was an area where oil and gas extraction works were not carried out. The state can announce a new tender for the introduction of a new licensee in this area. And for 1% of the license area where the company would extract oil and natural gas, the license will be valid for another 7 years.
https://for.ge/view/195479/fronteras-saqarTvelos-Semdeg-problemebi-ofSorul-zonebSic-Seeqmna.html
Total for all print translations was US$60
(This is the last of the print translations)
Pt.1
The case of the energy company "Frontera", which has been engaged in exploration works in Georgia for many years, has gone so far that it does have an ability to operate in offshore zones anymore. The Cayman Business Registration Authority says that under the rules in force in the country, several hundred companies that do not conduct business will be deregistered and considered liquidated. This list includes the energy company "Frontera" and other legal entities affiliated with it. Among them is FRONTERA RESOURCES GEORGIA, which in the past used to extract oil from the twelfth license block of Georgia.
After a big confrontation with the Georgian government, changes started in "Frontera". Restructuring is currently underway there and their stakeholders are changing. FRONTERA RESOURCES GEORGIA can no longer be a legal entity of the Cayman Islands.
The tribunal of the International Court of Arbitration of Hague took the decision about the dispute between Frontera, the Oil and Gas Agency and the Oil and Gas Corporation in April, 2020. The dispute has been going on in court for several years, and within the scope of this dispute the state has been arguing for a breach of license requirements by Frontera.
The arbitral tribunal satisfied the appeal of Georgia, as the result of which “Frontera” was ordered to transfer of Frontera's license territory back to the state, but so called the oil extraction company has been stubborn for a long time and has continued to clash with the authorities.
How do they assess in “Frontera” staying outside the offshore zone? According to Zaza Mamulaishvili, General Director of the Energy Company, the abolition of the legal entities owned by Frontera in the Cayman Islands is part of the restructuring, and the company Frontera Eastern Georgia, founded by them, continues its activities in Georgia.
As Mamulaishvili told Business Media, he did not name specific details of the restructuring, but said the changes would increase the share of Outrider Management in the company. A few days ago, this company applied to the Government of Georgia and requested the transfer of the oil extraction permit to the twelfth license block.
According to the company, Georgia has the potential to extract up to 700 million barrels of oil, although it has a rather complex distribution structure. In addition, Outrider Management announces the study of the exact volume of supplies in case of obtaining a license and the introduction of an experienced operator in the country to perform the extraction work.