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Will add that the only thing that can properly confirm this, is an official statement from Frr or the Liquidaters/court.
CF73
Agree that now Frr's involvement in the Dolphin project has surely been proven through there being a court hearing in September for Frr then you would seriously have to say that they have the backing/funding required to deal with the default.
CF73 - Mystic Meg :-)
We dont
With all of this going on, particularly Dolphin, FRR must've proven solvency, shirley?!
If we have the money to pay them back and/or can prove solvency, then we/Block 12 safe. Everything else - including ADR/Fiduciary case and Hope's counter claim for damages - all noise.
Question for me (and am sure most others) at the monent is, when (and related to this, how) do we get to find out?!
Would think that as long as it has been clearly shown that B12 gas reserves are on their way to what Frr have mentioned then even if there is more acreage to study an offload/buyout can still be going through.
Will say that even before all this started at beginning of 2019 I was getting just a bit fed up with something always coming up to stop things.
So let's hope that Frr are closing in on the end of all this & it is a positive one.
Question is has the Georgia block 12 field now been fully explored and reserves fully quantified? If they have then it seems reasonable to assume that some sort of deal is being hashed out or has just been done and is going through the process of going through, thoughts?
Tsbs - You asked if I thought that FRR are really in negotiations with three majors? IMHO, yes they are in negotiations. We know that BH have been involved with FRR from the start and have signed a MOU. We know that BP have signed a NDA (from the court papers) and BP are involved in Azerbaijan which is the same geology. Exxon has been mentioned in the court papers as not interested, but has provided oversight for 6 years. Then why have Exxon provided oversight for 6 years? Why have Exxon bought a 2.5% stake in the BTC pipeline? If they thought that Block 12 wasn't a good prospect, why would they waste their time giving oversight? If Block 12 was a good prospect, why would Exxon want to help if they weren't interested, when the asset could end up with competitor's?
Then add the following facts :-
1) Internal estimates of 18 billion barrels of oil and 202 TCF of gas, and now reserves of 14 billion barrels of oil and 30 TCF of gas .
2) Plenty of pipelines through or near Block 12 and a ready market on the doorstep.
3) Some of the cheapest costs in the world of less than $12/bbl.
4) Some of the best sweet crude in the world at 41.5 API.