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Im not sure that the asset ownership has been updated to the market yet. The FRR website states 100% ownership of the fields still and Zaza was quoted from a news piece that arbitration was underway and that the only outstanding element was the duration of the PSA renewal which would suggest that the asset hasn't been halved. It is the PSA that is 50/50 (ish) and it always has been its likely as MP says we may have shaved a bit off our 49% in order to move the asset etc but I don't see any evidence yet of a major reduction in asset ownership. Im pretty sure this is not following the pattern of the countless deslisted aim companies that have gone before. There is definatley something happening here.
TsBs - id guess that if both sides had in principle come to an agreement that on informing the tribunal a satisfactory agreement had been reached subject to the legals being drawn up and duly signed - that in that case the arbitrational proceedings would be adjourned . IMO
I'd prefer 50/50 on the asset...means we'll have no issue getting an extension on the license or any future license. Maybe anti competitive going forward or maybe just a short term JV while they get bought out and frontera moves on to Moldova and Ukraine
Is that right tsbs..? my impression was that the company listing was the same as the origional one back in 1997 or whenever just updating the company names.. I don't think FRR have lost 50% I think it was really just re-stating that FRR have a deal with GOG on a 50/50 split (subject to terms and conditions ie a percent here and there after sunk costs etc) and that the asset has been transferred into a different FRR subsiduary.
But Dopey wasn't working in-favour of FRR, and so Zaza decided not to pay him. Instead, building up a dossier of evidence against him, and then calling him out. But, many on here decided that Zaza was at fault.
Zaza has been brilliant imv.
Time will tell !
totally agree on what you suggest would have happened but the 2 mill was the interest on the loan notes which the liquidators were after plus interest.
But - did the default not mean the repayment of the 2mill plus interest plus the ,oan note value. Splitting hairs i suppose but not straight forward.
As you suggest though reg- OMF would not benefit as they were not only blinded by greed but naive in missing that the GG would benefit from this and not them. The GG may have had a pound of flesh- but when carving up a blue whale- whats a pound between friends and allies.
Shhhhhhhhhhhhh, Listen............................
Nope
Thought i might have heard a sh88ting it shorter coming to put a negative spin on this.
LMFAO
Reg.....if you are right about duration of license not being an issue.....and this is a new partnership, then I see it as a big plus.
If there's no time limit to field development......who wouldn't want a piece of this.
With U.S. backing up security of Georgia......super majors will be falling over themselves to have a piece of the pie now.
All the forward planning, and financing of operations will have years and years of pay back time...which is excellent.
(As opposed to getting the oil and gas out the ground in a limited timeframe.......not so lucrative, or attractive).
Glad to see someone's worked out the pseudonyms at last:)
I think we are in a very interesting place at the moment and the end game of the arbitration phase looks or seems to look as if a settlement has been agreed and the legalities are being put in place (required if any JV/Sale of B12 is to take place). Legal ownership and licence detail is prerequisite of any 3rd party offer. Therefore, it looks as a partnership deal with GOGC is/has been put into place and licence duration should therefore not be an issue.
All this needs clarification but on the whole I’m confident that thing will move at a pace now.
I’m also glad that FRR were not swallowed up 100% in a default or the licence revoked and I’m sure SN political play must have been a major factor here.
This must have been a very complicated legal play to both delay a debt default which would have handed GG (not Hope) the licence back. Remember the liquidators would only be looking to recover the 2Mil (with interest) and costs so we could have lost the company because of peanuts unless we could come to a deal with Georgia. I think Hope trying/threating to default FRR was a bargaining chip to get his own bigger slice of the cake as he knew that any final default GG (not OMF) would gain. Hence the significant change of tack by him to go after the shares as he realised that GG had backed the licence move to a different company. He would have been advised that he would have to fight this case in Georgia and not the US with little chance of success (we now see the cost of that agreement).
This box must be very valuable as Georgia wanted a much bigger slice of the cake (and seems to have it now) and I’m pleased that this could transform their country (and hopefully our fortunes).
Oopsi - Levan......lol
However MP if you are the suspected 3rd man then i'll take it that news will be announced promptly on 6th Jan 2020
SN - Kickmuck
ZZ - B-2-O
Well hidden financial director - Madpunter
:-)
….and more importantly so does the US
picky
I'm not though. The big man always comes on the 24th Dec as far as i'm concerned. UK follows the Gregorian calendar and not the Julian one...so there :-)
Bigun2 - Wrong date. Georgia is an Orthodox Christian country and celebrates Christmas on the 7th January.
That may still happen Dave....the 24th is looming large :-)
ODR: Believe...Santa does bring prezzies at Christmas :-)
Doom and gloom wallowing only gives you a dodgy ticker...
If this is all getting sorted for the shareholders why not give us a dividend of 1/2 p. Now to prove he is on our side. Still not happy with zz and crew.