The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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I am not sure there is anything new here (maybe the reason for the FRR debt?) here but this piece does seem to pull all the bits and pieces we know / assumed together. -
For the past few years there have been disputes between Frontera and the Oil and Gas Corporation, though almost no one has known. All this has only recently become known and details have just been revealed.
In the summer of 2019, the Georgian Oil and Gas Corporation issued its 2018 audit report, stating that in July 2018 the Georgian Oil and Gas Corporation and the Georgian State Oil and Gas Agency arbitrated a dispute over the financial obligations of Georgia to Frontera. They started. The case was related to breach of the PSA (Revenue Sharing) Articles by the Company. Another clause in the dispute was a debt on the use of natural minerals, which the company was reluctant to pay.
In September 2018, Frontera initiated a back-litigation dispute and demanded the Georgian side to reimburse unacceptable profits. The company is seeking compensation for "unacceptable profits" for 2012-2027, valued at $ 3.5 billion. In January 2019, Frontera was removed from the Alternative Investment Market of the London Stock Exchange. The reason for the dismissal was the resignation of Cairn Financial Advisors, an adviser to Frontera on the stock exchange, and the existence of such advisor was a requirement of the exchange itself. The Company's annual financial statements indicated a significant loss. The total revenue of the company in the six months of 2018 was $ 1 832 407, and the total loss was $ 6 978 138.
Significant is the fact that a dispute between the state and a private company has been made in Washington.
A few days ago, Congressman Marquin Moulin made a statement calling for a fair game for the American investor in the state of Georgia. The Georgian Oil and Gas Corporation says the dispute is currently pending before the arbitral tribunal, and arbitrators in the case have been selected by both parties. “Arbitration proceedings against frontera Resources Georgia corporation were initiated pursuant to the contract and using the dispute settlement mechanisms provided by the contract. Arbitration is conducted in accordance with internationally recognized arbitration rules. The parties established an arbitration tribunal on parity grounds. One member of the arbitration is appointed by the corporation and agency, the other by Frontera Resources Georgia, and the third is selected by them. Thus, arbitration in dispute is objective, impartial and in accordance with international standards. Since the start of the dispute, the Georgian side has refrained from any unnecessary interference with the Company's business. We are awaiting a decision by the arbitral tribunal and will act accordingly. Thus, it is absolutely unnecessary to speak of attempts to prosecute or expropriate a corporation or agency, ”Vazha Khidasheli, a corporation adviser, told Business Media.