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P ish lol
Saw it on Dave A1, honest lol
showing your age there Zib
Pea n ham fae a chicken? That's clever lol...
Ey up Puddy, you're married lol...me Free and Coggy are the singletons on the pull.
Soupson Aye dad is it pea and ham Fae a chicken
Best way piscean I don’t think your all thick honest
and we let them think it's grim up north because we don't want them all moving up here
We let the southerners think we're a bit thick
Does come out with some posh words for a old notherner
A little soupson.
Is that the thing in very posh restaurants where they give you a thimbleful and say complementary soup when the beer is £20 quid a pint.
Hope you OK guys
Do I detect a modicum of change in Mole's position regarding the future of FRR? A little soupson of positivity creeping through per chance?
Looked in again here for first time since last week.
So Zaza in one of the media items floats the prospect that they did breach the contract BUT as I've posted many times as a caveat there is a cure period to resolve - in this case probably paying the small mineral license and returning the disputed land. In which case matters would move on to settling the balances due as a result of the arbitration costs and things like the wages, unfreezing bank accounts etc and sorting out the transfer. That all requires access to funds else they block it.
If the remnant is safe for the moment because they have cured the breach then the politics makes more sense as they don't need to do anything till election - but the issues with FTI and Outrider on the title to the block and the maturing loan notes have to be sorted in parallel.
On the question of reserves - not all reserves are equal. The 2 CPR produced are not sufficient to enable booking of reserves. GG are correct no proven reserves and Zaza is correct we have 2 cpr with unproven reserves. However, the reserves are not in a form that will enable resource based lending or booking in the accounts based on international accounting standards. If the reports were proper reserve reports we would have reserves in the accounts years ago. Could someone come in and do their own analysis and something happen without an FRR CPR? Yes that is possible but less common and only likely if you had a serious player behind something like the Green transaction willing to spend the time and resources doing it from bottom up.
There is a narrow path through this mess - but I'll stand by my view the company need to find a way to regularise the running of the company sooner rather than later.
On litigation - the nomad I suspect is not straight forward. I have looked a few times at the whole question of these loan note terms. The terms were changed 3 times so its hard to be sure who knew/saw what/when but I would have seen the auditors as more on the line in the 2017 audit. Interestingly they got themselves added as an interested party in the New York litigation. Would be interesting to know if they have still been engaged as auditors or whether they have gone same way as the registrars and we have no auditor appointed at all at the moment. The 2017 accounts issued in Mid 2018 would be the final audited accounts - the H1 2018 interims were unaudited and were the accounts I was interested in the treatment of the note interest and unexplained increase in liabilities at the time and wanted to speak to Zaza post the Oct 2018 meeting but he left early that day. In terms of the accounts Hope was on the board at that point - so must have known the terms per accounts were wrong. We may get to see some more of this in the California case if it ever gets to court.
The best chance of getting money out here is for Zaza to finish what he has started but as I say I'm not impressed with what they have done.
I can answer that.
Cuz there slimy slimy b'sd.s
Hope everyone's good here.
Not looked in for ages.
I said October for some real progress to start....and I'm sticking with my prediction.
ZM, and SN, will eek out frr''s survival till then.....they are good at that. We're just great at surviving against all odds.
If it was an Olympic sport....we'd win all the medals.
Right.....back to my bunker.
AND..where do the GD get their figures from if ours are so wrong.
AND why all the fuss anyway from them if those stated reserves are "far from reality"
I mean that video with the cprs will have been made quite a while before it was released. His talking points may have changed since then. Let's hope they're seriously round the table at this point as for the GG, this is very bad PR which will drag its heels all the way through to election day. They still have time to turn this around into some sort of 'Georgian dream success story' as a shareholder I just want my money safe, returned preferably in profit but as a moral point of view GD get kicked out still too even if they make a favorable deal with FRR
FRR state the same Oil and Gas verified by both NSA and RS, the two biggest Petroleum Consultants in the World. The World's Oil and Gas businesses trade on the basis of the CPR's by both these companies, yet the GOGC and the GD don't believe them
'State officials were skeptical of these numbers from the beginning. In May 2020, we were told that the numbers were "quite far" from reality, although the number of stocks / reserves in block XII was not named.'
If the GD don't think that there's much Oil and Gas why did they spend millions trying to get Block 12 back from FRR. Also, IMHO it's ludicrous to suggest that both NSA and RS are wrong with their CPR's, which provide the figures for finance and trade in the World's Oil and Gas assets.
Three months allowed for rectification of a material breach and three months notice of termination of the contract. Seems pretty obvious why the two timescales are the same and IMHO Zaza is right to state there's nothing allowing the GOGC to terminate the contract.
As previously posted, IMHO the GD refer to the area of 99%, whereas Zaza NEVER MENTIONS AREA when talking about the 99% remaining with FRR, as it is the portion with 99% of the VALUE.
Let's see, if over next week/early week after we finally do get to at least see the ruling of the arbitrators on the 14 points that have been talked about.
Maybe ZM will come through with confirmation of ongoing talks with GG/GOGC.
Arsenal221 / tsbs1
I am not sure if "odd" properly sums it up, but this article was published 23/07, so lets say Zaza was interviewed 20-23rd July. Since then we have had more translations and the last one published - #23 from 27/07 - has Zaza neatly summing up the same old talking points we have heard again and again -
"The main requirement of these 14 claims was that the contract be terminated for us ostensibly due to a permanent breach of contract terms, which was not upheld by the arbitral tribunal. The second claim, also the most important, was that we were fined about GEL 320 million for our government for allegedly breaching the terms, which was also not upheld by the arbitration. Arbitration did not satisfy 12 out of 14, but did satisfy 2. Now what are these 2 requirements? One is to pay an subsoil fee of about $ 200,000, which we have been paying in advance for 22 years and have no plans to appeal. And secondly, the arbitration ordered us to return the territories where we do not carry out exploration and extraction work to the Ministry of Economy."
Off the wall theory but then again what isn't when it comes to this share - On the one hand he says "no idea" about the % thats been returned to the GOGC. On the other hand he says "They got 1% and we kept 99%" I wonder if this is two different things he is talking about and the 1% is a return of 1% of the developed land which sorted out the breach issue, thus allowing talks to proceed. Can't decide if thats feasible or ridiculous!
Think since this article of which, is from 23 July.
Think there was a piece over last few days that GG/GOGC are saying that talks between Frr & them are more curious then previous. So ZM saying what he has might have moved things on a bit.
Now though we wait & see, if anything is released next week.
so odr was right
and zaza is a complete chancer
hes played a blinder by making it political and getting the georgians in a flap and back to table but cant see how we ll get a decent deal now
but the muppets shouldnt have put frontera in that position
Agree that it might help/move on talks.
Thanks for quick response.
Hi Arsenal221 - When Zaza kept saying "no material breach" we needed a journalist to ask "What, so there was no breach of any kind" type of thing early on and we might have gotten some answers sooner.
He keeps saying they can't cancel the contract so presumably there was a plan of sorts to deal with this?
I suppose there is a chance this admission brings all sides a bit closer together. Maybe they can now say something to the effect that " We both accept the Award but we do differ in our interpretation. However and for the good of Georgia we have decided to put differences aside and going forward (cue balloon drop and high fives all round)" sort of thing.