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With this letter we would like to inform you that the notice of
termination, dated 27 April 2020 (SAOG letters #04-130 and #05-
131), with regard to Petroleum Operations issued based on the
provisions of Article 30.2 and 30.4 of the Contract due to a
material breach of the Contract committed by Frontera, is
temporarily suspended.”
So this is saying were good to go? If we can fund a drill / clean-up and declare commerciality, we can extend the licence?
There is clearly a lot of information that hasnt been discovered or is so well hidden as to be impossible to find - e.g. Varang remain a mystery.
Hopefully dustins return heralds some cash injection and field work starting once these cases are cleared up
Ivey ,Got to assume its the same co , confused though as status is shown as
Forfeited Franchise Tax which I think may mean something like struck off for not paying tax , also shows a dissolution date of Feb 20 .
However docs by Gambler shows agreement dated April 20 .
.Varang yes , blast from the past , who knows may even get to know who they are as this process plays out .
Hi Ziggy those did seem names from the past remember the BCCN thought to be initials of Steve’s kids.
Plus from the past the mysterious
iii) Exhibit C - $5 million Revolving Credit Agreement with
Varang Exploration Ltd.
No doubt ZM's been turned by the FSB. They say everyone has their price.
Glasnost.
CSTN, LTD.
Company Number
0009203910
Status
Active
Incorporation Date
30 September 1996 (over 24 years ago)
Company Type
TX LIMITED PRTNSHP
Jurisdiction
Texas (US)
Registered Address
3040 POST OAK BOULEVARD SUITE 1100
HOUSTON, TX 77056
United States
Agent Name
STEVE C NICANDROS
Agent Address
3040 POST OAK BOULEVARD SUITE 1100, HOUSTON, TX 77056
Directors / Officers
STEVE C NICANDROS, agent
Registry Page
https://mycpa.cpa.state.tx.us/coa/ser...
Many thanks Gambler
BMCN holdings rang a bell:
BMCN HOLDINGS LLC
Company Number
0802328052
Status
Forfeited Franchise Tax
Incorporation Date
9 November 2015 (over 5 years ago)
Dissolution Date
28 February 2020
Company Type
TEXAS LIMITED LIABILITY COMPANY
Jurisdiction
Texas (US)
Registered Address
3040 POST OAK BOULEVARD, SUITE 1100
HOUSTON, TX 77056
United States
Inactive Directors / Officers
NIKOLOZ MAMULAISHVILI, officer
STEVE NICANDROS, member
STEVE NICANDROS, manager
ZAZA MAMULAISHVILI, member
ZAZA MAMULAISHVILI, manager
The Credit bit can be found in Exhibit 08 of the finding – quite a whole lot of the usual legal stuff.
Key bits for me as follows:
THIS CREDIT AGREEMENT (this "Agreement") is entered into as of April 22, 2020, between Frontera Resources Corporation, a Cayman Islands corporation and Frontera Resources U.S. LLC (FRUS), a Texas, USA limited liability company ("Borrower"), and CSTN Ltd., a Texas, USA limited partnership, and BMCN Holdings LLC, a Texas, USA limited liability company (collectively, "Lender").
RECITALS A. .
Borrower has requested Lender to extend credit not to exceed $5,000,000.00 to Borrower in" the form of a revolving credit facility
Borrower
Frontera Resources Corporation
3040 Post Oak, Suite 1100 Houston, Texas 77056
Frontera Resources Corporation U.S. LLC
3040 Post Oak, Suite 1100 Houston, Texas 77056
Lender
CSTN LTD. 3040 Post Oak, Suite 1100 Houston, Texas 77056
BMCN HOLDINGS LLC 3040 Post Oak, Suite 1100 Houston, Texas 77056
CREDIT AGREEMENT
THIS CREDIT AGREEMENT (this "Agreement") is entered into as of April 22, 2020, between Frontera Resources Corporation, a Cayman Islands corporation and Frontera Resources U.S. LLC (FRUS), a Texas, USA limited liability company ("Borrower"), and Varang Exploration Ltd., a corporation organized and existing under the laws of the British Virgin Islands ("Lender").
RECITALS A. .
Borrower has requested Lender to extend credit not to exceed $5,000,000.00 to Borrower in" the form of a revolving credit facility
LENDER: Varang Exploration Ltd.
By: David Keselman Title: Director
Exhibit D —Additional Funding Plans
Now that the arbitration proceeding is finished, Frontera's traditional U.S. investment banking, equity and lending financial markets are open to our company. It is therefore planned to utilize the long-standing financial market and banking relationships of the Frontera group of companies that have historically organized approximately $500 million of capital for investment in Block 12.
This will be done in accordance with Article 3.4 of the PSC which states: "...Contractor may borrow capital from Third Parties and/or from Affiliated Companies for the financing required for the investments necessary for Petroleum Operations...." . EXHIBIT 1 Exhibit D – Additional Funding Plans Now that the arbitration proceeding is finished, Frontera’s traditional U.S. investment banking, equity and lending financial markets are open to our company. It is therefore planned to utilize the long-standing financial market and banking relationships of the Frontera group of companies that have historically organized approximately $500 million of capital for investment in Block 12.
This will be done in accordance with Article 3.4 of the PSC which states: “…Contractor may borrow capital from Third Parties and/or from Affiliated Companies for the financing required for the investments necessary for Petroleum Operations
Thanks The Gambler. Exhibits A-D look very interesting
Accordingly, FRGC has 0% interest in the area known as Block 12 in Georgia and the associated
production sharing contract and license.
14. ZM is also estopped from arguing that FRGC has the operating interest rather
than FRUS. ZM signed two letters acknowledging that FRUS now has all of the interest of
FRGC, and ZM has so notified the government of Georgia. The First Notice dated April 15,
2019 to Georgia Oil and Gas Corporation and signed by ZM refers to the Production Sharing
Contract and Refinery Study, or PSC, and states:
Please take this letter as notice pursuant to Article 27 of the PSC
that on April 15, 2019, Contractor [FRGC] assigned 100% of its
interest in the PSC and corresponding ownership interest in the
Operating Company to Frontera Resources US, LLC, a Texas
118225056\V-6 8
Limited Liability Company, an Affiliate of Contractor and a
wholly owned subsidiary of Frontera Resources Corporation.23
ZM resubmitted this notice of assignment of this operating interest to FRUS by letter dated April
24, 2020, and further addressed the allegation that FRUS did not have the technical and financial
ability to perform as follows:
Therefore, pursuant to Article 27 of the PSC, Frontera Resources
US, LLC hereby declares and guarantees that:
(a) It has the technical and financial ability to perform the
obligations to be assumed by it under the PSC and provides the
following assurances:
(i) Exhibit A - Technical Credentials
(ii) Exhibit B - $5 million Revolving Credit Agreement with
CSTN Ltd. and BMCN Holdings LLC
(iii) Exhibit C - $5 million Revolving Credit Agreement with
Varang Exploration Ltd.
(iv) Exhibit D - Additional Funding Plans
(b) As to the interest assigned to it accepts and assumes all of this
Thus, ZM in signed writings has agreed with and confirmed the assertions in Frontera’s
Counterclaim that its wholly owned subsidiary, FRUS, has the right to operate by assignment
from FRGC and that FRGC has zero operating interests at this point. ZM is estopped from
arguing otherwise. See, In re D.R.R., 322 S.W.3d 771, 774 (2010) (“A party who accepts benefits
under a contract is estopped from questioning the contract’s existence, validity, or effect.”); ZM
cannot ratify and disavow the same contract.
15. Finally, ZM is also estopped because he signed corporate Resolutions that
approved of the transfer and assignment of any operating interest from FRGC to FRUS, thereby
leaving FRGC with zero operating interest in connection with the oil and gas interests of
Frontera in Block 12 under the PSC.25