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Coggy . Perhaps it did flow but with all the problems the GG was giving frr maybe they kept all the information on the well safe. Probably now stood at the well head with wagon full of granite and gunpowder if Gazprom turn up
FRR allegedly produce about 0.5 mscf/day from the shallow fields and process it through their small pilot plant. Hardly worth getting out of bed for really.
Phil, FRR flow tested UD2 remember? It's an old Soviet well I think, drilled into the gas cap. This was tested for some time before being shut in. From memory there were casing issues, can't remember? (A quick check back thro the RNS's would confirm but feeling lazy). Anyway, with the games being played now, I'm of the opinion that UD2 flow testing was the last piece of the jigsaw that got the SM's interested.
Phil
Quickly looked back on DomFoks post that mentioned & it does say Frr have said restart of oil & gas production.
If above does happen then hopefully it will be confirmed over next couple of weeks.
Still though the most important info we need, is that Frr have kept hold of the 1%.
That's right Arsenal, I don't think they had tapped into the gas at all. They knew where it was and apparently a fair bit of it down there worth a lot of money some say more than the oil. I think the oil was cheaper and quicker to tap into was the impression I got but that the gas was on the cards as soon as FRR would be in a position to move on it or possibly a SM if things went that way.
So I've no idea if the gas was tapped into in the last 18 months. Wonderful if it had and a big game changer for Georgia. I'm thinking though that might have been a bridge too far especially with everything going on and it may still need tapping into. Possibly BH or similar might have done it for them on a similar deal to the oil deal of 5 percent of revenue to cover costs. Would be interesting if anyone could find out if any further development had been done in the area. Lots of big oil rigs can't be difficult to miss I would imagine :)
In one of DomFoks post from few days back at around 09.01.
Frr said that oil & gas production will restart in Khakti field. Field name, is probably spelt wrong, but think along right lines.
On the gas production I thought Frr only had only a small bit of oil production previously, but no gas production?
I'm thinking it could well be the case that someone like BH have developed the field with more oil wells, quite how many who knows. It's been about 18 months since we delisted, with the virus situation and a few months after delisting I reckon that would be about a year to do it in. It can take several months to do the paperwork, mobilise, agree where to place oil wells etc, so perhaps just six months or so for the actual drilling and setting up of the wells. That would leave about three months or so of actual pumping. This is all guesswork of course but I think gives an idea of a possible situation out there. I reckon FRR would probably have spent all the income from any extra wells pumping on all their costs, debt, running costs, arbitration legal costs, staff & subcontractors, etc, etc. So they were probably still fairly close to the wire. In the next few months it could be the case that they start getting their head above the water on it all. That is if the dispute with the GG can be sorted.
I personally wouldn't be keen on another shareholder action against FRR until after July. I still believe with the current dispute with the GG that Zaza being a Georgian is the best person to deal with it. After that I think Zaza needs to get back to communicating with shareholders. If not then some sort of emergency AGM called by shareholders may be the way forward.
No ones stopping you from starting a court case.
Don’t expect me to chip in though :)
Messrs Putty, Rodgers, Eggnog & Bedecked.
Sounds like a shyster firm of lawyers from a Dickens novel.
BB. Could get them to investigate FRR...
Rofl.
Whinging again
Lol, no. I tried to pronounce EkXoc's name in my head and came up with Eggnog. Much easier lol
What about Eggnog then, are you going to blame Putty for that?
bedecked, sadly I can't take the credit for Christening ODR Rodger. In fact, I made a mistake, as it should be Rodgers. See Puddy's post of 2nd June, 19:23 hrs.
So, now the Pudster is responsible for two new names on this board, those being your good self "bedecked" and the newly christened "Rodgers"
LMOA
Haha, now for a bit of entertainment we have the old Codger calling Rodders Rodger.
Wind up merchant, mind you if I lived in in Barrow I would probably be unable to find anything better to do.
Lol
bbcnews good to see youre standing up for the down trodden shareholders
dont stand up for me though
i like rolling over having my tummy tickled while the perpetrators run off with the booty
bbnews, take a tip off Rodger and take one a day of whatever makes you chill.
For the record, I think Rodger is bang on and we haven't got a bean. We haven't had any beans in the 9 years I've been here. In fact, we owe other people loads of beans.
You sound stressed.....
Pop open a tinny, and find some footy, if I were you.
FFS - If they had no money they would have liquidated.
Still binary here.
I think these guys might actually pull this off.
onedayrodney i notice you say FRR appear not to have a bean ??? as you dont know , and with no news for shareholders makes it even more suspicious and with no news to frr shareholders like yourself means you know nothing , the news we were getting before the court case and before delisting was that train loads of oil were going almost daily so where is the money ? again YOU dont know so making statements of company appearing to not have a bean can be completely wrong and BOD could have stuffed money into their pockets and ran for all you know , im standing for all those shareholders who may never see their money again and we need to show the company they cannot walk all over us and at least try to find out what is happening and what the company intends to do about it , making statements like let them get on with it will only give them more reason to try do it again and us shareholders will be left waiting and waiting while they get away with it !!!
I agree with OneDayRodney, if we had taken any action against FRR it could have stopped the asset being moved which would have meant Hope getting his greedy clutches on it. So, so far the BOD, Zaza, etc have done all of us shareholders a service. Some on here thought the company would not last this long after delisting, but here we are. Just before last Christmas I was getting frustrated at the lack of information, around October time I think and thought we might need some action as we seemed totally out of the loop. Since then more information has come forward, much of it from sleuthing on here to be fair. At this point I don't think any action would be helpful, we're in a state where come July we find we are still in business or we aren't. In fact again as with the asset transfer taking action could be detrimental to our interests as shareholders. If anything crucial is going on inside FRR we don't want to risk messing it up. To my mind Zaza being a Georgian is probably a good choice to have as CEO of FRR he should know the geopolitical terrain in Georgia and how things work. A western guy such as SN or someone else could have no idea about how to handle matters out there.
I'm still wondering if BH or similar has transformed the situation already with more Oil wells. Does anyone know if any of the workers laid off a few months back might be contactable to ask? or Journalists perhaps?
Earlier today you posted your "let's take the BOD to court" post, which is a message you have been suggesting regularly for a few months. If shareholders had actually done that, firstly it would almost certainly have been a complete waste of time and money as the Company appears not to have a bean to pay to anybody and secondly it would completely undermine the work that the BOD are trying desperately to do now to save the Company.
You would see the Government aligned journalists saying that the Company is being sued by its shareholders and it weakening what small chance the Company has. We are all frustrated but let's drop such calls for action for the time being please.
GLA