Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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As luck would have it big Dave I’m looking for a oil company to investigate the oil shows in my back garden, so they can have a poke around there and I’ll issue a licence
It will still look the same in 25 years time but I may get 5m off them for not doing anything and the entertainment value will be priceless
I very much doubt FRR have paid any of the $5.7m if they have then it's likely from the GOGC working the field. I'm not sure if the GOGC is actively working the field in any big way if at all. Even if they are then they will be running costs and they will likely be holding onto and monetary gain would be my thought on it. If the GOGC was running the field and FRR benefiting then that could be a plus for us.
My guess is that potentially we're looking at a significant sum, possibly the $5.7m to pay the GOGC plus more to show we can invest a significant sum to develop the field. That is probably not going to thrill an investor. Aside from that settling with YA. Again an offer of shares may be their and our best best there.
I'm thinking possibly Hope decided to settle as he may saw that there's little to gain from a company that's financially knackered out. I don't think FRR had much if any hope in our claims against him. So both sides may have seen the need to just try and get FRR moving instead of drifting if at all possible. I think there is still a chance but it could well take a bit.
In addition to settling the outstanding amounts from the award, the company must also satisfy the GOGC that it has the technical and financial ability to meet its obligations under any new contract.
Thanks Looed.
Presumably there is no rush in FRR paying those sums unless a production sharing agreement crosses the line for the 1% that was awarded.
I'm guessing much larger sums will have to be paid to obtain the PSA for the 1% ?
Just to add that tot all the costs went against the company and the GOGC were found liable for some costs as well.
In addition, both parties were supposed to pay EUR500K each in upfront costs. In the end the company put in EUR250K with the GOGC paying in the balance EUR250K on the company's behalf. That repayment to the GOGC is included in the $5.7m
SA17 - the total amount is a minimum of US$5.7m which comprised of six penalties awarded in either GEL / EUR / US$. This
amount does not include an interest charge levied on the returned lands, charged from the date of the award to the date the lands are returned to the GOGC.
The company was represented at the Arbitration by FRGC (Resp. 1) and FRUS (Resp.2)
From the $5.7m, Resp. 1 is responsible for $293K plus the interest on the returned lands, and the balance of all the other amounts are due "jointly and severally", which means they don't care which party pays, but pay they must.
We don't know what amount the company might have already paid off either directly or via the GOGC working the fields.
Hi Looed,
Thanks again for your posts.
"Frontera", which has a desire to continue working here, but with the condition of fulfilling the terms that were put forward by the arbitration, because the amount has to be paid. So there is an opportunity for” Frontera " to return."
Do we know the entirety of what it is FRR is expected to pay and what for exactly ?
Apologies if I've missed any of your posts answering the same questions..
If the gogc doesn’t give us a new licence is that the end for us.
So October is not far away for the YA court date, just a little over 2 months. Are we really sure some sort of agreement is going to be hammered out in that time and it's not going to end up being decided in court?
At the moment apart from SN, SH etc wadding in with money that I'm not sure they would want to do only as a last resort. The only other thought I e gir is possible FRR might offer YA shares instead of payment so that on the hope that this comes good they would gain a bit more than the $2.5 million they are after. That to my mind would be the easiest thing to do and presumably would remove the last obstacle to getting a licence extension negotiated and signed off.
Folks with an opposite view are deleted ,abused, dumped.
I survived so far and hope to be taken seriously by HL Asset Management
and GB News. Common sense and loyalty are no longer valued and Nigel F.
started the ball rolling.
ZAZA met all his supporters in October
1 America Square, 17 Cromwell Street
London EC3 N2LB. Many went for a drink and
the latest gossip which must have been impressive.
They all were convinced to become seriously rich.
In memory from my precious diary 2018.
Which means Private Investors are misplaced. I held on to a diary 2018
and was surprised to read that it was suggested that I should stand on a stool
with a noose round my neck. ????? would kick the stool and see Mapp
disappear. Date and name in my diary. FRR investors were blinded.
I sincerely hope you were all right though I had my doubt.
FRR was safe and anyone asking questions was intimidated.
You can go back to end 2020 and find statements from the GG discussing the need to resolve court cases as a prerequisite for talks. This statement was made by the then-Georgian Finance Minister in relation to Outrider who had appealed to the GG for the rights to B12:
“We know, in general, there are problems with lenders and there are some disputes. ...we will wait for the dispute between them to be resolved. If something is imposed on the state of Georgia, we will, of course, fulfill it. However, I think that part of the license will remain at the discretion of the Georgian government. My opinion is this. We will judge how this trial and dispute will end, including the results. The government will make the decision that is most optimal and acceptable for the economy. We can not and will not transfer assets and land to compensate someone…. The dispute needs to be resolved and we need to look at the issue from a different perspective.”
ZM launched his court case in Jan 2021. In June 2021 the company was granted its Temporary Injunction and in August 2021 the company filed a Motion for Contempt.
In August 2021 the then-Georgian Economy Minister, talking about ZM (and taking a swipe at the ZM-enabling opposition), who had been very ‘vocal’ in the local media and in promoting his illegal conversion, said:
“(The state agencies) really had an arbitration dispute with the American "Frontera". Since then we have been cooperating quite constructively. One of our main demands is for Frontera to take into account amounts owed to the employeed people. In general, “Frontera” is important for us as an American business and, I am sure, very soon we will reach a mutual agreement. As for the false information spread today, I would like to call on the media channels that spread such unverified information so quickly, to check who their respondents are, so that they do not find themselves in the same awkward situation as they are today. Because American “Frontera” has made a statement that the gentlemen who seem to be speaking on behalf of this company do not represent this company at all.”
In October 2021 the company addressed one the main demands mentioned above:
“Going forward, Frontera intends to cooperate with local stakeholders, employees and contractors to remedy any damages that were inflicted by Mr. Mamulaishvili and his affiliates.” which has perhaps been remedied in part by the GOGC working the fields.
We now appear to be close to resolving the relevant litigations which is consistent with the above historical statements and more recent messaging on comms and updates.
Bedecked, lol. No he's not.
I'd be very happy at 10p a share but are your figures correct ?
Has there not been dilution?
Id prefer a sale just get rid £1.5 bil would be good 10p a share im sure there would be no complainers
Hope exists then. Real hope, not the bad one!
Lets see if they can drag this over the finish line and return to the market.
The company is prohibited from operating in Georgia. The Enforcement Agency initially allowed the state agencies to operate the lands to offset debts and maintain the fields, and the agency continues to operate the fields as confirmed by the head of the GOGC in Jan 2023:-
"Frontera returned 99% of the license block according to the international arbitration order. It has 1% remaining where the Oil and Gas Corporation operates.
The local company of “Frontera” is in liquidation mode. As the liquidation process is underway, and not to deteriorate the economic situation and not to spill the oil, this oil is managed by the state itself. However, at the same time, we are negotiating with the American management of “Frontera", which has a desire to continue working here, but with the condition of fulfilling the terms that were put forward by the arbitration, because the amount has to be paid. So there is an opportunity for” Frontera " to return. If this does not happen, the state will continue to work there.”
(edited from translation #59)
Consistent with the last 3 quarters, less than US$5K spend on lobbying on Q2
https://disclosurespreview.house.gov/ld/ldxmlrelease/2023/Q2/301478759.xml
Jekyll - Take a look at the articles below. Does YA look like a company that sails close to the wind, or are the SEC just stupid?
https://yorkvilleadvisors.wordpress.com/
1 May 2018 — Yorkville Advisors, LLC is a privately owned and operated hedge fund ... of stock manipulators who like to “pump and dump” those shares.
https://www.forbes.com/sites/nathanvardi/2012/10/17/sec-charges-formerly-1-billion-yorkville-advisors-hedge-fund-with-fraud-and-bogus-valuations/
Judge axes key SEC claims that New Jersey hedge fund firm inflated assets
https://www.reuters.com/article/us-sec-yorkvilleadvisors-idUSKBN1H61KT
Baramara, are you Coggy?
Was there not conversations a while back, GOGC were working the field in order to
Pay monies owed to the workforce, and for safety reasons, seems the workers stopped their demonstration all over sudden .
.
I was under the impression there is oil & Gas flowing so a revenue is going somewhere, hopefully not still going to Zaza, and was also thinking once producing O&G licences automatically renewed.
If YA illegally forward sold shares, I’m surprised they’d want to be anywhere near a Courtroom.
See RNS no 5391E, 19th Oct 2018.
YA gave Frr an ext on paying money back, as they had tried as mentioned to illegally sell shares.
Overall though would be better for Frr for settlement out of court.
Enjoy