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Who owns the large chunk of the business that was not floated !!! Was there not about 40% held by mysterious unknown entities hidden within cayman or texan shell co’s that we never discovered?
I agree, so sounds very pessimistic and most would say move on and start again somewhere else !!!
That would make sense
However they fight and squabble for years with a massive legal battle that costs millions, for what?
A bit of dust in the desert?
I always said you do not fight over an empty box. They are still fighting over it.
None of this makes sense. Also if you ever wanted to extract gas and sell to Europe, you would never have a better time than right now.
They were never able to produce more than a few hundred barrels a day even at peak maybe 500. So much of oil and gas extraction is in the rocks, and Block 12 and Georgia in general were blessed with poor geology. The hope was the Kura Basin would be as good as it is downstream in Azerbaijan, but such was not the case. The Russian invasion in 2008 spooked a lot of potential investors and it was very tough sledding after that. There are many areas of the world with better rock and less risky. The resource may well be there but difficult or impossible to extract economically weighted against the political risks.
Sorry all, i have been busy
Has anyone looked at the Georgian website for energy to see if oil and gas reserves have increased and if production has increased.
FRR could be making millions in profit and we would have no idea !
It's incredible that an operational update and finances update is not available for shareholders even if currently a private company on paper. We are owners of this private company. I suggest collectively we are as much holders as each member of the board.
I worry that SN and Outrider are syphoning off profits whilst the legal fiasco goes on.
That would indicate that the huge reserves they suggested were lies, so they quietly take the reserves in place and share the spoils amongst themselves whilst are eyes are diverted by the magician.
3 years this has apparently plodded along, it was eating millions before so how is it still going after all this time.
The risk of running out of cash was there when we were exploiting block 12, yet we are apparently still going without leadership, ownership and extraction of hydrocarbons. STRANGE