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Since we have a few of the most knowledgeable posters tuning in this evening, can I ask if there's any potential path out of this mire for us all?
My thinking is that if the GG take back control could they, under the weight of political pressure from Uncle Sam, give the 1% back to us. Is that a conceivable, albeit improbable, way out.
Or can any of you think of any other possible scenarios that leave us shareholders with a possible lifeline?
As you've mentioned before, the decision to allow the loan notes held by Outrider to go into default was terrible in hindsight. One that could have been cured and bought at least another year by handing over a few million shares from SN and ZM to Outrider, and which would not have affected the balance of power among equity holders. Their rage and fury against Hope blinded them and unleashed a cascade of events that ended in disaster. The fiduciary case against Hope was weak sauce and resulted in revelations that caused departure of the Nomad, delisting, etc.
Tenners whether the box is full or empty is not the point. We don't know on that. As of the time we delisted there was no bankable reserves which is what matters. There are CPR but not to a level that would enable reserves that could have been borrowed against or dwarf the debt on the balance sheet and allow the $400m cost recovery pool to also become available. It's a critical difference and one that has many times been excused due to the Russian angle.
Outrider and the arbitration at its heart has been a financial problem for Frontera. The politics just complicates it. Ultimately you cannot drill to explore but not produce and then default on loans and then try to avoid paying them. That rarely ends well.
Coggy...... brilliant.... made me laugh out loud that one..... funny things in **** situations makes fir a brighter future ????????
mapp: you may find it doesn't take much time... ;)
Coggy, there is no time for romance in my life.
I am now an AIM addict. That is time consuming and
fun but I am not yet rich . I am gradually making up serious losses
I could not have made if I had been less ignorant. Take care.
What you doing tomorrow night Lady mapp?
The FCA has seen it all before and cannot cope with another AIM disaster.
Just accept the situation. Anybody hard up has to go dating and find a
rich boy or girl. Pretend to be wealthy with a sense of humour and without
baggage. Good Luck !
If there wasn't any oil and gas there why would Zaza choose to risk his reputation by going down the path of criminality for it?
Did GD winning the election turn him to the dark side?
I suppose the unknown is how valuable is the 1% that has been declared by Frontera to be developed.
Mole - Are you thinking and suggesting the box is empty? That all this has taken place just to cover up management failings. Surely, they would have just folded and walked away.
I think the resource is proven but it is being held back for reasons beyond me. Security, Political etc. Why do Frontera have the support of US Government if nothing is the ground. Why all the arbitration and fighting over the license.
I did get the impression from the Dolohin Block process that Frontera had been given credibility from their work in Georgia, and were being put up by the US to help Ukraine find energy independence. Again, that appeared to have been derailed and scuppered by corruption too.
I think it would be better raised as a collective and it would require someone with time to pull together a sequence of events etc. Surely, the shareholders group is halfway there, so why not take the extra step in the interest of shareholders. Perhaps the group should consider taking a vote on it. They have collected everyone's information and already have the audience already. Any so called mandate can be amended.
The FCA would be a good place to start with the NOMAD, and then yes I would be looking at EU and US official channels. Agencies like Transparency International are working hard to route out corruption in business and Governments.
Indecision is no decision at all, and so far doing nothing hasn't worked.
Moreover, if you read the arbitration ruling, the panel ultimately concluded that no discoveries had been made and no commercial feasibility established outside the Soviet era "exploitation area," which is the 1% they were allowed to retain. Looking at the amount of money the GOGC spent on the arbitration and their actions post-ruling of trying to get the whole thing back by declaring material breach, it seems to me the Georgians tired of the 20-year lack of success and constant financial problems and wanted them out, by any means. It appears they may have the chance of getting the remainder back, as they've now gotten in the middle of the purported transfer of FEGL to Green Capital.
Tenners if FRR held certified and by that I mean bankable P1 reserves in Georgia we would have had no issue raising $4m to pay Outrider interest bill! The reality is that we have a couple of old CPR and some updates but there are no certified bankable reserves on FRR balance sheet that anyone has verified.
Crack on the Tenners, get it raised. :-)
It's worth considering the below alongside other significant moves by Frontera. Namely,
1. The achievement of a 50 year agreement with Moldova. Public signing with the President. (How did they achieve this and pass due diligence if they have not been successful in finding the discovery in Georgia)
2. Dolphin Block, where the open letter largely reported across media confirmed Frontera held Certified reserves in Georgia.
3. US political support.
All together we invested to support the exploration of Block 12 for oil and gas deposits. The above to me suggests we have found it and have been working through the challenging in country politics to commercialise the opportunity.
Zaza has now stolen it in a fashion that can only have been achieved and supported by grand corruption from the Georgian Judiciary and Officials.
This should be raised directly with US and EU high level representatives in Georgia itself.
TSBS I would go further than unacceptable.
Do not forget that FRR have destroyed the value of their shareholders and bond holders in 2005 and 2010/11. The pivotal moment for me was when Outrider became involved. Previous bondholders sold out with a heavy loss to them. Outrider I suspect wish they had never found FRR if you asked them. The mystery Varang farm out followed. To this day we do not know the truth about that arrangement. Between 2011 and 2016 FRR did more limited drilling in taribani, Mtsare and Mirzani but never achieved any sustainable production volume. All the money raised in that period went mostly into General expenses not drilling. As the bonds came up in 2016 - FRR having already diluted shareholders to pay service providers like Uniserve tried their first attempt to cancel the bonds. That failed and left the shareprice on the deck. The deal with Outrider to get going again in 2017 was never acurately reflected. Everyone was left to assume it was broadly on the same terms as reported as pre 2016 notes. Steve and Zaza were forced to convert debt to unsecured shares and YA to preference shares.
After a further huge dilution shareholders continued to support the company to get the 4 well 2017 and 2018 campaign underway. Off the back of the renewed optimism and increased shareprice YA disposed and recovered their debt as did small local suppliers. Everyone sold as quick as they got shares and PI's bought them. PI's continued to hold while in the background the true financial position was a mess. A director resigned over it (reason not reported) and FRR twice agreed with Outrider to defer payment of interest which meant it was not visible that anything had changed. First indication something was not right was YA attempt to suddenly try and get all their remaining debt out by effectively pre-selling the debt. Then by end sept as the interest date arrived and Outrider were seeking the shares in lieu from Steve and Zaza they instead of giving them shares from headroom we still had initiated a confrontation by seeking to avoid the notes through litigation. That may have been the only way out if there really was no other way to fund things due to the arbitration dispute and Outrider security. Nonetheless Zaza still executed a secured deal with Green in 2018 to supply oil worth $5.8m. I'm mystified where that money went. It was not obvious in the half year accounts for 2018. However, something odd had happened to the debt and revenue numbers were lower than expected but still conceivably lagging the drilling. Had we ever got to see the 2018 full year issued end June 2019 it would have been clearer. We never got there as the shocking contents of Steve submission on the Cayman case undoutably caused the nomad to resign locking us in.
In the run up to that we were kept interested by the 2 majors and the New York fund. You should never default on a secured loan. The bond should have been written off in 2010 but Steve had some
in my view its degusting what has happened to us and totally unacceptable the way we have been treated.
However, theres little point in trying to retrieve the situation as mole says our fate was sealed when frontera defaulted on the interest. Those that thought it was the right course of action against hope were totally naïve to think that way
Unfortunately for too long we had Steve nicandros at the helm who as weve seen now reacts to everything way too late
Fire that was a useful contribution to the debate. Why don't you actually read what I said more carefully. Try and actually respond with some alternative argument of why you obviously think past confrontation with the board would have been productive and whether you think that would have changed the outcomes here.
Those who have in the past and do today advocate a litigious approach cannot expect others to lead it on their behalf and take on the effort and potential liabilities. It's as simple as that as far as I am concerned.
Given the security around the default I suspect there is in reality nothing that we could have done the moment they decided to default.
The added problem with FRR is the Cayman registration and shareholders unfriendly articles. We have virtually no rights that are of any use.
Well, Well her comes fg.
Still got those Docs on?
What are you worried about anyway? That Landy must be worth a fortune now.
lol
mole still comes on here and says we can make it worse…..
FOOL!!
and yep Star, you and a few others on here deserve an apology mate. Pity they tools that spouted all that carp are long gone eh?!