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I would imagine that frr will have to be hitting certain targets for debt clearance.I would imagine some form of payment plan would have to be agreed.the liquidator can apply to the court at any time .Because the court hasnt been petitioned yet is no guarantee that after legal tooing and froing that it will not happen imo.
...and that as well TSBS.
Freeatlast - If FRR don't pay all their bills they will not be keeping afloat, therefore, there's no need to single out any bill like YA's. I haven't mentioned paying off SH/O before the 12 month deadline.
FWIW I take comfort that the bod signing the DOS must be confident in paying 30m (?) within twelve months taking into account no new wells, allegedly, have been drilled. So where is the money coming from?
Overall we don't know the wording of the DOS, so it might be the case Frr have to pay off a % of the L/Notes by a certain date.
Don't you mean...keep afloat and pay YA ?
With DOS.....we don't need to pay Hopeless until loan notes are due next year ...shirley
Thanks Tsbs. Hope you get a reply.
IMHO the $60m and the $150m loans were both about leverage in a deal with the super majors and until SH was off the board the loans could have been vetoed. Without a loan then the super majors may have only offered a small price for Block 12, as FRR would not be able to demonstrate that they could progress. IMHO the $150m loan will be signed off but never drawn.
Prior to the loan, if the production revenue was enough to pay off SH/O and keep FRR afloat (maybe with additional money from SN and Zm), then why risk capital drilling more wells. If something went wrong with the first well it would have a negative impact on both the loan and any deal with the super majors. Furthermore, without any extra production, the reduced capital may have stopped FRR signing the DOS. IMHO this is like a game of chess and FRR don't need to force the play, but just let the game unfold as they know they have the winning strategy.
Best
Let's hope that Tim does get some relevant/good info for this bb.
Tsbs
Thanks
Kipperman: I think Timster was being ironic....
Tsbs: is that a fact; so you've been in touch with Tim?
Timster, glad to hear it... However, there is one signigicant bit of detail you appear to have forgotten, You ca nnot sell a single share as they are not listed. Technically they are worthless at present. They will actually still be cositing you money in broker fees.... I wish I could sell mine, as the monthly cost is building up, to convert them into paper, will also cost...
Well I'm not selling a single one of my golden tickets!!!!
In the court documents did hope not say, something along the lines that his line of thought was that Frr value was going to be looking very good think it showed up in an e-mail from 2018.
So on above Frr's value just might be looking very good & means the DOS, is a very important document.
In the end, everything on here is speculation. Some of which probably looks more plausible then others.
Can't stop thinking about the comment from yesterday and kind of coincides with RNS released at the time. We know we didn't even have a pot to **** in for the durham loan so would drilling have continued? More vendor debt, did BH carry on working for us at such uncertain times and work over those 3 wells? If not, then drilling would of ceased in December. Someone mentioned that work continued on the ground but that is so vague, as to say that it could mean anything and even just continuing to produce oil and gas. The first judge said something along the lines of 'the asset is of significant value' and the DOS can be signed if the asset is valued more than the liabilities (from my understanding) so I'm not assigning the DOS much hope anymore either. The comment said they had recently been paid for December, is that due to FTI, or is it just bad translation?
Would a workforce wait around for 7 months unpaid?
If this is all true how/why the hell did frontera put in for the dolphin block in April?
That one comment has thrown me. Ultimately nothing we say has any affect, we have to wait for this story to unfold. Think I'm also having a Debbie downer day
Clearly the aim of some disrupters here is to pressure the company. I can see that most of us see through it.
On a mission Shat!!! What do you want people to say??? You want a mass agreement it’s all over? You don’t know any more than anyone else. You desire to give ZAZA a tongue lashing, what’s that all about, if your for real you need to get a grip of yourself. For me you have just posted a collage of negativity. Some of it may have substance but most of it is nonsense.
Because it's pointless. There will be no one on the ground and I suspect that the FSHG are under some sort of NDA after having their lovely meeting with Tim in London over some nice drinks in Belgravia. This whole thing is so "cloak and dagger" and it's something when the shareholders are the ones having to sleuth by downloading court papers, contacting industry partners and FRR employees to find nuggets of information. Zaza needs a good tongue lashing from us investors for the way he has handled all this and at the last shareholders meeting something was different. He knew about the mortgage default but yet he continued to feed the majors and flowing oil, well torture stories to us all. That's not right and no wonder the NOMAD resigned when they saw the court papers.
What surprises me here is that posters clubbed together to send reps over on a frr guided tour and suggested the same for the court case.I have a modest probable loss here but why havnt any of the potential rolls royce drivers gone over to georgia to have a poke around instead of having holidays in exotic locations.just wondering. if you can fund a pr trip why hasnt anybody funded a. Wtf is going on in georgia trip?
Gippsy has seen all the posts in the WhatsApp group and we have shared everything in there, so much going on behind the scenes. He knows no more than any of us.
Gipps and zib, what are your views on the latest comments in regards to operations coming to a halt and employees not being paid?
My view bp have taken over so the staff will be moved on, their services are no longer required in georgia.
I'm in the " we're screwed camp today"
Good luck all
Boo Hoo!!! Billy’s gonna get ya!!!
Right old downer today, keep the bad news rolling in. What to believe?????
And the best part? Tim will read this and not even have the common decency to comment.