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Looed
Curious on wonder what ZM was thinking of doing in that 3mth gap from arbitration decision that would stop termination of contract.
On above only himself & SN will know answer.
These are parts of a very long article on FRR from 23/07. It goes over a lot of stuff already reported, but in parts gives a slightly different spin on things - this is the first report I have seen that says Zaza apparently agrees that FRR committed a 'breach'
First - I have never seen this about part of the Block being sold off thus frustrating FRR operations -
Zaza says "Part of the territory of Block XII was sold to a third party [under the contract, Frontera owns wells, reservoirs, and oil and gas infrastructure in general, but not land], which resulted in our third-party infrastructure being virtually barred from us for years"
The article goes on to say the GOGC where mostly focused with getting back the uncontested lands, not the developed fields.
And now some Zaza quotes that seem different to other statements -
Frontera CEO confirmed that the arbitration had indeed instructed them to return the area beyond extraction and operation, but said that they had already planned to return the area - next year - and that he was reading the decision differently from the state.
Then the twist -
In an in-depth interview with Netgazeti, Zaza Mamulaishvili confirmed that the arbitral tribunal had found that Frontera had substantially breached the June 25, 1997 contract for the distribution of products and the processing plant. The difference, however, was in the reading of the outcome of the decision: in the GOGC's view, that decision was a sufficient ground for terminating the contract.
The company, on the other hand, told us that under one of the clauses of the contract they had the right to correct a substantial breach within three months, and if corrected, in that case the state would no longer have the legal right to terminate the contract.
However, as Vazha Khidasheli from the GOGC told us, this interpretation of the contract was incorrect and the record of "breach of breach" in the contract did not conflict with the possibility of terminating the contract."
On the 1% -
Zaza Mamulaishvili, as we have already mentioned, told us that we are talking about the return of the areas where the company did not intend to carry out the works and which it was going to return next year. However, it did not confirm that this part was 99% of the territory. As he told Netgazeti, this is not the part of the territory where the vast majority of oil and gas supplies / resources / reserves are mobilized" He said they did not have to return the territory that was fundamentally important to them.
https://netgazeti.ge/news/469720/