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"Exploration work should be carried out there, i.e. investments should be made. The license there does not belong to us, ”Zaza Mamulaishvili told BMG."
A curious phrase to use. Why would Zaza be suggesting that exploration be carried out in the 99 percent of the area that was lost? Does he want to be facing more competition? Lol.
I wonder if there might be something a bit telling in that phrase. That it infers that FRR is to be bought out so we are no longer concerned with that area? Or possibly we are being bought into and Zaza is suggesting that that area could be worth exploring/license gained by whoever is buying into FRR. Zaza is apparently a Director rather than CEO of the supposed newly restructured company so maybe the latter?
tmhsdx6,
Go and take your alpha-numeric sick elsewhere.
All still to play for.
Bezzy
Yes
What you think looed are we as shareholders about to get shafted??
Zaza Mamulaishvili, General Director of the energy company Frontera, told BMG that the company will have a license for another 7 years in the twelfth license block area, where oil production is currently underway.
For the record, the tribunal of the International Court of Arbitration in The Hague ruled in April 2020 on the ongoing dispute between Frontera, the Oil and Gas Agency and the Oil and Gas Corporation. The dispute has been going on in court for several years, and within it the state has been arguing for a breach of license requirements by Frontera.
For the record, the tribunal of the International Court of Arbitration of Hague took the decision about the dispute between Frontera, the Oil and Gas Agency and the Oil and Gas Corporation in April, 2020. The dispute has been going on in court for several years, and within the scope of this dispute the state has been arguing for a breach of license requirements by Frontera.
The arbitral tribunal satisfied the appeal of Georgia, as the result of which “Frontera” was ordered to transfer of Frontera's license territory back to the state.
According to Zaza Mamulaishvili, Frontera transferred 99% of the license area to the state. This was an area where oil and gas extraction work was not carried out. According to Mamulaishvili, the state can announce a new tender for the introduction of a new licensee in this area. And for 1% of the license area where the company extracted oil and natural gas, the license is still valid.
We saved for us the areas where oil and gas are being extracted, the rest, beyond these areas, which was called the "exploration area", the government wanted them back. Exploration work should be carried out there, i.e. investments should be made. The license there does not belong to us, ”Zaza Mamulaishvili told BMG.
It was also known today that Frontera is facing restructuration, and their companies which were founded on Cayman Islands will be liquidated. According to Zaza Mamulaishvili, the change will not affect Frontera Eastern Georgia Ltd, which will continue operating.
According to the business register, Frontera Resources Georgia Corporation owns 50% of “Frontera Eastern Georgia”, while Oil and Gas Corporation of Georgia owns 50%.
https://bm.ge/ka/article/frontera-navtobis-mopovebis-licenzia-kidev-7-weli-iqneba-dzalashi-/66147