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Frontera goes to court over Outrider loan note squabble

Fri, 12th Oct 2018 08:31

(Sharecast News) - Oil and gas firm Frontera Resources filed an action in the Grand Court of the Cayman Islands in relation to loan notes issued to Outrider Master Fund.Frontera's wholly-owned subsidiary, Frontera International Corporation, issued the loan notes in question to the California-based Outrider Management's fund back in 2016, with a due date in 2020.The court granted Frontera's request for an injunction and assured investors that it intends to "vigorously assert its rights".The 2016 notes accrued interest at the rate of 10% per year and were convertible into shares, at the option of the holder, at a conversion rate of $0.25 per share. During 2016 the Company elected to pay the quarterly interest payments in kind and issued approximately $1.8 million in additional convertible notes in accordance with the terms of the note purchase agreements.On October 2016, Frontera and Outrider Master Fund agreed to exchange the notes for new secured unconvertible notes maturing on 1 August 2020, followed by the issuance of new notes on the same terms to other holders of the 2016 Notes. As a result of this exchange, the note holders exchanged $30.1m of principal in the original notes into new secured notes due August 2020. There was $1.5m in associated interest.Frontera has also been locked in a dispute with investment company Yorkville Advisors over convertible shares.In other news, Frontera, which received a request for arbitration from Georgian Oil and Gas and the nation's State Agency of Oil and Gas regarding certain terms of the outfit's production sharing contract back in April, also told investors that arbitration proceedings were continuing and that it remained confident of its standing and "complete compliance with the PSC".As of 0905 BST, Frontera shares had climbed 4.35% to 0.40p.
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24 Jan 2019 17:19

Frontera Resources To Depart London's AIM Market On Friday (ALLISS)

LONDON (Alliance News) - Frontera Resources Corp on Thursday said its shares will leave London's AIM market and it will "continue to advance its work as a private company".The

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24 Dec 2018 09:00

Frontera Resources to appeal Cayman injunction rejection

(Sharecast News) - European-focused oil and gas outfit Frontera Resources has seen a Cayman Island grand court discharge its injunction against former director Stephen Hope and his Outrider Master Fund.

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12 Dec 2018 11:53

Frontera Resources Secures USD60 Million Loan For Georgia Activities

LONDON (Alliance News) - Frontera Resources Corp said Wednesday it signed a term sheet for a loan of up to USD60 million with a New York-based fund.The oil & gas exploration and company

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26 Nov 2018 13:24

Frontera Resources Moves Workover Rig To T-16 Well In Georgia

LONDON (Alliance News) - Frontera Resources Corp on Monday said it mobilized a workover rig to T-16 well, located in Taribani field area, onshore block 12 in Georgia.The European-focused it

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26 Nov 2018 10:22

Frontera mobilises workover rig to Taribani field

(Sharecast News) - Oil and gas exploration and production company Frontera Resources Corporation announced the mobilisation of a workover rig to the T-16 well, situated inside the 80 square kilometre Taribani field area in onshore Block 12 in Georgia, on Monday.

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22 Nov 2018 15:11

Frontera Resources Progresses On Court Action Against Director Hope

LONDON (Alliance News) - Frontera Resources Corp on Thursday said the Grand Court of the Cayman Islands ordered Director Stephen Hope and Outrider Master Fund LP to file their defence mid-October,

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31 Oct 2018 13:25

Frontera Resources Remains In Discussions With "Second Industry Major"

LONDON (Alliance News) - Frontera Resources Corp confirmed Wednesday it remains in discussions with a "second industry major" in addition to the memorandum of understanding it signed LLC

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31 Oct 2018 08:48

Frontera makes progress in Georgia talks with potential partner

(Sharecast News) - Oil and gas outfit Frontera Resources remains in talks with a second major oil company about its Georgia operations after having already signed an agreement with GE's Baker Hughes earlier in the month.

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29 Oct 2018 13:32

Frontera Resources Teams With GE's Unit To Develop Assets In Georgia

LONDON (Alliance News) - Frontera Resources Corp on Monday said its subsidiary has agreed to co-operate with General Electric Co's Baker Hughes Services LLC with regards to Frontera's 12 I

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19 Oct 2018 11:11

Frontera Resolves Issues With YA II, To Redeem Shares On Monthly Basis (ALLISS)

LONDON (Alliance News) - Shares in Frontera Resources Corp rose on Friday as the company resolved ongoing issues with YA II PN Ltd.Shares in the oil and gas company were trading up 12% at A

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19 Oct 2018 10:50

Frontera Resources agrees payment plan with Yorkville Advisors

(Sharecast News) - Frontera Resources and investment company Yorkville Advisors agreed to resolve their differences as the pair retracted and released each other from their mutual claims.

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15 Oct 2018 13:56

Frontera Says Director Stephen Hope Has Breached Fiduciary Duties

LONDON (Alliance News) - Frontera Resources Corp on Monday alleged that Director Stephen Hope is in breach of his fiduciary duties as he attempted to deprive the company of assets for his own and

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12 Oct 2018 10:21

Frontera Resources Continues Farmout Joint Operating Agreement Talks

LONDON (Alliance News) - Frontera Resources Corp said Friday that talks for a potential farmout or joint operating agreement are continuing with two "industry majors".The oil gas

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27 Sep 2018 12:59

Frontera Resources Narrows Interim Loss On Higher Revenue, Lower Costs

LONDON (Alliance News) - Frontera Resources Corp said on Thursday its interim loss narrowed on higher revenue and reduced costs.Revenue for the first half of 2018 rose to USD1.8 million as

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