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SB-ii

It appears that Zaza+SN together with OMF have jointly submitted a request for a ‘Protective Order’ in the Texas case. This order is designed to prevent any ‘public’ disclosure of certain information to be discussed either in writing or orally during the Texas hearing [7th January 2020]. More importantly it could be related to information uncovered from the Discovery Order that was granted to FRR in the California Fiduciary case in May.

For recollection, worth reminding that the Texas case was initiated by OMF against SN & Zaza for liquidating their personal guarantees issued to OMF for the payment of the US$2M coupon that was due on the CLNs in October 2018.

So [to me] it seems crunch time has arrived for our two guys, its either pay up or to shut up. By this I mean that our guys will either have to hand over US$2M under their guarantees or to dish out the dirt on Hope [within the confinements of the 4 walls of the court].

So, what ‘dirt’ do SN+Zaza have that they are requesting a ‘Protective Order’?

Well, in the original Fiduciary case, FRR alleged that Hope had been involved in market manipulation and illegal interference with the NOMAD.

At that time, we speculated that perhaps Hope was involved in huge forward selling of FRR shares that he was pretty confident of getting from SN+Zaza as FRR did not have the money to cover the interest payment. During late Sept and Oct 2018, we observed massive abnormal trading activity in FRR shares, with huge numbers were being sold in a rising share price [up to 800million in a space of 5-10 trading days]. Some probably related to YA as they were also expecting to receive shares for Sept installment which was paid in cash by FRR and separately the two renegotiated the terms of the SEDA loan - incidentally no news on that front means FRR repaid the US$2.1M which was due in July 2019.

Anyway, the Discovery Order gave FRR the legal right to ask YA if they had acted on behalf of Hope to forward some of these shares. It will also allow Jo Turner (NOMAD) to provide a statement whether Hope illegally interfered with his duties by pressurizing him to release some info in to the market.

Whatever the case, January is going to be an important month and PERHAPS the beginning of the end on all these legal cases… a conclusion to the Arbitration, an out of court settlement to the CLNs with Hope, jettisoning the Fiduciary case, employees getting paid, conclusion to the farmout agreement or financing agreement.

Who knows……. and who knows how much oil is being produced from the 3 wells we [the shareholders] financed: on T45, Dino-2 and T39. Lights might be on but workers not getting paid is not a good sign either.

As a big fat bloke dressed in red normally says during these times………Ho, Ho, Ho - Merry Xmas.

Earsbern
I also quickly looked, it up.
Anyway we at last do seem to be closing in on a final conclusion of which should be within a few months or so or maybe slightly earlier & on it being a positive one then 2020 will be a great year for all holders.

Mick
Best not to be greedy, so let's say we will be happy on 25p sp or equivalent.

Cheese
Think you forgot the following with post
Lol

Will ad that overall, it does seem to look like that the arbitrator, just might be stringing this out on a matter procedure.

As usual though it is not fact until we see something formal in a statement from either/both parties.

Phil
At first was not sure on what you mentioned concerning Frr coming to an agreement with GG, but looked back through the article & see the paragraph below of which does tie in with ZM saying that there is only one thing left that they had to sort out, increasing of the 7yrs for the PSA. Will also say that the mention of the 7yrs as said by either you or somebody else, also ties in with the detail in the original document.

On September 1, 2019, and several times thereafter, the Contractor applied to the Arbitration Tribunal seeking suspension and / or termination of the Arbitration Proceedings on the ground that it had allegedly reached an agreement with the Government of Georgia to settle the dispute. Contractor's claims were not satisfied by the Arbitration Tribunal;

"According to 10 months data, more than 5% economic growth in Georgia and optimistic look at the final data of the year"

Above, is the heading of one of the articles from the link. Lets hope that Frr can increase that through B12 over coming months & years.

As been said that most of what has come out of any articles has to be looked at carefully & not accept everything that has been said, as gospel of which includes positive info.
Obviously for me I feel that cannot believe anymore then I do that Frr/us will come out of this in at least a reasonable position, but in end still need a formal announcement otherwise you can believe as much as you want. Still though will not mean anything.

Gipps
Agree with you on Hopeless.

Overall, as has been said & that is GGOC would want to have income from production, as soon as it started to happen & on that I don't mean just a few hundred bod.
Anyway end of next week we will already be closing in on mid January then hopefully some form of official announce will be properly closing in on us.

Oopsi
Thanks
Just see this line below in the link Ivy posted & thought would put smile on a few faces.
Batumelebi tried to contact Frontera but no one answered the phone.

Ivy
Thanks

Should also have mentioned that the mention of the 50/50% split in that article does not really make much difference, as it would have come to that after dealing with the sunk costs.

Oopsi
just a question on the transfer.
Would GGOC not have known anything about the transfer, as if they did then why bring in the wrong part of Frr into the arbitration?

On the above, it has been mentioned that it would have come under the remit of the liquidator once they had taken control of Frr Eastern of which I believe that would be correct & the 1st thought on their mind is their payment & then next would be Hopeless/Outrider.

Ivy
Would say that is one of the reason not to take anything from these article, as truthful.

Goit
The 50% mention would come into play once Frr had reclaimed their $400M sunk costs, but during the arbitration there is a chance that Frr might have/will give the sunk costs up in an agreement then the 51/49% comes into play. The 49% would be Frr.

Madp
On there being anything on the 50/50% split then that is what was supposed to happen after Frr had reclaimed their $400M sunk costs.
So maybe that is part of an agreement that they might have with GGOC.
Overall though, I am still thinking that there is not much in all these articles that can be taken as truthful.

I go along with WHamBoys line of thinking that Frr will come away with something worthwhile, but no idea how worthwhile.

On as far as the arbitration, is concerned the result on that comes down to the arbitrator, I presume. On that being the case i would have thought on taking away the asset & handing back to GGOC then would, also think that they would at least tell GGOC to hand back the sunk costs., due to a good bit of what is now known would not be without the sunk costs.
Above though on both parties coming to an agreement then that would be the final conclusion.