Member Info for Arsenal221

zeps
I also cannot be live that Frr/us are in this crap, especially as we are now looking very good for future.
In end though we just have to wait, but overall still feeling that in end Frr will come through & we will see some good look in uplift.
Obviously that is just as I see it.

Just see a post on Bloe, saying above that poster needs to have been here to see what that is really like.
Lol
Enjoy

Will add that as it now seems Frr are producing a good BOPD then that shows that Frrs future is starting to look healthy.

Last post was in answer to Tsbs.

I don't think that is the case, as Frr are saying that Hopeless hindered them through vetoing the funding & he cannot say it was no good Frr getting into more debt when he had offered lower funding at higher interest rate.

Going on the filter working on 3 posts in a row, it looks like it is worried.
Lol
:-)

The above cannot do anything o it's short that very likely has. So just filer it & on Frr finely coming through this then it can burn of which will includes its shorts.

Would hope above will be released very soon telling us what Frr thinks of Hopeless lastmontion we see a few days ago & hopefully something from the judge on the TRO.

The moving of most % of the asset would think will play a part in how this all works out.

Even though I wish Frr had never got into this situation I still believe that they/us will come through this intact. Would think that as has been mentioned that we are not far away from finding out how this is panning out for Frr.

Syric

I also had thought that 10,000bopd works out a good bit more then $22M a year.

Probably added an extra 0 by mistake.

Some very interesting developments in California over the weekend. Not sure what to make of it. Are we winning or are we on the back foot? I guess until the Judges either signs the TRO [or not] we will continue to ponder. But things have really kicked up a few notches since last Friday. On one hand you have got Hope resigning from the Board and attempting to put FRCC in to liquidation. On the other, FRR has purportedly signed a farmout agreement with another FRR subsidiary that is not connected to CLNs or OMF. My own feeling is that the whole agreement has been farmed out to another unaffected sub in return for 5% of future royalties.

So what does 5% royalties really mean? We know from last year that 3 news wells were drilled on Taribani, with T39 being the most prolific. What we don’t know is how much oil is currently flowing [if at all!]. Also, we know that BHGE is standing by with their equipment and BP supposedly still in discussions.

So, theoretically, if FRR re-drilled the 4 workover wells including Niko, and collectively these and the existing wells produced say 10,000 barrels per day at $60 per barrel, we are looking at revenues of around US$22M a year, and 5% being US$1.1Mln to service the CLNs. I guess is up to FRR to convince the Judge that we current well roaster and agreements with BP and BHGE, the prospect of repayment to OMF is the most strong and most realistic [rather than going down the route of liquidation].

You have also admit that Nicandros is not shying away from repaying OMF, its not his style but he needs more time to get FRR on its feet and I believe they are very close to becoming commercial. So its a timing issue rather than a intent to get out of this obligation.

Anyway, I honestly don’t know as we have so little info. But surely, Hope/OMF taking unilateral action to dismiss the Board and to initiate liquidation proceedings last Friday goes against the current Cali legal proceedings? Or is this another example of recklessness [or desperation] from Hope?

I don’t know, I speculate to keep discussions alive and probative.

Difficult times indeed for all: the creditors of FRR, the employees, the shareholders and indeed for Hope.

The low life on Advn that are wanting Frr to go under I have no problem with them ending up on the street & in fact would have a beer too celebrate.

Just briefly looked on not many posts & looks like one of the usual WOSpace.
Enjoy

7 May tomorrow & not much later will find out on above from court.

If it has gone that way then would say it was a clever way of sorting the mess out.

Would think that now Hopeless, is off the BOD then this is coming to head or we will at least find out properly what the situation is.

Overall Frr can pay otherwise they would not have top lawyers & that is the main thing.

Even though silence from Frr is past has not been great when news has been released. Think that as Frr have had good reason to this time then previous time there has been silence does not apply.

Now it looks like he is no longer on the BOD would have thought we should get some concrete news on how this is going, very soon.