Member Info for cannyscot2

emblaze - as it stands we are still here fighting our corner.
Do not write it off yet.
Suspension was good under circumstances.
FRR brought the court action. Not Hope.
Lots of theories but wait and see what happens.
Something will give in next week or so.
Just very bad timing with Christmas holidays.

No announcement from BP "Due to media speculation............" which is hopefully a good sign.

so 23000 barrels? Any thoughts?

Can you post the test starting dates for the three wells?
Which could the 23000 barrels stockpiled in April have come from?
Too lazy to look at RNSs right now (sorry)

Till we have further info. Nobody is squeaky clean in this debacle.

Best we can hope for is a resolution of all issues with new Nominated Adviser and $60m loan in place before suspension is lifted. A tall order.
Quickly followed by positive news of the two industry majors.
The stuff dreams are made of.

Then we will deal with SH in or out of court.

At least work on the ground is continuing as far as we know which is positive and keeps YA at bay.
Zaza don't forget to send the cheque!!

Nightmare scenario is curtains. SN and ZM will 100% do their best to NOT let that happen. If Zaza was willing to invest $5M on a revolving credit facility then why would he (as others have said) risk losing it all for $2M not forgetting that another $2M would be due in March 2019.

The rest is just noise of us struggling to understand the what, why and wherefore of the whole sorry mess

For now we are the just the powerless majority of shareholders (mushrooms) presently in a solid lock hold.

Ditto. Let's leave the brown stuff for another day and I don't mean the turkey leg meat.
Best wishes all. Eat, drink and be merry.
Fingers crossed we will be back in 7 days looking forward to a well oiled New Year.

Ivey - I would think something happened before that email was written (p22) on 10th Oct that decided Zaza and Steve to not transfer the shares and take Hope to court. Please bear in mind that this info was sent to gain an injunction. It is not the full picture and unlikely that it is all the evidence that FRR would bring to court if it goes that far. A good poker player never reveals all of his hand even if he has the rockets. If Hope has a good defence he could counter claim. To date he has not done that and he has had since 11th Oct to do so. He did not get his defence in on time either. Two real positives as far as I can see.

What the full picture is we will likely never know. We have no decisions to make for now until/if we start trading again. Best we can do is sit and wait to see what transpires. Have not given up just yet. The timing is pretty awful as so many of the people needed to sort this out will likely be on holiday.

Meantime, especially feel for anyone who is really heavily invested in this and staked their entire future on success. It could come good yet. Never give up till you have to. We may be powerless to do anything to secure our investments for now but we still have the ability to go out there and enjoy Christmas festivities. Seasons greetings and all that.

Keeping the lights on then Kenco. Aligned with Zaza and us :)

Thanks mole. Balanced as always. There will be other info to be put in front of the judge from both sides but the burning question remains -
Did Stephen M Hope fail in his fiduciary duty to FRR in order to deprive the company and its shareholders of assets for his own and Outrider's benefit etc?
Have read all views posted on here and ticked up a good number of them. We can only wait with baited breath to see what tomorrow brings. Perhaps very little as this is all still subject to legal proceedings until we are told differently.

To Zaza and SN you will see that when it comes right down to it shareholders are pretty much aligned with you as you are with us. We can only leave you to get on with your job and get this unholy mess behind us to protect the asset for all of us (yourselves included) as investors. When this all gets sorted out perhaps you could tell us what the Arbitration hearing likely to be heard in June 2019 is all about. More transparency the name of the game going forward please. Tip of the day if interested. Change all Board email addresses to stop the dross and see the stuff that really matters.

A tad more like the big dipper we are on right now than sailing into calm waters as we had thought only a few short weeks ago. Never boring though.

I believe that Georgian Govt have raised/set aside funds to repay tax owed to many businesses in 2019.

Check in!!

Rules were ALL directors had to agree any funding package including loan offered by Zaza so he could veto it every time which he did. When you read it tonight words will fail you for a while.

Phew. That does not read well for Hope, So him/Outrider have been the stumbling block for raising funds for a considerable time and as we said he wanted it all for himself so blocked funding, even Zaza's offer of funding $5m on a revolving credit basis then demanded control of the whole shebang in exchange for $2m of new notes and a 90/10 split. He forced the default and therefore 100% failed the company in which he demanded a seat on the board. If there is any justice the court will nail him to the wall.

FRR/FEGL/FIC are vigorously pursuing this through the court (as they informed us by RNS) and we just have to let them get on with it. What could they possibly say in an RNS without prejudicing their case.

While the chat board has generally been moaning about lack of news this is what our BoD have had to deal with. Hats off to them and fingers crossed it goes well.

WELL DONE IVY.

Hard to believe there are such people in a "civilised" society who would knowingly and willingly do their best to destroy a company and the honest investors in those companies (every genuine one of us) !!!!!!!!!!!!
So Nomad is aware. I bet Zaza is seething!! Genuine shareholders have every right to be angry at what has been done over the years to FRR and blatant misuse of social media but with every barrel of oil we ARE getting stronger.. Zaza and SN have fought our corner on many occasions. They don't roll over for no-one.
Onwards and upwards. Not forgetting that we have AIP for $60m loan which as things stand today (no thanks to TW) is more than m /cap of $53.6m.
So although we are awaiting positive news, think on this. No-one lends that amount of money if the prospects are not good. 2018 has been great in lots of ways but that pesky NDA is stopping us from knowing how good. Certainly good enough to continue exploiting Eldari b in Taribani. 2019 looks like it will be even better with prospect of:-
a) working with Baker Hughes
b) a deal with 2nd industry major
c) funding package so that 100% ownership can be retained if no buy-out or farm-in/out
d) further drilling to productive Eldari b increasing production
e) Saying goodbye once and for all to YA in H1 2019 if we don't just get rid with loan funds. Personally I would just make them wait and let monthly payments continue to final settlement.
f) pending our (FRR and FIC) court proceedings against SH and Outrider in Cayan Islands saying goodbye to them also with them paying damages in our out of court for their actions.
g) The icing on the cake would be seeing TW and Co pay with jail time for their despicable lies.

AND THEN THERE'S THE GAS. 202tcf going nowhere till Mr Big joins us to extract it and pipe it to the inter-continental pipeline that just happens to run through B12.

Deck the halls with boughs of holly
Tra la la la la la la la la
T'is the time for us all to be jolly
Tra la la la la la la la la
At Christmas let's leave the board for a few days at least
Tra la la la la la la la la
Zaza is QUIETLY getting on with the work in the east
Tra la la la la la la la la
Seriously it can only be good for our health
Tra la la la la la la la la
The Cayman court and Zaza will take care of our wealth
Tra la la la la la la la la
In this chat room we have said it all good and bad
Tra la la la la la la la la
2018 progress should NOT be making us sad
Tra la la la la la la la la
In B12, GAS we have and OIL we are producing
Tra la la la la la la la la
With no RNS mostly we are left just deducing
Tra la la la la la la la la
Zaza,please take us to new highs in 2019, in you we trust
Tra la la la la la la la la
While we have patience with your team as we know we must
Tra la la la la la la la la
Recently the s/p performance has been dire
Tra la la la la la la la la
A twitter pic of Santa atop a train load of oil would set us all on fire
Tra la la la la la la la la.

Bored Canny resorted to this. Jeez!! Nothing else to be said till the next piece of news falls into our lap. Seasons greetings to you all. It would be good to know that the stalwarts who have not posted for a while are still here waiting patiently like the rest of us. A simple "I'm still here" would do fine.

Agree Cheesie. Here's to FRR lawyers having a good day in chambers with a weak defence from the other side. Not a given that we will hear anything tomorrow but if the judge says enough evidence to go to court then either a date could be set or defendants will go off to count the contents of the piggy bank to put together a proposed settlement. All depends on the evidence of the damage these leeches have done to FRR more recently and in the past too.......
We will just have to wait and see what transpires over the next week or two or three.........GL to Zaza and Co.

Noticed those 3 tick ups on that deluded post.

As Regdik has just stated,

FRR ARE TAKING HOPE AND OUTRIDER TO COURT, SUING FOR $56m DAMAGES.

HOPE AND OUTRIDER ARE THE DEFENDANTS.

IF IN DOUBT READ THE RELATED RNS's.

Have read lots of theories on here but still wondering. $56m is roughly the shortfall in s/p when compared to WHI fair value so tend to think that Hope/Outrider have been involved somehow in trying to bring FRR to its knees.

Surely it would be plain to see that Hope would have a conflict of interests when new loan was discussed and perhaps he/Outrider would have wanted to rank pari passu with any new lender instead of ranking with a 2nd charge over the assets. Still does not explain damages of $56m being sought.

Can only think that he saw the golden goose falling from his grasp when YA and FRR reached new agreement and somehow employed dirty tactics in conjunction with others to get all of FRR for Outrider.which was possibly the long term aim anyway.

We are missing a piece of the jigsaw here folks and if settled out of court we may never know what it is. jmvho

Within a week? Longer? Plus legals for security as Outrider would have to be repaid to give up their security all as part of same process. Goodbye Hope once we have got our pound of flesh in the Caymans for all your past demeanors.

Things are definitely looking up here.

and Free too.
Cannot put the clock back though. A measure of her strength and commitment that she did not say "up yours" after the vote tonight and put someone else in the hot seat to see how they liked it.
We were never going to get a deal that suited everyone. At least what has been agreed so far avoids chaos if they can sort out the Irish border backstop issue.........