Member Info for cannyscot2

No good speculating either way. However reading the RNS carefully it looks like FRR think they have a solid case.
I have read it carefully a few times. Unlawful interference is a strong statement against Hope. Unlawful interference suggests that evidence is strong compared to just having a conflict of interests. Sounds like FRR have some very compelling evidence to put out an RNS in such a way. Let the lawyers sort it out. Read it again (twice), then let's wait and see what the outcome is.
Damages claim upheld or out of court settlement.
Injunction upheld in December hearing or not.
We have been told as much as they can tell us at present as this is all subject to a Court case, civil or otherwise and none of us would want to see FRR weaken their position by putting too much in the public domain and thereby damaging their case. Those registered for searching court files, think carefully before you post the info publicly if you find anything. Here it is again.

" the Company states that defendant Mr Hope is in breach of his fiduciary duties as a director of FRC and these breaches include, inter alia, attempting to deprive the Company of assets for his own benefit and/or for the benefit of OMF, failing to act in the best interests of the Company and its shareholders, failing to exercise independent judgement, and unlawful interference with the business of the Company. The Statement of Claim alleges that OMF conspired with Mr Hope in relation to the above matters. The Company claims damages against Mr Hope and OMF in the aggregate amount of US$56,287,800.

The Grand Court has ordered that Mr Hope and OMF should file their defense to the Company's Statement of Claim by 18 December 2018. The Grand Court also gave directions in relation to the application by Mr Hope and OMF to discharge the previously granted injunction; a hearing to deal with that application is expected to take place in December".

Yet another twist in the journey of FRR. Hoping the case is strong and that we get a good outcome.
THINK WE CAN COLLECTIVELY SAY WITH CONFIDENCE THAT WE ARE ALL RIGHT BEHIND YOU ZAZA.

Majors are well acquainted with legal battles. Like Zaza they will be batting for the best outcome for their future relationship with FRR.
Zaza is nobody's fool!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! and neither is SN!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Emblaze. There are tax advantages for the majors too depending on what agreements/deals are made before Y/E. Everyone will be well aware of this. Mole has just laid it all out perfectly as to what could be happening.
Kissing goodbye to Outrider with an out of court settlement would be in our interests to move forward quickly but it depends on what way they and not forgetting FRR /Zaza/SN want to play it once Hope's lawyers have done discovery on the evidence of him and Outrider not playing by the rules.
Due to their dirty dealings in the past everyone here would likely want to see them pay a very heavy price but that has to be weighed up against moving the company forward. There will definitely be ways of sorting this out, whether taking them all the way or not. It is not Zaza's fault that Hope did or tried to do the dirty on FRR. Hope was thrust upon them rather than invited to the party. No empty boxes here, great asset worth fighting for tooth and nail which Zaza and SN have done for years. If the evidence is good one way or another we will get rid but until then............PATIENCE.

WELL DONE TO ALL the super sleuths.

Everything been said, rinsed, repeated and repeated again. All bunkered down awaiting NEWS!!

environmental impact assessments (EIAs) IV-A AND IV-B - A new refinery being built. Exxon working with Georgia to assess oil and gas in West Georgia. A lot happening around oil and gas in Georgia and worth remembering that FRR are a good few years ahead of the game and have BHGE on board and another industry major in talks. s/p depressed today but could be due to other factors.
If there was a choice today re having shares in FRR or having money riding on a Brexit deal being agreed in parliament I would rather be in the FRR camp. Zaza has a difficult job but not half as difficulot as Theresa May. What they both have in common is that their countries are both hopeful that they can get the best deal under present circumstances and have a lot on their shoulders.
FRR S/p was important today if you were buying or selling but otherwise no change for those hanging in for positive announcements.

Yes mole, outside Tbilisi

27 to 1, we were never going to come out of this with a good deal. They said at the start they would not make it easy for UK. Don't want anyone else leaving. They have been true to their word.
At least parliament will be able to debate facts, not like when the British public were asked to vote blind without the remotest idea what it would mean for us apart from all the lies.
Wee Nicola will be brandishing the independence banner again now. Went quiet when p.o.o. down but she will be feeling more confident with a partial recovery in Scotland. There is going to be a domino effect and longer term a break-up of the UK looks more and more likely.
Some politicians should hang their heads in shame for the lies that were told before we had to vote. Then scurried off when result announced.
Who knows, there could be an election, a second vote and us having to adopt the euro to stay in. Uncertain times indeed.
Rant over and back to all things FRR.

They have info already from previous drill of Niko but poor cementing back then meant they had to abandon it at that time. Not been tested like T39 is being tested but old info should still be useful to potential industry major(s).

Yes get where you are coming from re new tax laws. So now that Christmas lights are being switched on we are getting closer to an announcement either firming up agreement with BH and/or announcing deal with 2nd major. Couple of other things to clarify as well. Testing began 8 over months ago and we still know little more than initial flow rates at the three wells. A little bit more patience required. AGAIN!! Only just over 5 weeks (27 trading days) till offices and lawyers will be closing for Christmas hols.
GLA

Agree 2+2=5

Is it a real possibility that they have sidetracked Niko? Could come under "Additional Tests" covered by NDA. Not saying they have but they could have. One of the don't knows that we DEFINITELY DON'T KNOW. Was the granting of licence for Niko RNS'd. Cannot remember. Funded by unnamed Hedge Fund 1 Nov start (come and gone) is all I can recall and too late at night to start trawling RNS's. Nah they couldn't have, could they?

If not it could be February or later depending on weather before the work starts.

She has had a tough ride. Many a man would have thrown in the towel and said get on with it yourself. Like FRR, politics often prevail rather than common sense and gooldwill.
The players in Brexit have more sides than a 50p piece. Remind you of our boardroom where at least one pursuing his own interests? Funny old game.
mole said be careful what you wish for. Same goes - be careful what you vote for. Not trying to get into a political argument but if nothing else another vote would be interesting. A costly exercise all round to extricate UK. I for one wish her good luck. Like her, not what I voted for but will live with the consequences as outvoted.
Good luck to you too Bladey..

Ignore that. Back to normal

What!! Last trade shown was .5089. Anyone seeing trades from today? Or is news afoot?

apologies if wrong then but............

would anyone appear on this board when they reckon "there are so many better options out there" ? To disrupt and make us question our judgement?. Nae luck there then! We are fully aware of the risks in AIM investments and all things FRR. if not we should not be here. Probably best jog on to one of those "better options" where their superior grey matter would be better appreciated. Most did well to ignore but the the constant niggles forced a few to bite. Just the same as on previous occasions. When will we learn!!! Filter, ignore, report but please, please do not respond.

Our CEO's goals are aligned with ours because he is heavily invested, likely at a higher average than today's s/p and is working damned hard for himself, his family's financially security and on our behalf trying to get the best deal with two industry majors. Exact details of deal with BHGE to be worked out and whoever the second one is, Zaza has said "These are big boys".

8 May 2018
Zaza Mamulaishvili, President and Chief Executive Officer, commented:

"I am pleased to report very encouraging results of the T-45 well testing program. The flow rate of 270 barrels of light sweet crude oil from only Zones 14 and 15 has slightly exceeded pre-test expectations, including the assumptions incorporated in a sample development well economics presented at the shareholders meeting on 25 January 2018, and potentially has made development well economics much more attractive. Very successful current drilling and stimulation operations reconfirmed that the Taribani development wells will require approximately $2.9m to be drilled and frack completed into Zones 9, 14 and 15. Interim test results from Zones 14 and 15, together with successful historical long term test results from Zone 9 and current oil price suggest that we will be recovering cost of each new well in approximately 8 to 10 months with a 10-year Estimated Ultimate Recovery of over 500,000 bbls of oil  per well. CPR estimates for Original Oil in Place in Zones 9, 14 and 15 of the Eldari reservoir in Taribani are 689 million barrels, with 103.5 million barrels considered to be recoverable. CPR estimates for Taribani's Gareji reservoir are 4.6 Trillion Cubic Feet of Original Gas in Place, with 3.2 Trillion Cubic Feet considered to be recoverable."

On 4 July 2018, Extended Well Testing ("EWT") commenced at T-39 well, by perforation of 21m interval of Zone 19, situated between 2970m and 3000m. After a well clean out, the well started to flow light ( 41.5 API), sweet crude oil together with wet gas and, under natural flow, achieved following production rates: 529 bbls/d of oil and 600,000 scf/d of gas using an 8/64" chock size, 347 bbls/d of oil and 425,000 scf/d of gas using an 7/64" chock size and 250 bbls/d of oil and 350,000 scf/d of gas through 6/64" chock, demonstrating excellent well deliverability. The Company anticipates that production rates from future development wells may be significantly higher.

The CPR volume estimates of 14.8 million barrels of recoverable oil from Zone 19 and 36.5 million barrels of recoverable oil from Zones 20, 23 and 25 of the Eldari B formation, situated between 3056m and 3350m interval support the significant potential of the Eldari B formation.

The 300m interval below Zone 19 was previously penetrated during the drilling of the Niko-1 well, the first well drilled by the Company in Block 12, Georgia. Testing of the interval confirmed the presence of oil and gas bearing Miocene aged marine sandstones with good reservoir properties, flowing light sweet oil and wet natural gas at a commercial volumes.

Gareji formation, situated below the Eldari B reservoir in the Taribani field is estimated to contain 3.2 Trillion Cubic Feet of recoverable gas according to the CPR estimates.

Please do not misunderstand the 36 barrels. Just saying that small portion of profit bopd to pay off YA each month. We don't know how much is flowing from the three wells. can only go on initial test results announced months ago by RNS.

Look fwd to weekend but not to prospect of no news on FRR. Mondays and Fridays come around pretty fast. Been around watching and waiting for a couple of years now and does not appear to have been that long. Probably the ones who have been waiting for 7 long years will say the same.
We always think real progress to next level and fantastic news is imminent but it looks like this time really is our time.
It is seldom boring and if deal announced with 2nd industry partner very soon and details of BHGE firmed up along with some info on the three wells WE helped fund we will be happy 🐇🐇🐇🐇🐇 whatever the share price does short term. It will be a breakout from the never ending .40 to .50 range anyway.
We are all pretty sure Zaza would love to tell us more but NDA means just that, non disclosure.
Oil IS flowing and after costs and hopefully a few $$$ in the bank, 36bopd @ $60 is all that is needed to keep paying YA every month. Yes, increased costs with additional testing but with oil flowing at least not a total standstill and there could be huge progress in Taribani that we are just not allowed to know right now.......
The Christmas s/p predictions were so wide ranging it will be interesting to see whose stab in the dark is the closest.
Have a great weekend everyone.

Interesting goose