Member Info for CF73

Chinese have done their DD on Circum and will be looking to close out deal ASAP in a COVID/ post-COVID anti-China environment. Have said it before and will say it again, the Chinese are now moving more hastily to get viable projects confirmed. Sentiment towards them, especially amongst African people, is rocky at best, right now.

With PREMs recent news and movements, particularly around the MNH deal, am confident we have at least one significant piece of news that's not MNH related. This is to ease the MNH acquisition process. Believe strongly that PREM have moved forward with certain plans because they are within sight of one or more pieces of big news.

This will be either EPO, Circum or RHA. Of these, Circum is the most likely. They have the inside track through GRs connections with SD at Circum. RHA and EPO we wait on Zim. EPO seems to have inched towards sign off. But Circum will be clearer, even if GR hasn't been able to say. Real possibility of Circum and even EPO news next week.

Good luck all the genuine folks and holders!

Folks, that RNS was a window onto what's coming VERY soon. MNH is a gift, generating cash, which will in turn help to unleash Zulu and EPO. And all happening SOON.

Good luck to all the genuine folks!

What we know right now is only what we are allowed to know. It is easy to assume the worst for fear of raising hopes. Other parties standing against us can say all they like and they are doing so, in the knowledge that FRR are hamstrung by sensitivities. But, in the end, crucially, there are limits to what GG can do. FRR need to simply comply by the terms and the timeline, which I am confident they will. This while GG appear increasingly desperate to put a positive spin on this.

Having considered everything in the arbitration context, including the GG prancing about in the press and media, am far more inclined to believe FRR than the GG.

Good luck all the genuine folks!

Current GG administration has got themselves into a tight corner. By positioning themselves as they have, they now have no choice but to continue. Now getting pally with FRR will make clear their failures.

Just cos GG say something doesn't mean it is true. Don't trust what they put out in the media.

There is a limit to what GG can do, the constraints being the arbitration outcome. If GG attempt to take more than what they were given, then they can be used. But we'd need to wait to see if they do. In the meantime, it's all about GG in the press, unless FRR have the ability to nip it in the bud (by releasing the Arbitration doc) - and that seems difficult given the sensitivities.

We're closing in on news on both EPO and MNH. Both are massive. Also feel circum not far off. The Chinese will want to be closing our deals given their poor rep over COVID. Already picking up from places that Chinese are keen to progress with projects and programmes they'd been eyeing up.

Significant news on the very near horizon

Good luck all the genuine folks and holders!

Procedures were never clear. Last parts of the process have been dealt with. We should hear very soon in EPO.

MNH is an excellent prospect. Seems news there is not far away too.

Good luck all the genuine folks and holders!

Any DD on Circum must surely be done. Just timing of news in light of COVID is my view.

Snowking, appreciate your efforts and that of the genuine LTHs

We are closing in on definitive news.

MNH close, and I can sense the value and the confidence in this.

We are really close to EPO too. The procedure was way longer we expected or were led to understand. But headed towards news very near term.

Then there is RHA and CIRCUM. Circum perhaps ahead of RHA, as Ethiopia have watched it sit idle. We must surely be done, and with China dipping in popularity, am guessing there are a lot of deals they'll want to wrap up before too many questions are asked

Believe strongly we have news this month, on two possibly three fronts

EPO
MNH

RHA

There is the possibility also of hearing about Circum -- finally.

The rerate is in progress

Good luck all the genuine folks and holders!

That's what it is EkXoc. The ruling is the ruling. Return 99%, those were the instructions handed out by the tribunal. Asset move was already taken into account as part of that judgment.

The rest is the GG spinning this, styling out was a rather less than average outcome for them in the end.

We have gone over all this. But is worth revisiting as folks waiting for further news and statements but these are not likely to be frequent/ regular.

Tribunal concluded 17th April.

We are not sure of full findings but we can see both parties having referenced return of the 99%.

We received a GG notification/ Statement regarding this 21st April, stating that 99% was due back.

However, by 29th April, only 12 days after tribumal and, crucially, only 8 days after the 1st GG Statement, GG make 2nd statement that we had not returned hat 99% and that as result they had issues a contract termintaton notice.

Then on 7th May, GG say they were terninating the contract on 27th July, throwing in mention of the asset move, something that will have already been accounted for in the judgement, so by this stage materially irrelevant ruling had alreayd accounted for it and instructions to both parties were given.

The struggle, as far as I/ we can see, is about the return of the 99%, with GG saying we hadn't returned it, and FRR saying they are quite happy to.

Given the first GG statement, which stated 99% was owed, was released 21st April, their 2nd statement, only 8 days later, on the 29th April, claiming the area hadn't been returned, I find bizarre if not delievrately mischevious.

Bomber, you just killed me with the Mother Pucker :D

GG are claiming to follow the letter of the law/ ruling, but am in serious doubt.

Arbitration tribunal concludes 17th April, requesting that FRR return 99%, by am guessing some specified date.

By 29th April, 12 odd days later, GG are claiming that FRR haven't returned the area.

I don't think for a second the tribunal would've set such narrow, difficult, effectively punitive, time line. It would be practically impossible to return that area in that time, inclusive of any work required to correct an environmental degradation caused by FRRs work.

Whereas I think the July 27th date is considerably more realistic as the final date.

Their arguing about termination of the contact for the entire area is a stunt. For SHs, is naturally worrying, as we don't have the ruling before us. But the essence of the ruling and instructions to FRR are in those statements and in articles found by DomFok.

Not sure what GG can actually do, as whatever there protestations, there remains the objective reality of the final outcome of the tribunal. That should be unambiguous when/ if lawyers are required to revisit it.

The short of it, for me, they agree that 99% was meant to be returned, as per 18th April ruling/ judgement. The issues arises on the 29th April, by which time GG are saying the area hadn't be returned - only 12 days later.

That is the crux for me right now.

2 final things.

- FRR need to make clear what the bottom line instruction to them and GG has been. Shouldn't be hard...at least we would think...

- FRR should be sending lawyers letters to GG making clear the exact requirements of arbitration (they may have done already)...

Going by Statement’s 1 and 2, the ruling is, very simply, that we have to return 99% of the area, leaving us (seemingly) the 1% we have been working on.

The mention of illegal asset move in Statement 3 is only mentioned in Statement 3. It feels wedged in. However, whether or not the ‘asset move’ was illegal, it doesn’t change the outcome in terms of what FR have been required to do by the way of the arbitration’s judgement, that is, the return of the 99%. The return of the 99%, appears to me to have been the final instruction upon FRR, irrespective of the materiality of the asset move. Mentioning it in Statement 3 doesn’t alter the ruling and final instructions to FRR, it just serves to muddy the water in terms of public information and knowledge

Added to this, I would say, that the tribunal only just concluded, 17th April 2020. How on earth they could have been expected to hand over that 99% by the time of the 29th April when the ‘LEPL “State Agency of Oil and Gas”’ is issued it statement about the ‘…The contract will be automatically terminated upon expiration of the term specified in it (27 July 2020).’

Then we have, Statement 3 and ‘…material breach of the contract by Frontera.’ and ‘…The contract will be automatically terminated on July 27 2020 in relation to the entire contract area ..’

As far as I am concerned, GG are deliberately muddying the waters. I do not trust their statement, or rather, I see what they are trying to do and am unconvinced of the position they attempt to state.

Thanks Looed, think FRR just need to release the key findings. We don't need to know how the decision was arrived at (meaning we don't need to know the finer details).

I have read and re-read the excerpts from those three excerpts you have posted. They present/ describe a sequence, a period of time over which something has either happened or not happened.

On 21/04/20, GG saying that FRR need to return 99% (am guessing, as per arbitration findings)

On 29/04/20, GG saying that FRR have not returned that 99% (am guessing, as per arbitration findings)

On 7/05/20, GG saying they will terminate the contract on 27 July 20 (am guessing, because FRR have not, according to them, return the 99% they were meant to).

If we look at the dates of the first two statements, 21st and 29th, that appears to me to be a rather rapid period of time, their making their formal statement (am guessing it’s the first) post-arbitration, to their then arguing that FRR have failed to return to the area.

Then we have the statement on 7th May, saying they will cancel on the 27th July. Why 27th July? Was the actual date for return by FRR to GG of the stipulated 99%?

There is no mention in all of that that the asset move was illegal. This is now all about the 99%. Am going to say again, the findings of the arbitration will not be ambiguous and that I do not trust the GG.

Would add that we could do with FRR releasing something a bit more official, a redacted version of the outcome, the key findings, that explains what needs to be done over what time frame.

Looed, thanks for your response. The first of those statements says,

"1- GOGC Statement 21/4/20 - "Frontera Resources Georgia Corporation committed material breach of the contract by refusal to relinquish and return to the State the exploration area, which represents almost 99% of the entire contract area."

Why are they going back on that? Or rather, why are they simlply not mentioing it again? After all, that statement, which is the first of those statements, still comes after the findings of the arbitration. GG cannot go against or undo the findings of the arbitration without serious concequences. We need to remember, as worrying as they may be, these are the statements of a corrupted GG and not the necessarily findings of the arbitration.

What FRR need to do is calculate whether or not GG will make an illegal grab. They can nip in the bud by simply releasing a redacted version of the arbitration of outcome. The finer details, specifically, the sensitive stuff, doesn't matter here. Just the key findings.

If the matter is in their favour, why on earth have the GG been parading around in the press and media?!

What is clear to me certainly is that we in a better position than would've seemed a month or two or three ago. Who knows if we are out of the woods. The main reason we continue to be worrried is because the GG are saying things and not because we have the defnitive findings of the arbitration in front of us. But we happen to be still well in there, fighting.