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I still feel that shareholders who have read the report would be seriously pushing people to read it if it contained anything positive.
Very easy to indicate without tipping off, so at best I think report is neutral and likely indicates things are progressing but probably nothing more.
Today, early on, the President of the CUB, Igor Munteanu, sent the Government of the Republic of Moldova a request regarding the verification of the fulfillment of concession obligations by the company Frontera Resources, which received in 2017 a Concession Agreement for approximately 36% of the state's territory.
"In the last 8 years, the company that holds exclusive rights according to this contract, has not been properly monitored, and the company has not fulfilled its concessionary obligations. The contract required the concessionaire to carry out exploration works in the first 5 years (2017-2022), and subsequently recognized the rights to exploit the discovered deposits for a period of 45 years. The perimeter agreed by the government and the company covered an area of 12,125 km2, conventionally included between Ungheni - Basarabeasca, in the northern direction, outlined by angular points to the south of the country, within the state borders.
It is with great regret that Frontera Resources has not complied with its concession obligations, and the recently collected facts cast serious doubt on the feasibility of the concession project for the next 45 years.
Apparently, none of Frontera Resources' basic contractual obligations have been honored. Nor the obligation to submit to the State Commission for Natural Reserves the entire project documentation for geological research and geological data expertise for approval; nor the presentation to the Geology and Mineral Resources Agency, by April 30 of each year, of truthful geological information; presentation of annual reports on the exploration works carried out; the presentation of the data of a comprehensive audit on the financial statements of the concessionaires and the investments made during the year, contracted by the government, from the resources of the concessionaire. In the same way, the Concessionaire was supposed to establish the royalty that the state collects from the concessioned activities based on the geological data presented, but until today, the Company has not fulfilled this clause either
https://telegraph.md/guvernul-a-concesionat-36-din-rezervele-sale-subterane-unei-companii-din-offshore/
I have a link to the diagram if it’s worth looking at again?
Not too sure what this is but it’s from the Georgian government website and the title is the following “ Declaration of the official's property status”.
1) Gas Transportation Company of Georgia LLC
enterprise
Limited Liability Company Frontera Eastern Georgia LLC
Georgian Oil and Gas Corporation
The amount of share of the main enterprise (50%)
Non-core venture partners
Green Capital
https://declaration.gov.ge/Home/DownloadPdf/149186
It’s was 5p if I remember right. Not sure how many shares we had in issue at the time
great to hear we have some replies from the company..... might this actually come good?.... wonder what will happen to those shorters locked into their positions.... nervous times for them lol
This was the second share I ever bought at 18 years old. I am now 31. I remember at 18 years old reading the warren buffet quote “If you aren't willing to own a stock for 10 years, don't even think about owning it for 10 minutes." Did think it would actually happen to me!
Aren’t we all old timers after 4.5 years of court battles lol?
thanks cymro1864, that is the exact letter i was referring to.
i cant see a relist being an option given what has happened. FRR reputation in Georgia has been ripped to shreds. Government disputes, non payment of work force to name a few. It doesn't seem feasible that we re-list and continue operations in Georgia. We are an exploration company. Prove the asset, sell it and move on. SN is also getting on a bit, and he doesn't have another 5 year to mess about. I would imagine that after all these year he will be looking for a return on his investment.
i just hope that over the last 4 year work has been quietly going on in the background to prove the asset. If you remember a year or two ago there was an open letter issued by the company confirming X amount TCF of reserves (can anyone remember that letter? was it 9-13TCF+? ).
I think what ever deal has been struck with Hope would have to include shareholder, and now that the GOGC owner 50% of the asset also suggests that a big slice of the pie was given away to keep FRR in the picture. anything over 2p a share would be a huge win IMO and the bargain of the century for a third party purchasing our half of the asset if those reserves are true.
its got to end sometime
I have no interest in increasing production and returning to market. Get the lot flogged to someone who can get the job done and give me 2p a share and we can all pretend this never happened haha
Link says “page not found”. Can you post it again
He attempted a hostile takeover at 5p a share if I remember right
Also need to factor in the gogc now owning 50%
They can give me 2p per share and bugger off to Moldova
Agreed it looks old.
https://www.azer.com/aiweb/categories/magazine/64_folder/64_articles/64_socar_frontera.html
I have cropped this down to the relevant parts.
Anyone able to explain this meeting last week?
02/01/2023 [09:00] HEYDAR ALIYEV - 100
Baku, February 1, AZERTAC
AZERTAC presents in chronological order the moments of life given to the people - the main moments of the bright, meaningful and glorious life path, the unique political and state activity of the founder of modern independent Azerbaijan, an outstanding political and statesman Heydar Aliyev on the occasion of his 100th birthday.
January 21 - Held a regular meeting of the Commission on Legal Reforms.
Received William White, Chairman of the Board of the American company Frontera Resources.
https://azertag.az/ru/xeber/Mgnoveniya_zhizni_podarennoi_narodu_yanvar_1997_goda-2469350
Thanks for posting looped. Great news
https://business-partner.ge/biznesi/sakartvelos-navtobis-sektorshi-shesadzloa-frontera-dabrundes