Member Info for Contra

ODR - Consider yourself corrected.

I have read all the posts this morning and in spite of all the excellent work done by the usual suspects to better inform us (thanks) the only thing I have learnt is that Georgian should never be the international language of business.

With Lady Mapp as Barbara Windsor!

ODR - Is the lock down getting to you? Do you ever have any positive thoughts?. "Always with the negative waves" (courtesy of the film Kellys Heros).

I think that there are many many more Georgians who object to the Russian presence, the Russian annexation of territory and the ongoing "borderisation" of the annexed areas. Is this article yet another piece of "Fake Russian News"?

I think B-2-O just wanted to give us a "heads up" :-))

We still do not know the truthful and exact state of play. It seems to me that the GOGC have gone beyond where they should by issuing a termination notice. After all that is just a matter of their opinion which I believe is hard to justify and certainly unreasonable given all the effort and money that Frontera have expended over the years. However the truth will out and it cannot be much longer delayed. I still think that common sense will prevail and a positive outcome (for us) will result.

PJOHN - Don't worry, I'm sure we still have Taribani and are negotiating an arrangement of some sort with BP. BP need low cost extraction fields, one of the reasons they have now confirmed the sale of Prudhoe Bay and added another $5.6bn to their reserves just for this purpose.

This probably means we have retained Taribani. MadP, from your records could you tell us all what are the estimated reserves are for Taribani alone.
On a different though hopefully related subject BP have renegotiated the terms for the sale of their Alaskan fields. The gross price of $5.6bn remains the same but the payment period has been lengthened to reflect current market conditions

Looed - I am not advocating any sort of public dialog because that would be self defeating. As always I have found that a quiet word in the right ears has a much better result in achieving "a full and frank exchange of views" usually resulting in at least some of the required progress.

Maybe the way to go is to raise this with the US Senators who were/are supporting Frontera, and copy in the American Ambassador to Georgia. Frontera after all is a US company. If it is not behaving properly it brings discredit on the US and its activities in Georgia.

Basin Edge and Shallow fields. IF it is those fields returned who cares. Taribani is the real prize.

R8 is right, we do need the contradiction explained.

This is part of their press release today dealing with Covid19 and its impact:-

"Liquidity: BP has around $32 billion of cash and undrawn facilities available at the end of the first quarter 2020. Last week S&P reaffirmed BP's A - credit rating while revising its outlook from positive to stable, and today Moody's reaffirmed BP's A1 credit rating and revised its out look from stable to negative."

Seems like a good company to partner with :-))

When the world and the oil and gas industry return to whatever the normality is then, the winners will be those areas that have low cost of extraction and pipelines to their markets. Large borrowings, costly infrastructure and depleted foreign exchange holdings will be the worst of all situations for those economies (eg. Saudi and Russia) that are largely dependent on oil and gas sales for survival. After this pandemic is over the world will not ever be the same as before.

Thanks Puddy - G&T on the rocks please!

MadP - And that is the advantage of a pipeline direct to the heart of Europe. Oh yes, isn't there one crossing Block 12 :-)

Sorry Puddy there = their

Yes it is much more about the gas. BP have already stated there intent to focus on gas developments for the future. With Nordstream 2 now stopped, Europe must look for new gas supplies. I am told there are huge quantities in Georgia :-))

I cannot think of any sensible reason why the result of arbitration should be delayed beyond the end of this month. To reach a decision It is a simple assessment of the facts that is required. An attempted distortion of the facts can only be from malign political influence. The US and the EU have tried to mitigate the worse effects of this we will soon see if they have been successful.