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Last few paragraphs of a long article -

Steve Nicandros’s Georgian U-Turn, A US Oilman Became The Defender Of An Anti-Democratic Regime

March 24, 2026

Eka Gigauri and Zurab Tchiarabishvili both expressed surprise at the turnaround in Steve Nicandros’s position on Georgian Dream given the public standoff between his company and the Georgian government some five years ago. But perhaps the surprise is misplaced. Steve Nicandros has always been a lobbyist. He has always pursued his business interests. In 2020, those interests aligned with pressuring the Georgian government. Today, they align with protecting it. The only constant is Steve Nicandros himself.

Steve Nicandros, the chairman of TXN Energy and a long-time Republican party donor, has spent decades in Georgia. He has fought with the government. He has lobbied for sanctions against it. Now he is lobbying to protect it. His company failed to prove its claims in an international arbitration. It stopped communicating with its investors. It is being dissolved in the Cayman Islands. And yet, Steve Nicandros is promising a $100 million investment and urging US Congressmen to go easy on a government that is crushing democracy.

Eka Gigauri, Zurab Tchiarabishvili, and other Georgian activists see it clearly: Steve Nicandros is not defending American values or business interests. He is defending a regime that is aligning with Moscow and Beijing. And he is doing it because, for him, business has always come first. The only thing that has changed is which side of the table he sits on.

https://warsawpoint.com/economics/89823-steve-nicandross-georgian-u-turn.html

Akubardia suggests that "Frontera" is secretly lobbying Ivanishvili in the States in exchange for a $15 million debt.

27.11.25 18:32

Teona Akubardia suggests that "Frontera" is secretly lobbying Bidzina Ivanishvili and his team in exchange for a $15 million debt in the States.

For your information, "Frontera" has lost an arbitration dispute with the "dream" government. The Texas oil company has often criticized Ivanishvili's government and as a result of the arbitration dispute, it owes 15 million, which, according to available information, has not been paid yet.

As an opposition politician told "Pirveli", if "Frontera" is still lobbying "Dream" despite its discontinued lobbying activities, the relevant investigative agencies in the States will definitely be interested in this.

The "firsts" have evidence of an alleged secret deal - it turns out that the founder of "Frontera", Steve Nikandros, sent a letter of thanks to congressmen, thanking those politicians who did not support the demand to not recognize the "Dream".

According to the letter, Nikandros' main request now is that Congressman Wilson's amendment on "non-recognition of the dream" be completely removed from the final authorization document for the project.

Despite the discontinued lobbying activities of "Frontera", it continues to lobby, I think it will not go unnoticed in the United States, and despite the fact that "Frontera" itself tried to impose economic sanctions on Ivanishvili in 2019, it seems that in exchange for this 15 million debt, as well as in exchange for the extension of the license, it is to some extent involved in lobbying beneficial to the Ivanishvili regime. The emphasis on the continuation of "Frontera" lobbying is an important circumstance that will be of interest to the United States, "says Teona Akubardia.

https://tvpirveli.ge/ka/siaxleebi/politika/115853-aqubardia-varaudobs-rom-prontera-ivanishvils-shtatebshi-parulad-15-milioniani

https://youtu.be/rUW8cDqLLBs

Here’s the interesting part -

There are, however, signs that the fortunes of Frontera, now apparently rebranded as TXN, are turning brighter and it is planning a return to the country despite previous setbacks.

In a September 2025 email seen by reporter.london, Nicandros, in his capacity as CEO of TXN Energy, told a US Congressman that TXN is the “largest U.S. private sector investor in Georgia’s upstream oil and gas sector” and “has been working in Georgia since 1997” – a characterisation which appears to match Frontera Resources. TXN’s website hosts images of Frontera Resources’ former oil production site.

Notably, Nicandros told the US Congressman that TXN Energy is “preparing to commence a new $100 million investment program over the next two years that will bring one of our six giant oil and gas fields [in eastern Georgia] into commercial production.”

The email, dated 30 September 2025, has not been previously reported in the media. It did not contain further details about the supposed investment.

The Georgian Oil and Gas Corporation, the State Oil and Gas Agency, and the Ministry of Economy and Sustainable Development did not respond to questions about this potential investment.

https://reporter.london/?p=1526

Mr. Nicandros from " The Frontera Resources" is lobbying the U.S. Government on behalf of Ivanishvili's pro-Russian, pro-Chinese, and pro- Iranian brutal dictatorship.

Ivanishvili jailed hundreds of opponents, cracked down on basic freedoms, and brought back rampant corruption to Georgia. I want to warn the shareholders of " The Frontera Resources " - You are being played by crooks.

I have an extensive background of interaction with Messrs Nicandros and Zaza Mamulashvili, as president of Georgia and later as a governor of Ukraine's Odesa Region. I'm well informed about their fraudulent activities, as a graduate of Columbia Law School and someone who used to work for a Major New York law firm.

I do understand how corporations function in the U.S. I also presided over world-famous Georgian reforms, and presently, even as being a Political prisoner in Georgia.

I am still a reform advisor to President Zelensky of Ukraine. I can testify to what a fraud Frontera Resources is with regard to what they call "Fantastic Results" of exploration in Georgia.

As the president of Georgia in 2004-2013, I want to declare that "The Frontera Resources" grossly inflated existing resources' data in Georgia and " the growth potential". They misled about " Taribani oil field "and Eldari Reservoir.

They also tried to pull the same trick in Ukraine's Odesa Region during my governorship. MessRs Nicordless and Mamulashvili became Best friends with Nicaragua's Ortega Bloody dictatorship in deceiving the investors.

They are presently trying to fool the Moldovan authorities. I'm sending a letter to my friend, President Maia Sandu of Moldova, to warn her.

Dear Investors in "Frontera Resources," please be careful.

You are dealing with a very dubious enterprise prone to inflating their existing resources and justifying very corrupt and brutal regimes in the Process. Please be aware of the Risk of losing your Money and Reputation.

https://www.facebook.com/100044568183561/posts/1352364729592454/?mibextid=rS40aB7S9Ucbxw6v

Tbilisi city court

Date:03/04/2025 12:00

Judge:Salome Samkharadze

Parties:"Frontera Resources US LLC", Giorgi Kishmaria, Elene Kishmaria, Zaza Mamulaishvili

https://tcc.court.ge/ka/Sessions

Hi Lifeishard, I don’t have any opinion on this. I just thought I’d post about today’s news on the new tenders while block XII remains a mystery.

No problem, good luck

The winning companies in the tender were required by the Agency to submit documentation and bank guarantees as required by Georgian legislation, which will ensure the payment of the signing bonus by the companies. The companies submitted the documentation and bank guarantee within the established deadline, which allows the Agency to begin negotiations to conclude a production share agreement.

"Upon completion of the negotiations, West Gulf Petroleum Engineering Company will pay a signing bonus of $1,060,000, while Hindustan Silichem Private Limited (HSPL) will pay $4,150,000," the release states

https://bm.ge/news/saqartveloshi-navtobisa-da-gazis-mopovebis-akhali-litsenziebi-gaitsa-vin-gaimarjva-tendershi

New oil and gas extraction licenses issued in Georgia - who won the tender?

The State Oil and Gas Agency of the Ministry of Economy publishes the results of the international tender for the exploration and production of oil and gas in the Tenth and Seventh B license blocks of the Georgian Oil and Gas Industry. The agency announced the tender on November 5, 2024.

The winner of the X license block was West Gulf Petroleum Engineering Company Ltd. The X license block (4336 square kilometers) covers the Tianeti, Sagarejo, Akhmeta, Telavi, Kvareli, Sighnaghi, Gurjaani and Lagodekhi districts.

The winning company will, in the first stage after the contract comes into force, process and reinterpret the existing geological and geophysical data. It will then prepare an environmental impact assessment report.

In the second stage, two- and three-dimensional seismic exploration will be conducted, and based on the results obtained, in the third stage, drilling will be carried out on the existing structure with the ability to test the deepest horizon necessary for a commercial discovery, as defined by accepted international standards for oil and gas exploration, taking into account local conditions.

West Gulf Petroleum Engineering Company Ltd obtained the right to exploit oil and gas resources in License Block V in Georgia through an open international tender held in 2017.

The company's investments in works carried out in Georgia during 2018-2024 amounted to 12,732,286 USD.

The winner of the VIIB license area was announced as the company "Hindustan Silichem Private Limited (HSPL), which was registered in India on July 1, 2017 and belongs to the Astron Zircon group.

Georgia's VII B license block administratively belongs to the territories of Khelvachauri, Kobuleti, Ozurgeti, Chokhatauri and Lanchkhuti municipalities. The total area is 1175 km2.

The company will process and reinterpret the existing geological and geophysical data in the first stage after the agreement comes into force. It will then prepare an environmental impact assessment report. It will evaluate the existing wells and select them for rehabilitation. In the second and third stages, the existing wells in the area will be drilled (up to horizon VII of the Shromisubani deposit, well #59 up to horizons II, III and V). The company is also responsible for bringing the oil and gas production infrastructure into compliance with standards, performing a major overhaul of well #42, and finally, drilling one well outside the production area.

1/2

Members of Congress involved in the process:

Representative Joe Wilson (R-SC):

Member of the House Georgia group;

Requested meetings to discuss security and media independence in the South Caucasus region.

Representative Gary Connolly (D-VA):

Co-Chair of the House Georgia Group;

Engaged in discussions to raise awareness about Georgia and celebrate US support.

Representative Mike Turner (R-OH):

Member of House Georgia;

Focused on regional security issues.

Senator Jeanne Shaheen (D-NH):

A foreign policy advisor, he was represented by Amy English in his collaboration with Formula LLC.

Senator Chuck Schumer (D-NY):

He is represented in meetings by Michael Quicken, as Senate Majority Leader.

Representative Austin Scott (R-GA):

Co-chair of House Georgia, participated in discussions with Formula LLC.

Other notable names:

Senator Mitch McConnell (R-KY), whose representative in the proceedings was Robert Karem;

Representative Hakeem Jeffries (D-NY): Political advisor Wyndi Parker participated in the process on his behalf;

Republican Lois Frankel (D-FL): Her staff has been contacted for discussions.

Campaign donations

Joe Wilson for Congress: $1,000 transferred to PAC by Todd Wester through Cornerstone Government Affairs;

Other contributions were recorded as part of lobbying-related disclosures, but they were not directly related to Formula LLC.

The purpose of these activities

Policy Advocacy: US Foreign Policy Influence on Media Independence and Security in Georgia;

Strengthening Relations: Raising Congressional Awareness of Georgia's Democratic Challenges and U.S. Strategic Interests in the South Caucasus.

Source: https://efile.fara.gov/docs/6401-Supplemental-Statement-20240828-18.pdf

https://efile.fara.gov/ords/fara/f?p=1381:1:9080698734114 :::::

https://geo-first.com/ass-si-moqmedi-rusuli-kanonis-fara-s-masalebis-mixedvit-kongresmeni-jo-vilsoni-kezerasvilis-formulasgan-fuls-irebs/

Frontera still making the press for whatever reason...

According to the materials of the "Russian" law FARA in force in the USA, Congressman Joe Wilson receives money from Kezerashvili's "formula"

2 days ago (27:12:24)

A donation made by Todd Webster through the lobbying firm Cornerstone Government Affairs, which was intended for Joe Wilson's political campaign or PAC (political action committee).

This contribution was recorded in accordance with FARA requirements to make public information about activities conducted on behalf of a foreign power.

Key Points:

Role of Formula LLC: Formula LLC is a foreign power represented by Cornerstone Government Affairs. Formula has engaged the latter for strategic consulting, government relations, and security issues in the South Caucasus.

Contributions of Todd Webster: Todd Webster is a Cornerstone employee who donated $1,000 to Joe Wilson (South 150 PAC). This donation is part of a general lobbying effort to maintain relations with Joe Wilson, a member of the House Georgia Caucus.

The money goes to Congressman Joe Wilson through Cornerstone Government Affairs. The latter is a well-known lobbying firm that has been involved in several high-profile cases that have garnered public attention. Notable cases include Frontera’s lobbying of resources in Georgia:

American oil and gas company Frontera Resources was in a legal dispute with the Georgian government over the company's alleged breach of contract.

Cornerstone's role: The lobbying firm was hired to reach out to U.S. lawmakers and officials to gain support for Frontera's positions in Georgia. This lobbying activity coincided with a period of non-payment of wages by Frontera to its Georgian workers, causing them significant financial harm.

Activities of Formula LLC and relations with the Congress

Based on the documents reviewed, detailed information is provided here about the activities of Formula LLC and their relationships with members of the US Congress

LLC "Formula" - Activities

Goal:

Formula LLC aimed to influence the status of independent media in Georgia and the security of the South Caucasus region through US policymakers;

Activities included public affairs and communications councils:

Planning and facilitating meetings;

Dissemination of information materials;

Conducting briefings.

Specific actions:

Formula LLC hired Cornerstone Government Affairs for strategic consulting and government relations assistance;

An engagement that was primarily focused on raising awareness about the region's geopolitical challenges and media freedoms.

1/

Page 414 - quick mention of Frontera.

“Currently, the state is working on block XII with the full authority of the investor. Under certain conditions, the block may be transferred to Frontera Resources US “

https://erekle.uk/teimuraz-gochitashvili/oil-and-gas-production-transportation-processing-and-use/full-text.pdf

Date : 06/03/2024 13:00

Judge : Salome Samkharadze

Parties : "Frontera Resources US LLC", Giorgi Kishmaria, Elene Kishmaria, Zaza Mamulaishvili

hall : 0

https://tcc.court.ge/ka/Sessions

Happy Orthodox Christmas Zaza !!

Date : 08/01/2024 15:30

Judge : Irina Gogoladze

Parties : Elene Kishmaria, Revenue Service of the State Government, Green Capital LLC

Hall: 32

Among other things, you mentioned that the extraction of natural gas in the mentioned area was connected with technical difficulties and required horizontal drilling as well as vertical drilling. At what stage are these works and after what period can we see the real result?

- The 4500-5000 meter well is drilled vertically and then we aim to drill 1000 meters horizontally across the reservoir. It is a risky step, but the goal is to get closer to the already established 16 million cubic meters of natural gas extraction potential. We plan to start drilling works at the beginning of next year. An active marketing campaign to find a third party in the countries of the region will start in 2024 and will last for 3-6 months.

- The year is coming to an end and I would like to ask you to summarize 2023, how was 2023 for "Block Energy" and what are your plans for 2024? Are you planning to start new projects? How much do you plan to invest in the future?

If in the past years our main focus was on oil production, from next year we will focus directly on the development of a proven natural gas field, which is our responsibility. Everything will be directed towards this project to find partners and if we achieve this strategic goal it will be a big step forward for the country. Among them, we are looking for new projects - we have started cooperation with one of the Georgian licensing companies, in cooperation with them we will cover 10-15% of the licensed territories of Georgia. We will implement the project in cooperation with the company "Georgia Oil and Gas Limited". We communicated both directly with the company and with public institutions regarding the unification of license areas. Cooperation with Georgian Oil and Gas has been confirmed by the Oil and Gas Corporation. Consolidation of license areas will give us a greater opportunity to achieve our strategic goal. To summarize, next year we will focus on the development of the natural gas field and also on the implementation of a new project with Georgian Oil and Gas. The cost of the natural gas field project is 1-1.5 billion dollars, investment in this direction will be implemented in several phases and will reach 150-200 million dollars. As for the project that we are implementing together with Georgian Oil and Gas and where there are several billion barrels of oil extraction resources, in this case the cost of the project is also several billion dollars, and the amount of investment reaches 300-400 million dollars. 3/3

https://bm.ge/news/navtobisa-da-bunebrivi-airis-mopovebis-potentsiali-saqartveloshi-interviu-blok-enerjis-ceo-tan

What information do you have about Georgia's reserves in relation to this mineral?

- Most of the country's energy needs are met by hydrocarbons such as natural gas and oil. We also make our contribution in meeting domestic demand. The main part of the demand, 90%, is met by the country with imported resources, and the rest with local resources. Our goal is to become the largest supplier of energy resources and develop local production to meet local demand.

We often talk about energy independence - to what extent are the existing resources sufficient for the country not to be dependent on imports in this regard?

- There is a public-private partnership in the sector, which means that the government is your partner in developing your assets. The legislation is exactly where it should be, it is relevant to the existing reality. The government is helping to create an interesting investment environment, but in my opinion, the only direction the government should focus on is marketing. The state should take care of promotion to position Georgia as a country of interest to investors. When I start talking about Georgia in other countries, I realize that awareness is still low today. There is more general information about the country and information attractive to investors is less available.

Special interest in the company arose after the presence of a 16 billion cubic meter natural gas field was confirmed in your license block - what processes are underway with regard to this project?

- Internal investigation works have already been completed. We believe there is an opportunity to further increase the potential on the ground. At the moment, the third stage of the audit, which the British company is carrying out, is in progress and the results will be published by January 7. The next stage will be to find a partner, I mean big companies that we will talk to about the potential of the project and try to get them interested in joining the amazing journey that involves the development of resources in this area. 2/

The Block Energy company has been working on oil and gas extraction in Georgia since 2018. A few years ago, the existence of a natural gas field of 16 billion cubic meters was confirmed in its license area. What is the potential of the country in terms of oil and natural gas extraction - CEO of the company Paul Haywood answered the questions of BM.GE.

You started operating in the Georgian market in 2018. If you can, please provide us with information about the progress of the projects - in which areas does "Block Energy" work and at what stage is the work? Also, in total, how much have you invested in the country?

- "Block Energy" has been officially present on the Georgian market since 2018. At this stage, we are working on 5 main projects. Our main focus is on the areas west of Rustavi, and we are also working on a gas extraction project near Patardzeuli. As for the total investment - after 2018, we invested approximately 30 million dollars. The investment process became particularly active since 2020, when we purchased a license from Schlumberger, one of the players in the Georgian market, and today we are 100% annual owners of license blocks 11B and 9. We have already completed the previous investment plan, recruited a working group and defined an aggressive development plan, which includes an increase in investments from our side.

How much gas and oil have you been able to extract and how successful do you consider the existing data?

- The oil resources in Georgia are very large, we think that the country has the potential to extract several billion barrels of oil, and there is also significant potential in the direction of natural gas. In this case, the country's potential is several trillion cubic meters of natural gas, part of which has already been extracted by our predecessor. Historically, license areas in Georgia were owned and managed by different parties. Today, I see the consolidation of existing contracts, which in turn leads to greater interest from oil companies. Another advantage of your country is that there is a fairly developed infrastructure for our sector, which covers the entire country. So you have the infrastructure, resources and relevant legislation to go along with the extraction of the country's natural resources. Also here is a stable ideal operating environment. From a geological point of view, there are difficulties, drilling a well requires time, but we see significant potential. 1/

SN recently held a business event in Texas -

As part of his visit to Texas, Ambassador David Zalkaliani engaged with leaders and representatives of companies based in Houston.

Ambassador Zalkaliani shared insights into Georgia's investment and business climate, highlighting the nation's recent economic growth. He emphasized the importance of American business engagement in Georgia's economic development and its European integration. Notably, approximately 300 American companies are already operating successfully in Georgia, and the country welcomes new initiatives from American companies.

Ambassador also discussed current events in Georgia and the Black Sea region, including Russia's aggression in Ukraine and the challenging situation in Georgia's occupied territories. Ambassador Zalkaliani reiterated that granting Georgia candidate status for the European Union would further enhance the nation's economic progress.

Among the distinguished guests were representatives from America Georgia Business Council , ExxonMobil, Freeport Energy, B1 Bank, Frontera Resources, and Pappas Bros. Restaurants. Special thanks to Honorary Consul of Georgia Janet Moore and President of Frontera Resources Steve Nicandros for organizing this great meeting.

https://www.facebook.com/100050510708654/posts/907141477646201/?app=fbl

An updated article to what tsbs1 posted.

"We will try to bring in a strong technological company" - there is another oil and gas field in Kakheti

Elene Gogberashvili

01.11.23 18:00

The Oil and Gas Agency is planning to bring an international investor to the 10th license block in Kakheti. According to the head of the agency, there are historically both gas and oil reserves there.

The said license block is 4,336 square kilometers and includes the districts of Tianeti, Sagarejo, Akhmet, Telavi, Kvareli, Sighnaghi, Gurjaan and Lagodekhi.

"We have a free license block in the direction of Kakheti, where we are thinking of reprocessing the materials in this area to offer to investors. It is a block with a large area, in an interesting location, there was a well drilled historically, in which there were both oil and gas occurrences.

We will try and try to bring in a strong technological company that will develop this direction as well", Giorgi Tatishvili told bm.ge.

The volume of oil and gas extracted in Georgia is increasing. According to the head of the State Oil and Gas Agency, this year oil production has increased by 200%, and gas production has increased by 140%. The Agency hopes that the last recorded indicators of the year will reach the 40,000-ton mark in the case of oil, and 15-18 million m³ in the case of gas.

https://bm.ge/news/vetsdebit-dzlieri-teqnologiuri-kompania-shemoviyvanot-kakhetshi-navtobisa-da-gazis-kidev-erti-sabadoa

Date : 17/10/2023 13:00

Judge : Salome Samkharadze

Parties : Frontera Resources US LLC , Giorgi Kishmaria, Elene Kishmaria, Zaza Mamulaishvili

hall : 28

https://tcc.court.ge/ka/Sessions

Madpunter - Agree ‘yet’ !!

Just been looking if there’s any reaction from the GD about her appointment. Can’t seem to find anything