Member Info for daramuda

Wise words Mr Simon Fox.

May I respectfully suggest that in order for us collectively to benefit from the current mess, we would be better off not squabbling among ourselves but co-operating.

If the jv partner has upset the government a way needs to be found to remove that partner a with a substitute in place.

Like you and other private shareholders we do not know the full picture.

Question Artyth? Do you know if the government's angst just with the Russians or does the government also have grief with Georgian Mining and its new management (O'Brien and Struthers}?

The further question, linking with FRR's problems, is the reality that the Georgian government want to seize the asset?

This unseemly situation does not reflect well on the Georgian government. If the reason for the permit not being forthcoming is because the partner is Russian, then the Georgian government have no alternative but to facilitate a resolution.

Please expand upon your last paragraph - if you can.

Admirable but I think that the board ought to put out a feeler to private investors; I worry that we may put "our foot in it". Having said that I have tried to contact a member of the board who has blanked me - (a) not polite (b) in my view ignorant.

Count me in as part of a shareholder group by I am not a premium member and so unlike advfn cannot send or receive private mails on LSE.

I do not think that we should have to wait until the end of August and the AGM.

I agree with that analysis. On the basis that the permit will not be granted so long as CMG are involved, CMG have nothing to gain by "hanging around". For a sensible and reasonable consideration CMG should transfer its interest.

The country of Georgia would not lose mining experts with the quality of Mike Struthers and Neil O'Brien, the miners would have jobs and the government would land up with revenue should the project succeed.

It would be in everyone's best interest to negotiate and enter into a deal.

In my opinion spottydog you are wrong. Also, I do not believe that Neil O'Brien and Mike Struthers ex Lundin would associate themselves with a con, non existent mine and non existent gold/copper.

Look elsewhere to vent your bile and losses.

MassiveRay - I am not blaming the board. Neil O'Brien and Mike Struthers have good reputations. They are both ex Lundin. I believe that they took this on in good faith and were and are convinced that they could deliver for GEO the Russian partner, the local miners and for that matter the Georgian government in the form or royalties and tax.

I believe that either the prime minister does not want to grant the permit because our partner is Russian in which case why not take over the Russian's stake or the government wants it in which case never ever invest in Georgia or anything within its jurisdiction.

It is however only right that our board let us know what the problem is.It is no good waffling on about waiting for the permit.

It may be that your intended header for your post was "Forget GEO" and not "Forget BLOE" but it appears that Georgian Oil, a private Georgian government owned company. holds just over 12% of the issued capital of Block Energy (BLOE).

It is therefore in the interests of the Georgian government for BLOE to succeed and from what you say, do their best to facilitate BLOE.

In my opinion the thrust of your post lies in the last line.

Agreed - good reputations. I am sure that they would it to succeed. They are hanging around. So it is not down to them. Therefore I conclude that it is the government which does not want the Russian partner involved or a corrupt government which is up to nefarious deeds.

Either way the government risk losing Expert miners like Struthers and O'Brien and further western money will be lost and Georgia may not get that again.

I for one will not invest in anything related to Georgia in the future.

You lost me with The Canadian chapter is far from written.

We do not know artyth and can only speculate since the board are not putting us as shareholders fully in the picture which is wrong.

But I reiterate if GEO is an true example as to how Georgians treat a British company, investors should stay clear of investing in anything associated with Georgia.

You cannot blame shorting. The reason why the share price is where it is is because of the failure by the prime minister of Georgia to authorise the grant of the mining permit. You have to ask yourselves why. Is it corruption? Is it distrust of geo's mining partner who is Russian.

Whatever the reason there is western capital at risk and there will be a lack of appetite for investors to invest if British related companies are not allowed to do what they know best.

In the case of GEO whatever anyone may think of Greg Kuenzel the fact is that there are two first rate people in O'Brien and Struthers at the helm of GEO who could do a great job and employ many local people if they were allowed to mine.

Therefore the only conclusion that I can come to is that Georgia, its country and its people are not a place for people like us to invest.

It is my view that whilst the prospects for the proposed mine are good for otherwise Neil O'Brien and Mike Struthers would not have become involved, the reason for the failure to grant the permit is probably political and possibly connected with the fact that Georgian Mining's partner is Russian.

If my theory is correct then the partner's interest needs to be bought out at an agreed price and the partner needs to agree to be bought out at an agreed price with a new partner brought in to help finance the transaction.

Otherwise the company will fail.

However the whole situation does not reflect well on the Georgian government especially after the mining minister was reported to have agreed that the permit be recommended to the prime minister to be granted.

Thus the advice one should give oneself in my opinion is that one should not invest in a company reliant on or with assets in Georgia.

Another essential brick in the wall inserted.

A PFS is a document based n studies compiled by experts. In this case, the company may need to suggest revisions or SRK may require information with which to clarify a point or points. I may not be involved in mining but I do, on occasions, deal with experts' reports. The PFS is currently in draft form. I only see it as beneficial to get it right bearing in mind that third parties may or will rely on it.

This will be at 13.00 tomorrow - please see new RNS.

Stretchum - thank you for posting the link but unfortunately the link does not open for me; however I think that one should be able to access it by joining VOX.