Ben Richardson, CEO at SulNOx, confident they can cost-effectively decarbonise commercial shipping. Watch the video here.
From symore_bottoms on iii
Yup seems to have kicked off again over on the LSE BB as the shorters get on the front foot today. I just don’t get their incessant negative posting and ‘talking down’ to people who are clinging on to any ray of hope. I will admit that the odds are still stacked against us, yet our guys continue to put up a good fight; this is enough for me to keep looking at this situation as ‘glass half full’.
The recent update on the Cali case (as interpreted by oopsi) is also positive in the sense that the Judge is guiding the parties to mediation. Nevertheless, the trial date in now set for next year - 21/01/2021. Had Hope just shown more patience, the CLNs were due for repayment in November 2020 when he would have been in a very strong position by not agreeing to extend/restructure the CLNs. But he just seemed eager to call a default and take over the company rather than working with the mgt. Maybe he was aware of the discussions with the super major and that stroked his greed? Having said that, SN and Zaza really messed up by agreeing to those ‘penal’ terms but I think they had very little option. Against this, I will say the fact that both Zaza and SN converted their debt in to ordinary shares at a big premium of 1p and also gave their personal guarantees secured by their shares, kinda proves their genuine intentions to us and the company.
Now that the Fid case is kicked in to long grass, the next bit of legal news could be on the Texas case, followed up by the Arbitration. I wonder what they will disclose of that hearing. On the liquidation of FRCC, seems this will also be approved in NY, which means that the Liquidator may look to call on the FRI corporate guarantee but that is surely after they have established that the 5% of the PSA assigned to FRCC was either worthless or could not find a buyer.
Just thinking out loud…
Also don't forget the oil's quality in B12 is in the top 10% low sulphur etc. Only 3 other oil fields top our quality and the world needs this type of oil urgently now. GLA LTH
Restart the case against Hope that should read. Also if money is tight and you know just have to wait a bit before receiving funds why pay anymore for lawyers.
"Another thought I just had also, literally typing this. Maybe this subsidiary is being prepped for sale? With a 50/50 split"
Maybe that was why the GG started the arbitration and now it's concluded to their satisfaction explains why FRR did not need any lawyers anymore for the arbitration as the case for the court cases as they know it will be settled soon on the sale of the block. They could always then start the fiduciary case against Hope if they wanted to AMHO.
Well if they have successfully transferred the asset to the new company and out of Hopes way but lost 50% of the PSA to the GOGC and settled the arbitration then I will settle for that. The court case is just fluff as B-2-0 and Kickmuck said.
Roll on next year I just hope Zaza thinks of his shareholders in all this. I guess as they both have lots of shares you would think they would. GLA
I'm with you on that Bezzy we know what the shorters would do to scupper anything positive so they can wriggle out of paying up if a positive outcome on the other hand would like to know if I had to write this off however painful that is.
Hopefully then the 5% left in FRCC transfers over to the GG I think MP if his scenario plays out as he said.
should of added great find tenners
The bit that backs up mad punter hypothesis that all the oil revenue money is being paid into the liquidated company to pay off the debts including hope. "According to Frontera representatives, the company has not been paid for many months"
Anyone else like to speculate an alternative?.
absolute codswallop is that your only sole contribution.
For oilers. meant to say
I am like you regdik I am not getting carried away with anything until the court case is finished with and the field ownership whether that be 1% (I sincerely hope not) or 49% only then will the majors even contemplating taking the risk on FRR and Georgia. This may also take a phased in agreement over many years so they don't commit too much of their own cash at once.
Since the financial crash its all been about being risk adverse or oilers at least the price of oil is now better for these majors to invest in low cost high grade oil and gas fields in stable countries. Hopefully all those ducks are lining up for us.
glalth.
Devex on ii lol
Devex even!!!
Also Devrex post from iii.
Have to agree - something has changed - as I suggested yesterday in a different thread. We of course know not what.
I repeat my view that this absolute refusal to allow Hope to take up a windfall shareholding in FRR can only be explained in two ways. Either pure and un-reasoned obstinacy or a refusal to share future value someone who (in SN/ZM minds) is effectively a freeloader.
Given that the risk of failure, at least for SN, is a criminal record this refusal surely has to be based upon some degree of confidence in the eventual outcome?
So what might have changed? The only thing I can think of is that behind the scenes the likelihood of a relatively positive outcome regarding the arbitration proceedings has increased.
Posted by symorebottoms on iii and I certainly agree with him some light at the end of the tunnel maybe.
Well that was some critical and constructive feedback from ‘oopsi’, so we thank him for his time and expert legal eye over this.
Agreed Devex something has changed and I think it was probably over the past few months. And at the same time, observe how the shorters have been on an aggressive attack (with apparently some claiming to be investors LoL). Anyway, the clearest indicator has been FRR’s offer to withdraw voluntarily from the Cali case, albeit on a ‘without prejudice’ basis. From recollection, FRR were given a couple weeks to find counsel replacement. But Don’t be surprised if FRR seek an extension to this appointment. In any event, the next hearing on the Cali case is 4th Jan.
So what’s changed? I think it revolves around the arbitration and reaching some consensus. Zaza claimed in a recent article relating to employees non-payment of wages that there was only one issue waiting to be resolved (around PSA length). I think the PSA was farmed-out, which took a lot of stress out of situation.
Also consider the fight back in the Texas cases against SN and ZM.
Things on the legal side appear to be winding down which means they have some funding or a farmout deal to settle with OMF. I personally believe we are two-third way there, things hing on securing 25-yrs(?) production license for B12.
JMO
From the very first post from star when we delisted and he read one of the court docs he headed his message game over that was nearly a year ago and he still comes on here with his agenda.
I also take what b-2-b says with a pinch of salt but I think he is nearer the mark and apart from black swan event bases his theories on facts out there.
To be honest I don't even read stars posts now and I suggest others do the same. glalth.
I think someone mentioned that a SM would want a much longer PSC than one till 2027 to sign a deal with FRR that's why they are wanted it extended and hence the ongoing arbitration if I read it correctly.
Or if he said if "virtually all the issues are resolved with GG" does that include the tax rebate to pay his employees perhaps that could be a question to ask to your contact Prodigy.
Good morning I was going to post a message this morning about the tax rebate he promised his employees. As I see it on the report if they did get the tax rebate surely he would of reported that to his employees so they know he is giving Christmas pressies to his loyal employees at least. So I take it that has not happened and he is now saying end of January which if I was an employee that had not been payed for 10 months would be the final straw.
My confidence in Zaza is at an all time low and I am reluctant to believe his latest statement just IMHO.