We would love to hear your thoughts about our site and services, please take our survey here.
Tsbs that's exactly how I feel you couldn't have put it better.
Good morning all I assume our block12 is safe and has not been taken back by the GG as if the article is genuine then we are still producing which is good news and all the proceeds of the oil is going into FRCC to hopefully pay off via the creditors lawyers fees and Hope and backing up what MadP has stated. If we produced 500000 bbls of oil last year which with what we have produced this year I think MadP came up with a figure of £47m correct me if I am wrong Mad but that would be more than enough to pay off Hope and then continue the fiduciary case as a standalone against Hope.
Could we see light at the end of the tunnel in this saga and what is the 5th Nov cash that they can pay off the staff tax rebate by GG or something else.
Anyway GlaLTH
Well why could not the directors i.e. Zaza pay that out of his own pocket to them it would hardly make a dent in his wealth.
Just be glad when this is all sorted out once and for all. It is sounding like madpunter theory's may be right all monies from oil paid straight to liquidators FEGL to clear debt.
Jesus mad think you have been watching too many films. I normally like your theories but that one is pushing it a bit. Lol
I see BP results posted today drop in profits I would of thought they would be looking at projects to kick start an increase in profits in the future and hopefully Block12 is one of them soon.
Financial results
- Underlying replacement cost profit for the third quarter of 2019 was $2.3 billion, compared to $3.8 billion a year earlier.
Part 2.
He would be best advised to take the settlement offer from FRR, instead of risking it all in the US Courts - just my opinion.
Just deep provoking thoughts, and nothing more.
This was posted by Symore_bottoms on iii
Well Fozz, lots happening behind the scenes with FRR. And the most critical being the arbitration hearing that should have taken place on 24th October in Stockholm, under the rules of United Nations Commission on International Trade Law (UNCITRAL). Can’t recall where I saw that specific date but in any case, the hearing was due sometime in October [according to GOGC’s audited accounts] and so we are only few days away from leaving this month. We must also remember that the arbitration process started some 18 months back and we may be close to some kind of conclusion/resolution.
On Levan leaving FRR, this is not good sign ‘optically’. He was a trusted and respected member of the FRR management team for a very long time. You would have thought that during these turbulent ‘litigious’ times [and on multiple fronts], he was needed the most now, so why is he leaving? Also, there were many small shareholders that met him during the investor presentations in the ‘big smoke’ and the feedback on him was very positive.
Having said all that, the question remains, why has he left to become an ‘Independent Legal Consultant’? De-ja-vu: kinda reminds me when Dustin Aro left us to set up his own small firm? Well, in Dustin’s case, we know that the operational reins were probably handed over to BHGE or even BP [not sure if he made any operational mistakes during the 3 well campaign].
In Levan’s case and noting he is not joining a well established legal firm, his services specifically on the know-how of Georgian Energy Law and the governing PSA was no longer required. But why? Well, there could be 3 possible reasons for this: 1) the decision went against FRR in Stockholm and the Block12 is handed back to GoG. 2) an agreement was reached with the Georgian Govt and the Exploration License was finally converted to a long term Production license, but on the condition that the operatorship was given to a ‘super-major’. Or 3) More cost cutting exercise?
Out of the 3 options, I would lean towards number 2.
Why?
Well, I think FRR has enough documentary evidence, US Govt Support and a counter-claim for US$3.4bn for the GoG to relent. Remember back in April 2017, FRR submitted a Declaration of Commerciality feasibility report [as per PSA process] throughout Block 12 based on the Eldari Formations [A & B]. Plus in 2018, we drilled 4 wells (T45, Dino2, T39 and Ud#2). These wells would have also provided valuable data to support the claims made in the Feasibility Report. The company may have also obtained updated CPRs.
So, the conclusion could be that FRR is packing up in Georgia after agreeing a farmout/operatorship to BP. Remember BP appointed Ann Davies as the new Country Head last year - why?
Finally, FRR has continued to pay huge sums in 2019 for lobbying. Ask yourself why?
So, while FRR tussles it out with the Georgian Govt over the PSA, Hope is left holding his little diick in his hand in the Texan courts. He would be be
Tsbs I think the big difference here is we are hoping for a farm in cash upfront or a full takeover/buyout with money/dividend and possible shares if a full takeover and then a relist as we are making a bigger profit going forward if doing things on our own.
SXX are years away from making a profit and need a big injection of cash to keep going they are already laying off 300 people where as according to ZAZA we produced 500,000bbls of oil in 2018 so can fund ourselves and more wells eventually going forward increasing profits.
GLA.
Well it could be the Bailiffs visit SN "cant pay we will take it away " wonder if he has any antiques in the house to cover $2m.
Not sure what SN was thinking if he has not filed a defence but then things have never made sense. Lets see what the write up says before judgement
Madpunter I hope you are right in your estimation of oil pumped out the one question I have is that they only had limited storage capacity on site which would mean they had to transport the oil somewhere else unless they have increased capacity on site since Zaza said that I think in one of the shareholders get togethers. Where is the infrastructure to handle the increased capacity?.
I also take it as a good sign that we have had no update from the Caymans court or the California ref SN being sued for the $2m so maybe they are as you say working on "When FRR pay the liquidators and Mourant"
GLA LTH.
I would think if we had not paid YA TW and the shorters would be all over it telling us this is it finished as they do have links there.
Morning yes I cannot get in to it.
If you have written this off Jester and I presume you moved on then why or why are you looking in here and posting to other shareholders who believe that this will relist. What is your agenda or is it you are a badly twisted revengeful individual who is very bitter about life and must inflict as much damage as he can to others. What a sick individual if that is the case.
Madpunter good morning apologises for not understanding but I can see them paying off Mourant the $750000 that's small enough but how are they going to payoff Hope's/Outrider $30m at this time or will it be just the $2m?.
Madpunter I definitely like your theory and some of it makes sense. Fact Zaza said in his interview that they have produced will produce cant remember his exact words 500000 barrels of oil this year so your oil revenue figures seem to tie in and even waiting for the 45 days to get paid and even without a loan can start to pay off bills I think MP figures were $46.5m in 2019 .
Fact YA been paid the last instalment for July I say that as there is no comeback after 3 months that it has not been paid.
So if that was the case why did they not pay Mourant as their bill was only $750000 we assume they could of even out of directors pockets as they paid off YA so then if we take that then they deliberately didn't pay Mourant and MP theory as to why makes more sense.
I have been in shares where once liquidators are in the co it is pretty quick in its demise we are still here after nearly a year in this mess you have to take that as a positive and the company is generating nearly $47m revenue. I believe the auctions were yesterday so we may hear something soon whether they have been successful our super sleuths may find something.
This month is quite pivotal in that we may hear something on the arbitration it nice to see both our directors being seen supporting the fledgling Georgian export industry even if its wine they are showing to Georgian people that they that they support their country achieving a more prosperous future for their population all goes to foster good relations with the government.
I am still hopeful of a good outcome here if a bit weary as it still going on. GLA
I see that oil has jumped to $68 today I wonder if FRR are going to benefit from the price rise. I suspect our next key date will be the arbitration in October. With our directors now doing a charm offensive of public meetings in Georgia helping support their fledgling export business and also having important connections in high places in the American political and business circles they must know that to take away most/all of B12 from FRR after all they have done in Georgia in the last 20 plus years to get the difficult oil extraction cracked in that area to advance the capability of the oil industry in Georgia and helping to put Georgia on the International oil map and beginning to realise some of its potential for the benefit of its people.
Surely they would recognise some of that and do a deal with FRR its big enough to share without these squabbles and it's in Georgia's interest.
GLA
Here we go again what are your contacts saying now then mate?.
The thing I find interesting is at the investors meeting when Zaza asked about it he said they where taking a sledge hammer to crack a nut. So he seemed unconcerned about it when asked. He is either super confident this will be resolved amicable or was winging it. Another twist for us long suffering LTH.
He is already there must of been practising for the big day????
Ok Puddy I apologise I know you are one of the genuine investors. I understand now after Zibs post you have contacts in Georgia and you need to keep them and not post anything that may jeopardise your contacts. Once again just having a bad day so apologise for earlier post.