Member Info for JimSlade

LinkedIn profile says still at Taylor English.

I emailed Bryce and.got an auto response he no longer works for Taylor English. Is this old news?

https://www.bbc.co.uk/news/world-europe-59048894

His country is immersed in a gas crisis. But Nicu Popescu is trying to remain positive.
"On Monday our country made history," Moldova's foreign minister tells me. "For the first time Moldova bought gas from a source that was not Russia's Gazprom."
The gas shipment from Poland's PGNiG was one million cubic metres.
Moldova will need much larger volumes if Gazprom does what it has threatened to do: turn off the gas taps.
Up till now 100% of Moldova's gas has come from Russia. But the contract to supply it expired at the end of September. Gazprom raised the price and Moldova balked at paying it. In the absence of a new deal, the Russian energy giant reduced supplies, prompting Moldova to declare a 30-day state of emergency. Gazprom accused Moldova of "provoking a crisis" and demanded repayment of a $709m (£514m) debt, which Moldova disputes.
Negotiations continue. Moldovan officials say they would like to sign a new contract with Gazprom, but only if the terms are favourable.
If there is no deal with Russia, could Moldova, one of Europe's poorest countries, buy enough gas elsewhere?

Let’s hope this provides some momentum

Irakli Kobakhidze on termination of contract by ENKA: This is a bad signal for further investments, but the Georgian government will do its best to continue investments, specifically in the field of energy

https://www.interpressnews.ge/en/article/115764-irakli-kobakhidze-on-termination-of-contract-by-enka-this-is-a-bad-signal-for-further-investments-but-the-georgian-government-will-do-its-best-to-continue-investments-specifically-in-the-field-of-energy

US Department of State: Business and investment conditions are sound. However, there is an increasing lack of confidence in the judicial sector’s ability to adjudicate commercial cases independently or in a timelyhttps://www.interpressnews.ge/en/article/114784-us-department-of-state-business-and-investment-conditions-are-sound-however-there-is-an-increasing-lack-of-confidence-in-the-judicial-sectors-ability-to-adjudicate-commercial-cases-independently-or-in-a-timely

Interesting the huge investment in infrastructure in the region around Block 12.

New 85 km highway of Kakheti

The Roads Department of Georgia has already announced tenders for the construction of a new 85-km highway of Kakheti, which will include a 35.2 km long four-lane concrete road.

Georgian Prime Minister Irakli Garibashvili announced that in total 2 billion GEL (about $0.63 bln/€0.54 bln) will be spent on the construction of the new roads in Kakheti and developing new infrastructure in the region.

https://agenda.ge/en/news/2021/1896

Agenda.ge, 17 Jun 2021 - 13:07, Tbilisi,GeorgiaThe United States Agency for International Development (USAID) is launching a new five-year programme in Georgia that aims to build a resilient and diversified energy market in the country, announces USAID.The five-year activity will support policy reforms and private sector investments to help Georgia upgrade its energy infrastructure and build new power generation capacity. This advances USAID’s strategic objectives of helping Georgia ensure a stable supply of affordable energy for households and businesses and build resilience against malign influence, including overdependence on imported energy and vulnerability to cyberattacks", said USAID.Over the next five years, USAID will deepen its partnership with the government of Georgia and build new partnerships with private sector stakeholders in Georgia’s energy sector. By promoting greater transparency, competition, and integration with the European Energy Community, the program will make Georgia’s energy sector more attractive to private sector investors, ultimately making it more sustainable and independent", said the USAID.The programme will be implemented by Deloitte Consulting.

Ruling party signs EU proposal amid political tension: ‘it’s opposition’s turn’

Think we’ll see the opposition take up their mandates soon enough. Zaza also mentioned 2-3 months for this green project, we are about to enter that period so should see where we stand.

In Bryce we trust. I think we are still in the game. There have been so many opportunities to get rid of us yet we still get communication from a well respected lawyer telling us the lack of communication is necessary and temporary. These lawyers statuses are built on reputations for success, if this fails his reputation will take a big hit.

For what’s it’s worth I feel the same as ODR1

Last one was written by Mole

Looed/Phil
I've spent too much time in last 24 hours trying to make sense of all this.
On the transfer:
para 27.2 of PSA talks of transfer to 3rd party but 27.3 to affiliates and contractors. 27.2 would apply to a farm out but 27.3 could apply to FEGL to FRR US. The difference is a 27.2 transfer needs approval by state but a 27.3 only needs to be notified by company.
Back to FIG. I'm a little concerned about loose Journalism and the use of Frontera International. That name goes back a long way as part of the group structure from Bill White days! The article can be interpreted a couple of ways but I'd be concerned to hang too much just on that one sentance - as FRR have always had a joint 50/50 operating company with GOGC and that is the shares FRR tried to transfer. Is it the same or a different company turns on almost a single word.
We know from the Outrider court action FRR transferred to FR US its share. That transfer would be under 27.3 as I would say FRR US is an affiliate. They then set up a foreign registered branch. Then we know again they did a transfer to Green and left a 5% royalty. So last proven data points we have seen is 50% of Block 12 PSA is with GOGC and 25% FRR US and 25% Green with a 5% royalty to Outrider probably from FRR US share.
Depending on who Green was it seems likely it falls under 27.2 of the PSA. So where is it? Where is the paper trail? Mind in spite of looking I have not found documents for the other purported transfers like Varang either!
The set-up of the foreign branch of FRR US looks to have been approved again after some paperwork was provided.
So as of tonight I'm none the wiser who owns what in Block 12.
The Batumi article is interesting in gathering the GOGC position in one place. And it is not in conflict with arbitration outcome. The leap from there to now is material breach resulting in GG cancelling the PSA for block 12 with 3 months notice per PSA.
If there is an out of court agreement of some sort and the 1% is not at risk I'd like to see it and who Green is and what consideration was paid for their share to FRR. But I have to say to date evidence is illusive.
If there is a deal then its beyond disappointing not to inform your stockholders and instead be trading politically charged barbs in the press while we try and work out what has happened. I'll keep poking about but not found a new legal entity yet to pin anything on.

This was discussed 19 May 20

RE: FIG19 May '20
Page 8 of the archive
3 May 2019
Posted by garytrader @ 10:20 :-
The transaction proposed in November—new financing expressly senior to the Note—was approved after excluding Hope’s vote, but ultimately failed. The transaction proposed in April—a farmout agreement with a Frontera entity allegedly not subject to the Outrider Note obligations—was executed, thereby purporting to transfer all of Frontera Resources Georgia Corporation’s (“FRGC”) oil and gas assets in exchange for a 5% royalty interest and debt relief unrelated to the Notes and of highly questionable veracity. With respect to each of these transactions, Hope’s request for basic background and explanation was denied, and his vote as FRC director was excluded in order to achieve the requisite “unanimous” vote. Additionally, Outrider has learned that Frontera has approved a production sharing contract through operating company FRGC, which improperly grants unknown party Green Capital LLC a security interest directly in the operating assets, in violation of the OMF loan agreement. Despite numerous requests by Hope, both in his capacity as secured creditor and board member, Frontera has refused to provide meaningful basic detail regarding the Green Capital transaction.

Posted by daniel1son @ 15:06 and 15:46 :-
Claim, counter claim. Lawyers spinning each sides tale.
FRRs case seems strong. Then Hopes case seems ironclad. Both sides legal teams (obviously) omitting any detail that doesnt paint their clients in a great light.
FRR will have made their current team aware of Caymans, so there must have been a basis to start proceedings in Cali. Hopes team has decided not to include any information about his conduct in the latter stages of Caymans, and rests a lot around the judges initial judgement in Dec (which we all already know).
Great lawyers, spin compelling cases.
The most interesting bit of info, is that Durham doesnt seem to be in play. There seems to have been some sort of Farm In AND a deal struck with Green Capital LLC (would suggest its the more polished, website!).
Anyway, other than Zaza and SN starting to play very dirty, there isnt much in there that we didnt already know.
It'll now be down to the judge and TRO. Although, that is also looking increasingly like a side show, with the new maneuverings.
We sit and wait... still.
https://www.dropbox.com/sh/6lw9qe59pv1dh8e/AADZUU2UqC1uFd72_O8iQA3Va?dl=0
Realise doom prophets are gloating, so have added the d9c ror transoarency purposes 'Hopes response'.
Just remember, Doom Prophets are only going from this, nothing from them the other day when we released ours!
There are all sorts of games being played out, lets see what the next doc brings.

Posted by AJamesW @ 17:54 :-
This lot?
http://www.greencapitalllc.com/

There was a historical mention of $150m from a Green Capital but think this was a New York based fund.

Contact is by email sprinter. I know who I am in contact with and happy it’s not the cleaner.

I know as much as you but I mentioned this transfer to Green Capital didn’t look great and a response would provide some assurance we are part of ongoing plan. Take it as a positive there was a response.

I asked for some communication to confirm we still part of the current plans and got the below back. Doesn’t answer exactly what’s taking place but we appear to be still in play:

Please know that Frontera is indeed aware of Mr. Mamulaishvii's attempt at illicit activities, and it is taking appropriate steps in Georgia and the United States to legally address this on behalf of all of its stakeholders. Since Mr. Mamulaishvili was dismissed last year, Frontera have progressed a cleanup and reorganization of the company's management team under the direction of Frontera's board of directors. Updates will be shared in due course. In the meantime, please do stay in touch, and we will do our best to share progress without compromising the necessary temporary confidentiality required to achieve our overall objectives.

If we get a positive outcome we will get good news in my opinion. I still think the only thing holding this up is the opposition not taking up their seats.

The meetings mediated by Christian Danielsson between the government and the opposition to resume on March 29

Think it was in an interview or something a good few months back

The few bits of info we have indicate we are producing if they can be believed. Zaza mentioned things were back to normal in the court emails, he mentioned flow rates were up to 2,000bpd in an interview and we saw pictures of tankers at a supposed site of ours where ex-employees were attempting a blockade to stop them leaving.