Our latest Investing Matters Podcast episode with QuotedData's Edward Marten has just been released. Listen here.
We appeal to Frontera to take advantage of the goodwill shown by the Government of Georgia and to continue the extraction work on the deposits still discovered in Soviet times, namely Mirzaani (17.2 km2), Taribani (17.66 km2), Patara Shirak (1.96 km2), Baida (3.71 km). ), Nazarlebi (0.49 km2) and Mtsarekhevi (1.59 km2) deposits (42.61 km2 in total, which is 0.84% ??of the total area (5060 km2) of Block XII), which are also limited in depth by the license.
We also call on Frontera to respect and enforce the arbitral award, to fulfill all its financial obligations, first and foremost, to be socially and responsibly responsible for its duties, ”the State Oil and Gas Agency of Georgia said in a statement.
The Georgian government has decided not to terminate the contract with Frontera Resources Georgia Corporation and to allow the company to continue operating in one percent of the exploration area.
In addition, Frontera issued a statement on July 24 stating that the Georgian government was conducting a disinformation campaign against the company.
Georgian State Oil and Gas Agency Appeals to Frontera to Announce Arbitration Decision.
Georgian State Oil and Gas Agency appeals to Frontera to announce the arbitration award.
According to the agency, "If the company, despite numerous public statements made by the executive management, does not publish the arbitral award, the agency reserves the right to make the decision public."
According to the State Oil and Gas Agency of Georgia, the company " Frontera " issued an absolutely baseless and slanderous statement, the purpose of which, according to the agency, was to continue to distort reality and conceal the facts.
In addition, the agency calls on Frontera to enforce the arbitral award and pay all financial obligations.
"As it is known, 2020 On April 17, an international tribunal has the final decision," Georgian Oil and Gas Corporation "and" Oil and Gas of the State Agency "by 2018. On January 15, the Hague Permanent Court of Arbitration filed in the Arbitration, which is related to the company" Frontera Resources Georgia CorporationNon-fulfillment of the obligations imposed by the "contract" on the part of the company, thus establishing a substantial breach of contract by the company. This, in turn, gave the agency an unconditional right to terminate the contract. On April 27 this year, the State Oil and Gas Agency sent a notice to Frontera that its contract had been terminated. According to the contract, 90 days after the notification was sent, ie on July 27 of this year, the contract expired and, consequently, Frontera would no longer have the right to conduct oil and gas operations in the contract area, but based on the goodwill of the Georgian government, the decision was made. On the suspension of the termination of the contract.
We would like to remind you that this decision of the Georgian government was welcomed by the Ambassador of the United States of America Kelly Degnan .
Despite the goodwill of the state, the company " Frontera " issued an absolutely baseless and slanderous statement aimed at continuing to distort reality and conceal the facts.
The Agency remains committed to the decisions of the International Arbitration and the Government of Georgia and once again appeals to the company " Frontera " to publicize the decision of the Arbitration to prevent further insinuations. In the event that the Company, despite numerous public statements made by the Executive Management, does not make its own arbitral award, the above statements of the Company shall be deemed to be our consent, which is why the Agency reserves the right to make its decision public.
Wishing the best for you and your loved ones RR. Keep up the positivity my friend.
https://translate.googleusercontent.com/translate_c?depth=1&nv=1&rurl=translate.google.com&sl=auto&sp=nmt4&tl=en&u=https://rozprodazh.com/news/2019/08/07/%25D0%25BA%25D0%25BE%25D0%25BC%25D0%25BF%25D0%25B0%25D0%25BD%25D1%2596%25D1%258F-frontera-resources-%25D0%25BE%25D1%2581%25D0%25BA%25D0%25B0%25D1%2580%25D0%25B6%25D0%25B8%25D0%25BB%25D0%25B0-%25D0%25B2-%25D1%2581%25D1%2583%25D0%25B4%25D1%2596-%25D1%2580%25D0%25B5%25D0%25B7%25D1%2583%25D0%25BB%25D1%258C%25D1%2582.html&xid=17259,15700022,15700186,15700190,15700256,15700259,15700262,15700265&usg=ALkJrhjMTBPjr51CQXwQyzr0UjitTp0HIw