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Translation #37, ZM comments on FB, 24/11, US$15.00
Pt.1 (shareholders actually get a mention!)
Yesterday I watched very interesting political discussion on “Main Accents” with participation wonderful respondents (Nodar Kharshiladze, Nino Jangirashvili, Khatia Dekanoidze, Salome Samadashvili, Helen Khoshtaria). When the talks concerned the interest of US government towards Georgia, your comment, Mr. Nika Gvaramia, quoting “Washington tortured us with Frontera… which is not quite clean case… By the way in any sense”, amazed me and made me think about something. Not because I could not figure out on what scale you rate the case, but the already established philosophy “You can say everything that suits you” distorts reality and does not serve the best interests of the people.
You have never been interested in Frontera's 25 years of operation, the company's $ 600 million investment and the discovery of 350 billion cubic meters of gas. If you are interested, I will be happy to provide you with all the details to better understand the situation and, if necessary, make a correct comment in the future, instead of the Bull S*** (I will also use some English here) that I have heard and that offends the company, its employees and shareholders.
Unlike you, many American politicians in Washington are interested in this issue. These people support Frontera in every sense. They know that a politically and economically strong Georgia will be a stronger strategic partner for the United States, that energy independence brings real political independence, and that it helps attract investment, create more jobs, increase people's incomes, and lead a better life.
That is why the US authorities have been meeting, talking, writing letters and for years convinced the Georgian government that their aggressive action against Frontera was unfair and damaging to the country.
The government did not publish the part of the text of these letters where democratic elections, the judiciary and corruption were discussed. The authorities read only paragraphs containing Frontera and cursed the congressmen and senators who signed the letter because it was preferable for them.
As for the opposition, with a few exceptions, on the contrary, was publishing all the paragraphs of the same letters except where Frontera was mentioned, because it was preferable for them.
All of these, was not doing any good to people, because a lot of jobs were lost!
I did company search, detailed search (turned out to be the same thing) and director search. This the info from the 3 searches
FRC has 2 directors - Luis. E. Giusti & Steve C. Nicandros
Entity Name : Frontera Resources Corporation
Jurisdiction : Cayman Islands
Registration Number : 256380
Registration Date : 17th May 2011
Entity Type : EXEMPT
Registered Office : MAPLES CORPORATE SERVICES LIMITED
P. O. Box 309
Ugland House,
South Church Street,
George Town,
Grand Cayman KY1-1104
Cayman Islands
Initial Subscriber:
Authorised Share Capital: CI$565,800.00
Nature of Business:
Financial Year End:
Status : ACTIVE
Status Date : 17th May 2011
- INFORMATION REGARDING THE CORPORATE RECORDS AND REGISTERS ARE
NOT AVAILABLE FOR PUBLIC INSPECTION
- THIS REPORT DOES NOT CONFIRM THE ENTITY IS IN GOOD STANDING
Total cost for these 3 searches - US$158.55 ($60.98 x 2 + $36.59)
Sorry folks, nothing of interest I am afraid -
Entity Name : FRONTERA RESOURCES CORPORATION 2
Jurisdiction : Cayman Islands
Registration Number : 75634
Registration Date : 12th August 1997
Entity Type : EXEMPT
Registered Office : REGISTERED OFFICE RESIGNED
P. O. Box 0
Registered Office Resigned
GRAND CAYMAN
CAYMAN ISLANDS
Initial Subscriber:
Authorised Share Capital: CI$41,000.00
Nature of Business:
Financial Year End:
Status : STRUCK OFF-BY REGISTRAR
Status date: 31 OCTOBER 2005- INFORMATION REGARDING THE CORPORATE RECORDS AND REGISTERS ARE
- NOT AVAILABLE FOR PUBLIC INSPECTION
- THIS REPORT DOES NOT CONFIRM THE ENTITY IS IN GOOD STANDING
Lets if if Mole, Welloiled etc can suggest one of the other entities to search.
Puddy - I will send you the 1 page document when I send the invoice (cost US$60.98)
Pt.2
#23 Business Formula with Zaza, 17m46s, 27/07 POSTED 06/08
https://m.facebook.com/FormulaBusiness/videos/388665615448074/?refsrc=http%3A%2F%2Fwww.lse.co.uk%2FShareChat.asp&_rdr
#24 Business Media Georgia with Zaza, 28/07, 8m11s, POSTED 30/07
https://www.youtube.com/watch?v=FYVS1drEQAo&app=desktop
#25, Mtarvia with Zaza, from 12m mark, 29/07, POSTED 31/07
https://www.facebook.com/TvMtavari/videos/????-???????-??????-?????-??????-?????????-????-????????????-??-??????-??????/602501477063475/
#26, TVKavkasia with Zaza, 30/7, 28m35s, US$70 POSTED 03/08
https://www.youtube.com/watch?v=jog4Vzicue8
#27, Formula news with Zaza, 11m10s, 02/08, POSTED 04/08
https://formulanews.ge/News/34512
#28, Short phone interview wirth Zaza, 1m45s, POSTED 12/08
https://formulanews.ge/News/34932
#29 TVKavkasia with Zaza, 21/08, 34m22s, POSTED 26/08
https://www.youtube.com/watch?v=eb4J3zADSCk&feature=youtu.be
30 – Article shared by Tenners 15/10
https://business-partner.ge/biznesi/frontera-sakartveloshi-sakmianobas-chveul-rezhimshi-agrdzelebs-frontera-risorsiz-jorjia
31 - Article shared by DomFok 15/10
https://bm.ge/ka/article/kaimanis-biznes-reestri-acxadebs-rom-frontera-s-registracias-gaauqmeben/66100
32 – Article shared by DomFok 15/10
https://bm.ge/ka/article/kompania-frontera-shi-restuqturizaciaa-/66133
33 – Article Shared By DomFok 15/10
https://bm.ge/ka/article/frontera-navtobis-mopovebis-licenzia-kidev-7-weli-iqneba-dzalashi-/66147
34 – Article shared by Looed 17/10
https://for.ge/view/195479/fronteras-saqarTvelos-Semdeg-problemebi-ofSorul-zonebSic-Seeqmna.html
35- Interview with various members of GD, 3m24s, POSTED 4/11
- https://www.youtube.com/watch?v=uzsekYDp7Zc
36 – TV Kavkasia interview with ZM, 11m, 11/11, POSTED 15/11
http://kavkasiatv.ge/2020/11/11/?????-?????-???????-????/
Total PAID amount = US$1,352.75 / GBP1,080.77
Fund summary update 16/11/20
Pt.1
#1 - radio show $110, PAID, POSTED 07/06
https://www.radiotavisupleba.ge/a/????-????????????-?????????-????????????-??-??????????????-??????/30639322.html
#2 - Short Youtube clip $5.15, PAID, POSTED 15/06
https://www.youtube.com/watch?v=fL97SI8cjzQ
#3 - TV interview 16/06 $41.20,PAID, POSTED 18/06
https://mtavari.tv/ghamis-mtavari/7642
#4 – Interview from early May, $66.95 PAID, POSTED 22/06
https://www.youtube.com/watch?v=0bDj5hEHyEU
#5 – Interview with Zaza & Govt official, 05/06, CANCELLED 29/06 US$87.55
https://palitranews.ge/video/sakme-frontera-vs-sakartvelos-mtavroba
#6 – TV Imedia news 5.23m US$20.60, PAID, POSTED 21/06
https://m.youtube.com/watch?v=84RjV2oahC0
#7 – News segment with GOGC from 17/6, US$55.00, PAID, POSTED 27/06
https://www.imedi.ge/ge/video/54942/saertashoriso-skandalshi-gakhveuli-da-skhvadaskhva-qvekanashi-taglitobashi-mkhilebuli-prontera
#8 – Zaza TV interview, 23/06 from 37m mark, US$36.05, PAID, POSTED 26/06
https://www.facebook.com/107065540663565/videos/????-???????-??????-?????/211402503272921/
#9 – News segment via YouTube, 23/06, 5.30m, US$25.75, PAID, POSTED 24/06
https://www.youtube.com/watch?v=_7KRHadw7oY&feature=youtu.be
#10 Zaza interview TV Kavkasia, 25/06, 26m US$72.10, PAID, POSTED 30/06
https://www.youtube.com/watch?v=Vhio3tzMsqM&app=desktop
#11 Zaza statement, Formulanews, 25/06, 3m30s, US$15.45, PAID, POSTED 28/06
https://formulanews.ge/News/32135
#12 GSAC long version of #11, 25/06, 21m US$66.95, PAID, POSTED 02/07
https://www.facebook.com/GSAC.GE/videos/270839824170062/
#13 Interview about US interests in Georgia, US$40, FREE, POSTED 06/07
https://m.youtube.com/watch?v=0kTGqyOv1SU&list=UUOpMeFzNjG2EQHtJzkJsgVw
#14 Mtavaria with Mullin, Zaza and others, US$ 30, FREE, POSTED 06/07
https://mtavari.tv/news/9192-ivanishvilisa-putinis-sakhipato-kavshirebi-morigi
#15 Forbes TV clip on FRR, 6m30s, 28/06, US$25, (US$10) POSTED 07/07
https://bm.ge/ka/video/fronteras-saqmis-peripetiebi/19240
#16 Mtavari with Zaza, others Time TBC, US$100, PAID, POSTED 13/07
https://www.facebook.com/107065540663565/videos/????-???????-?????????-?????/271993324056247/
#17, Imedi TV, FRR & Sanctions Bill, 12/07, 12m, US$40 POSTED 22/07
https://www.youtube.com/watch?v=HI4IgmD29rw&list=PLMys-CD6bNrJmlrUh8D8n0PDNVYFvOqs6
#18 1TV with Zaza & others, 23/07, 7m9s, US$30, POSTED 25/07
https://1tv.ge/video/ekonomikis-saministros-gadawyvetileba-2/
#19 Rustavi2 TV, Zaza & others, 23/07, 5m59s, US$30, POSTED 26/07
https://rustavi2.ge/ka/news/171022
#20, Mtavari with Zaza, others, 24/07, 4m US20 POSTED 25/07
https://mtavari.tv/news/11360-pronteras-cinaaghmdeg-mtavrobam-4-celshi-42
#21 TVKavkasia, PM and others, 3m55s,24/07, POSTED 27/07
https://www.youtube.com/watch?v=VLAJf7zoTeU
#22, 1TV, Kelly Duggan and others, 7m7s, POSTED 28/07
https://1tv.ge/video/fronteras-ganckhadeba-da-politikuri
#36 Pt.3
ZM - You got it right. There was a lot of communication from different branches of the US government and it was all treated in one context. If you look at what happened now in the region when a tripartite agreement was signed, where Russia was at the forefront of all this and took on the role of resolver of this conflict. Despite Turkey's very active involvement, Russia has deployed additional contingent and will now deploy in Azerbaijan. All this is done in order to gradually expel Western interest from the Caucasus. And when it comes to Georgia, we must not forget that more than 85% of Georgia's population favors West. Therefore, the Kremlin knows this very well, it is known perfectly well in Washington too, and Georgia understands all this very well. So that the Kremlin's goal of expelling American and Western interests from the Caucasus and Georgia and only consolidating Russian, be it Ivanishvili or any other ruler, of course, the United States will never welcome or support it. Therefore ...
J1 - Will Ivanishvili's government be a partner? Specifically, this government, in the form when they will be represented in the parliament by one party.
ZM - Judging by that communication and that attitude ... By the way, the two prime ministers of the Georgian Dream government did not even visit the United States during their term as prime minister to deepen and develop relations with the United States. So that says a lot.
J1 - However, in the end, the Secretary of State himself arrived. This, too, is declared a victory of foreign policy, that the Secretary of State himself arrived.
ZM - At the same time, when the Prime Minister Gakharia has not even visited the United States as Prime Minister. It's a little weird how this victory can be. But to answer your question, the second part, of course, the United States is ready to make huge and unprecedented investments in Georgia. Whether it is the economy, healthcare, military, transport infrastructure or various, of course, they have been very eager for this for a long time already, however, we know that there were some contradictions. I hope that as soon as these vicissitudes over these free and fair elections are over, then American investment, American aid, and American cooperation in Georgia will be given a whole new dimension and scale. Here, such a government would be more acceptable to the United States.
J1 - Thank you very much, Mr. Zaza, for participating in the show. Zaza Mamulaishvili, President of Frontera, was our guest.
- https://www.youtube.com/watch?v=J_-aPw8mTlo&feature=emb_title
#36 Pt.2
J1 - And what can Pompeo do in the process? There is also talk of negotiations, with different options. You know that there is a great unity of the opposition. Absolutely everyone says that the elections were rigged and they will not enter the parliament. What can Pompeo say?
ZM - The Secretary of State, Pompeo, understands best and worries most about what a rigged election means. Because they believe that the elections were rigged in several states and the Georgian opposition is in this position. By the way, today in the United States, in state of Georgia, it was announced that the recount of votes will be done manually.
J1 - In America this precedent has taken place repeatedly (Recounting votes in diffetent states). We have not achieved this precedent in Georgia to count the votes. In several polling sites was counted and it turned out that the votes of the opposition were omitted. They just don't count anymore.
ZM - And, I think, this will be one of the main messages for the Georgian Dream government to be held as fairly, objectively and freely as possible. I do not know if it will be a vote count, re-election, or a legal assessment of the situation, but perhaps this will be the main message that the Secretary of State is personally arriving to Georgia at the most crucial stage of the end of his four-year term.
J1 - In the end, I will still ask you. Changes in the geopolitical and regional context are likely to increase Georgia's importance to the United States, and it may launch some projects that it has not had or thought about before: Georgia's accelerated integration into NATO, or its direct military partnership with the United States. It may seem unreal, but is it possible? It is possible that America will consider Ivanishvili's government as a partner, against whom we remember outraged letters which were sent from congressmen and senators, many of whom are still in Congress and the Senate, warnings about the port of Anaklia, received even from Pompeo, and despite these warnings, Anaklia project was still turned down by government. I am not saying anything about electoral and judicial reform. How acceptable can Ivanishvili be to America, who has repeatedly lied international partners and the political spectrum within the country as well.
Translation 36 – TV Kavkasia interview with ZM, 11m, 11/11
Pt.1
J1 - Why is the US Secretary of State coming to Georgia against the background of the political crisis? We will continue to talk about this with our next guest. Zaza Mamulaishvili, President of “Frontera”, is our next guest. Thank you, Mr. Zaza, for participating in the show, and the first question will be: What do you think is the reason and purpose of the visit?
ZM - Thank you so much for the invitation. The reason for this visit is probably a very large list of issues that have always been related to Georgia and especially to such a hot region as the Caucasus for centuries. One reason may be the ongoing processes in the region and, most importantly, the current elections in Georgia, the unrest, the street protests, the story of vote rigging. The Secretary of State comes to talk about all this.
J1 - However, Mr. Zaza, my previous guest, expert Gia Khukhashvili, said that, in fact, this visit is related to the changed environment in the region due to the Karabakh conflict and the increasing role of Georgia for the United States in this situation and the topic of elections may be less important in this case. Because he is dealing with the Georgian government. Less important here is what the opposition is saying, which cannot even prove that the election was rigged. What do you say about that?
ZM - These military actions and political instability related to Karabakh have been going on for several decades. This is not news, nor has the Secretary of State and the US government learned about it now, that Russia has been trying for a long time to restore the lost positions in the Caucasus, and it has succeeded even so.
J1 - Has Russia managed to do that? It has emerged in a new form in this region.
ZM - Exactly, you said it right. For the first time since the collapse of the Soviet Union, today we have such reality that in all three republics of the Caucasus (Azerbaijan, Georgia and Armenia) Russian troops have already entered with different mandates. And, now a contingent of 2,000 people is entering Nagorno-Karabakh, which is controlled by Azerbaijan and where Russian soldiers will also be present. This did not happen after the collapse of the Soviet Union. Well, this is not news for the US administration, and by the way, just a week or 10 days ago, the foreign ministers of Azerbaijan and Armenia were in Washington and they met with the secretary of state, and they have been talking about it for a long time. But I do not think that at such an important moment in American politics, when the fate of the elections is not yet resolved, he is coming to talk about these issues, is unlikely. The most important processes are taking place here, which are related to free, fair and democratic elections. If this process did not happen and fail, it would be a really great tragedy on a larger scale than anyone imagines in the future.
Translation #35, News item about Outrider 3m24s, US$20.00
Journalist - Will the government hand over the Frontera's license area to Outrider Management? Two weeks after the American company addressed the Prime Minister, BMG asked the Minister of Finance what is the position of the Georgian government and what is the probability that Outrider Management will be transfered the territory, which was confiscated from the Frontera by the decision of the Hague International Arbitration Court and now is the property of the state. The Minister of Finance reiterates that Georgia is honest with Frontera and despite the fact that the government has treated the investor well for years, it has not fulfilled his obligations. The Minister of Economy also made a written statement to BMG today. Natia Turnava also states that the government will not intervene in the ongoing dispute between Outrider Management and Frontera and will act accordingly as to what the final outcome of the dispute will be.
Vano Machavariani, Georgian Finance Minister - We know, in general, there are problems with lenders and there are some disputes. Therefore, about the letter that ... I can only tell you, we will wait for the dispute between them to be resolved. If something is imposed on the state of Georgia, we will, of course, fulfill it. However, I think that part of the license will remain at the discretion of the Georgian government. My opinion is this. According to the results, we will judge how this trial and dispute will end, including the results. The government will make the decision that is most optimal and acceptable for the economy. We can not and will not transfer assets and land to compensate someone. We need to give it to a good and promising investor. If this company turns out to be such investor, we will think about this as well. The dispute needs to be resolved and we need to look at the issue from a different perspective.
Natia Turnava, Economics Minister - It turned out later, we were not the only ones who saw that the company "Frontera" was lying. In particular, it was found that the company has obligations to creditors and service companies internationally. "Frontera" could not fulfill these obligations and this process ended with a logical result. It should be noted that the Cayman government, where Frontera is registered, plans to cancel the registration of the company due to the Frontera's evasion of reporting and tax liability. We, of course, do not enter into these international disputes - they are taking place between different private entities. We will act accordingly on what their final result will be.
https://www.youtube.com/watch?v=uzsekYDp7Zc
Translation #34 Pt.2
Pt.2
"California Investment Company has already applied to the Prime Minister of Georgia, Giorgi Gakharia, to give the company the right to extract oil and natural gas from the twelfth license block." As a result of which, Georgia will benefit from these resources, and the company itself will be able to repay the investment made in the current license holder company," – stated Outrider Management.
According to Zaza Mamulaishvili, regarding the execution of the decision made by the Arbitration Court, "Frontera" has already transferred 99% of the license area to the state. This was an area where oil and gas extraction works were not carried out. The state can announce a new tender for the introduction of a new licensee in this area. And for 1% of the license area where the company would extract oil and natural gas, the license will be valid for another 7 years.
https://for.ge/view/195479/fronteras-saqarTvelos-Semdeg-problemebi-ofSorul-zonebSic-Seeqmna.html
Total for all print translations (#30 - #34) was US$60
Translation #34 Pt.1
The case of the energy company "Frontera", which has been engaged in exploration works in Georgia for many years, has gone so far that it does have an ability to operate in offshore zones anymore. The Cayman Business Registration Authority says that under the rules in force in the country, several hundred companies that do not conduct business will be deregistered and considered liquidated. This list includes the energy company "Frontera" and other legal entities affiliated with it. Among them is FRONTERA RESOURCES GEORGIA, which in the past used to extract oil from the twelfth license block of Georgia.
After a big confrontation with the Georgian government, changes started in "Frontera". Restructuring is currently underway there and their stakeholders are changing. FRONTERA RESOURCES GEORGIA can no longer be a legal entity of the Cayman Islands.
The tribunal of the International Court of Arbitration of Hague took the decision about the dispute between Frontera, the Oil and Gas Agency and the Oil and Gas Corporation in April, 2020. The dispute has been going on in court for several years, and within the scope of this dispute the state has been arguing for a breach of license requirements by Frontera.
The arbitral tribunal satisfied the appeal of Georgia, as the result of which “Frontera” was ordered to transfer of Frontera's license territory back to the state, but so called the oil extraction company has been stubborn for a long time and has continued to clash with the authorities.
How do they assess in “Frontera” staying outside the offshore zone? According to Zaza Mamulaishvili, General Director of the Energy Company, the abolition of the legal entities owned by Frontera in the Cayman Islands is part of the restructuring, and the company Frontera Eastern Georgia, founded by them, continues its activities in Georgia.
As Mamulaishvili told Business Media, he did not name specific details of the restructuring, but said the changes would increase the share of Outrider Management in the company. A few days ago, this company applied to the Government of Georgia and requested the transfer of the oil extraction permit to the twelfth license block.
According to the company, Georgia has the potential to extract up to 700 million barrels of oil, although it has a rather complex distribution structure. In addition, Outrider Management announces the study of the exact volume of supplies in case of obtaining a license and the introduction of an experienced operator in the country to perform the extraction work.
Translation #33
Zaza Mamulaishvili, General Director of the energy company Frontera, told BMG that the company will have a license for another 7 years in the twelfth license block area, where oil production is currently underway.
For the record, the tribunal of the International Court of Arbitration in The Hague ruled in April 2020 on the ongoing dispute between Frontera, the Oil and Gas Agency and the Oil and Gas Corporation. The dispute has been going on in court for several years, and within it the state has been arguing for a breach of license requirements by Frontera.
For the record, the tribunal of the International Court of Arbitration of Hague took the decision about the dispute between Frontera, the Oil and Gas Agency and the Oil and Gas Corporation in April, 2020. The dispute has been going on in court for several years, and within the scope of this dispute the state has been arguing for a breach of license requirements by Frontera.
The arbitral tribunal satisfied the appeal of Georgia, as the result of which “Frontera” was ordered to transfer of Frontera's license territory back to the state.
According to Zaza Mamulaishvili, Frontera transferred 99% of the license area to the state. This was an area where oil and gas extraction work was not carried out. According to Mamulaishvili, the state can announce a new tender for the introduction of a new licensee in this area. And for 1% of the license area where the company extracted oil and natural gas, the license is still valid.
We saved for us the areas where oil and gas are being extracted, the rest, beyond these areas, which was called the "exploration area", the government wanted them back. Exploration work should be carried out there, i.e. investments should be made. The license there does not belong to us, ”Zaza Mamulaishvili told BMG.
It was also known today that Frontera is facing restructuration, and their companies which were founded on Cayman Islands will be liquidated. According to Zaza Mamulaishvili, the change will not affect Frontera Eastern Georgia Ltd, which will continue operating.
According to the business register, Frontera Resources Georgia Corporation owns 50% of “Frontera Eastern Georgia”, while Oil and Gas Corporation of Georgia owns 50%.
https://bm.ge/ka/article/frontera-navtobis-mopovebis-licenzia-kidev-7-weli-iqneba-dzalashi-/66147
Translation #32 Pt.3
According to Zaza Mamulaishvili, it is unlikely that the government will comply with Outrider Management's request to transfer their obligation of investment withdrawal from Frontera to a new company that will receive an oil production license in the country.
"I do not think it is very realistic for the government to take such a request into account. There is virtually no such practice that if a new license has been issued and a new company is introduced, it has an obligation, (It does not matter whether it is Outrider or any other former investor) to pay that amount. Such a practice usually does not exist. I cannot imagine that if the government bids for a license, it will include the satisfy the demands of the previous shareholders. This is not accepted in practice either,” Zaza Mamulaishvili said.
https://bm.ge/ka/article/kompania-frontera-shi-restuqturizaciaa-/66133
Translation #32 Pt.2
For the record, the tribunal of the International Court of Arbitration of Hague took the decision about the dispute between Frontera, the Oil and Gas Agency and the Oil and Gas Corporation in April, 2020. The dispute has been going on in court for several years, and within the scope of this dispute the state has been arguing for a breach of license requirements by Frontera.
The arbitral tribunal satisfied the appeal of Georgia, as the result of which “Frontera” was ordered to transfer of Frontera's license territory back to the state.
According to Zaza Mamulaishvili, Frontera transferred 99% of the license area to the state. This was an area where oil and gas extraction work was not carried out. According to Mamulaishvili, the state can announce a new tender for the introduction of a new licensee in this area. And for 1% of the license area where the company would extract oil and natural gas, the license will be valid for another 7 years.
We saved for us the areas where oil and gas are being extracted, the rest, beyond these areas, which was called the "exploration area", the government wanted them back. Exploration work should be carried out there, i.e. investments should be made. The license there does not belong to us, ”Zaza Mamulaishvili told BMG.
Regarding the announcement of Outrider Management, the director of Frontera says that the company is trying to guarantee the return of the funds that were invested in their project. According to Mamulaishvili, they have invested more than half a billion dollars in oil exploration in Georgia, and the income from oil sales is only $ 60 million, therefore Outrider and other stakeholders are trying to return their investments.
"We have invested more than half a billion dollars in this project in the form of exploration, and about $ 60 million worth of oil and gas have been extracted so far. However, as a result of these investments, an ore has been identified, but its large-scale development has not yet begun. Accordingly, Outrider Management and other companies that have invested capital have not yet received a refund. In this regard, it is understandable that Outrider Management and other shareholders, including me, want to return this capital back to us.
Outrider Management has become a more important stakeholder than ever before and now wants to play more active role in this process. Frankly speaking, I did not see this letter, but it was felt from them that they wanted to guarantee the return of this amount,” said Mamulaishvili.
Translation #32
Pt.1
Energy company “Frontera” is currently facing a restructure. The General Director of the company, Zaza Mamulaishvili, said in a conversation with BMG. He said the termination of Frontera-owned legal entities in the Cayman Islands is also part of the restructure. At the same time, Mamulaishvili says that the company "Frontera Eastern Georgia" founded by them continues to operate in Georgia.
Mamulaishvili did not mention any details of restructuring, but said the changes would increase Outrider Management’s shared in the company. He said that in the past Outrider Management was just a noteholder, but now it is becoming one of the shareholders.
We would like to remind you that few days ago the company “Outrider Management” applied to the Government of Georgia and requested the oil extraction permit for the twelfth license block.
According to the company, Georgia has the potential to produce approximately up to 700 million barrels of oil, although it has a rather complex distribution structure. In addition, Outrider Management announces the study of the exact volume of supplies in case of obtaining a license and the introduction of an experienced operator in the country to perform the extraction work.
It is known from the announcement, that Outrider Management was one of the investors in the Georgian oil extraction sector, in particular, it was a major shareholder of the license which was owned by Frontera. According to the information of Outrider, their investment in Frontera turned out to be problematic and the company had accumulated $ 35 million in debt towards them, for which it was involved in a lawsuit.
"Outrider Management, a California investment company, has already applied to the Prime Minister of Georgia, Giorgi Gakharia, to give the company the right to extract oil and natural gas from the twelfth license block. "As a result, Georgia will benefit from these resources, and the company itself will be able to repay the investment made in the current license holder company," stated Outrider Management.
“Outrider has been a victim of Frontera's unfair business activities, we hope to be able to realize the real potential of this license block; Or if the license will not be obtained by us, we want to transfer the obligation (which license block holder company had towards us) to the company that will receive this license, ” this was written in Stephen Hope's letter, which he sent to Giorgi Gakharia in September.
Translation #31
According to the Registry Journal of Cayman Islands Government, the Cayman Business Registration Authority says that in accordance with the rules in force in the country, several hundred companies that do not conduct business will be deregistered. This list includes the energy company Frontera and other legal entities affiliated with it. Among them is FRONTERA RESOURCES GEORGIA, which used to extract oil from the twelfth license block of Georgia in the past.
According to the Cayman Business Register, registration will be suspended on October 30 for the following companies:
• FRONTERA INTERNATIONAL CORPORATION
• FRONTERA RESOURCES CORPORATION
• FRONTERA RESOURCES GEORGIA CORPORATION
• FRONTERA RESOURCES OVERSEAS CORPORATION
Upon deregistration, from October 30 these companies will be considered liquidated.
BMG contacted Frontera's management about the mentioned issue. According to the head of the organization, Zaza Mamulaishvili, Frontera is currently facing the restructuration process and their shareholders are changing.
"In terms of operations in Georgia, I would like to say that “Frontera Eastern Georgia” continues to operate under license and this change will not be reflected here. This is a Georgian legal entity. As a result of the restructuring, “Frontera Eastern Georgia” will no longer be a legal entity in Cayman Islands,” - Says Zaza Mamulaishvili.
For the record, the tribunal of the International Court of Arbitration of Hague took the decision about the dispute between Frontera, the Oil and Gas Agency and the Oil and Gas Corporation in April, 2020. The dispute has been going on in court for several years, and within the scope of this dispute the state has been arguing for a breach of license requirements by Frontera.
The arbitral tribunal satisfied the appeal of Georgia, as the result of which “Frontera” was ordered to transfer of Frontera's license territory back to the state.
https://bm.ge/ka/article/kaimanis-biznes-reestri-acxadebs-rom-frontera-s-registracias-gaauqmeben/66100
Translation #30
“Frontera continues its activities in Georgia as usual,” Director of Frontera Resources Georgia, Zaza Mamulaishvili, told “Business Partner”.
According to his statement, reorganization has been started in the parent company, which is connected to the change between the shareholders. As the result of this reorganizations, the owner of Frontera Resources Georgia Corporation Georgia Branch may be Frontera Resources Georgia Corporation again, or something else may change in the future. Although, as Zaza Mamulaishvili says, these changes will not affect the company's operations in Georgia.
The reorganization applies to 4 companies registered in Cayman. Registration for these companies will be suspended on October 30. These companies are: FRONTERA INTERNATIONAL CORPORATION; FRONTERA RESOURCES CORPORATION; FRONTERA RESOURCES GEORGIA CORPORATION; FRONTERA RESOURCES OVERSEAS CORPORATION.
We would like to remind you that Frontera returned part of the license territory to the Government of Georgia after the arbitration dispute.
https://business-partner.ge/biznesi/frontera-sakartveloshi-sakmianobas-chveul-rezhimshi-agrdzelebs-frontera-risorsiz-jorjia
RE Interviews with Zaza
If Zaza popped upon TV and the title of the interview was "Zaza - the inside scoop on FRR" then its a no-brainer that we would want it translated.
What do people feel about the more political interviews like the one shared earlier about the US Debates, or if he pops up talking about Belarus or something similar.
It is possible to ask the translator to help us to scan future interviews to see if they are purely political - there might be some small charge for this dependant on the number of reviews needed.
If the general mood is to drop ZM political translations then I will inform the translator to focus searches to the company name rather than search for ZM.
#29 Pt.10
J1 - And in what cases can this happen, in your opinion?
Zaza - This can happen in different ways. There is talk of corruption, dishonest relations with American companies, human rights, elections, and so on. All of these issues are listed, which will not take too much thought for a person who reads it to understand that too many paragraphs from there can reach many current and former members of the government today so as to get on the sanctions list.
J1 - And it may happen that Ivanishvili may win the elections, use all means, but in the end it may turn out that all was in vain.
Zaza - Of course. Unfortunately, everything is developing in such a way that there is a great chance of it. That is what we have been saying before, it must be radically changed, and for the better, for democracy. One of the bills mentions that oligarchic rule must end in the country. Oligarchic rule is not an acceptable form for the civilized world. Oligarchic rule means impoverishing the people, leaving them unemployed and destroying the country. Therefore, neither the civilized world nor the United States can tolerate this, and if the Georgian Dream government does not start to rectify this, we will undoubtedly see our compatriots sanctioned by the United States.
J1 - Thank you for participating in the program. Our time has run out. Zaza Mamulaishvili was our guest.
https://www.youtube.com/watch?v=eb4J3zADSCk
#29 Pt.9
Zaza - Of course. This is the strategy of Georgian Dream. They are telling us the different truth. At the same time, the last high-ranking official visit was when the Speaker of Parliament and Foreign Minister, Zalkanian, were in Washington at the end of the year if I am not mistaken. The only positive agenda they had, which the Georgian government was talking about, is that Georgian soldiers are fighting in Afghanistan in support of the Americans. Georgia has no other positive context on the American agenda. This is a complete collapse in terms of foreign policy towards the United States, which is reflected in a bad investment climate, which is reflected in less capital inflows into the country, less wealth creation for Georgia, and less income for the Georgian people.
J1 - Finally I want to ask you about sanctions. This topic is like a Damocles sword hanging over Ivanishvili`s head. The example of Moldova is very often recalled when Plakhatnyuk suddenly found himself under sanctions. Now the news of Belarus is unfolding before our eyes. In principle, Lukashenko's sanctions are not surprising, and for him it is a natural disaster. Is the EU now working on sanctions against Lukashenko? Regarding Ivanishvili, how realistic is it for him to find himself under sanctions? Is this constantly talked about in the US Senate, in Congress? Is this real either before the election or after the election? In principle, there is already a sanction for Georgia, when 15% of its aid was frozen on some conditions, right?
Zaza - At present, depending on the legislation passed by the Congress and the Senate, and the relationship between the United States and the Georgian Dream government, there are all preconditions for such sanctions to be applied to a member of the current or former government. It is difficult to say when it will be, in what form and on what scale.
J1 - Is it easy for the ruler of a partner country, even for a shadow ruler, to impose sanctions?
Zaza - Doing so is not easy for a non-partner country as well, but it is an extreme measure.
J1 - It is easier to impose for a non-partner rather than for the ruler of a partner country. This is what I mean. So, America should always separate Ivanishvili and Georgia, which is not easy, right?
Zaza - By the way, this was done with the bill that was initiated at the beginning of the year and there is precisely defined.
Yes, they are separated, but it is still difficult, if Ivanishvili stays in power again and his power is extended, will it be easy to separate? Could personal sanctions be such as to have a cooling effect on Ivanishvili?
Zaza - That's what it's all about. The bill that was initiated, and which is bipartisan today, considers not the imposition of sanctions on Georgia, but personally. It says very clearly - it will be members of the current or former government who will be included in the list of these sanctions.