Member Info for Looed

PJohn - I assure you I am not "seriously dangerous and twisting things" Its printed on the GOGC homepage - "The Arbitration Tribunal also ruled that Frontera’s attempt to transfer the contract to its affiliated company (Frontera US) was illegal."

I don't think we ever saw proof the move was approved - did we ? We assumed (as did I) it took place in a small window after Hope left. As we heard nothing to the contrary we assumed the GOGC approved it.

If you are accusing me of being part of the Georgian media I really do give up of wasting my time here.

Domkok share this statement from Zaza on last Thursday -

"As for the statement of the Oil and Gas Corporation, the Arbitration Tribunal has unequivocally ruled out a substantial breach of contract by Frontera, which gave the state the right to terminate the contract, according to the director of Frontera, this is a distorted interpretation of the contract.
"By the decision of the arbitral tribunal, we have maintained 100% of the deposits from which oil and gas are extracted. If the state asks us to return the rest of the territories where the work is not going to happen, and we will not return it for 90 days, only then will they have the right to suspend the contract. We have said publicly and even written that we will return the territories where extraction does not take place. However, this article is deliberately, incompletely disseminated and distorted to the public. They have no right to terminate the contract, ”said Zaza Mamulaishvili."

Who to believe!!

StarRage - FRR are disputing the "material breach" finding but without supporting evidence its hard to know who is right. The rest of your message is frighteningly plausible.

Bryan - The board has 3 members. One from the Arbitration Board, one from GOGC and one from FRR

CF73 - Yes I am with you believe me.

My concern is that all parties agreed to the arbitration decision regarding the 99%. Since then, GOGC are using "material breach" to now justify terminating the PSA for 100% of the area. Whether that's a cunning ploy, completely illegal or just hot air I hope we can quickly find out.

CF73 - whilst I hope that is the outcome - the latest statement makes no mention of 99% but talks of "The contract will be automatically terminated on July 27 2020 in relation to the entire contract area. Frontera is obliged to bring out the necessary steps in order to return the licensing block"

It does not say 99% of the licensing block. They also claim the asset move to be illegal.

What I cant get my head around is the part that also claims the finding was unanimous, meaning FRR agreed with such findings.

I found this in a long article about arbitration in Georgia -

"....the award, regardless of the country where it was rendered, shall be binding, and the Georgian courts may refuse to recognise and enforce the award only on the basis of specific limited grounds. Those grounds largely track the grounds set forth in the New York Convention and the Model Law. See LGA, articles 39(2), 44, 45.[47] Courts of appeals have jurisdiction to enforce the awards rendered in Georgia, and the Supreme Court of Georgia has jurisdiction to enforce the awards rendered outside of Georgia. See LGA, article 44(1).[48] No statute of limitations is provided for seeking recognition and enforcement of an award."

Source - https://globalarbitrationreview.com/insight/the-european-arbitration-review-2019/1175845/georgia

GOGC accepted the award (as did FRR) so this seems an opportunistic move to twist the result. We could end up back to court or arbitration again if that is what is going on.

Brgmg69 - I know this was mentioned before (not sure if by you or a fellow poster) and JRjnr mentioned that material breach was a smokescreen. But yes - the point of arbitration is to abide by the decision. Hopefully more layers of this onion will be peeled away soon.

This has to be one of the longest death-bed scenes ever!

Freescot - yes it does seem that FRR are replying and updating on a more regular basis. The threat from FRR to revive the claim for damages is both a negotiaitng gambit but also warms of many more years of court cases.

From Netgazeti and not about FRR but about USA supporting Georgia

"The United States will donate 27,000 tons of wheat to Georgia" which is apparently a big deal. The graphic on the article is the USA and Georgian flags side by side.

Source - https://netgazeti.ge/news/450934/

Link for statement 3 - https://www.gogc.ge/en/article/-frontera-refuses-to-disclose-the-arbitration-tribunal-award-and-keeps-spreading-false-information/481

1- GOGC Statement 21/4/20 - "Frontera Resources Georgia Corporation committed material breach of the contract by refusal to relinquish and return to the State the exploration area, which represents almost 99% of the entire contract area."

Source - https://www.gogc.ge/en/article/frontera-gogc-the-international-arbitration-tribunal-rendered-its-final-award-/479

2- GOGC Statement 29/4/20 - "The Arbitration Tribunal ruled that “Frontera Resources Georgia Corporation” committed material breach of the contract by refusing to return the exploration area (99% of the entire licensed area) to the State, which gives the State right to terminate the contract."

Source - https://www.gogc.ge/en/article/agency-sends-termination-notice-to-frontera/480

3- GOGC Statement 7/5/20 - "The contract will be automatically terminated on July 27 2020 in relation to the entire contract area . Frontera is obliged to bring out the necessary steps in order to return the licensing block and rectify severe environmental conditions"

That reads like the GOGC are taking back 100% of the PSA ?

Cheers Ivy - sounds like exciting times ahead. And I really do mean cheers - 8.50pm is my wine time. Have a good one.

Hepran - absolutely agree. However the Far East can quickly mobilize resources that others places often cant keep up with with. For example surgical mask production went from 3m a week in Feb to currently almost 40m a week and still rising. There was an interesting interview with Laurie Garrett on CNN last night and she talked about the fractured supply chain and how it was hindering progress.

Longsnoot - Well observed! Taiwan LOL is right. 6 CV deaths out of a population of 24 million. No lockdown, no social distancing, no community transmission, shops schools and businesses open as usual, finalising a quarantine-free travel bubble with Australia and NZ, and now producing so many facemasks we can allocate our weekly quota to the country of our choice. Still, while they LOL at how lucky they are - they obviously think of others in trying to find solutions that will benefit those most in need. I imagine even someone like you.

Hi Ivyspivey - good to see you here. I recently took a small position - typically right before the price drop. Makes a nice break to post somewhere other than the usual!

Just as I was reading this thread I was also reading an article in the local press. I know these tests are being developed everywhere but Taiwan would appear to be almost good to go with a 10-min antibody test. I understand BRH is an investment vehicle but not sure they are looking to the Far East so these types of companies / developments not on the radar. The manufacturer is claiming that "the test has 100 percent sensitivity and 95 specificity". Just for your reference -https://www.taiwannews.com.tw/en/news/3930271

Freelast - I guess we will never know. All I can think is that the jorno read posts on Sunday morning - but not necessarily posts made on Sunday morning - and found some messages where all Georgians had been tarnished with the same negative brush. If that's the case we are lucky we didn't get an article of the "owners of American company describe Georgians as .........." variety!

A bit from something I posted a week or so ago -

"7- For a period of up to 30 days after the Award, either side can ask for correction, clarification etc - but cannot challenge the decision."

Freelast - very nice of you to say that. Let hope others can put their spin on things and uncover whats really at play.