Member Info for Looed

MontiBurns / ODR1 – Monti I pretty much covered your points in my very recent message to them.

FRC still shows on the Cayman Registry.

Regarding Caymans, this from a letter from Dentons to FTI from April 2021 –

“Frontera’s former subsidiary, Frontera Resources Georgia Corporation, for which you are administering an independent and voluntary liquidation, holds no right title or interest in the area known as Block XII in the Republic of Georgia and the associated production sharing contract and license.

Your recent communication with the Government of Georgia has damaged Frontera’s holdings and any further related communication with the government of Georgia that implies otherwise and interferes with Frontera Resources Corporation business in the country will continue to create further liability for which Frontera will seek to protect its rights.”

The assignment to FRUS was discussed throughout the ZM case, and it does appear that the assignment was affirmed in the Final Judgement.

As Arsenal221 has just posted, they may yet surprise us with a reply.

WHamBoy - we had almost 80 earthquakes yesterday though the epicenters were mostly in the south whereas I am in the north. So a day of violent shaking is never nice, the only damage was to my nerves! Thanks for checking - apparently it will be like this for a month or so.

ODR1 - I have asked if they can make any comment. Will let you know if they say anything. In court the company was dismissive of event in Cayman.

ZiggyZag - I made a commitment not to comment on certain things for a period and I intend to keep my word. Once that time passes, I will be happy to share, in fact it will be a relief to be finally done with it all. Apologies if that sounds cryptic. but it will all make sense one day.

Lifeishard - t'was a mere wobble. I posted that about 1am my time after a long day of dealing with another tedious issue - even I have my limits.

ZiggyZag - thats a reasonable theory but thats not it. There are multiple reasons why the comms chain exists / existed but that isn't one of them. I say 'existed' as I never assume there will be more messages to share though I keep at them.

Tsbs1 – Am I the “chosen one” you refer to? I am sorry if my hard work and efforts to get and share any information I can find for our collective good has caused you distress. I will refrain from sharing future messaging to spare you further upset.

I should have added that the company approach, from the letters filed, is that Force Majeure / PSC extension is built in to the original PSC and the company is merely exercising its right and entitlement to make these requests.

Hi keysersoze - you would think the force majeure would have concluded a while back. I am pretty sure Georgia has opened for business and we know Block Energy are operating not too far from our area. At the same time, we don't know the status of the various court actions / seizures etc. between the company / ZM / Green Capital / state agencies which likely continue to hamper progress until they are fully resolved. The Texas court has now completed its post trial procedures so the company can now look to fully enforce the judgement against ZM. It is possible things have been left pending between the parties while they waited for this final court procedure to play out.

There are a lot of filings related to F.M. and all this information is easily accessible via court documents.

The company declared F.M. on 19 March, 2020 “pursuant to Article 26 of the PSC” citing the covid crisis.

In April 2020 there is an exchange of letters between the company that we can see (some from ZM) and the State Agency, those we cannot see, reiterating that the company had the right to declare F.M. i.e. “we remain confused as to why you have not recognized the clarity of our prior correspondence” sort of thing. This eventually gets sorted out and we jump to Dec '20

On 17th December 2020 SN replies to the State Agency to “update you on our return to good business” once the covid crisis is over.

On 30th December 2020, the State Agency wrote to complain that the F.M. has been breached as “oil extraction has been ongoing and still is, including outside the territory of Exploration/Development Area”

On 29th April 2021 SN writes to the State Agency reconfirming that the F.M. remains in place “and we rightfully expect that the referred period from 19th March 2020 be added to the term of the PSC and accordingly the expiry date of the initial term of the PSC will be extended until Force Majeure is lifted, instead of June 25 2022.”

That same letter also discusses the assignment to FRUS and It calls for discussions regarding the restarting of operations. It also asks that he State Agency “accept and treat this letter as our preliminary request to extend the PSC and mineral license for an additional 5 years in accordance with the provisions of the PSC” and that the company “has prepared itself for continued significant investment in Georgia”

On 7th May 2021 there is a heavily redacted email exchange, but we can see the first email in the chain which states “As Mr. Nicandros has previously highlighted, Frontera has prepared for continued significant investment in Georgia in the post-covid environment. With the backing of its US-based banking relationships the company is eager to bring renewed employment to Georgia, increased oil and gas production from the Kakheti region as well as a positive renewal...” of its relations with the State Agencies.

There are references to FM in other filings in addition to the above.

Absolutely MontiBurns. I guess my comments were based more on the here and now. Despite eventually returning a huge chunk of lands we have to hope the company kept its hands on the most lucrative parts of the block.

Thanks Lifeishard. I hope that was a well timed investment for you. Given they are 'neighbors' to FRC let's hope they can both profit from a better understanding of the local geology.

Lifeishard, I can think of a lot of reasons why the Block experience is different to ours, a few would be:-

- Block didn’t have their asset stolen from them by their CEO resulting in various and long running court cases to remedy the conversion. To date, successfully so.
- Block didn’t have their relationship with key players politicized with those same relationships almost burned to the ground.
- Shareholders at Block saw off the PH-bad-anything-better brigade. Here, the Zaza-good-BoD-bad narrative played, enabling him to some extent.
- Block hasn’t had to deal with local ill because of the employee pay issue, oil leak scandal and the general whiff of corruption and deceit. The lines of responsibility in the pay, oil leak issues have been willfully blurred expressly to damage the company.
- Block didn’t promise, then renege (as ZM did), on a decision to promptly return undeveloped lands to the authorities.
- Block holders might be frustrated with PH and the share price, but at PH didn’t lie to their faces, the sole intent of which was to shamelessly steal from them, leaving them with nothing, while he ran off with the crown jewels for himself and his enablers.

On the flip side, if Block can foster a good working relationship with the authorities then others should be able to as well.

WHamBoy – just because people don’t post doesn’t mean that there isn’t a community of fellow shareholders like yourself who are checking in here on a regular basis to see if there is any update.

Nothing wrong with ideas and questions. But don’t let the posters who exhibit troll-like tendencies get to you. Some constantly froth and foam and try to goad people to do stuff at their behest. If they really are as bothered as they claim to be why don’t they take the suggested action themselves and let us know the outcome instead of sitting back expecting others to do the leg work for them.

Feel free to keep calling out for news, but also know that if I do get anything to share I will post it here.

WHAmBoy - nothing to report. I am sure folks will share should news break.

keysersoze - here is the translation of the original article. You can see the Minister is supporting our FRC -

Translation #57 News piece with Minister Turnava and BLB from Aug 2021

(BLB is FRC's legal representative in Georgia)

J1 - Zaza Mamulaishvili, a former employee of the United States International Oil and Gas Company "Frontera", is accused of fraud. According to a statement issued by the company, Mamulaishvili is trying to embezzle Frontera's business fraudulently. The company says that the statement made by Green Capital and Zaza Mamulaishvili is aimed at misleading the public and harming Frontera. According to them, Mamulaishvili's goal is to portray the Georgian government as hostile to foreign direct investment from the United States. "Green Capital" is a Georgian company with a dubious reputation, which operates in agreement with Zaza Mamulaishvili, a former employee of Frontera. "Neither the company nor Mamulaishvili is associated with Frontera in any way," the company said.

Natia Turnava, Minister of the Economy - They really had an arbitration dispute with the American "Frontera". Since then we have been cooperating quite constructively. One of our main demands is for Frontera to take into account amounts owed to the employeed people. In general, “Frontera” is important for us as an American business and, I am sure, very soon we will reach a mutual agreement. As for the false information spread today, I would like to call on the media channels that spread such unverified information so quickly, to check who their respondents are, so that they do not find themselves in the same awkward situation as they are today. Because American “Frontera” has made a statement that the gentlemen who seem to be speaking on behalf of this company do not represent this company at all.

Maia Mtsariashvili, Partner at BLB - "Green Capital" was used as a weapon and in one day the court, in an 8-minute court session, transferred the entire assets of Frontera (American investments, established business) to the name of "Green Capital", behind which we consider Zaza Mamulaishvili. „Green Capital“ is not an American company. All these statements made yesterday were intended to mislead the public. At the moment, Frontera is seeking legal ways for his rights, including disputes against Mamulaishvili in all jurisdictions, American, Georgian, and we have also appealed to the Prosecutor General's Office of Georgia to launch an investigation against them.
https://www.imedi.ge/ge/video/79644/frontera-resources-corporationis-gantskhadeba#!?from=&page=1&to=&season=-1&type=1

Cheers toatie - thats a lot of cut & pasting. Those letters were ridiculously long so I guess ZM's lawyer was charging by the word.

That is one of the letters from August 2021. They also contributed to ZM being found to be in contempt. Pity it isn't a new letter as they would have him again on the same charge.

Chris572 - I can't open the links so not sure if this refers to the letter you have found. In August 2021 ZM / Green Capital / their lawyer wrote to the US ambassador, Head of EU, GOGC, Economy Minister, Prime Minister and anyone they thought might listen. These letters where then entered into evidence or discussed in testimony to support the allegations of contempt.

Can you open this link and is it the same as the letter you have - https://www.interpressnews.ge/ka/article/668394-grin-kapitali-da-saoperacio-kompania-prontera-istern-jorjia-ashsh-is-elchs-da-diplomatiur-korpuss-mimartavs-davis-mshvidobianad-dasrulebistvis-sakartvelos-mtavrobastan-ushuamdgomlon-r/

No problem WHamBoy and good luck with the message.

WHamBoy - regarding the force majeure. Remember that in the court testimony we saw the GOGC complain that the company (it was actually ZM) had removed oil so violating the force majeure. I think this shows the GOGC had an issue with ZM's actions, not the declaration of force majeure which looks like they had accepted.

This is old news. The GOGC website has been like that for a long time, and it has been mentioned here in the past. I did ask the company about this 6 months ago. No reply at the time, but I will try to ask again.

I think the ‘oil’ page has been like that since last year. Depending on how literal the GOGC website is, it could be right to say that “as of today…7 oil companies are operating”. We don’t know when ‘today’ was and as the company had declared force majeure, it could be considered as non-operational on the day. Maybe, maybe not.

The 1st March report is I believe taken from another annual report published in 2021. I think at least one of the companies mentioned in the list is no longer operational - Nazvrevi Oil Company Limited (dissolved Feb '22) - so the information is not really up to date.