Member Info for Madpunter

Coggy - I had wondered the same, hence my post last week.

Mole - If FTI have left Zaza in charge of Block 12 and the leaking well is not part of the area returned to the GOGC, then could FTI be liable for the clean-up costs?

I wonder if Zaza's smash and grab of Block 12 is just a scorched-earth policy to deny SH/O any of the spoils? Surely it would be obvious that the GOGC and the GG would overturn what appears to be the theft of Block 12 by GC, owned by ZM and his relatives? However, it could put FRR out of the equation through registration issues and the Georgian courts, resulting in a loss for SH's which would include ZM. As Zaza was instrumental in stopping the GG taking back the whole of Block 12 after the arbitration, then maybe he thinks a deal might still be possible for himself, without FRR and it's SH's, especially if the GG still require the data?

The alternative was Royalty Smelter Agreements, which don't dilute SH's, but reduces the future profits for the major's who will develop Alpala. IMHO this is the reason that NM was ousted as the major's favour SH dilution.

When Nick Mather was the CEO his last money raise was from a smelter royalty which effectively valued Alpala at $10bn, as $100m was paid for 1%. IMHO this was very favourable for us shareholders, but probably not for BHP and Newcrest. Now we have shareholder dilution via a placing, which IMHO is more favourable for BHP and Newcrest and allows the II's to gain shares at a cheap price. As the placing was oversubscribed, then it is probable that the II's will want more shares at a similar price on the open market. IMHO in order to do fill these large orders the MM's will bounce the price up and down around the placing price and some PI's will lose shares through sudden drops of 5 - 10%. The question is have the BoD broken their fiduciary duties by raising money through a placing rather than through a smelter royalty?

IMHO this will help FRR obtain funding for a FDP or a JV.

Badri Japaridze - Georgia can gain interim EU membership status

https://www.lse.co.uk/chat/general/general/the-georgian-election-1D3531D6-391B-42B4-9C9C-C9F8383D0BB8.html?page=15#26484849

I agree with ODR and as there's 30 days to log an appeal, IMHO FRR will appeal the transfer of Block 12 to GC. Therefore, we should see something about an appeal in the courts shortly.

Lose another 6. If my memory is correct that is 10 in total and only another 5 or 6 for 'no confidence' if it applies? Are we soon to get a pro-FRR and pro-West government, but will we still be a part of the equation?

Coggy - There's only one way of telling whether they're Goodie's. They will wear flat caps, carry long fierce-looking Black Puddings and be Masters in the martial art of Ecky-Thump.

Welloiled - If it is fraud and invalid, it will still take time to sort out with the courts. Also, if this is the case, it seems highly likely that it would be found out and invalidated. Therefore, it could possibly be another way of delaying things to put more pressure on SH/O's finances. Otherwise, why would Zaza try to take Block 12 in this way? If this ever gets published as a book or made into a film, nobody will ever work out in advance what is going to happen!

Welloiled - The BoD may have done the DD on the US company, Green Capital LLC. They may have had nothing to do with Green Capital Ltd., which may only have links with Zaza.

Welloiled - It just seems too much of a coincidence that both companies are called Green Capital.

Green Capital Ltd is obviously a different company to Green Capital LLC, but with both companies having the name Green Capital, it's possible Zaza has misled the BoD of FRR and maybe even the court in Georgia.

SH/O has tried to take Block 12 from FRR; the GOGC has tried to use the arbitration to take Block 12 from FRR; and now Zaza and Green Capital have tried to take Block 12 from FRR. We can only hope that the BoD and lawyers representing FRR and us SH's are successful in keeping and progressing Block 12. The only thing certain is that this is definitely NO EMPTY BOX!

It also makes no sense that the area transferred to GC can be 5060km2, as almost 99% of this area was to be returned to the GOGC. The court ruling would appear to be going against the arbitration decision.

Mole - How can the court give 5060km2 to GC when almost 99% of that area had already been returned to the GOGC, and the court would effectively be overturning the arbitration?

1) We know that after the arbitration ZM stated that the area which had not been proved had been returned to the GOGC.
2) We know that ZM had previously stated that the only stumbling block with the GOGC was extending the PSA past 2027.
3) We know that the GD stated that FRGC had not returned the area that the GOGC were entitled to under the arbitration.

IMHO the 5060m2 was the area that was under dispute and being used as a tool to deny extending the PSA past 2027. Therefore, rather than return the area to the GOGC, or wait forever for them to take FRGC to court or arbitration, FRGC and GC have had the area under dispute decided by the courts. As part of the arbitration ruling was that FRGC didn't have sufficient funds to continue exploration in the area to be returned, GC have argued that they have entitlement under the farm in agreement, plus that they also have sufficient funds and expertise. Hence, instead of the 5060m2 returning to the GOGC, it is transferred to GC from FRGC. This also explains why ZM didn't have legal representation, as it is a very small area and it has resolved a dispute which may have been what was holding up a possible extension to the PSA past 2027.

Might be working with the threat of a plank of wood over the head. There's talk of a 90% chance of agreement between GD and the opposition. Is this why after almost 2 years the transfer of Frontera's Block 12 has been registered?

Thanks Welloiled and tsbs1.