Member Info for Madpunter

Sorry, this should read as follows :-
If the transfer is approved and the super majors sign on the dotted line before FRCC is liquidated, then the 5% RA becomes a future dividend for FRR. However, if FRCC becomes liquidated before the transfer is approved and the super majors sign on the dotted line, then the GG gains the 5% RA, increasing their share from 51% to 53.45%. As LN holders ZM and or SN could have requested the Supervision Order to speed up the liquidation of FRCC. Hence, the GG might just be stalling in approving the transfer. It fits my Achilles Heal Trojan Horse theory.

If the transfer is approved and the super majors sign on the dotted line before FRCC is liquidated, then the 5% RA becomes a future dividend for FRR. However, if FRCC becomes liquidated before the transfer is approved and the super majors sign on the dotted line, then the GG gains the 5% RA, increasing their share from 51% to 53.45%. IMHO as LN holders ZM and or SN could have requested the Supervision Order to speed up the liquidation of FRCC. Hence, the GG might just be stalling in approving the transfer. It fits my Achilles Heal Trojan Horse theory.

Arsenal - It doesn't look like they're trying to get the asset transferred back. The liquidators are just doing their job and liquidating FRCC, which only holds a 5% RA, which will then revert to the GG. As garytrader pointed out:-
“the liquidators or any creditor or member can apply to bring the liquidation under the Grand Court's supervision”

Arsenal221 - Copy the part where it says that the liquidators will try on getting the asset transferred back please.

Arsenal221 - IMHO the ability to obtain funding was about leverage in the negotiations with the super majors and once the asset was safe from SH/O, the court cases just become noise.

There's no assets in FRCC, just a 5% royalty agreement, which if my revenue estimates were correct equates to 5% of $22.9m over the next 12 months = $1.145m (even after a deal with BP, it will take time to plan and build all the infrastructure required). The 5% of FRR's share of the oil production will revert to the GG, giving them a total of 53.45%. IMHO, the price to facilitate the transfer of the asset and what the arbitration was really about, posturing for a bigger piece of the pie.

WHamBoy and sonnclimes - Yes, your both right it's 1059 TCF. I had missed the change from feet to metres in the article. My value calculations for Block 12 could be out by a factor of 5 if the recoverable rate is the same. New typical takeover figures would be $40bn to $120bn for 1% to 3% (after deducting the half share of the GG). Add to this the court case; what happened at xmas after StarRages posts and it's easy to see why FRR have remained schtum.

https://www.convertunits.com/from/billion+cubic+metre/to/trillion+cubic+feet

Coggy - They were as you pointed out, internal estimates, which until verified independently can't be classed as reserves. Hence, the link which shows that the CPR reserves were 10.225billion barrels of oil and 12.9 TCF of gas. Whereas, the estimates were 18 billion barrels of oil and 202 TCF of gas and with BP's computer models and T39's information, these may increase as well.

Coggy - No, it doesn't mean FRR has exported 4 billion barrels of oil, but you did draw my attention to the significance. IMHO this means that the reserves of 10.225 billion barrels of oil and 12.9 TCF of gas (shown in the link below) have increased significantly. This must surely be due to independent verification of the increased reserves from T39 (probably by BP), which is in the Eldari B, and wasn't included in the CPR.

ODR - Definitely, not dead in the water . As I reiterate :-

Next stop Georgia to sign a deal with the super majors perhaps? Otherwise, why both SN and ZM, with SN travelling all the way from the US, when ZM could have taken the shorter journey from Georgia to represent FRR?

Add the jobs advertised by BP; court papers implying FRR could soon be worth a lot more; FRR's ability to obtain a loan without SH on the board with his veto; FRR looking to Moldova and now Ukraine; and the big picture is getting better all the time. While SH only has Zib's Mr Big to looming on the horizon IMHO.

Also, the lobbying payments aimed at the GG have recently stopped.

Tsbs - I agree, the big picture is what needs focusing on, hence I reiterate the following which went without much discussion :-

Next stop Georgia to sign a deal with the super majors perhaps? Otherwise, why both SN and ZM, with SN travelling all the way from the US, when ZM could have taken the shorter journey from Georgia to represent FRR?

Add the jobs advertised by BP; court papers implying FRR could soon be worth a lot more; FRR's ability to obtain a loan without SH on the board with his veto; FRR looking to Moldova and now Ukraine; and the big picture is getting better all the time. While SH only has Zib's Mr Big to looming on the horizon IMHO.

Next stop Georgia to sign a deal with the super majors perhaps? Otherwise, why both SN and ZM, with SN travelling all the way from the US, when ZM could have taken the shorter journey from Georgia to represent FRR?

I've copied ZiggyZag's post @ 11:23 to the Frontera Archive :-

https://www.lse.co.uk/chat/general/commodities-and-mining/frontera-archive-41C7D130-7E51-4344-82E7-83B697F53322.html?page=19

Coggy and Puddy - You remind me of the old one on the matchboxes :-

1st Pensioner - "windy isn't it?"
2nd pensioner - "No, I think it's Thursday!"
3rd pensioner - "So am I, let's have a cup of tea!"

Done Bezzy.

https://www.lse.co.uk/chat/general/commodities-and-mining/frontera-archive-41C7D130-7E51-4344-82E7-83B697F53322.html?page=19

As the world moves towards a lower carbon model, then off-shore drilling with the extra risk (think about the BP spill in the Gulf of Mexico) will decline. Some projects will never come into production. The world will still need oil and gas, but the emphasis will be on gas for fuel in the transitional period. As for the oil which will still be required for non-energy uses, the emphasis will be for on-shore. With this in mind and BP waiting in the wings to sign on the dotted line, why would FRR want the Dolphin License? Furthermore, the Russian annexe of the Crimea would add to the risk of the venture becoming profitable. IMHO FRR initiated the tender process to get rid of the license, as BP were not interested in another off-shore venture. IMHO FRR is close to signing a deal with the super majors and the court cases are just as Kickmuck referred to as 'just noise'.

The 10 posts by Taffy52 starting @ 14:31 have been copied to the Frontera Archive :-

https://www.lse.co.uk/chat/general/commodities-and-mining/frontera-archive-41C7D130-7E51-4344-82E7-83B697F53322.html?page=18

https://www.lse.co.uk/chat/general/commodities-and-mining/frontera-archive-41C7D130-7E51-4344-82E7-83B697F53322.html?page=19

The post by Chris572 @ 09:31 has been added to the Frontera Archive (scroll down to the post @ 17:20) :-

https://www.lse.co.uk/chat/general/commodities-and-mining/frontera-archive-41C7D130-7E51-4344-82E7-83B697F53322.html?page=18

I've copied the 12 posts by Earsbern from earlier today (1st post @ 00:41) to the Frontera Archive :-

https://www.lse.co.uk/chat/general/commodities-and-mining/frontera-archive-41C7D130-7E51-4344-82E7-83B697F53322.html?page=18

Apologies, I expected the case against SH/O to move to another jurisdiction and didn't notice the case is against ZM and SN, so disregard my last two posts.