Member Info for Madpunter

The full job description is in the link posted in the Frontera Archive for anyone who's interested :-
http://www.lse.co.uk/view-general-chat-thread.asp?forum=commodities-and-mining&thread=41C7D130-7E51-4344-82E7-83B697F53322&page=last#last

Another numptie for the filter pool!

Is this what your after zoff?
https://jobs.bp.com/job/tbilisi/project-lead/198/10637559

AJamesW - Cove had 8.5% of 30TCF = 2.55TCF. Therefore, with a value of £992m, that equates to £389m/TCF, but that is for offshore deep water with little or no infrastructure.

Moosematics - Georgia get 51% of the oil after the $400m+ exploration costs have been recovered. Therefore, if FRR just continue with BH and the money from the $60m loan, if approved, it will be a while before the Georgian Government get any oil. If BP or Exxon or both give FRR a lump sum for a percentage of Block 12 or any of the fields, then FRR keep all of that lump sum, but the GG also benefit as the production will be scaled upwards. Hence, the GG will get their 51% of production sooner and it will be a greater volume.

Timster - I've copied the link as requested :-
http://www.lse.co.uk/view-general-chat-thread.asp?forum=commodities-and-mining&thread=41C7D130-7E51-4344-82E7-83B697F53322&page=last#last

Avi8r - I only used $60/bbl for the oil price based upon the price of Brent, which is currently $61.59, but the low sulphur 41.5API oil in Block 12 normally commands a premium of about $5/bbl. In fact only the Algerian Sahara Blend and the Malaysia Tapis are of higher quality (see chart in the link below). Block 12 is also closer to the pipelines linked to the European Market than the Malaysian Tapis, which is currently $65.01/bbl. Algerian Sahara Blend, currently $61.46/bbl sells for less than Brent despite being of higher quality. Also relevant are the facts that production from Block 12 will last decades; world reserves of the cheaper to extract hydrocarbons are diminishing; and Zaza told us in the podcast that the majors think there is more oil and gas (zone 19 is proof that there is more). Therefore, the valuation IMHO is conservative and could well be a lot more.
https://www.energyandcapital.com/resources/brent-vs-wti-crude-oil-what-is-the-difference/17
https://oilprice.com/oil-price-charts#prices

I didn't realise the board was still going until I saw Kenirogas's post on the FRR bb. I looked in here around November/December time and the board didn't show, so assumed it was taken down. I will have to post occasionally now to help keep it open. Apart from the odd bit of info. from saintpeter7 contacting DRG directly, the news from the BoD has been sparse, leaving shareholder's with nothing to talk about.

18kMMbbls oil and 202TCF (at the same recoverable rates as the figures in the CPR = 2.9kMMbbls and 140TCF) . If this is converted to oil equivalent (1TCF = 170MMbbls oil) = 2.9 + 26.7 = 29.6kMMbbls. At $60/bbl = $1776bn, therefore just 1% = $17.76bn ( typical buyout valuations are 1 - 3% for producing).
Costs are also relevant, which at less than $12/bbl are a quarter the costs of the BP acquisition in the Permian ($10.5bn for 4.6kMMbbls). FRR has 6.5 x as much hydrocarbons and oil that can be extracted at 4 x as much profit. It's the same Kura Basin and Maykop geology as Azerbaijan, where BP are already involved, but in Georgia it's onshore. IMHO FRR will not sell Block 12, but enter a JV, with a lump sum giving a special dividend and the future percentage of the oil giving excellent dividends for many years or even decades.

I doubt you'll get them cheap. If the shorter's have buy orders in place, there's possibly more demand to buy than sell. IMHO plenty of holders will wait and see what happens and some will try to buy more. The only shares available atm will be those outside of SIPP's and ISA's, where the PI wanted a share certificate, rather than holding in a share account with a broker like HL. This is probably why 1p has been quoted on here already, with the broker telling their client to hold for a higher price. I've already raided the back of the sofa or I would be trying to buy more, but with the current situation, some may think the risk is too great to buy. DYOR.

Coprolalia due to Tourette Syndrome perhaps?

IMHO FRR will re-list when the court case is over and or when the $60m loan is in place. If at that point, one or more of the majors completes a deal, with one of the conditions of that deal being that FRR move to the main market, then a temporary move to AIM is a waste of finances.

Kenirogas - I have added most of the YJ posts, but not BigDouble's, as I think that ZM and SN need to be left to concentrate on the court case, $60m loan and negotiations with the majors. Hence, my post last night which is copied below :-
I agree LordLash and regdik, if there was even a hint of a scam by ZM and SN, the majors wouldn't want to be associated. Similarly, the Atlantic Council, Ted Poe, Damon Wilson and John Bolton wouldn't want their reputations tarnished and would be down on ZM and SN like a ton of bricks IMHO. Also, if ZM and SN were going to pull a scam, why would they align themselves with shareholders by exchanging debt for equity at 1p, which was very favourable to shareholders? IMHO we just need to be patient and stop putting pressure on ZM and SN, as that plays into the hands of the real villains.
To access the archive just click on Share Chat (in the left hand column towards the top of this page); then General Chat; then Commodities and Mining;and finally Frontera Archive. Anyone can add relevant information, therefore if you think it is appropriate at this stage in developments, then add the BigDouble post.

I agree LordLash and regdik, if there was even a hint of a scam by ZM and SN, the majors wouldn't want to be associated. Similarly, the Atlantic Council, Ted Poe, Damon Wilson and John Bolton wouldn't want their reputations tarnished and would be down on ZM and SN like a ton of bricks IMHO. Also, if ZM and SN were going to pull a scam, why would they align themselves with shareholders by exchanging debt for equity at 1p, which was very favourable to shareholders? IMHO we just need to be patient and stop putting pressure on ZM and SN, as that plays into the hands of the real villains.

Sorry I missed the last part of the sentence after Precautionary Suspension...
1) We know that trading is suspended without a NOMAD and that Zaza is working hard to get a new one, but that it takes time with all the regulatory hurdles.
2) We also know that companies can have extra time for DD by the NOMAD.
3) We have been told by YJ that the injunction is still in place and the next hearing is in February.
4) We have also been told by YJ that the RNS Reach system and social media can be used to keep shareholders informed.
5) We can assume that if the suspension was lifted before the court case is settled, or the $60m loan granted, that the share price would probably come under attack again.
6) There are possibly links with the leaking of information about the arbitration; naked shorting by YA; possible naked shorting by SH/O; possible shorting by TW et al; and the court case.
Therefore, why would anyone want the suspension lifted before positive information, especially if the ISA wrapper was protected by an extension. If there are links between the shorting and the court case, then if and when an extension has been granted for re-listing, I would imagine that FRR may request a Precautionary Suspension to follow on at the time of re-listing. They could argue that it is required 'for the protection of investors' and that 'the integrity and reputation of the market has been or may be impaired' by those dealings.

StarRage - Thanks for your post about Precautionary Suspension. I've copied it to the Frontera Archive :-
http://www.lse.co.uk/view-general-chat-thread.asp?forum=commodities-and-mining&thread=41C7D130-7E51-4344-82E7-83B697F53322&page=last#last

1) We know that trading is suspended without a NOMAD and that Zaza is working hard to get a new one, but that it takes time with all the regulatory hurdles.
2) We also know that companies can have extra time for DD by the NOMAD.
3) We have been told by YJ that the injunction is still in place and the next hearing is in February.
4) We have also been told by YJ that the RNS Reach system and social media can be used to keep shareholders informed.
5) We can assume that if the suspension was lifted before the court case is settled, or the $60m loan granted, that the share price would probably come under attack again.
6) There are possibly links with the leaking of information about the arbitration; naked shorting by YA; possible naked shorting by SH/O; possible shorting by TW et al; and the court case.
Therefore, why would anyone want the suspension lifted before positive information, especially if the ISA wrapper was protected by an extension. If there are links between the shorting and the court case, then if and when an extension has been granted for re-listing, I would imagine that FRR may request a Precautionary Suspension. They could argue that it is required 'for the protection of investors' and that 'the integrity and reputation of the market has been or may be impaired' by those dealings.

Have been copied to the Frontera Archive :-
http://www.lse.co.uk/view-general-chat-thread.asp?forum=commodities-and-mining&thread=41C7D130-7E51-4344-82E7-83B697F53322&page=last#last

In 2012 approximate production of 220bopd and 300 barrels equivalent (boepd) of shut in gas awaiting infrastructure. T45 and Dino-2 produced 35bopd and the heavy crude production was 75bopd. Therefore, without the heavy crude, T45 and Dino = 110bopd and this had already been flowing for a few years (9 years in 2018).
T45 flowed initially at 278bopd and Dino flowed initially at 315bopd, both after frackingin in 2018. The emails indicated a flow rate of 95bopd and suggested different fluid for Dino, but we don't know if this was used or made any difference.
Therefore, assuming the same decline in flow for Dino = 107bopd (the initial flow for Dino was 12.9% higher than for T45 and 107bopd is 12.8% higher than 95bopd).
T39 initially flowed at 250bopd plus 350,000scf/d wet gas with a 6/64" choke; 347bopd and 425,000scf/d with a 7/64" choke; and 529bopd and 600,000scf/d with a 8/64" choke ( full bore = x 8). As the gas is being flared, then after testing the well will probably be plugged until infrastructure is in place (pipeline, or possibly a gas generator and a compressor to allow it to be trucked).
Therefore without T39 current production = (110 + 95 + 107) = 312bopd light crude and 75bopd heavy crude (with infrastructure for the gas it will be considerably more).
If the 3 trainloads were from FRR in September and October 2018, then the next auction would be announced on the 30th January 2019 (4,500t) or 12th February 2019 (5,000t). There have been no further auctions since the one on the 22th October 2018, despite 3 in 42 days for 19,000t, whereas previous auctions were on average every 6 months for 4,500t (every 182.3 days). If the oil was from FRR then about 45 days after the three train auctions, about the 6th December 2018, $10.25m would have been added to FRR's finances, just from the light crude (based upon 19,000t x 7.71bbls/t x $70/bbl). If current production is 312bopd = $560k each month for the light crude accumulating in the train ready for sale, which equates to $2.08m or $2.31m (depending on the train size being 4,500t or 5,000t).

Drshobby

Not in injury time yet.
Injury time is the extension after normal time, 90 minutes is not up until one month from Xmas eve.
that might be deemed to be this Thursday but i suspect it will be Friday.

Anyway I contacted my broker which for my FRR shareholding is in ii.

I have ISA’s and wanted to know their considered opinion. Here are my questions and their replies.
I am a lot calmer having received these answers:

Q1: What happens to the affected holdings in the ISA account if FRR do not
find a new nomad before end of this month?

A: If they fail to appoint another Nomad and the stock gets delisted,
following the delisting we will endeavour to provide you with a share
certificate in relation to your holding, should one be issued by the company in
the future. Due to restrictions imposed on ISA accounts, unlisted shares are
not considered a qualifying investment. Certificates received in respect of ISA
accounts will no longer be held within the tax efficient wrapper so will lose
any tax benefits.

Q2: I do expect that FRR will find a new Nomad in the short term. If this
is after the end of this month, will the ISA wrapper continue upon relisting (i
have used ISA allowance from several years to build this holding).

A: Yes, the ISA wrapper will continue upon relisting as long as this
happens before you are issued with a share certificate. Please note, the issue
of certificates take more than a month from the point of official delisting
therefore you will be fine as long as the company relists within a few
months.

Now the first answer to Q1 is straight out of the Corporate Actions event statement on ii. No deviation from the marked run here. But there is a very important statement in this answer (we will endeavour to provide you with a share certificate in relation to your holding, should one be issued by the company in
the future.)
Now look at answer to Q2. Here they go slightly off-piste in order to give me the answer that I seek, in relation to my having built this ISA wrapper over several ISA years. (Please note, the issue
of certificates take more than a month from the point of official delisting
therefore you will be fine as long as the company relists within a few
months.)

So, as long as The Company does not issue a Certificate for unlisted shares, why would they unless they planned to delist? Then our ISA wrappers are fine and will just freeze pending re-listing after new NOMAD on board.

Phew!
I did not ask about SIPPS as have none.

All the very best of luck all holders here. And to those shorters that have been a thorn in this company’s side for far too long;

squeak, squeak, squeak!