Member Info for Madpunter

Posted by Earsbern on the 15th October :-

19. The Complaint conclusively establishes breach of contract. Marquis Acquisitions, Inc. v. Steadfast Ins., 409 S.W.3d 808, 813–14 (Tex. App.—Dallas 2013, no pet). Specifically, the Third Amendment is a valid and enforceable contract between Plaintiff and Nicandros, whereby Nicandros personally guaranteed FIC’s repayment of the Deferred Interest, which was due to be paid to Plaintiff on September 30, 2018. 20. FIC failed to pay the Deferred Interest to Plaintiff. Accordingly, Nicandros is liable to Plaintiff in the amount of the Deferred Interest. 21. By failing to timely answer the Complaint and to comply with the Summons, Nicandros is deemed to have admitted Plaintiff’s allegations in the Complaint. See, e.g., Jackson v. FIE Corp., 302 F.3d 515, 524 (5th Cir. 2002) (“[t]he defendant, by his default, admits the plaintiff’s well-pleaded allegations of fact, is concluded on those facts by the judgment, and is barred from contesting on appeal the facts thus established. A default judgment is unassailable on the merits”). 22. Likewise, Plaintiff is entitled to its attorney’s fees. Plaintiff pleaded for fees in its Complaint. See Dkt. No. 1 at pp. 9-10. Entry of the default judgment entitles Plaintiff to fees pursuant to TEX. CIV. PRAC. & REM. CODE 38.001. The attorney’s fees incurred by Plaintiff are reasonable.
23. As evidenced by Exhibit “A,” Plaintiff seeks an award of $12,248.50 in attorney’s fees. In addition, Plaintiff seeks the filing fees for this matter and fees for service of process upon Nicandros in the amount of $761.10. 24. Plaintiff therefore seeks a judgment of actual damages in an amount to be proven at the hearing on this Motion, as well as the amount of $12,248.50 in attorney’s fees, and $761.10 for the filing fee for this matter pursuant to Rule 55 of the Federal Rules of Civil Procedure.

Posted by Earsbern on the 15th October :-

11. On September 9, 2019, this Court entered an Order of Substitute Service, authorizing Plaintiff to serve Nicandros by posting or attaching a true and correct copy of the Summons and Complaint on the front door of Nicandros’ Residence. See Dkt. No. 7. 12. On September 11, 2019, Plaintiff served Nicandros in accordance with the Order of Substitute Service by posting a copy of the Summons and Complaint on the front door of his Residence. Plaintiff filed its Affidavit of Service on September 20, 2019. See Dkt. No. 8. 13. As a result, the deadline for Nicandros to answer the Complaint or file any motion regarding the Complaint was October 2, 2019. 14. Nicandros failed to file any answer or motion regarding the Complaint by October 2, 2019, an11. On September 9, 2019, this Court entered an Order of Substitute Service, authorizing Plaintiff to serve Nicandros by posting or attaching a true and correct copy of the Summons and Complaint on the front door of Nicandros’ Residence. See Dkt. No. 7. 12. On September 11, 2019, Plaintiff served Nicandros in accordance with the Order of Substitute Service by posting a copy of the Summons and Complaint on the front door of his Residence. Plaintiff filed its Affidavit of Service on September 20, 2019. See Dkt. No. 8. 13. As a result, the deadline for Nicandros to answer the Complaint or file any motion regarding the Complaint was October 2, 2019. 14. Nicandros failed to file any answer or motion regarding the Complaint by October 2, 2019, and no such answer or motion has been filed by the date hereof. 15. Contemporaneously with the filing of this Motion, Plaintiff has also filed its Motion for Entry of Default (“Default Motion”). 16. Attached hereto as Exhibit “A” is the Affidavit of Natalie A. Sears, describing service of the Complaint, Nicandros’ default, and the attorney’s fees and expenses incurred by the Plaintiff in prosecuting this matter. 17. Nicandros is not in the armed services of the United States, is not on active duty, is not an infant, and is not an incompetent. See Exhibit “A.”

II. RELIEF REQUESTED AND DISCUSSION 18. By this Motion, Plaintiff seeks the entry of a default judgment against Nicandros for (a) actual damages resulting from Nicandros’ breach of his individual guaranty contained within the Third Amendment, and (b) attorney’s fees and costs incurred in prosecuting this matter against Nicandros.

Posted by Earsbern on the 15th October :-

payment of all unpaid interest. FIC failed to make the Deferred Interest payment during or after the ten-day cure period. 6. As a result of FIC’s default and its failure to timely pay the Deferred Interest, Nicandros and Mamulaishvili became personally liable under the Individual Guaranties to provide Plaintiff with the Pledged Shares or otherwise satisfy FIC’s “due and punctual performance” with respect to the Deferred Interest. Neither Nicandros nor Mamulaishvili have performed in accordance with their contractual obligations as guarantors. 7. As a result, Plaintiff filed the instant action on July 27, 2019, to recover the amounts owed under the Individual Guaranties. B. Nicandros’ Default 8. On August 5, 2019, the Court issued the Summons in a Civil Action for Nicandros (“Summons”), informing him that he had thirty (30) days after service of the Summons to respond to the Complaint and that his failure to do so may lead to the entry of default judgment against him. See Dkt. No. 4. 9. Plaintiff diligently attempted to personally serve Nicandros at his residence located at 414 Pineneedle Dr., Houston, Texas 77024-6604 (“Residence”) on six separate occasions, but was unsuccessful.
10. As a result, on September 6, 2019, Plaintiff filed a Motion for Substituted Service on Nicandros, requesting that the Court permit Plaintiff to serve Nicandros with process by posting or attaching a true and correct copy of the Complaint and Summons on the front door of Nicandros’ Residence. See Dkt. No. 6.

Posted by Earsbern on the 15th October :-

PLAINTIFF’S MOTION FOR ENTRY OF DEFAULT JUDGMENT Page 2 4847-5320-0296v.1 balance was paid in kind. Moreover, for certain periods, an “Interest Increase Triggering Event” (as defined in the Note) would cause the interest rate to increase by eight percentage (8%) points per annum. 3. The Note was amended by that certain First Amendment to Note Agreement effective as of March 3, 2017; and subsequently amended by that certain Second Amendment to Note Agreement and First Amendment to Global Note effective as of May 26, 2017. Then, on March 30, 2018, Plaintiff, FIC, Nicandros, and Mamulaishvili executed a Third Amendment to the Note, providing for the deferral of certain outstanding interest payments (the “Third Amendment”). See Dkt. No. 1, Ex. B. The Third Amendment deferred the payment of interest for the periods January 1 – March 30, 2018, and April 1 – June 30, 2018, until September 30, 2018 (the “Deferred Interest”). 4. In connection with and as integral part of the Third Amendment, the Deferred Interest was guaranteed to be paid by both Nicandros and Mamulaishvili, who thereby personally guaranteed FIC’s “due and punctual performance” of the Deferred Interest payment; and, in connection therewith, promised to provide, as a continuing security, a total of 500,000,000 Ordinary Shares of Frontera (“Pledged Shares”) owned and/or controlled by them (“Individual Guaranties”). 5. FIC failed to tender the Deferred Interest on September 30, 2018. Following that date, Outrider made demand upon FIC for payment of the Deferred Interest. Under Section 8.1(b) of the Note, the failure of FIC to “pay any interest, fees or expenses or any of its other obligations” under the Note within ten (10) days after such payment is due is an Event of Default. Following such an Event of Default, the Note provides Plaintiff with certain remedies, including but not limited to the right to accelerate the remaining principal balance due under the Note and demand

Posted by Earsbern on the 15th October :-

Default Judgement
PLAINTIFF’S MOTION FOR ENTRY OF DEFAULT JUDGMENT COMES NOW, Plaintiff Outrider Master Fund, LP (“Plaintiff”) and files this its Motion for Entry of Default Judgment (the “Motion”), requesting that the Court enter a default judgment against Defendant Steve C. Nicandros (“Nicandros”) and would respectfully show as follows: I. BACKGROUND A. The Complaint 1. Plaintiff initiated this lawsuit on July 23, 2019, with the filing of its Complaint (“Complaint”) against Defendants Nicandros and Zaza Mamulaishvili (“Mamulaishvili”), both of whom are individual guarantors under a Note Agreement (“Note”), as amended, between Plaintiff and Frontera International Corporation (“FIC”). 2. Under the terms of the Note, interest accrued and was to be paid quarterly in arrears each March 31, June 30, September 30, and December 31, beginning on December 31, 2016, and ending on the Note’s maturity date of August 1, 2020. See Dkt. No. 1, Ex. A. As set forth in Section 1.3 of the Note, interest accrued on the outstanding principal at a rate of ten percent (10%) per annum if the Note balance was paid in cash or twelve percent (12%) per annum if the Note

Posted by Tsbs on the 15th October :-
zaza wants bp lock stock and barrel ?
Im lost ! who wants who :-))

Posted by pophead on the 15th October :-
Agree Tim what does this mean Madp at the end of your post???
I assumed that the Zaza no show was linked to BP et al wanting FRR lock, stock and barrel, I may have been barking up the wrong tree.

Posted by johnnybbad on the 15th October :-
Re: Ukraine bid . Maybe BP wanted FRR to get Dolphin so they could hive it off sometime in the future to the BP/TNK joint venture through the backdoor so Russia have an indirect play on the Dolphin project without upsetting the West.

Posted by Madpunter on the 15th October :-
My previous theory was that the no show in the Ukraine and lack of information on the court cases were linked to a total buyout after an agreement through ADR (after all lose ends were tied). The new information about the Texas case suggests that SN and ZM haven't even acknowledged that case. If they were negotiating in ADR, then I doubt that they would have ignored the Texas case. This new information, plus revised thoughts about BP et al, and possibly FRR as well (due to Avi8r's post and my 26th July post), suggests that they don't want the Dolphin prospect, or due to the timescales are no longer interested. Therefore, IMHO BP et al are not after FRR lock, stock and barrel, but just Block 12, this means that as soon as Mourant and the liquidators are paid (nullifying the Texas case), a deal can be signed. The Californian case can then proceed at leisure, as it's just noise. Either FRR win with discovery evidence, or they win on appeal in another jurisdiction with the smoking gun (YA) and SH goes off to meet Zib's Mr Big.

Posted by Madpunter on the 15th October :-
johnnybbad - Possibly, or maybe the door is left open for someone else, like SOCAR to bid and deal with Russia. I was thinking more in how the Caucasus regions hydrocarbons are developed without upsetting Russia.

Posted by Ivyspivey on the 15th October :-
http://www.ukrainianjournal.com/index.php?w=other_new&id=8713

Smoke and mirrors
After reading Avi8r's post from Sunday i looked back at my post from the 26th July. I've copied my post below :-

Posted by Madpunter @ 18:57 on the 26th July :-

The big picture
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'.

Posted by BezzyBushFire @ 19:11 :-

Evening MadPunter,

I'd recommend sticking your 18:57 post into the Frontera archive. We're going to look back in the not-too-distant future over these retained posts and I don't think you'll be far off the mark.....

IMHO big politics are at play like Avi8r suggests and adding my thoughts from July results in my opinion changing about the Ukraine bid and court case. Trident is out of the picture now and the door is left open, but will FRR bid if BP et al just buy Block 12 and BP are not interested in a JV in the Ukraine? If BP et al buyout FRR, will they be interested in a bid for Dolphin? I'm not so sure and while I assumed that the Zaza no show was linked to BP et al wanting FRR lock, stock and barrel, I may have been barking up the wrong tree.

Posted by Avi8r on the 13th October :-

Given trumps comments on the middle east now being a lost cause invites debate on whether there is political awareness involved in the Caucasus. Saudi Arabia is currently 2nd with 266,455 million barrels, but 19bn barrels puts Georgia next in line to Qatar (https://www.worldatlas.com/articles/the-world-s-largest-oil-reserves-by-country.html)

I am not surprised to see this megalomaniac behaviour from him, but something must be driving his decision making. He really hasn't got the intelligence to work these things out for himself. I am still of the view that strong politics are at play here behind the scenes and Frontera is merely a pawn in the process, Hope a minor irritation, which we are watching play out.

Whether it re-lists on LSE is the big question as if that does happen I think many people will become quite wealthy, particularly if Madpunters numbers are anywhere close to reality.

Posted by Madpunter on the 13th October :-
Chris572 - Oil reserves denote the amount of crude oil that can be technically recovered at a cost that is financially feasible at the present price of oil.[1] Hence reserves will change with the price, unlike oil resources, which include all oil that can be technically recovered at any price. That is why my earlier valuations were 1 - 3% of the in ground value and now for the reserves are 5 - 10% of the in ground value. Therefore, if more of the reserves are P1 the figure will be nearer 10% and if more are P3 then nearer 5%. This is a huge amount of reserve, 19.1+ billion barrels of oil equivalent, which will place Georgia 15th in the world list of the largest reserves (see bottom link below).

https://en.wikipedia.org/wiki/Oil_reserves
https://en.wikipedia.org/wiki/List_of_countries_by_proven_oil_reserves

Posted by Madpunter on the 13th October :-
CF73 - When FRR pay the liquidators and Mourant, the case against SH/O in California if it went to trial would result in either a win for SH/O or for FRR, as the Texas case is nullified. The former would cost FRR court costs and the latter would cost SH/O court costs and possibly $56m (the jury could even increase the amount). If SH/O loses the case or even if he wins on a technicality and enough information surfaces from the discovery, the SEC could then prosecute. This could result in a possible custodial sentence. Therefore, it is not in his interests for the matter to get to this point. Also, there's the smoking gun from the possible links with the YA CRS (Civil Regulatory Settlement).

Posted by Madpunter on the 12th October :-
Tsbs - A buyout will mean no re-list. The longs and shorts on IG are based upon share price, therefore the shorts are paid and the longs lose (only on platforms like IG, where it is a bet on the share price). IMHO Mourant and the liquidators have been paid from production revenue, nullifying the Texas case. The ADR then becomes about how much FRR gets from SH/O, so if a deal is done with BP et al, they would get that money, not the shareholders. IMHO this is why the ADR will need to complete first.

Posted by Mickthegambler on the 12th October :-
So £11 a share low estimate dont you do a conservative estimate again of 1% so 11p?

Posted by Madpunter on the 12th October :-
Mick - £21.04bn - £42.15bn at todays rate of $1 = £0.79, which is £1.33 - £2.67 per share (15,760,835,403 shares).

Posted by Mickthegambler on the 12th October :-
My mistake so the £1.33- £2.67 so would there be a further discount on that value due to how much work is still required to extract?

Posted by Madpunter on the 12th October :-
Mick - No. The low estimates previously were 1 - 3% of the valuation when it was based upon oil in place and recoverable. Now it is based upon reserves, with a field that has wells that can be cleaned and side tracked, plus plenty of pipelines nearby. Also, costs of less than $12/bbl are very low, plus the oil is top quality. Therefore, my parameters have moved to 5 - !0% of the valuation. This is still a very good deal for BP et al, as if my production figures are right for the Eldari B of 1500bopd, then with just the four cleaned wells and T39 = 7500bopd from just 5 wells. This is $164.25m pa @ $60/bbl, and with 50 wells = $1.645bn pa and this just for the oil.

Posted by Chris572 on the 13th October :-
The letter SN wrote to Urkaine government states we have certified reserves of 30tcf of gas and 14bl barrels of oil but dosn't say how much is recoverable. would love to know the P1, P2 and P3 of those reserves....then we can actually start to speculate on value.
until we have those figures we wont be able to estimate the value of block 12 or a possible buy out figure im afraid

Posted by CF73 on the 13th October :-
MadP, just a quick question; earlier in this thread, you said;

" The ADR then becomes about how much FRR gets from SH/O..."

At best, the case hasn't been clear cut in terms of judicial/court interpetations; at worst, it has tended to go against us a bit - even though many of us (me included) believe that there is a genuine case for Hope/OMF to answer for. What makes you believe this is not just a case of settling the matter reasonably so that everyone can get on with their work/ lives? I ask as your comment suggests that we are in a very strong position but to it doesn't seem that obvious (though I believe we have secured Block 12 otherwise we would know)...

Posted by Madpunter on the 12th October :-
Unfortunately
This is looking more likely that SH and TW et al will not get to meet Zib's Mr Big. IMHO FRR have paid the liquidator's and Mourant, which will nullify SH/O's case in Texas. If this is the case then why deal with the Californian case through ADR, when FRR are free to sell Block 12 and pursue SH/O at their leisure? IMHO the super majors want FRR lock, stock and barrel (in this case barrels of oil) and both the super major's and the GG will want a deal sooner rather than later. This would also explain the no show in the Ukraine by Zaza and why no news is forthcoming about the cases. If my assumption is right, then the courts will remain schtum until the ADR process has run it's course. Furthermore, a buyout of FRR will mean that the shorter's who used IG will win and the longs with IG will lose, as there will be no re-list. Shareholders will be paid and the shares cancelled, plus they will probably get shares in the super majors (a buyout will probably be a mixture of cash and shares). IG may have already made the same assumption, hence the closure of positions at zero.

Posted by Gipps51 on the 12th October :-
Madpunter ,
We all hope you are right. My thoughts about a complete buyout would be so little of block 12 has been developed that I doubt they would want it all unless it was at a complete bargain price .

Posted by Mickthegambler on the 12th October :-
What's your buyout price as a speculative guess Madpunter?

Posted by Madpunter on the 12th October :-
Gipps - The reserves of 14 + billion barrels of oil and 30 TCF of gas implies that the super majors have independently verified Block 12, which greatly increases the value. The development is normally significant in any valuation, but Block 12 has 1204 wells drilled, some of which can be cleaned and side tracked, plus the WREP, BTC, SCP, TANAP and TAP pipelines run through or are nearby. Add to that the very high quality sweet crude of 41.5 API and very low costs of under $12/bbl.

Posted by Tsbs on the 12th October :-
madpunter
what do you mean by the shorters will win and the lth will lose
if a major was going to buy it then why not just do it as hope could be paid out of the poceeds and court action stopped
the gg would get a quicker development of block 12 so they would be happy

Posted by Madpunter on the 12th October :-
Oil equivalent = 19.1 billion barrels x $60/bbl (Brent is currently $60.5 and Block 12 normally sells at about a $5 premium) = $1146bn. Typical figures of 5 - 10% = $(57.3 - 114.6)bn. However, under the PSA with the 5% RA added, the GG gets 53.5% of production, reducing the valuation to 46.5% of those figures = $26.6bn - $53.3bn. While I have been conservative with the PoO, they will look at valuation with predicted future prices as extraction will be over decades. Also, there are time constraints regarding proving up the licence which can impact upon the price.

Posted by Ivyspivey on the 10th October :-

Frontera Ukraine
Is this new or not.Anyone?

https://youcontrol.com.ua/en/catalog/company_details/40060180/

Posted by Awax on the 10th October :-

If...........
I think most hold out on here, the hope of a re-list at a price which will warm our hearts. And on that day, and on the boards....."This story shall the good investor teach his sons and daughters; And Fronterans shall ne'er go by, From this day to the ending of the world, But we in it shall be rememberèd—We few, we grumpy few, we band of brothers and sisters;
For they for these past months that have shed their tears with us, Shall be brothers and sisters; be we ne'er so vile as shorters. This day cometh shall gentle our condition and bank accounts; And gentlemen and ladies and others in England now a-bed shall think themselves accurs'd they were not in here, And hold their personhoods cheap whiles any speaks
That fought with us during Frontera's dark days".

Posted by EkXoc on the 10th October :-

Bigger picture
Lets not forget just how complicated the politics is relating to this little project of Frontera.
Nordsteam 2 could be online in a month:
https://www.energy-reporters.com/policy/nord-stream-2-considers-non-danish-route/
can you imagine the pressure on the Danes right now caught betwen the US/Europe and the Russians. If the Danes refuse to have the pipeline then the US/Europe buys another 8 months to roll out an alternative gas source. Imagine after the expendature of 10billion dollars a cheaper alternative supply suddenly pops up in lil old Georgia..
My point is Georgian gas is hugly influential it is absolteuly no wonder that nothing is being said. It is also impossible to guess how this will play out. I think we should just suffice for being 'in' on possibly one of the biggest influence on Europe since WW2. I would say 99.9% of the gas consuming population of Europe are completely unaware of this titanic power struggle which could easily boil over into war.

Posted by Madpunter on the 10th October :-

Georgia holiday ideas
I haven't been on holiday for a decade, but when FRR does a deal with the super majors,I hope that is about to change. After reading a few interesting holiday articles, Georgia is definitely on my list of travel destinations. (see links below)

http://www.bbc.com/travel/story/20191009-how-to-holiday-like-the-soviet-elite
http://www.bbc.com/travel/story/20170918-a-georgian-welcome-on-the-frontline-of-war
http://www.bbc.com/travel/story/20171120-georgias-addictive-cousin-to-pizza
http://www.bbc.com/travel/story/20180125-georgias-surprising-shrine-to-stalin
http://www.bbc.com/travel/story/20160425-how-to-survive-a-georgian-feast

Posted by Grayhorse on the 9th October :-
Madpunter

I believe that the smaller pipelines, that will connect to the main pipelines, that you reference , are starting to go in, across the region. If you visit the idc.ge website and under the projects tab, there’s a list of current projects. There appears to be quite a lot of infrastructure works being carried out by this company, who appear to be the preferred main contractor , for a lot of the big players , in the region. There’s a 26km gas pipe being installed for Schlumberger Rustaveli ( they have the large neighbouring block to Frontera’s ) There are also several projects being undertaken for BP. ( mostly civil works and site establishments )

Take a look at the clients list page, although no Frontera showing ( yet ) there are plenty big players having construction work carried out.
I’m sure with a bit of research we will find a construction / civil engineering company undertaking works for Frontera ( construction companies love to show off their clients and projects on their websites , these days )

Keep up the good work Mad P - I thoroughly enjoy your considered posts and well researched calculations .

Gray Horse

Posted by Mills240 on the 9th October :-
Funny how Madpunter posts a postive post about employees and their skills and inless than 24 hours
puddy pie and hull city are stating the no one is working in block 12 and it's a duster !?
LOL JUST LOL LOOOOOOL

Posted by hullcity11 on the 9th October :-
Tell me we're I said it's a duster I just said there is little gas and oil and most if not all frr employees have left and gone to Azerbaijan

Posted by regdik on the 9th October :-
Are we dead or alive
If we are dead we are showing signs of life. Dead do not fight court cases, bid for new work to keep your drilling teams busy before they go off to pastures new (drilling teams are often contractors and only get paid when the drill is turning). Tinker with Web pages, change PR companies or drink wine with senior GG officials (this arbitration lark must be quite civil).
If we are alive we are showing signs of rigger mortice as no one is talking to us.

Hope must be as thick as us SH’s as he is spending an awful lot of money on lawyer to grab nowt and why would GG want arbitration over a few hundred barrels a day when they could just throw FRR off the block. BH/BP and others have spent time in the field and reviewing the data they are not fools.

The fact is we just don’t know and none of my Linkin contacts have said diddly squat to me.

So if guys are leaving to get drilling work (Majors use their own teams) things must be coming to a head soon (good or bad for all us LTSH and finally put us out of our misery).

Posted by Madpunter on the 9th October :-
I wonder if Georgia is about to overtake Azerbaijan in the production of oil and gas? Would an Azerbaijani drilling team have sour grapes? No sour grapes in Georgia, from what we saw recently there's lovely sweet ones made into wine. If there's no oil and gas maybe FRR borrowed Labour's magic money tree to pay the bills over the last 18 months.

Posted by Coggy on the 9th October :-
MadP, imo the infrastructure isnt there to ramp up production beyond a few thousand bbls a day. No point drilling more wells if there's no where to put the stuff.

Posted by Madpunter on the 9th October :-
Coggy - When FRR officially announce 14+ billion barrels of oil and 30 TCF of gas reserves = 19.1 + billion barrels of oil equivalent, they will overtake Azerbaijan's 7 billion barrels of oil equivalent. Furthermore, if I'm wrong about FRR drilling into zones 21, 23 and 24, then the reserves are likely to increase. As for production, while there may be constraints at present, there are plenty of pipelines running through the country. Therefore, it won't take too long to put the smaller pipelines in place to feed them. Also, there will be some of the 1,000's of wells already drilled which are suitable for cleaning and side tracking, which will speed up the increased production.

https://en.wikipedia.org/wiki/List_of_countries_by_proven_oil_reserves

Posted by Grayhorse on the 8th October on ii :-
Whilst on the subject of Employee numbers , Visit the Frontera Resources LinkedIn “page”
It states 201 - 500 employees
With 49 employees on LinkedIn

One employee that stands out for me is :

Mehmet Yukler ( senior VP )
Apparently this chap is the father of quantitative basin modelling.

Google Mehmet Yukler and read his cv ! Quite impressive.

49 Genuine Frontera Resources Employees on LinkedIn working in IT, Geology, logistics etc

This looks and feels like a company, which is very much alive , thriving and growing.

Posted by Madpunter on the 9th october :-
Senior Advisor (Oil and Gas Field Development)
Dr.Arif_YuklerTurkish-American nationalities.
Over 40years experience in the international oil & gas industry, and has advised companies and government entities of all size from small caps to super-majors, as well as state regulatory authorities on the management of resources and exploration areas.
Recognized as the father of quantitative basin modeling with fully registered YUKLER3D, YUKLER2D, YUKLER1D and YUKLERPC softwares. Dr. Yukler’s studies led to discoveries of more than 80 oil and gas fields worldwide.
Dr. Yukler has held numerous senior executive roles at energy companies and Renaissance Capital Invesment Bank throughout his career. He also had the Nordic Ministerat Professor position at the University of Bergen, Norway, where he taught quantitative basin modeling, exploration and exploitation in the North Sea and petroleum economics.
Trained at Shell, MS and PhD in Geology from the University of Kansas as Fullbright Scholar, and BS and MSc in Petroleum Engineering from Istanbul Technical University. Dr. Yukler has published more than 30 research articles.

https://www.globalresourcespartnership.com/portfolio_page/dr-mehmet-arif-yukler/

FRR has 240 employees, 49 of them with enough qualifications/work experience/skill levels to warrant a profile on Linkedin. They also employ 'the recognized father of quantitative basin modeling' and had 4 wells cleaned ready to drill and test 3 further zones in the Eldari B almost a year ago. It is over 15 months since the company perforated zone 19 with T39 flowing 250bopd through a 3mm hole and 529bopd through a 8/64" choke, which implies over 4000bopd is possible at full bore. Yet to suggest that FRR could be producing in excess of 8000bopd puts me in dreamworld?

Posted by OneDayRodney1 on the 9th October :-
Dr Yukler seems to be employed by Georgia Oil and Gas now ...

https://georgiaoilandgas.ge/team-and-management/

Posted by regdik on the 9th October :-
Chief Exploration Advisor

"As an independent exploration advisor to the board, Mehmet provides both strategic advice and specific technical expertise". looks like a contractor to me. High majority of O&G companies employ specialist as contractors rather than staff. If he has detailed knowledge of B12 Georgia oil would love to have him on board and FRR would no

Posted by OneDayRodney1 on the 8th October :-
Madp: just a reality check on these statements (please correct me if I am hopefully wrong):

- 500kbopd last year: a statement made by Zaza in the same interview that he said we chose to delist.
- lights still on despite numerous court cases; true but some of the court cases suggest lights may be about to go off.
- bid that cost millions in Ukraine - where does this fact come from? We do know that if we won the bid it would then cost millions.
- 240 employees: from bid document. No other evidence of this is there? They're certainly very quiet employees ... no social media posts from any of them.

Sorry to be negative but I think it is important to have a reality check from time to time. I hope there is evidence I am unaware of or mistakes in what I have said are the sources above?

Posted by Madpunter on the 8th October :-
ODR - I read one article on here that stated Trident spent $12m on their bid. We know that FRR has spent $100k's on lobbying. There will be lawyer's fees for the bid, plus the subsequent court case. There's also the cost of using the US embassy for meeting the Ukraine PM. Then there's the cost of any bid, plus travel and hotel expenses. While I doubt that we spent $12m, $1-2m is a distinct possibility.

Posted by OneDayRodney1 on the 8th October :-
Madp: yes that makes sense.
The $12m that Trident claim to have spent sounds ludicrous.

Posted by Freeatlast on the 8th October :-
Well...For what it's worth....
I'm with Madp......we're producing, and it will accelerate.

Lots of litigation....therefore a 12 month + period of non communication.
During this period frr plays it's part with, GOGC, BH, and Bp, (NDA's renewed), in a proving up campaign.....all under the radar. ( Schlumberger seem to be good at that ....so why not us ).
When the litigation ends....we will be much much further on with Ops.
The results may never be fully known to us Pi's.......but at take over, or farm out, we will relist on a decent exchange,at a decent price, and regain our freedom to trade our shares, if we wish, or a one of payout,bp shares deal for us, and frr dissolved.
Communication's will only reoccur when the deal is done.

Like it, or loath it....that is how I see it.

While we wait...be nice if we could all get along....otherwise the party to end all parties, will be a bit ...well, spoiled TBH.
GLA.....keep the faith, if you can.
I've had to sell many possessions to keep going....I feel some people's pain on here, as I do understand first hand, what it's like to have over invested in frr. Greed is a terrible thing , but we will come out the other side !

Posted by Madpunter on the 8th October :-

Timster - Last year it was dream world to suggest close to 1000bopd. However, a year later FRR are still up and running, bidding for tenders where they have to spend $56m, funding numerous court cases and 240 employees. Zaza has also stated 500kbopd and up to 2000bopd for 2018, more than double what even the most optimistic were predicting. We know that 4 wells were cleaned ready last year and that priority for revenue would be the court cases and paying off SH/O. We also know that Zaza had offered a $5m loan previously to FRR. Therefore, it's possible that when the revenue was close to the point of covering debts and expenditure, less an amount that could be covered by loans from Zaza and SN, that FRR proceeded with the 4 wells cleaned ready last November. IMHO that point would not be until at the very earliest the latter part of Q2 or even as late as the end of Q3. The results of testing on the lower zones of the Eldari B may be what we are waiting for to get a deal signed. Remember that T39 was flowing 250bopd through a 3mm hole and that at full bore over 4000bopd was possible. Therefore, IMHO to suggest 6000bopd + from a further 4 wells into deeper zones with higher pressures doesn't seem like dream world. If FRR are not drilling and producing more hydrocarbons, then what are the 240 employees doing?

Posted by Timster on the 8th October :-
Could keep going over it forever until they break cover. BUT if they were drilling new wells and producing shed loads of oil someone would know about it and there would be evidence of it.

There is no proof either way

But IMHO its dream world

Posted by Madpunter on the 8th October :-
Timster - Where was the evidence of producing 500kbopd last year, with most of it in H2. The only evidence is that the lights are still on despite numerous court cases, a bid that cost millions in the Ukraine and 240 employees.