Member Info for Madpunter

Posted by Madpunter on the 7th October :-
Over 8kbopd
IMHO FRR will be producing over 8k bopd before the end of this year if Block 12 deal is not completed by the super majors. FRR had 4 wells (Niko, T16, T24 and T31) cleaned ready to drill, into the Eldari b zones 19, 21, 23 and 24. IMHO the super majors would want to test the latter 3 zones and possibly the co-mingling of zones to enable a value of Block 12. Furthermore, Zaza now states reserves of 14+ billion barrels of oil and 30 TCF of gas (see first link below). Whereas, previously FRR had resources of 10,225 MMbbl (OOIP) of which 1,673 MMbbl is recoverable and 12.9 TCF (OGIP) of which 9 TCF is recoverable (see second link below). IMHO that huge increase did not come from just T39 and zone 19, but by testing the other 3 zones as well with the 4 wells cleaned ready last November (see third link below). Therefore, if my production figures for 2018 are right (see the 4th post from the bottom of the fourth link below), then there's 1887bopd from the wells producing last year, with 1500bopd of that from T39's zone 19. As zones 21, 23 and 24 are deeper and with higher pressures I would assume at least the same 1500bopd from each and possibly more.Therefore, 4 x 1500bopd = 6,000bopd + 1887bopd = 7887bopd. Due to the deeper zones I have estimated that the total is in excess of 8,000bopd.

https://expro.com.ua/en/tidings/frontera-resources-wants-to-sue-the-ukrainian-government-for-violating-the-psas-dolphin-competition
https://fronteraresources.com/operations/georgia/
http://www.energyglobalnews.com/frontera-prepares-for-completing-taribani-wells-in-southeastern-georgia/
https://www.lse.co.uk/chat/general/commodities-and-mining/frontera-archive-41C7D130-7E51-4344-82E7-83B697F53322.html?page=23

Posted by Timster on the 8th October :-
dream world, a very nice dream though....

Posted by WHamBoy on the 7th October :-
Maybe, just maybe we are about to be bought out by a major and it’s all but done. In that case, with regard to Ukraine and Zaza’s no-show, we have now done our job by opening the way for that major to now bid in round 2. Under this plan, originally we were the little guy putting in a Dolphin bid on behalf of the major, and everyone understood that. But then the new Ukrainian Government got cold feet and a Plan B was needed - FRR were asked to facilitate the process being reopened (by the threat of court action), for the major to now apply for themselves. We don’t need to now apply of course, as we know we’re soon to be part of the major...
Maybe, just maybe.

Posted by CF73 on the 7th October :-
Coggy, they spoke to the press because it was politically necessary i.e. it was in support of the Ukraine campaign.

Posted by Chris572 on the 7th October :-
Zaza never showed for the Ukraine conference
'despite the rhetoric about the "extraordinary" interest in offshore operations, the conference was not attended either by the CEO of Trident Acquisitions, Ilya Ponomarev, or the founder of Frontera Resources, Zaza Mamulaishvili, who were waiting until the last, but failed to communicate

http://www.nefterynok.info/stati/delfinariy-goncharuka

Posted by OneDayRodney1 on the 7th October :-
Thanks Chris.
It also says a bit below that that Trident spent $12m on preparations for the contest!!!
I wonder how much we spent and also why Zaza then didn't attend, having said he would.

Posted by Keysersoze on the 7th October :-
Zaza and Steve likley annoyed with the License pushback, annoyed that their work and cost in submitting their application has proved fruitless.

Posted by Madpunter on the 7th October :-
IMHO the fact that they didn't attend is linked with what keysersoze has stated, which implies that the super majors wanted a JV with FRR in Ukraine at the same time as a deal for Block 12. Furthermore, if this is true, then it also implies that a deal is very close to being agreed and only requires the court cases to come to fruition.

Posted by Chris572 on the 7th October :-
Mad......we have no idea whether a major wants a JV with FRR in Ukraine and it dosnt imply that a deal is very close. all it shows is Zaza time was clearly more valuable else where.

Posted by madpunter on the 7th October :-
Chris572 - You can't say it doesn't imply, just like I can't say it does imply. What I stated was 'IMHO' it implies and 'if' the first part of my statement was correct then it implies a deal is close. Just to clarify, both ZM and SN were in the Ukraine to meet the PM in the US Embassy and they had a letter from 8 senators backing them to get the tender process re-opened. Now no director is available, yet as far as we know both are still in the Caucasus region ( the subpoena couldn't be given to SN recently). FRR also have Luis E. Giusti an experienced oil executive who 'has received numerous accolades and awards including 1997 World Oil Executive of the Year and Latin American Oil Executive of the Decade', who could have represented the company. Therefore, IMHO it is significant that FRR had no representation at the conference. However, it may be that Zaza was intending to represent FRR and that due to a change in circumstances he was unable to attend.

https://fronteraresources.com/about/directors/

The previous posts should read as follows, as the dates were wrong :-

Posted by Timster on the 3rd October @ 14:21 :-

Posted by Madpunter on 3rd October @ 15:54 :-

Posted by ZiggyZag on 3rd October @ 23:24 :-

Posted by Madpunter on 4th October @ 06:20 :-

Ziggy - When the liquidation process was started then I assume that FRCC and it's subsidiary companies would have their bank accounts frozen. As there were letters of resignation for the directors of FRCC, then access to it's data I assume would be a formality. However, the subsidiary companies might require more paperwork due to data protection laws, whereas the freezing of accounts would provide a safety net for the banks (to avoid being sued), until a Supervision Order was obtained. Therefore, just like you're assuming that no monies would be left in the subsidiaries, the liquidators possibly thought likewise. Lets not forget SH/O was after Block 12 in FRCC, plus due to the default there would be no expectation of any monies. Also, the liquidators were probably reticent to expedite the process and were happy to allow the DoS to run it's course. Mourant possibly pushed for the liquidators to act due to the unpaid bill and the release of productivity and financial information from the Ukraine interview. Furthermore, even if no money was left in FEGL, monies could still be paid into a holding account set up by the liquidators to receive any money owed to FRCC and it's subsidiaries.

Page 12 of the link below shows the company structure, with FRGC below FRCC, with the operating company, FEGL below FRGC.
https://1drv.ms/b/s!Ak7gVwQ3mttllmJrCLaIf6M8N8jw

"110. Defendants represented at oral argument that the directors have submitted a declaration of solvency to the voluntary liquidators. This does not deprive the liquidators’ of their authority to continue with the liquidation, however, as they may still apply to the Cayman Islands court for the court to supervise the liquidation if they believe either: (1) the company is or is likely to become insolvent; or (2) court supervision is necessary to facilitate a more effective, economic, or expeditious liquidation in the interests of the contributories and creditors."(110. copied from the 5th post from the bottom of P13 in the Frontera Archive {see link below})
https://www.lse.co.uk/chat/general/commodities-and-mining/frontera-archive-41C7D130-7E51-4344-82E7-83B697F53322.html?page=13

Posted by ZiggyZag on 4th October @ 23:24 :-

Hi Mad
Whilst I really hope you are correct I am not completely taken re your theories posted last 24hrs
Not sure if you are implying Court supervision NOW allows DTI to control FEGL , I would think that they have had that control from onset ...they made no reference to FEGL in supervision request , they only referenced lack of info re DOS and removal of only asset, no ref to gaining access to $millions in FEGL
If as you say FEGL is out of reach of our men due to liquidation of FRCC then presumably it must have been under control of DTI since day one ,and if so surly they would have become aware of any funds within FEGL fairly soon after liquidation early May.
Having said that I would have thought our boys would have taken any monies in FEGL out of that Co before liquidation commenced and also made arrangements for future payments to be deposited elsewhere out of reach of DTI, they certainly did not hang about removing B12.
.If as I think you say finalising liquidation has been holding up deal with majors etc ( which I am sure it has ) and money has been accruing in FEGL (and lets say without DTI ‘s knowledge )up to a point where Hope and others can be paid well it does not make sense that Zaza and SN did not provide info to back up DOS even at the doors of the Court if they needed to maximise time for whatever reason
I would have thought if we had the money more or less to pay all, and finalising liquidation was the trigger to moving on to satisfy all parties needs then show liquidator , pay money ,which then would enable DTI to have final meeting to wind up within the voluntary process and not seek supervision of the court.
As I said at beginning I hope your theory is correct ....but to me things don’t add up in the same way.

Posted by Ziggyzag on Tuesday 1st October @ 23:22 :-
Hi Mad
Re your 12.23 post ...can you explain further on your last sentence , not sure I understand it correctly.

Posted by Madpunter on Wednesday 2nd October @ 00:00 :-
ZiggyZag - FEGL is the operating company that was beneath FRCC, which has been put into liquidation. Therefore, FRR cannot touch any assets in FEGL, so any money paid into FEGL prior to the liquidation which wasn't used by FRR prior to the liquidation, is now out of their control. It is now in the control of the liquidators under a court Supervision Order. IMHO the liquidators were reticent to go after FEGL, as they possibly thought there was insufficient funds to warrant spending money in the courts to collect. The Zaza interview in the Ukraine stated a $1.2m profit for 2018 and 500,000 bbls of oil produced. A quick back of an envelope calculation by the liquidators would show that about 4 trainloads of revenue was due after the end of 2018 (see my production post (4th post from the bottom of the link below). IMHO this coupled with a possible belief of FRR avoiding payment, due to not paying Mourant, was enough to prompt the application for a court Supervision Order.

https://www.lse.co.uk/chat/general/commodities-and-mining/frontera-archive-41C7D130-7E51-4344-82E7-83B697F53322.html?page=23

Posted by Timster on 2nd October @ 14:18 :-
BUT why cant the company tell us about all this oil they are selling on our behalf??
Your calculations are fantastic but if true I still don't buy any of the reasons why the company couldn't update us with them

Posted by Madpunter on 2nd October @ 14:29 :-
Timster - IMHO due to the NDA with BP and the only release of production figures has been the Ukraine interview. IMHO this was allowed as it was necessary to prompt the liquidator's court Supervision Order as the liquidation process had stalled.

Posted by Madpunter on 2nd October @ 15:11 :-
Although FRR no longer have any control of FEGL, they could still pay money into the company from oil revenue received since they lost control. Therefore, FRR may have deposited just enough to cover all the debts owed to SH/O, Mourant and the liquidators.

Posted by Timster on the 4th October @ 14:21 :-
"The lawyers on here all say that silence is the rule that attorneys always impress upon their clients."

So why did Zaza tell the Ukranian interviewer all about production?

I'm off now, no more moaning
Posted by Madpunter on 4th October @ 15:54 :-
Timster - I answered that question when you asked yesterday. Looking back at the timelines, the withholding of fees owed to Mourant didn't prompt the liquidator's to speed up the process. Assuming that I was right about them being reticent, due to the belief that FEGL didn't contain enough monies to cover costs, then the production and profit revelation in the Ukraine makes sense. Otherwise why would Zaza release the production information now and not through the official channels?

Posted by Madpunter yesterday @ 23:16 :-

IMHO this is what everyone has been waiting for, as until FRCC was liquidated, the 5% RA was owned by FRCC, but will now revert to the GG. IMHO this will then pave the way for a deal with the super majors, as the GG's share of Block 12 increases to 53.45%. IMHO the creditor's can be paid out from the revenue for the oil Zaza referred to in the Ukraine interview and the case against SH/O just becomes noise.

Posted by Earsbern yesterday @ 23:28 :-

Thanks, Mp. That seems to make sense. The only remaining question is, why should SH/O liquidate when it is in our interest - what are they getting out of it? Perhaps I shouldn't be bothered. After all, it's no business of mine!

Posted by Madpunter yesterday @ 23:48 :-

Earsbern - SH/O started the liquidation process when he resigned, but the process stalled when they found there was only a 5% RA in FRCC. IMHO this was partly why Mourant wasn't paid as the liquidators were in contact with Mourant and their case for unpaid fees triggered the Supervision Order.

Posted by Madpunter @ 01:20 :-

Earsbern - It is also worth noting that if my production post earlier yesterday was right, then at least 4 train loads of oil revenue would have been received by FEGL, which if my memory is correct is below FRCC. Therefore, I think that the liquidators would have to liquidate FRCC first. It is possible that the liquidators didn't expect very much money to be in FEGL until the recent interview of Zaza in the Ukraine. Therefore, if it would have cost them more in court fees than they were expecting to obtain from FEGL, they may have been reticent to take that path. This could explain both the reluctance to pay Mourant and the recent revelations about production and profit, otherwise why did Zaza have the revealing interview?

Posted by ZiggyZag yesterday @ 22:24 :-

As expected from Caymans
Confirmation below from todays Caymans Gazette that DTI were successful in their request for court supervision

FRONTERA RESOURCES CAUCASUS CORPORATION
(In Official Liquidation)
(The “Company”)
Company Registration Number: 97554 TAKE NOTICE that by order of the Grand Court made on 12 September 2019, the liquidation of Frontera Resources Caucasus Corporation, registration number 97554, whose registered office is situated at FTI Consulting (Cayman) Ltd, Suite 3212, 53 Market Street, Camana Bay, PO Box 30613, Grand Cayman KY1-1203, Cayman Islands, was ordered to continue under the supervision of the Grand Court pursuant to section 124(1) of the Companies Law (2018
Revision).
AND FUTHER TAKE NOTICE that David
Griffin and Andrew Morrison of FTI Consulting (Cayman) Ltd, Suite 3212, 53 Market Street, Camana Bay, PO Box 30613, Grand Cayman KY1-1203, Cayman Islands, have been appointed as the Joint Official Liquidators of the Company.
AND NOTICE IS HEREBY GIVEN that creditors of the Company are to prove their debts or claims within 21 days of the publication of this notice and to establish any title they may have under the Companies Law by sending their names, addresses and the particulars of their debts or claims to the undersigned, or in default thereof they will be excluded from the benefit of any distribution made before such debts and/or claims are proved or from objecting to the distribution. Dated this 30 day of September 2019

Posted by john46 in the LLOY bb @ 15:31 :-

https://www.bloomberg.com/opinion/articles/2019-09-27/the-european-central-bank-is-moving-close-to-all-out-war?srnd=premium-europe

It's all kicking off in ECB , whomever laughs last , laughs the longest .

Stagecoach ,

You have omitted Global Recession next yr , it's now a question of financial confidence in our system.

Posted by errazel @ 12:52 :-

The wine trip
This is for the new relationships with EU and US.

I think this is a way of US trying to flex their muscle.........

Lots of jobs can be created off the back of this industry, and loots of jobs can be lost.

Posted by Madpunter @ 14:17 :-

errazel - My previous post is relevant to wine industry, as when Georgia exports vast quantities of hydrocarbons the exchange rate will make other exports more expensive (see extract from link below). Therefore, their 8,000 year old wine industry will find it more difficult to export, just when their wines are starting to get the recognition they deserve (see link at the bottom of the post). IMHO, as FRR will be instrumental in this process, they are duty bound to help foster business links to overcome this obstacle. IMHO this is also an indication of a deal the super majors and the GG and the importance of FRR's links in high places.

'The devil's excrement': How did oil become so important?
Elsewhere, from Iraq to Iran, Venezuela to Nigeria, few oil-rich countries have prospered from the discovery. Economists call it the "curse of oil".

Juan Pablo Pérez Alfonzo, Venezuela's oil minister in the early 1960s, had a more vivid description. "It is the devil's excrement," he declared in 1975. "We are drowning in the devil's excrement."

Why is it a problem to have lots of oil?

Exporting it pushes up the value of your currency - which can make everything other than oil prohibitively expensive to produce at home.

That means it can be hard to develop manufacturing or complex service industries (copied from the link below).

https://www.bbc.com/news/business-49499443
https://www.latimes.com/travel/la-tr-georgia-wine-20180908-story.html

Posted by errazel @ 14:21 :-

A butterfly effect in the north created a tornado in the south.

Appreciate the post

Posted by Madpunter @ 12:14 :-

Interesting article
The whales had been saved, and the world was about to change.

It's the source of more than a third of the world's energy.

That's more than coal, and more than twice as much as nuclear, hydroelectric and renewable energy sources combined.

Oil and gas together provide a quarter of our electricity, and the raw material for most plastics.

Then there's transport.

Early industrial societies used whale oil widely in oil lamps and to make soap and margarine. With the commercial development of the petroleum industry and vegetable oils, the use of whale oils declined considerably from its peak in the 19th century into the 20th century. In the 21st century, with most countries having banned whaling, the sale and use of whale oil has practically ceased.
Extracts from the links below :-
https://www.bbc.co.uk/news/business-49499443
https://en.wikipedia.org/wiki/Whale_oil

Posted by Timster on the 21st September @ 19:16 :-

And if has happened has it also been taken away from us shareholders?

Posted by Tsbs on the 21st September @ 20:14 :-

what happens if theres only 3 shareholders in this company, zaza steve and levan

Posted by Madpunter on the 21st September @ 21:06 :-

If they were trying to pull a stroke, then why name the company Frontera Resources US? Why would they bother with personal guarantees? IMHO they're still working for all of us shareholders.

Posted by Bomber64 on the 21st September @ 21:12 :-

Madp, also I can’t see a super major such as BP would want to be associated with a business that had ripped off the investors in such a way. Not good publicity imo.

Good luck all investors

Posted by theprodigy on the 21st September @ 21:15 :-

Concur mad punter

People need to not let the wini**** and his cronies get into their head.

With governmental backing in the United States and recognised in a recent survey by the Georgian Government as a strategic partner and in the top ten investors to tbe Georgian economy - number two actually i believe
Please - why would they turn us over and undo all that ?
So many intelligent people on this board but I truly despair at times

Posted by regdik on the 22nd September @ 12:50 :-

I don’t know about you but the event of FRR shafting all SH’s is to me only a remote possibility.
Why!
The support of a number the US political heavyweight signing a letter supporting the Ukraine Dolphin bid of FRR that this should be reopened and be more open.
Plus the US Gov. openly supporting US interests in Georgia and that the GG should be more open and not “red tape” investments or hinder agreements in place (FRR was a named company).
SN is well placed and Knows the political game and who to lobby and add donations to their political funds obviously helped plus mention of the FRR investments in Georgia (funded by SH’s)

Now imagine the outcry if SN/ZaZa openly defrauded their SH’s who spent 100’sM backing the company. On one hand we get the US Gov saying treat us fair and then being undermined by one of the very companies its supporting. I’m sure that those with other agenda (Russia, Trident and some in the Ukraine/Georgian Gov.) will be quick to raise this as an example f double standards. This would play out badly to those who took donations and those who openly supported FRR. Fraud is very stick mud in politics and SN overnight would have lost all of the US political support.
If you read BP code of practice their is a very large section of corruption and fair trading (I’m sure other majors have the same) so this would not sit well with them if they invested in an asset (FRUS) that later was subject to a SH counterclaim of defraud.

Big-foot - I suggest you read the posts about why the EU is likely to collapse. Plenty of information as to why it will be a disaster for the UK to remain. No information in your post as to why the UK is finished outside the EU.

Posted by Madpunter yesterday @ 14:32 :-

FRUS - The registration process is complete
Now look at FEGL - The registration process has stopped. These documents are from May and June. If we were in early June FRUS would state the registration is suspended. If FRR didn't rectify the points causing the suspension within the 30 day period, which has been over for months, it would state the same as FEGL - The registration has stopped. It doesn't it, it states THE REGISTRATION PROCESS IS COMPLETE.
The posts by pyrotech @ 17:19 are just listing the additional amendments, followed by what is effectively an appendix. This explains the reasons why the amendments were required and the process involved, namely suspension with 30 days to provide the said amendments.

The document B19044710 was posted by Sycric on the 30th July about FEGL, yet the document about FRUS, which preceded the FEGL document has only just become available? Seems to me like the GG are releasing information in a timely manner for a specific purpose. Linked to the liquidation of FRCC by the Caymen's court perhaps?

FEGL
Therefore, no production is left in FEGL, but is there still a 5% RA from the production that takes place in FRUS? IMHO there is and this needs to revert back to the GG, which will only take place when FEGL is liquidated. Still IMHO, this required the need for the liquidator's to obtain a Supervision Order, prompted by the non-payment of Mourant. The 5% RA then increases the GG's percentage of the PSA to 53.45%, ( the arbitration leverage result) and FRR are free to sign a deal wit the super majors. Mourant, the liquidators and SH/O get paid from production revenue or monies from a deal with the super majors, whichever comes first.

FEGL
B19044710 / 8 18 June 2019 14:08 Registration has stopped

SIGNED B19044710 / 7 17 June 2019 10:37 No grounds for suspension were eliminated

HTML B19044710 / 6 14 June 2019 15:54 In addition to eliminating the suspension, the app. Document

SIGNED B19044710 / 5 17 May 2019 16:59 The registration production period has been suspended

HTML B19044710 / 4 16 May 2019 17:15 In addition to eliminating the suspension, the app. Document

SIGNED B19044710 / 3 17 April 2019 11:09 AM The registration production period has been suspended

HTML B19044710 / 2 16 April 2019 17:58 Registration application received

HTML B19044710 / 1 16 April 2019 17:57 statement

Posted by pyrotech @ 13:43 :-

Extract from Registry of Entrepreneurs and Non-Entrepreneurial
(Non-Commercial) Legal Entities
Serial number of the application registration, date of preparation: B19055799, 11/06/2019 14:43:50
Subject
Frontera Resources US LLC's Branch Office in Georgia Branch Of Foreign Enterprise
405339637
11/06/2019
LEPL National Agency of Public Registry
Georgia, Tbilisi, Vake District, Paliashvili Str., 12A
E-mail:
The provider of the information shall be liable for the validity of the additional information
Information about Liquidation/ Reorganisation/ Insolvency Proceedings
Not registered
Managers / Official Representatives
Director - Zaza Mamulaishvili, 01024002412
Founders
Frontera Resources US LLC, 802558654 /USA/, 07.10.2016
Seizure/Injunction
Not registered
Tax Lien/Mortgage
Not registered
Firm Name:
Legal Form:
Identification Number:
Number and Date of Registration:
Registering Authority: Legal Address:
Additional Information:
FRUS@FronteraResources.com
Pledge/Leasing on Intangible or Movable Property

Posted by pyrotech @ 13:41 :-

Decision # B19055799 / 8 (11/06/2019 14:45:53) Registration
National Agency of Public Registry has received application # B19055799 16/05/2019 17:50:35 (Applicant: Giorgi Janiashvili / 01025015919 /) requesting registration of a new entity.
Legal form: branch of a foreign enterprise
Ad title: Frontera Resources Inc. this. LLC Branch in Georgia Name in Latin: Frontera Resources US LLS's Branch Office in Georgia
In accordance with the Law of Georgia on Public Registry, a decision was made to satisfy the request.
The decision shall enter into force upon publication.
The decision may be appealed in court within 30 calendar days of its publication.
National Agency of Public Registry ::: Address: Tbilisi, str. N2 ::: www.reestri.gov.ge