Member Info for Madpunter

Registration process complete for Frontera Resources US
B19055799 / 8 June 11, 2019 14:45 The registration process is complete

SIGNED B19055799 / 7 June 11, 2019 14:45 The registration process has been updated

HTML B19055799 / 5 June 10, 2019 18:12 In addition to eliminating the suspension, the app. Document

SIGNED B19055799 / 4 17 May 2019 12:56 The registration production period has been suspended

HTML B19055799 / 3 16 May 2019 18:02 Additional documentation is provided

HTML B19055799 / 2 16 May 2019 17:50 Registration application received

HTML B19055799 / 1 16 May 2019 17:46 statement

Posted by Oopsi @ 09:21 :-

Weekend homework!!
I've been doing some digging this morning and it appears that Frontera are obliged to file company documents with the Minsitry of Justice which are publically available. Some are historic but for some of the entities there have been filings over the last few months involving the JSC. For example see the fourth entity on the link below. To access the documents click on the information icon and enter the code. There are quite a few docs and they need translating from Georgian but hopefully by putting it on here we can try and join up,some dots and maybe get some further information in these dark days.

https://enreg.reestri.gov.ge/main.php?value=Frontera&state=search_by_name

Posted by Taffy52 @ 07:20 :-

RE: Document 8 has appeared
Confirmation that Steve N was served the court summons on September 11th. He has 21 days to file defence or default judgment will be entered.

Posted by Chris572 @ 11:51 and 13:10 :-

August 2018
this was from last year but with the political backing FRR has been flexing recently its all painting a picture for us.

Georgia Government Seeks Frontera Oil and Gas Contract Change

US congressmen Steve Russell has introduced a bill that would require the US to determine whether the Georgian government is undermining any commitments or contracts with US citizens doing business in Georgia, and calls for sanctions including visa refusals for current or former Georgian government officials engaged in such activities. The bill is mostly a warning and will probably never be voted upon by the US House of Representatives.

Posted a few mins ago
Presentation of the report on oil and gas potential study

The world's largest oil companies ExxonMobil, TOTAL and OMV PETROM became interested in the study of Georgia's hydrocarbon resources. Contracts have been signed under Comp beating studied the available materials and the west of the license areas of hydrocarbon potential evaluated. Oil companies also carried out training for the staff of the Agency data base using and stratigraphic analysis. 10, 13, 16 September companies presentations conducted by the Agency and of kerosene cooperation and Gas Corporation employees of the agency. The "ExxonMobil" - was, "TOTAL" - and the "OMV PETROM" - has reached agreements, according to the agency by the existing geological and geophysical data in the study as a result of the report and an integrated database. The final report and database will be delivered to the Georgian side in October.

Posted by Sycric @ 10:06 :-

Website update (40 Mins ago)
Tim Thompson is still the contact, moved from YJ to Flagstaff
frontera@flagstaffcomms.com

https://fronteraresources.com/contact/

Posted by Blownitalready @ 08:31 and Ivyspivey @ 09:01 :-

Interesting interview
https://www.interpressnews.ge/en/

Is it this one

https://www.interpressnews.ge/en/article/103797-matthew-bryza-thats-a-big-problem-the-us-president-usually-is-not-listening-to-his-most-senior-advisers-saying-pay-attention-to-georgia

Posted by SB on ii earlier :-

All valid questions Fozzer, but according to the most recent information from Zaza (the Ukraine ‘tell and all’ article as you kindly posted above), in 2018, FRR produced around 500,000 barrels, underscoring a profit of $1.2M. Now, if the 500k barrels is to be believed, this works out around 1.3k barrels a day. But hold on, we knew that up to July 2018, production was at best couple of hundred barrels. So, between August and December, how did they get the annual daily average up to over 1,369 barrels a day? Working on rudimentary logic, lets say between August to December (150 days), production suddenly went up to 2,500 barrels per day, this works out 375,000. Does this mean they finally struck a gusher in T39, or did they return to deepen Dino-2 & T45? Perhaps BHGE continued working because we know from H1 2018 accounts, money owed to creditors shot up to around $20m (cant be bothered to recheck). Or the alternatives could be that they reworked the other 3 wells with minimal outlay or found some investors to drill just the Niko as originally planned last May. But if daily stabilised production is c.1,500 per day, well that would be great news on two counts 1) for the arbitration hearing next month (seeking declaration of commerciality) and 2 for the money situation to pay the army of lawyers (lol).

But honestly, we could do with an operational update for Georgia but this may be deliberately held back until arbitration hearing is over.

On the Ukraine situation, I think FRR may be disappointed with the decision to re-tender the block because according to the rules, FRR should have been awarded after Trident was ‘deselected’. But again we don’t know what’s been said or agreed behind political closed doors.

The most interesting ‘variable’ right now is the YA debt. These guys were quick call a default last time and the fact nothing has come out, makes me believe me it was settled. Remember last September non payment was leaked by the cabal before FRR officially told us mushrooms. So, if the cabal have not leaked and our super sleuthers have not uncovered, may be it was settled(?).

So, our passive collective focus now moves to Sweden for the arbitration hearing(s).

Posted by Madpunter yesterday @ 23:06 :-

Production
Page 5 (see link below) of the Frontera Archive 10th post shows 312bopd of light crude produced in 2018 without T39, plus 75bopd heavy crude. Page 3 (see the link below)first post of the Frontera Archive shows 4 train loads auctioned in 2018 = 23,500t = 181,185bbls light crude and 27,375bbls heavy crude. Total 208,560bbls, which means that 291,440bbls must come from T39 in 2018 if Zaza's statement of 500,000bbls of production is correct. Therefore, with a flow rate of 1500bopd for T39 there would be another 4 trains (9,000t )filled after the 22nd October 9,000t trainload, but with a 45 day wait for payment after auction, plus xmas, they wouldn't be paid until 2019. Also, this flow rate would give a total of (1500 + 312 + 75)bopd = 1887bopd, up to two thousand bopd referred to by Zaza.
Revenue for 2018 would then be (181,185bbls x $65/bbl = $11.777m) + (27,375bbls x $40/bbl = $1.095m) + ($630k in the bank) = $13.5m in Total .
Page 9 (see the link below) 12th post of the Frontera Archive estimates $12m operating costs for 2018 based upon $6m for H1, but without lawyer's fees and payments for YA.

Therefore, $13.5m -$12m = $1.5m profit for 2018 less the lawyer's fees and payments to YA, which looks pretty close to the actual $1.2m referred to by Zaza.

The 4 trainloads of 9,000t not paid for in 2018 will equate to 277,560bbls x $60/bbl (the price of oil is lower this year) = $16.6536m. Add 256 days x 1812bopd light crude = 453,872bbls x $60/bbl = $27.832m. Add 256 days x 75bopd = 19200bbls x $40/bbl = $0.768m = $45.2536m revenue so far this year + $1.2m profit from 2018 = $46.4536m. Assuming operating costs (not including lawyer's fees and YA payments) of $12m = $34.4536m. IMHO FRR will easily have enough to cover the lawyer's fees, YA payments and the DoS within the 12 month period. In fact FRR may be close to paying SH/O, which might explain the meeting with only SH/O's lawyer's present in the Caymen's.

https://www.lse.co.uk/chat/general/commodities-and-mining/frontera-archive-41C7D130-7E51-4344-82E7-83B697F53322.html?page=3

https://www.lse.co.uk/chat/general/commodities-and-mining/frontera-archive-41C7D130-7E51-4344-82E7-83B697F53322.html?page=5

https://www.lse.co.uk/chat/general/commodities-and-mining/frontera-archive-41C7D130-7E51-4344-82E7-83B697F53322.html?page=9

Posted by Ivyspivey yesterday @ 19:30 :-

Reuters
https://uk.reuters.com/article/ukraine-energy/ukraine-strips-u-s-firm-trident-of-oil-exploration-rights-in-black-sea-idUKL5N2635VX

Posted by Arsenal221 @ 19:40 :-

See Ukraine new leader wants to attract big ticket investors/Majors.
So as we know Frr there is no way they can be even briefly thought of in that way. So hopefully something will be revealed that shows Frr can be considered.

Posted by Symore_Bottoms on ii yesterday before the cancellation of the Trident contract :-

Well, revelations of the past two days have been ground breaking, especially when you consider that we are delisted and in the midst of multiple legal battles (fighting for our lives I would say). The interview given by Zaza to the Ukraine paper was pretty telling, especially about oil production for 2018 and a positive net profit. How much is fact and how much is spin, who knows. But as bystanders, its was good to see them out and about. Plus, the political support garnered from the US for a small company like FRR is astonishing. However, will it yield positive results with the Ukrainian and Georgian Govts, I guess we will find out soon. On Ukraine, we could have some news on the Dolphin Block may be by Friday and on Georgia, next month. On both counts, I believe FRR has a strong case. In Georgia, how do you contest $500m of inward investment and huge oil and gas discoveries/reserves. We must also remember that FRR had officially submitted a feasibility report to GG to declare the entire B12 as commercial based on the Miocene and Eldari formations (ref April 2017 RNS). But we heard nothing on that front. On Ukraine, again a compelling case if direct comparison is made to the winner, Trident.

Anyway, as far we the shareholders are concerned, well it’s pretty frustrating. Emotions are swinging wildly from euphoric to ‘all is lost’. Where am I? Probably in the middle, fearing the worst, hoping for the best. But seeing the guys in the public gives a little reassurance, although I try not forget there are some major obstacles ahead, so we must be patient and let things take their course.

Also, I am pretty sure that Zaza will communicate/meet the shareholders when the time is right but with so many other issues on the go, I don’t blame them for focusing on them first. The simple equation is, they win, we win.

Some may argue that Ukraine should not be high priority given all the other problems, and I am kinda in that camp too, but there be a good reason why they are aggressively perusing this opportunity (including already filing a case in the Kiev Court).

And I don’t see any benefit in taking a defeatist attitude, so we must keep our chin up and continue to stay on the trail while the guys continue to fight on. If things go the other way, well, there will be plenty of time for self pity and soul searching (mixed in with hate, anger and blaming each other etc).

Anyway, my sincere thanks to the super sleuthers for their research prowess’s as evidenced over the past few days - remarkable!

Posted by Madpunter yesterday @ 11:04 :-

Part 2

Posted by bugsy-b @ 20:03 :-

FRONTERA IS SUING GEORGIA
"29.AUGUST .2019 21:37 ECONOMIC
FRONTERA IS SUING GEORGIA AND SEEKING $ 3.5 BILLION IN COMPENSATION

https://www.bm.ge/ka/article/frontera-saqartvelos-uchivis-da-kompensaciis-saxit-35-miliards-itxovs/39074

Posted by Sycric @ 22:55 :-

Any suing of countries normally is on this. Cannot see if so seems like fake news.

https://icsid.worldbank.org/en/Pages/cases/AdvancedSearch.aspx

The two posts copied above were posted on the 29th August and copied from the second and fifth posts down of the link below :-
https://www.lse.co.uk/chat/general/commodities-and-mining/frontera-archive-41C7D130-7E51-4344-82E7-83B697F53322.html?page=22

IMHO the timing of the 'old news' posted in the link by bugsy-b and the fact that there's no listing in the link posted by Sycric points to someone trying to influence the case in the Ukraine.

Posted by Madpunter yesterday @ 10:54 :-

Arbitration
My post from the 9th May (copied below) speculated about a 'Trojan Horse' plan involving Block 12, the GG and SH/O, but where did FRR get this idea from assuming that I'm correct. The court paper's show that SN's declaration refers to a Trojan Horse plot by SH/O using OML and MND (see extract below).

This 17 information was especially crucial, in light of FRC's past experience with OML, 18 and its fraudulent attempt to present MND as a "Trojan horse" investor to obtain 19 FRC' s trade secrets and confidential information in aid of a hostile takeover bid (copied from the fourth post of P11 of the Frontera Archive posted on the 23rd May).
https://www.lse.co.uk/chat/general/commodities-and-mining/frontera-archive-41C7D130-7E51-4344-82E7-83B697F53322.html?page=11

The arbitration request by the GG that was reported by ShareP....'s (fill in the blanks as you see fit), started what appeared to be an orchestrated shorting attack on FRR. The leak is assumed to have come from SH/O, as the modus operandi of SH/O is to target distressed companies and restrict their funding capabilities. The subsequent naked shorting by YA and shorting by TW et al greatly restricted the avenues for funding. Thus, SH/O possibly saw the arbitration as FRR's Achilles Heel. Move on year and IMHO the Achilles heal has turned into a Trojan Horse. SH/O may have assumed that due to the following two points, the assets were unlikely to be moved :-
1) The request for arbitration by the GG.
2) The fact that if Block 12 was moved from FRCC without the approval of the GG it reverted to the GG.
IMHO due to the previous points and a window of opportunity between the two court cases, then SH/O tried to take control of the assets, by resigning and trying to liquidate FRCC. IMHO the arbitration appears to have been a lever in the negotiating of the sunk costs between FRR and the GG, which are about $400m. These costs are recoverable from production under the PSA, prior to the 51% (GG share) and 49%(FRR share) split in production. The price of the 1% in ground value of Block 12 (26.7kMMbbls x $60/b = $16bn) halved for FRR's share = $8bn. Therefore, the 5% royalty equates to $400m of the $8bn, the same amount as the sunk costs. Thus the arbitration request may have allowed the deal with the GG, which removed Block 12 from the clutches of SH/O's cronies. At the same time this facilitated his removal from the board and his veto of a possible loan with GC. Therefore, the arbitration turned from being an Achilles Heel into a Trojan Horse. All conjecture, but the theory fits (copied from the 9th post down in the link below posted on the 9th May).
https://www.lse.co.uk/chat/general/commodities-and-mining/frontera-archive-41C7D130-7E51-4344-82E7-83B697F53322.html?page=9

Posted by regdik yesterday @ 10:40 :-

Politics has always (and will) play a large part of Energy supply. So what is happening now is nothing new. This is more Dulwich expertise than mine I can only speak for my experiences in BP. I know that Cameron has to personally call Obama to get the dogs called off as BP were about to go under with the 50/60billion damage claims from the gulf spill. BP share price tanked and the Russians were hovering to mop up the remains of BP. So it was not surprising that an American (Bob Dudley) was appointed that year as he had experience running TKL/BP in Russia to counter this attempt and appease the US.
Big oil are at the centre of US politics so put nothing past them using a front company to pave the way in territories to close to the bears home turf.

Posted by pyrotech yesterday @ 08:24 :-

Hi Mole, have you had any direct contact over the last few months?

Not sure if your saying we are likely to lose Georgia, moving on to Ukraine, That would be history repeating itself. Last time FRR found oil and gas they lost the contract and others took the huge resource onwards. Now if that happens again you would not only question the competence of the directors, but also the trust. That would look very much like stupid shareholders financing exploration whilst high politics and majors reap the rewards. Simple terms corruption.
I think it would be very hard for FRR to lose Georgia and get shareholders to pay for exploration in Ukraine. What would they say to convince people? Third time lucky?

I am glass half full, but losing Georgia would be too much and i think Shareholders will have lost the lot with more jam promised for tomorrow if they foolishly put in more money. Mistakes we may make - lemmings we are not

Posted by Moleinahole yesterday @ 08:04 :-

Folks I'm still around but as I've said from day 1 I don't like the litigation and won't comment on it. Safe to say I don't think the current sequence of events was planned in any way.

The reality is that nothing has actually changed over the past few months. Ultimately the company will have to find a way forward involving an injection of funding to repay the loan notes and fund future operations and resolution of the block 12 license with both Outrider and the GG or they have no future in Georgia. That would leave Moldova and Ukraine which may be a clue as to current events with Dolphin. Equally you need to try and see the differences and cross over with Steve N interests with FRR and his us chamber of commerce roles of which he has a specific role around Ukraine. His wine visit for instance I would see in that context.

The only observation I would make is that since the 2017 restructure YA while carrying a book loss have recovered their $6.1m and Outrider with the personal guarantees which was pretty unusual stand a good chance of getting the interest back via that path in excess of their own $4m investment.

Our own position as shareholders is very much a catch 22 situation. I find it better not to comment on a daily and hour by hour level as outcomes here are uncertain now litigation is in progress.

Since December I've spent more time with family commitments and my other interests and hobbies.

The bump in the road was the loss of the nomad. Since then we have gone full off road. The optics look terrible but I don't see any options at the moment other than to watch with a mix of fascination, bewilderment and dread my investment careerng over the bumps and jumps of this wild journey.

I will add that there is a community that congregates around this BB that has supported this company rightly or wrongly and each other in the main and the current situation is not what anyone could have imagined. I don't think I have ever seen anything like this and would hope never to do so again in any investment.

Posted by Blownitalready yesterday @ 07:35 :-

EU Pipeline Ruling Helps Ukraine Thwart Russia
Interesting read
https://www.bloomberg.com/opinion/articles/2019-09-11/eu-pipeline-ruling-helps-ukraine-thwart-russia

Posted by Oopsi yesterday @ 14:33 :-

Submission of further information
Apologies but am stuck on a train with very little reception and only a smartphone so cannot check the following link (posted today) properly. In particular does it contain any new info and in particular the comparison table with Trident. I can’t enlarge it on my phone so unsure whether it is new or existing info. Thanks
http://www.nefterynok.info/novosti/frontera-resources-snabdila-kabmin-novoy-informaciey-o-trident-acquisitions

Posted by brgmg69 yesterday @ 14:52 :-

Go to the bottom of the link and its available in an english version including the comparison.
Its dates 09/09/2019

http://www.nefterynok.info/novosti/frontera-resources-snabdila-kabmin-novoy-informaciey-o-trident-acquisitions

Posted by Mills240 yesterday @ 14:55 :-

.... trident only have 3 employees against Frontera 240 !
It's also claim in paper that frontera have found that TRIDENT has stated to NASDAQ that
it will wind up the company of they have no investment by 1 dec 2019

Posted by Earsbern yesterday @ 15:03 :-

It translated into English near the end of the Pravda article excerpt (hope this copied link works) :-

https://www.epravda.com.ua/rus/publications/2019/09/10/651021/

Posted by Chris572 yesterday @ 16:56 and 17:11 :-

The letter I posted yesterday was written by the 8 US congressman . The letter oopsie posted it from SN himself ! So this is new and a very telling read!

Cracking find oopsie

I just can’t see why we are Aggressively pursuing Ukraine unless Georgia is tied up. the government backing speaks volumes and to me indicates that the government are happy enough with the Fronteras progress in Georgia to give them the support they are receiving and are pushing them to be the front runners for Ukraine

Posted by Gipps51 yesterday @ 17:41 :-

SN is asking for the award of the Dolphin block to be made tomorrow . It does not sound like shareholders would be part of Ukraine however if does feel like a deal might have been done in Georgia of sorts ....

Posted by Oopsi yesterday @ 18:16 :-

Latest twist: looks like the pressure has paid off and the decision to award Trident the Dolphin block has been cancelled

https://thepage.com.ua/news/kabmin-otmenil-dobychu-na-krupnejshem-gazovom-uchastke-v-chernom-more

Posted by Madpunter yesterday @ 11:21 :-

Furthermore, if my assumptions are correct and the brokers have wrongly assumed that FRR are toast, then the repercussion's could still hit the shorters. We know that the FCA is largely ineffectual, but if international banks acting as brokers become collateral damage, IMHO they will lobby the SEC. The shorters could still have a date with Zib's Mr Big yet.

Posted by Madpunter yesterday @ 11:03 :-

1) Zaza has never hidden his loathing of the shorting.
2) The recent article hints and FRR not re-listing.
3 ) IG has paid out as FRR are removed from CREST and HSBC don't think they will re-list.
4) Zaza and Steve are not hiding, but are in meetings in Georgia.
5) FRR are taking the Ukraine government to court over the Dolphin prospect, yet unless they can show rich backers, they have no chance of overturning the result.
6) There's job adverts by BP in Georgia.
7) SH/O has indicated in the court papers that FRR is coming into money soon.
8) FRR made a press statement in the Ukraine indicating 30 TCF and 14.1 billion barrels of oil reserves.

IMHO FRR are selling out completely to the super majors, but as they want the Dolphin prospect as well, the takeover is delayed. Therefore, FRR will not re-list and CREST have been notified. As this will not hit the shorters, FRR will hit those backing the shorters instead, which could end up in a shakeup of the industry. Just a waiting game now and still confident.

Posted by OneDayRodney1 yesterday @ 09:0 :-

IG Update
I received a reply from my IG contact now that he is back in the office:

"There has been an update. IG have settled all leveraged positions at zero. Which means shorts have been now received their profit - which were previously were held in proceeds account. It also means long leveraged positions have also been settled at zero and losses have been booked.
I received this this morning;
We have been notified by our broker that Frontera Resources has been removed from Crest and therefore removed off our book, which we have replicated as per procedure. We have asked if the Broker has further information on this and if we receive anymore we will send it over to you. Usually, in the majority of cases, if a stock is removed from Crest it means there is no further cash return to shareholders or a relisting. Rest assured if anything does have happen in the future we have a log of all client positions and will match the underlying market accordingly, where possible.
IG do not have a view either way and simply follow broker instructions.
I am trying to find out the process of reinstating positions both long and short, but my first thought is that it is unlikely that short positions will be reinstated at this point due to the fact if profit has been credited. There is nothing stopping that client taking their profit and closing account etc. not that it would come to that but it would be hard to enforce short losses once trades have been settled. Also clients who had short positions would have taken them against IG inventory so our broker wouldn’t not have a record of those positions. I imagine long positions will be reinstated.
Hope this helps. I will send more through as and when."

So StarRage, you were correct. Please accept my apologies.
The question is why has their broker (HSBC) taken this action???