Member Info for Madpunter

Posted by LordLash @ 03:56 :-

I think there are 3 points to pick out from the document. Hope says: "THE PLAINTIFFS ALLEGE THAT THE FUND CONSPIRED WITH ITS PRINCIPAL STEVE HOPE TO CONTRIVE THEIR DEFAULT ON DEBT OBLIGATIONS". On another question Hope says: "THIS IS A SPURIOUS LAWSUIT BY A DEBTOR TO AVOID PAYING ITS OBLIGATIONS TO THE FUND. WE EXPECT TO SUCCEED IN COURT". On another question Hope states the current status of the case is pending (not on appeal or final). Personally, I'm not sure much can be read into this but one question it does raise to me is, if Hope is claiming Frontera wanted to avoid paying the debt obligation, why did Hope so desperately, and by the sounds of what the judege has said, questionably, try to block Frontera getting the Durham loan that would allow them to pay off the debt?

Posted by offtheball @ 02:02 :-
So unsure if this has been already been flagged up ? I had some free time, So I decided to search through google in an attempt to find something new. I found this paper which was signed off by Stephen Hope on 25th March 2019, Two days before the last court hearing.

https://adviserinfo.sec.gov/IAPD/content/ViewForm/crd_iapd_stream_pdf.aspx?ORG_PK=130152

These types of documents are above me but the last three pages highlight the case / claims and it also states that Outrider / Hope expect to succeed in court.

I would be interested to hear views from anyone with more understanding of the paper than me. Thanks, ofb

Posted by ZiggyZag yesterday @ 22:41 :-
Below a view of recent court ruling on Harneys off shore litigation blog ......

Direct threats require direct action” (Dick Cheney)
15 March 2019

For centuries, the common Law Courts have exercised the jurisdiction to intervene by injunction to prevent a wrong that is merely threatened, and not yet embarked on, both permanently after a full trial, and also on an interim basis pending the trial.

The discretion to grant the so called “quia timet” (because it fears) injunction is sparingly exercised, and applicants must in particular be cautious in seeking interim injunctions, because those sought on an urgent basis, where there is no real urgency, or without full disclosure to the Court of all relevant facts and law where the application is made ex-parte in the absence of the defendant, are liable to be refused or set aside by the Court with serious adverse cost orders.

The legal requirements for the grant of an interim quia timet injunction are that, in addition to the usual requirements for an interim injunction (including that damages awarded at trail would not be an adequate remedy), the applicant must show at least some real risk of an actionable wrong being committed if the injunction is not granted.

These issues fell to be considered by the Cayman Islands Grand Court in the recent case of Frontera Resources Corporation v Hope and Outrider Master Fund LP, where a variation to an injunction obtained by the plaintiffs against them, obtained by the defendants on an “urgent” ex parte application to vary that injunction, had itself amounted to a quia timet injunction against the plaintiffs.

The Court found that the variation should be set aside as having been obtained on the basis of affidavit evidence which had failed to disclose material facts and/or fairly to present the merits of the case, and that the legal requirements for an interim quia timet injunction were not met; the Court was also critical of the lack of urgency. The variation was set aside with costs against the defendants to be assessed on the indemnity basis. Applicants for interim quia timet injunctions would do well to bear in mind the advice of Friar Lawrence to Romeo; “Wisely and slowly; they stumble that run fast”.

Eyesonhawk2 posted on ii on 4th April :-
An interesting link about The Financial Trolls:-

http://financialtrolls.blogspot.com/

After looking at the Daniel Levi link posted by Eyesonhawk2, I read more of the blog and found the following :-

Friday, 2 June 2017
Dan Levi's attack on Winnifrith still online
It has been more than two months now since Brokerman Dan Levi (see tab, above) wrote this column on his Guerilla Investing site, accusing Tom Winnifrith of fraud, yet still there has been no libel complaint or withdrawal of the article. It is worth a read. Sometimes we wonder if all Tom's shrieking about the supposed transgressions of others is designed to remove focus from his own murky dealings.

Exposed Tom Winnifrith. Going to Jail?
I accuse that well known financial Journalist Tom Winnifrith, shareProphets of wholesale fraud, blackmail, tax evasion and market abuse the hypocrisy charge being incidental but never the less indicative of the deceits and charges Winnifrith now has to answer in full.
The list of charges are endless the evidence is compelling.
This is a man who has ‘Self-Styled’ himself as the ‘Sheriff of Aim’ a man that is up to his neck in market abuse, fraud and ‘dodgy’ deals par excellence. Using the cover of ‘financial journalism’ for personal financial gain. The sheer bloody hypocrisy is jaw-dropping. He was informed yesterday that this was coming. As per form Winnifrith has been running scared, emailing and contacting my close city friends attempting to put pressure on me not to publish. You were told and warned many times by myself that you keep attacking me and my friends and I will unleash the dogs of war. The truth of what every retail investor reads here is horrific. This is a 14 month investigation. What is written here is just the tip of a large corrupt financial scandal. There’s much more to come. Particularly rumours of a USA London listed Company seeking to bring racketeering charges in America.

The arbitration leak was first published by TW et al. Now we have the court case with SH/O. The last sentence in the above extract (from the link) is about a rumour of a USA London listed Company seeking to bring racketeering charges in America. I wonder if these are all linked?

There's been no reply to my request for the links with SN and Moldova posted on Monday 18th (my computer crashed and I was offline for a week). Therefore, I've copied the thread from ii on the subject instead :-

https://www.ii.co.uk/discussion/t/all-over-moldova/1147878

Posted by Ivyspivey on the 27th March @ 17:26 :-

US Senator Payments

http://bit.ly/2TWVib6

http://bit.ly/2TT179n

http://bit.ly/2We0qo3

The whole thread in the link below has some very good posts :-

https://www.ii.co.uk/discussion/t/news-out/1147680

Posted by Cicatriz @ 18:32 :-

https://www.dropbox.com/s/4o6fmggrg4vp4bk/Frontera%2012th%20Mar.pdf?dl=0

Posted by Chris572 @ 18:24 :-

https://www.pacermonitor.com/public/case/26124019/Frontera_Resources_Corporation_et_al

Posted by Oopsi @ 11:48 on the Frontera bb :-

Judgement

This is a massively important judgment and its significance cannot be underestimated. In effect, Hope/Outrider made an urgent application for a fresh injunction in early December without telling Frontera. The injunction was to stop Frontera taking out additional security. The judge granted it. However Frontera challenged it and were successful. The judge discharged the injunction on two grounds. The first was material non disclosure by Hope and the judge was very critical of them on this. The second was that Hope didn’t meet the legal requirements for an injunction.

The judgment updates us on the position of the financing as at February which although not imminent it is ongoing. It was, however, enough of a prospect for Hope to seek an urgent injunction. It’s also not as simple as getting additional funds to repay the debt given the terms of the Notes which the Judge regarded as heavily in Outriders favour. There is also a legal argument which Hope is afraid that FRR will use to obtain the funding and potentially circumvent the terms of the notes.

Judgment is a MUST READ.

In boxing parlance – “ a good round for FRR”

Posted by Chris572 @ 11:17 :-

Ukraine, at the suggestion of the American company Frontera Resources, may hold a tender for the development of hydrocarbons in the PSA within the Dolphin site located in the northwestern part of the Black Sea continental shelf.

The corresponding draft resolution is included in the agenda of the Cabinet of Ministers on Wednesday, March 6.

Read the news also on the website "Energy Reform"

The total area of ??the site is 9.772 thousand square meters. km Presumably the minimum investment should reach 1.5 billion UAH. The conditions of the competition also stipulate that the size of the minimum share of the state in a profitable product is 11%.

The winner of the development tender for the PSA will have to provide a geological survey of the subsoil at the site, including the drilling of at least five wells during the first five-year stage of geological exploration.

Frontera Resources Corporation, founded in 1996, is engaged in the exploration and production of gas and oil. The company's strategy is to search for prospects for the extraction of hydrocarbons in the markets of Eastern European countries that belong to the Black Sea basin. The proven natural gas reserves of the company in Georgia amount to about 300 billion cubic meters. m

https://interfax.com.ua/news/economic/570615.html

Posted by Chris572 @ 14:17 :-

I see frontera listed as AmCham Company Members as of February 2019 but I also spotted 'BP Exploration Georgia' as a member ..... dont think ive come across this anything 'exploration' related with BP Georgia before? is this a new division of BP?

http://investor.ge/res/2019_1.pdf

bugsy-b's reply @ 14:31:-

Chris, Only seen it as “BP exploration (Caspian sea)..
If it is Georgia, well spotted mate..

Madpunter's reply @ 16:19 :-

Patron Member

BP Exploration Georgia
24 Tsintsadze St.
Tel. 2493400
www.bpgeorgia.ge

It's at the top of Page 44

Posted by Chris572 @ 19:24 :-

Really bored so picking the internet to bits trying to find scraps and came across a large azier doc about oil and gas prospects and it reads very similar to Frr and mentions “taribani areas” .... anyway Here’s a small part

The Maykop sediments are considered to be more promising in oil-gas fields in the northern areas of the region, since the Maykop reservoirs are characterized by better collector properties. The oil and gas prospects of the Upper Miosene relate to Sarmat reservoirs, which are related to lithium-stratigraphic and structural-tectonic traps in the central and outer parts of the depression. Here are the oil-bearing sandstone layers with a thickness of up to 20-25 m in the Upper Sarmatian section (Çatma, Tulkütepe, Eldaroyugu and others), attracting attention as sought-after objects. Opening of these sandy layers in the Qabirryani zone (Qatar, Taribani areas) is seen by oil and gas manifestations. Note that considering the degree of study of the Maykop and Sarmat sediments, they can not be regarded as separate search engines. Therefore, the study of the oil and gas prospect of these facilities is recommended only with exploration wells to be drilled to the Eocene and Tabriz sediments, which form the lower part of the cut

http://anl.az/el/Kitab/2018/10/cd/Ar2018-1350.pdf

Document is 100’s of pages long but I’m on my phone so not able to translate any more of it

Posted by bugsy-b @ 20:24 :-

"The American - Moldovan Business Council launched in Washington D.C." Dec 11, 2018

"A group of American business leaders launched the American-Moldovan Business Council (AMBC) on December 6th, 2018 in Washington D.C."

"Steve Nicandros, Frontera Resources, has been elected as Chairman of the AMBC Board. He stated the new organization’s mission is to enhance trade and investment cooperation between the United States of America and the Republic of Moldova"

https://www.ambdc.org/blog/the-american-moldovan-business-council-launched-in-washington-d-c

Posted by bomber64 @ 13:28 and helps to illustrate the potential future income for FRR :-

A large oil and gas discovery in Bahrain in 2018.

Wow what an income!!!

The volume of natural gas discovered – as quoted by the minister – is also significant, though less impressive than the oil discovery. A 12 tcf field may be able to feed an export project of 1 bcf per day. It would correspond to Myanmar’s exports to Thailand, a tenth of Qatari exports or a twentieth of Russian exports to Europe. At current liquefied natural gas (LNG) market prices, the gross value of the revenues would be about US$2.5bn per year. At this stage, though, the 12 tcf figure and the 1 bcf per day production rate should be treated as highly speculative.

https://www.iiss.org/blogs/survival-blog/2018/04/oil-and-gas-discovery-bahrain

In 2010, Leviathan Natural DEEP WATER Natural Gas Reserve was said to be worth $90 Billion for 16 TCF.

https://www.haaretz.com/1.5100966

Posted by Njames @ 21:19 :-
https://fronteraresources.com/frontera-resources-presentation-48th-oilbarrel-conference-london/
https://fronteraresources.com/oilbarrel-publishes-article-frontera-resources-starts-build-production-mtsare-khevi-field-kura-basin-georgia/
https://fronteraresources.com/seymour-pierce-initiates-research-frontera-resources-buy-recommendation/

Posted by Njames @ 19:46 after an internet search as it's no longer linked to the FRR website :-

https://fronteraresources.com/media/news/

posted by Madpunter @ 18:35 :-

Thanks bugsy.
List of recent auctions with the amount of light crude.
20th September 2017 for 4,500t
13th March 2018 for 4,500t
10th September 2018 for 5,000t
1st October 2018 for 5,000t listed on 20th September
22nd October 2018 for 9,000t listed on 13th October
Total light crude = 22,500t.
For heavy crude the amounts are 2,500t, 2,500t, 2,500t, 2,500t, 1,000t, 1,000t and 3,000t for the subsequent auctions. Total heavy crude = 15,000t.
Total oil auctioned = 47,500t, yet the articles show 979kt shipped through Batumi.

http://www.gogc.ge/uploads/other/1/1382.pdf
http://www.gogc.ge/uploads/other/1/1379.pdf
http://www.gogc.ge/uploads/other/1/1370.pdf
http://www.gogc.ge/uploads/other/1/1260.pdf
http://www.gogc.ge/uploads/other/1/1226.pdf
My estimates gave a figure of 151,380bbls from 4th July until 31st December and 43,663bbls from 1st January until 3rd July, which totals 195,043bbls for 2018. When converted to tonnes (divided by 7.71) = 25,297t, but some of that oil has yet to be sold. The auctioned oil looks like FRR's oil IMHO as the figures are very close, especially when considering the unsold oil, which will be more than the portion from 2017 in the March train load, as the production rate has increased.

links below posted by bugsy-b :-

https://www.reuters.com/article/us-crude-georgia-batumi/oil-shipments-from-georgias-batumi-port-drop-49-percent-in-year-to-november-idUSKBN1O30PQ

https://uk.reuters.com/article/crude-georgia-batumi/oil-shipments-from-georgias-batumi-port-drop-51-pct-in-2018-idUKL8N1Z32P1

And on the subject of that box, which quod erat demonstrandum is not empty… A comment on the arbitration issue with the Georgia State agency & the GOGC. Here, my understanding is that the issue is not so much about the contents of the box, which is now well understood by the relevant stakeholders, but about the pace and nature of the manifestation event; the exploitation timescales and how the PSC should be interpreted regarding certain territories in the block, for example, what Frontera refer to as the Basin Edge Play. So, the Miocene horizons at Basin edge (above the gnarly Cretaceous) are now extremely relevant by extrapolation from the staggering technical success at the Miocene Taribani zones. Read the 2005 NSA report on the Sarmatian horizons (S3) at the Basin Edge areas and feed that with the Taribani work into the declaration objectives under Article 9.4(c) of the PSC:
1) There’s not a lot of seismics for Basin Edge
2) We now see a lot of oil in play in the Sarmatian
3) There’s not much time with the Study period.
4) How does that box get opened?

And now understand: There are many juicy boxes in Block 12!

And finally regarding the current pressure on the shareprice of FRR shares (with reverent sunlight on folks buying shares in London who have carried this work to here), as I understand it, certain commitments with regard to vendor stock are being processed, and other pre-agreed sellers are working through their deals – honestly I don’t understand the details. Also, we know that all markets have the derivatives traders like the short selling guys who play their part and spin their story. I have to say; there is a lot of BS in some of the online news websites in the UK and a lot of BS gets posted on Twitter too.
This pressure wont last forever - they’ll take their turns and we’ll get shot of them.
It sounds trite to say a little bit of patience now, but go along next week, hear what Zaza has to say at the meeting in London and try once again to get your heads around 18 billion barrels oil and 202 tcf natural gas.

Well, things are progressing nicely here.

Firstly, just lets recap on the last two and a half years of technical progress in Block 12. This is a petroleum engineering story at its best – we finally figured out how to drill clean holes in this tricky geology and we got zones to flow that have baffled drillers for decades. The Soviets fooled around for so many years washing out the sands and spitting cement; this really is a classic story of how one of the worlds great under-developed regional plays gets conquered. It’s taken years for Frontera to get to this place, but then it took years to realize that the Permian in West Texas could do what it’s doing now – read, understand and see the similar story.

OK, on a very basic evidential level:
Q: Is the oil there in the Block 12 license area?
A: NSA have presented cautious oil and gas in-place estimates based on data they have audited from the Frontera drills and data they have generated themselves. We also have some Ryder Scott work. These data estimates are staggering and no one can deny this is not absolutely world class land with several great plays – based on the petroleum consultants data.

Q: Can we drill holes, work the rock and sustain a major field set of commercial flows?
A: Frontera have presented an exploitation & development methodology for a super-multi-well strategy which has excited certain parties to take an interest in Block 12 over recent years, from MND Group / VTB, through to the recently announced majors – these are the ones the market knows about…

OK, I totally agree that retail stockholders are lacking straightforward data to reassure the exploitation and development story, but if you step back (or talk to the right people) it’s now clear to see that the Block 12 geology has been capitulating like a woodchuck since 2016 and the grind of it all has been getting the deals to plug the whole thing in. It just needs a whole lot of money throwing at it now.

Next, a deal was finally nailed with mucky old Yorkville to help clean up and ready the Frontera balance sheet (announced in early June) and a little tussle subsequently developed with Yorkville (thru August and into Sept). My understanding is that this is not complicated stuff and an explanation on Thursday next at the stockholders meeting needs to be listened to really carefully to make sure there’s no misunderstanding by retail - I understand that a sensible outcome has already presented itself and just needs working through with the lawyers. Like someone said on here, you don’t fight over an empty box.