Member Info for Madpunter

Posted by Blownitalready on the 24th June :-

Prime minister (background)
After reading about the prime minister you can see why it really is an uphill struggle !

https://www.ceps.eu/georgia-has-another-new-prime-minister/

Posted by Looed on the 24th June :-

Translation Summary
Here is an updated summary -

#1 - radio show $110, POSTED 07/06
https://www.radiotavisupleba.ge/a/????-????????????-?????????-????????????-??-??????????????-??????/30639322.html

#2 - Short Youtube clip $5.15, POSTED 15/06
https://www.youtube.com/watch?v=fL97SI8cjzQ

#3 - TV interview 16/06 $41.20, POSTED 18/06
https://mtavari.tv/ghamis-mtavari/7642

#4 – Interview from early May, $66.95 (found by translator) POSTED 22/06
https://www.youtube.com/watch?v=0bDj5hEHyEU

#5 – Interview with Zaza & Govt official, DUE 26/6 US$87.55 (found by translator)
https://palitranews.ge/video/sakme-frontera-vs-sakartvelos-mtavroba

#6 – TV Imedia news 5.23m US$20.60 POSTED 21/06
https://m.youtube.com/watch?v=84RjV2oahC0

#7 – News segment with GOGC from 17/6 DUE 25/06 US$55.00
https://www.imedi.ge/ge/video/54942/saertashoriso-skandalshi-gakhveuli-da-skhvadaskhva-qvekanashi-taglitobashi-mkhilebuli-prontera

#8 – Zaza TV interview, 23/06 from 37m mark, US$36.05, DUE 25/06
https://www.facebook.com/107065540663565/videos/????-???????-??????-?????/211402503272921/

#9 – News segment via YouTube, 5.30m, US$25.75 DUE DATE 25/06
https://www.youtube.com/watch?v=_7KRHadw7oY&feature=youtu.be

Total invoiced amount = US$448.25 / GBP375.50

#8 & #9 will hopefully be available later today

Posted by Madpunter on the 24th June :-

New descriptive word and saying
Is a new descriptive word and saying about to become a reality?
FRONTERARD - When those shorting stock have to endure a very long wait while facing oblivion, followed by a swift financial demise.
FRONTERARD EXTREMIS - When those who are 'Fronterard' are then extradited to face the wrath of Uncle Sam's legal system (and the possibility of a date with Zib's Mr Big).

Posted by psxtalks2u on the 24th June :-

Symore B on ii just now
Posted by Symore-B on ii a few minutes ago!
"Well, I am a little late on the scene with these developments but what a spectacular u-turn from the Georgians. Now they want to meet the company to negotiate a compromise, which based on certain guarantees, they may continue ‘mining’. Well, if that is not a spectacular development, I am not sure how else you could describe it.
Only last week, sinister forces leaked the alleged arbitration result on a public bulletin board, followed up with a number of public statements from the Georgian side accusing FRR of deliberate misinformation about the Tribunal result. The Georgians pressurising FRR to release the whole 152 page document while FRR requesting a meeting with GG to draft a joint statement. Each party holding firm on its position. The tit-for-tat response was pretty overwhelming. So, a week later, we have a more reconciliatory tone from the GG. And thank God for that - there were not going to be many winners in this spat.
In the meantime, the clock is ticking down to the termination date of 27 July (if indeed this is legal and correct).
So despite all this huge political pressure on FRR, Zaza continued with his TV campaign saying that they have complied with the Arbitration recommendations and the Govt has no unilateral right to cancel B12. But something more significant has happened in recent days for this spectacular u-turn. And I assume someone like Pompeo has intervened or the political momentum has gathered pace in Washington against Ivanishvili. Because optically it does not look for the GG to treat its largest American Energy investor in this uncompromising way, especially when energy prices are so low and expected to remain depressed for some time.
Now it’s in the open that both parties want to reach a compromise, we hope a good and speedy deal can be concluded."

Posted by ActionPotential on the 23rd June :-

We may do ok out of this, but it is also possible we may end up with nothing. What is beyond doubt though is the resistance that FRR have faced in trying to make a successful business out of this. I'm not sure if any other AIM company has faced this level of adversity and then had to enlist the help of US senators no less to help the cause. Zaza is very much aligned with the rest of the shareholders and, from recollection, didn't take a salary for a number of years. He's been fighting from pillar to post court cases (which I know many don't agree with, but quite possibly he had no choice) and still continues to fight for the cause. And now he's put himself in the firing line by saying the American companies face difficulties operating in Georgia when compared with Russian businesses, including Rosneft. And after all that, some people have the audacity to suggest that he may swindle something out of this while leaving the rest of the shareholders high and dry. Truly baffling and just a very lazy thought process.

DomFok, great work by the way.

Posted by Welloiled on the 23rd June :-

Arsenal, I think this is a case of realpolitik. Why aggravate relations with the US over a small O&G company? What's the upside when FRR have returned the bulk of B12? Why appear to be vindictive over 50 or so square kilometres that FRR have explored and are exploiting? It makes perfect sense both economically and politically to be magnanimous. Where's the downside? Mr Tvalabeishvili worked as the General Director of Georgian Oil and Gas Corporation from November 2012 through September 2018 and has 23 year experience of working in Energy Sector that includes his position of Strategic Planning Manager at Georgian International Oil Corporation (1996-2005). So he must be well informed about FRR and the O&G potential and as Deputy Minister of Economy and Sustainable Development he is in a good position to negotiate a new mutually beneficial relationship with FRR and GOGC.

Ideally I would like to see a new extended licence agreement (20 years or more) drawn up with FRUS as this should avoid issues with the farm-out of the existing licence which I understand ends in 2027. One of the main problems with trying to get an agreement for the farm-out was proof that FRUS has the financial resources to carry out the work required in the licence agreement. Zaza has stated "in the fourth quarter of 2019, we agreed with two other American companies (one company has a market capitalization of 23 billion and the other 20 billion) to build a consortium similar to that in the Caspian Sea, Azerbaijan, where oil and gas will be extracted and began large-scale extraction of oil and gas in Georgia". If this is correct and the deal is still on the table, then it is reasonable to assume these companies will be able to finance the consortium as FRR has the geological data and experience of drilling the fields. I see this scenario as a win-win for Georgia and FRR.

Posted by DomFok on the 23rd June :-

Frontera news clip
Zaza speaks near the end.

https://youtu.be/_7KRHadw7oY

Formula news article!!
Compromise After meeting with the American business ambassador, the government wants to give the green light to the Frontera https://formulanews.ge/News/%E1%83%99%E1%83%9D%E1%83%9B%E1%83%9E%E1%83%A0%E1%83%9D%E1%83%9B%E1%83%98%E1%83%A1%E1%83%98_%E1%83%90%E1%83%9B%E1%83%94%E1%83%A0%E1%83%98%E1%83%99%E1%83%A3%E1%83%9A_%E1%83%91%E1%83%98%E1%83%96%E1%83%9C%E1%83%94%E1%83%A1%E1%83%97%E1%83%90%E1%83%9C_-_%E1%83%94%E1%83%9A%E1%83%A9%E1%83%97%E1%83%90%E1%83%9C_%E1%83%A8%E1%83%94%E1%83%AE%E1%83%95%E1%83%94%E1%83%93%E1%83%A0%E1%83%98%E1%83%A1_%E1%83%A8%E1%83%94%E1%83%9B%E1%83%93%E1%83%94%E1%83%92_%E1%83%9B%E1%83%97%E1%83%90%E1%83%95%E1%83%A0%E1%83%9D%E1%83%91%E1%83%90_%E1%83%A4%E1%83%A0%E1%83%9D%E1%83%9C%E1%83%A2%E1%83%94%E1%83%A0%E1%83%90%E1%83%A1_%E1%83%9B%E1%83%AC%E1%83%95%E1%83%90%E1%83%9C%E1%83%94_%E1%83%A8%E1%83%A3%E1%83%A5%E1%83%A1_%E1%83%A3%E1%83%9C%E1%83%97%E1%83%94%E1%83%91%E1%83%A1/32000
Bidzina Ivanishvili's government is backing down from American business. After an arbitration dispute with Frontera and aggravation of the situation, the government has now changed its rhetoric, saying it is ready to allow the largest fuel company to continue its work. The changed position of the Minister of Economy was preceded by the meeting of the US Ambassador with Natia Turnava and Kakhi Kaladze as the former Minister of Energy.

Specialists are convinced that the government's withdrawal is due to the oligarch's fear that sanctions against him will become more and more real. The confrontation with "Frontera" was included in the burning letter of the congressmen. The harassment of American businesses and the change in the foreign course of the Georgian government are the main problems that are why the Congress is collecting signatures to impose sanctions on Bidzina Ivanishvili. Until now, the government has ignored the appeal of Frontera.

Russian-language businesses have been facing greenhouse conditions for a long time, according to Frontera. Rosneft and Gazprom have recently renewed their contracts with the government. That the legal advisers of the government received more than 30 million GEL for this dispute.

Posted by JRjnr on the 23rd June :-

RE: Natia Turnava: There is an opportunity for a positive dialogue with "Frontera" and reconciliation on
For all the doubters we are coming to the final furlong...think of faldo vs Norman Augusta 96. Faldo vs Strange Ryder Cup 95, Faldo vs Hoch 89, Faldo Vs Floyd 90, Faldo vs Cook 92 and Faldo Vs Zinger 87.... Just think Faldo.... When all looked lost one giant englishman stood firm... Zaza is on coming around amen corner and has just eagled 15.

Posted by JimSlade on the 23rd June :-

Is there any chance he could bogey the 16th?

Posted by JRjnr on the 23rd June :-

Faldo birdies 16 as does Woods...

Posted by keysersoze on the 23rd June :-

Thanks JRjnr any concerns over the conditions GD apply on frr?

Do you still think it will be sold off in the ne future?

Posted by JRjnr on the 23rd June :-

No and Yes in that order....

Posted by DomFok on the 23rd June :-

Natia Turnava: There is an opportunity for a positive dialogue with "Frontera" and reconciliation on
https://imedinews.ge/ge/ekonomika/149858/natia-turnava-arsebobs-pronterastan-pozitiuri-dialogisa-da-pirobebze-shejerebis-shesadzlebloba

There is a possibility of a positive dialogue and reconciliation under such conditions, under what conditions the company" Frontera "will be able to continue operating in Georgia, if it wants to do so and what other business needs to have? .." .

"There are some conditions that are important for us. For example, the fate of the people who were employed in this company and it is important for us to discuss this issue, ”said the head of the agency.

According to the Ministry of Economy, on April 17, 2020, the International Arbitration Tribunal, on the one hand, produced JSC Georgian Oil and Gas Corporation and the State Oil and Gas Agency, and on the other hand, Frontera Research Georgia Corporation and Frontera USA The final decision on the disputed issues is based on the contract signed on June 25, 1997 for the share distribution of the products and the study of the processing plant.

The Arbitration Tribunal supported the interpretation of the norms of the contract by JSC Georgian Oil and Gas Corporation and the State Agency for Oil and Gas LEPL and satisfied the absolute majority of their claims.

Posted by Keysersoze on the 23rd June :-

"Hold a high-level trade and investment dialogue (HLTID)"
Natia Turnava met with Kelly Degnan

June 22, 2020

Georgia's Economy and Sustainable Development Minister Natia Turnava and US Ambassador to Georgia Kelly Deganan discussed bilateral trade and economic relations.

According to the Ministry, the Minister noted that the United States has always been and remains Georgia's most important strategic partner and also one of the main investing countries, from which investments increased by 34% in the first quarter of 2020 and took second place with 17%.

Among the largest investor countries. Turnava notes that despite the pandemic, the volume of investment from the United States has increased.

The so-called Hold a high-level trade and investment dialogue (HLTID) meeting at the USTR head level in the near future. According to the press release, with the support of the US Department of Commerce, it was planned to organize another targeted trade mission in Georgia in April 2020. Natia Turnava expressed her desire to pay a visit to the mission this year as well, which will help the arrival of American companies in Georgia and interest in our strategic sectors.

Posted by DomFok on the 23rd June :-

Zaza (Looks like the interview earlier?)
It's a bit strange to say in the press that they want to meet with us - the director of Frontera answers the Deputy Minister
https://netgazeti.ge/news/462926/
Zaza Mamulaishvili, CEO of Frontera, responds to the statement of the Deputy Minister of Economy and Sustainable Development, where he talks about compromise with the American company.

According to Mamulaishvili, it is unclear why it took the Ministry of Media to make a statement against the background when he personally talked to Davit Tvalabeishvili a few days ago, where he said that the Ministry had a specific proposal for the company:

"Today's decision was made at a very unusual time and place. For example, 4-5 days ago I had a personal conversation with Mr. Tvalabeishvili, he contacted me and told me that he had some proposal for the company, and we agreed that if he could make a proposal, we could talk about it. In 3 days, what was necessary to announce on TV and in the press that they wanted to meet was a bit strange for us, the more years we call on them to cooperate more effectively and well. Especially heartbreaking is the fact that in the same address, the state continues to spread false information in the form of the Deputy Minister of Economy, which it has been doing before. I mean, under the 1997 agreement, which is signed by the state, the oil and gas corporation and the company on the one hand, it clearly states the conditions under which Frontera operates. So it is completely unclear what they are talking about and what they want to offer or what new conditions Mr. Tvalabeishvili is setting, ”Mamulaishvili told the main channel.

Today, June 23, the Ministry of Economy issued a statement by Deputy Minister Davit Tvalabeishvili, stating that they are ready to allow the Frontera to continue working under certain conditions. At the same time, Tvalabeishvili offers the meeting to the representatives of "Frontera": "We are ready to go through these issues with the company and try to find such a compromise that it is possible to continue working on the mines of the company" Frontera "under certain conditions, of course."

The statement from the ministry also said that on April 17, the International Arbitration Tribunal filed a lawsuit between the Georgian Oil and Gas Corporation and the State Oil and Gas Agency, on the one hand, and the Frontier Risorz Georgia Corporation and the Frontera USA on the other. The final decision on the issues is based on the contract of June 25, 1997 for the share distribution of the products and the study of the processing plant. The Arbitration Tribunal supported the interpretation of the norms of the contract by JSC Georgian Oil and Gas Corporation and the State Agency for Oil and Gas LEPL and satisfied the absolute majority of their claims.

Posted by DomFok on the 23rd June :-

Zaza interview at 34 mins
https://www.facebook.com/107065540663565/videos/%E1%83%93%E1%83%A6%E1%83%98%E1%83%A1-%E1%83%A1%E1%83%A2%E1%83%A3%E1%83%9B%E1%83%90%E1%83%A0%E1%83%98-%E1%83%9B%E1%83%97%E1%83%90%E1%83%95%E1%83%90%E1%83%A0-%E1%83%90%E1%83%A0%E1%83%AE%E1%83%96%E1%83%94/211402503272921/

Posted by Moleinahole on the 23rd June :-

RE: Arbitration result
Seingred I concur with your view. The way out here since 2018 has always involved compromise - be it GG or Outrider. Unfortunately to date that has not happened and both pieces of litigation have been pursued by the other parties backing FRR into an ever tighter corner. Its been a very damaging 2 years for everyone. So a first swallow of compromise is a good start but maketh not the summer after our long winter of discontent!
The way out has not changed ultimately the company needs to sort out the license and be recapitalised if it is to survive, develop the asset and pay creditors. How the company is recapitalised is what should concern shareholders should we get out of the frying pan. The least dilutive to remaining shareholder value as possible.
Any deal here I would expect to involve the employees being sorted out as that to me remains an area I'm deeply unhappy about as a shareholder. The bill for the arbitration traded for the withheld VAT maybe and then likely a totally reworked PSA or the write off of the cost recovery pool. Perhaps then we may see a partner in the mix.
Should the company find a way forward I would be cautious in celebrating till the company has secured title to the block and recapitalised itself and we know how much we were left with.

Posted by Looed on the 23rd June :-

A little bit on the guy who suggests the compromise
http://georgiatoday.ge/news/16952/Deputy-Minister%3A-Georgia%27s-Energy-Sector-Is-Very-Attractive-for-Investors

On my phone and not able to cut and paste. He seems a seasoned negotiator and it seems pro western but if anyone can find more recent comments from him we might better understand his position thanks

Also - http://www.tbilisisrf.gov.ge/en/speakers/The-Future/348-david-tvalabeishvili

The last post was posted on the 23rd June.

Posted by StarRage on the 23rd June :-

RE: 1tv news article!!
tsbs, I'm not hanging on to anything. If this comes good I'll make more than most on here. I'm just not going to get excited like a 5 year old at Xmas because of GD saying they are prepared to offer FRR a compromise. There is a long way back and numerous obstacles to overcome before shareholders see any return. Don't forget $46m due 1st August as well as the real prospect of the asset being returned under FTI control.

Posted by Zibrahimovic on the 23rd June :-

I wouldn't worry about the $46 million either. Its very easy to liquidate FRR and move forward with a clean slate and start again leaving creditors with only their todgers in their hands. It happens all the time and quite legally too. So rejoice Fronterians as there is real light now if you look down that deep dark tunnel...let the prophet of doom harp on, it matters not when the asset is in a totally separate sovereign state. That's why Hope wanted shares. He knows it. SN knows it. Its been a game of dog chasing the car and the dogs about to jump in the drivers seat. Happy FRRTuesday.

Posted by DomFok on the 22nd June :-

Another article 1tv article !!
Davit Tvalabeishvili - We are ready to compromise so that it is possible to continue working on the mines owned by "Frontera" under certain conditions, of course, by receiving guarantees from them.

https://1tv.ge/news/davit-tvalabeishvili-mzad-vart-kompromisistvis-rom-shesadzlebeli-iyos-fronteras-mier-arsebul-sabadoebze-garkveuli-pirobebit-mushaobis-gagrdzeleba-ra-tqma-unda-mati-mkhridan-gara/

We are ready to compromise so that it is possible to continue working on the deposits of "Frontera" under certain conditions, of course, by receiving guarantees from them, - said Davit Tvalabeishvili, Deputy Minister of Economy and Sustainable Development.

"Two months ago, the dispute between Georgia and the company" Frontera "in the international arbitration ended and a positive decision was made regarding all the main issues raised by the Georgian side. After receiving it, some questions remained, both from the company "Frontera" and from our American partners.

I would like to state that we are ready to discuss these issues with the company and try to find such a compromise that it is possible to continue working on the mines owned by the company "Frontera" under certain conditions, of course, by receiving the appropriate guarantee from him. In this regard, we call on the company "Frontera" to hold a meeting to discuss these issues, "- said David Tvalabeishvili.

According to the Ministry of Economy of Georgia, on April 17, 2020, the International Arbitration Tribunal, on the one hand, JSC Georgian Oil and Gas Corporation and the State Oil and Gas Agency, and on the other hand, Frontera Research Georgia Corporation and Frontera USA A final decision was made on the disputed issues arising from the contract for the June 25, 1997 share distribution of the products and the study of the processing plant. The Arbitration Tribunal supported the interpretation of the norms of the contract by JSC Georgian Oil and Gas Corporation and the State Agency for Oil and Gas LEPL and satisfied the absolute majority of their claims.

Posted by Zeninvestor on the 22nd June :-

RE: 1tv news article!!
A chink of light. Another article today says the Georgian Dream is lobbying the US Congress to try to build bridges with the US: https://1tv.ge/en/news/hogan-lovells-submits-a-letter-to-the-us-congress-on-behalf-of-georgian-dream/

Posted by Zibrahimovic on the 22nd June :-

"Hogan Lovells, one of the largest lobbying firms in the United States has submitted a letter to the US Congress on behalf of the Georgian Dream party. "

Lol...talk about Pot and kettle...rewind to all the GD accusing FRR of paying lobbyists ?? Sound familiar with Zaza accusing GD of being the second highest lobbying fee paying government in the world and they scoffed....hmmmm.

Posted by Earsbern on the 22nd June :-

RE: Electoral Bill
Gipps51 (12.27) -
The GD proposed the electoral reforms under duress.
Back in the summer of last year, there were very big, dramatic mass protests in Georgia demanding greater democratisation, including changes to the electoral system. In order to assuage these protests, the GD, who benefited enormously from the old system, were forced to promise that the voting system would be changed to 100% proportional representation, and all-party discussions took place to arrange this. On 14/11/19, however, with the heat off, the GD withdrew from discussing the reforms.
After pressure from the US and EU ambassadors, the talks were resumed and on 08/03/20, at a meeting in the US embassy, the GD, all other parties and the ambassadors agreed and signed a formal agreement. The new system now allows for an 80% PR/20% majoritarian poll.
On 19/06/20, 2 days before the parliamentary vote, the ambassadors applied further pressure by reminding all signatories that they should 'fully implement' the agreement. The GD didn't move the motion for the reforms out of enthusiasm for them - they did it through gritted teeth and against all their actions and instincts to date. The fact that they complied shows how much influence the US and EU have in Georgia - even over the GD.

As the elections, and the US/EU influence, may end up being all that's between success and failure for FRR, let's hope that influence remains powerful and present.

Posted by DomFok on the 22nd June :-

1tv news article!!
Davit Tvalabeishvili - We are ready to try to find a compromise so that it is possible for "Frontera" to continue working on the fields under certain conditions
https://1tv.ge/news/davit-tvalabeishvili-mzad-vart-vecadot-gamovnakhot-kompromisi-rom-shesadzlebeli-iyos-fronteras-mier-sabadoebze-garkveuli-pirobebit-mushaobis-gagrdzeleba/

We are ready to try to find a compromise so that it is possible to continue working on the fields of the company " Frontera " under certain conditions, of course, by receiving the appropriate guarantee from him, - said Davit Tvalabeishvili , Deputy Minister of Economy and Sustainable Development .

According to him, " Frontera " is called to hold a meeting on the issue.

"Two months ago, the dispute between Georgia and the company" Frontera "in the international arbitration ended and a positive decision was made regarding all the main issues raised by the Georgian side. After receiving it, some questions remained, both from the company " Frontera " and from our American partners. I would like to state that we are ready to discuss these issues with the company and try to find such a compromise that it is possible to continue working on the mines owned by the company " Frontera " under certain conditions, of course, by receiving the appropriate guarantee. In this regard, we call on the company " Frontera"That a meeting be held to discuss these issues," Davit Tvalabeishvili said .

The Ministry of Economy and Sustainable Development of Georgia notes that on April 17, 2020, the International Arbitration Tribunal, on the one hand, JSC Georgian Oil and Gas Corporation and the State Oil and Gas Agency, and on the other hand, Frontera Research Georgia Corporation and Frontera USA s "between the contentious issues a final decision, which is June 25, 1997, shares of products distribution and processing plant for the study of the contract to derive. According to them, the Arbitration Tribunal supported JSC Georgian Oil and Gas Corporation"And the State Agency for Petroleum and Petroleum Exporting Countries has complied with the interpretation of the contract norms and the absolute majority of their claims.

Posted by Madpunter on the 22nd June :-

RE: JP Morgan Predicts $100 Oil
Dulwichman - There's more than one swallow :-

Underinvestment Could Send Oil Prices Soaring

https://oilprice.com/Energy/Energy-General/Underinvestment-Could-Send-Oil-Prices-Soaring.html