Member Info for Madpunter

Posted by Welloiled on the 13th May :-

Are these other examples?
"For over four years, we, the American investors of Iconia Capital LLC, have had our construction business halted by powerful extra-legal and corrupt influences in the Republic of Georgia. Since starting our first project in Tbilisi in 2015, we have been confronted by a small but powerful group of opponents who have sought to illegally take over our land plot in order to use it for their private interests".
https://www.neweurope.eu/article/georgia-is-an-investors-graveyard-masquerading-as-a-business-utopia/

An international consortium has threatened to launch arbitration proceedings against Georgia after the state cancelled its contract to develop a deep-water port.
https://globalarbitrationreview.com/article/1213190/georgia-faces-claim-over-deep-water-port
Speaking to journalists in front of the Prosecutor’s Office on Wednesday, Khazaradze insisted that the indictment was an attempt by the government to ‘damage’ not him but ‘Georgia's financial interests, shareholders, and the Anaklia Project’.
Since January, opposition groups have accused the government and Georgian Dream Chair Bidzina Ivanishvili applying legal pressure to Khazaradze after the Anaklia Development Consortium won a bid to build the Anaklia Deep Sea Port project on Georgia’s Black Sea coast.
https://oc-media.org/tbc-bank-founder-khazaradze-charged-with-money-laundering/
See also this interview which mentions Russia and China: https://www.georgianjournal.ge/politics/36062-development-of-the-anaklia-deep-sea-port-should-be-in-the-interest-of-every-georgian-says-kurt-volker.html

Two US investors in Georgia’s largest telecoms group have filed an ICSID claim against the state, accusing the former government of arresting and extorting the company’s founder on politically motivated charges.
https://globalarbitrationreview.com/article/1214525/telecoms-investors-accuse-georgia-of-extortion
Telcell Wireless, LLC and International Telcell Cellular, LLC v. Georgia (ICSID Case No. ARB/20/5)
https://icsid.worldbank.org/en/Pages/cases/casedetail.aspx?CaseNo=ARB/20/5

Zaza Okuashvili talks about "Government racketeering against Omega Group"
https://www.youtube.com/watch?v=DrW8upuKn0w

Posted by regdik on the 13th May :-

Seems like FRR are ramping up the pressure to get a response from GG. The gloves are well and truly off.

One thing that strikes me is GG just have to publish the Ruling to resolve this. Yes it will result in a reprimand but it will show who is bending the Arbitrations words or misleading the public. They could use FRR rhetoric as just cause.

However, if FRR are correct then GOGC could face a large damages claim (3.5B comes to mind) that their action caused a deal to fail. Arbitration ruling is final and is backed by International law so overseas Georgian assets would be frozen until a settlement is made. If FRR are incorrect in their assumptions on the ruling then they could GG take FRR (and directors) to court and take everything they have. Big gamble by ZaZa.

I cannot see GG not responding to this as it is a direct attack on their integrity

Posted by DomFok on the 13th May :-

Part 2
In 2008, we were not even afraid of Russian invasion of Georgia, to continue our investments and work without interruption, which did not stop us for a single day. On the contrary, it has made Georgia an even more patriotic part of our Georgian-American partnership against Russian aggression. Unfortunately, since 2013, we have seen an anti-American trend, with a negative impact similar to the Russian invasion of Georgia. Perhaps it is during this period that the work that failed in 2008 is being completed. That is why we call on the Georgian authorities to stop the growing non-liberal policy aimed at disrupting the activities of Frontera and other American companies in Georgia, ”the statement said.

Posted by DomFok on the 13th May :-

New Frontera statement ?
https://commersant.ge/ge/post/frontera-qartuli-ocnebis-xelisuflebis-politikaa-amodzirkvos-sheertebuli-shtatebis-kerdzo-seqtoris-investiciebi-saqartveloshi
The Georgian government, after its failed attempt to terminate the contract between the company and the state through arbitration, continues to ignore the court's decision, - said the statement of the American oil company "Frontera".

"We call on the Georgian authorities to abide by the decision of the Arbitration Court and to stop harassing, threatening and intimidating our business. In the spirit of cooperation, Frontera appealed to the authorities to make a joint public statement on the arbitral award, to which the government has not responded. Since 2013, the government has been constantly trying to expropriate the Frontera contract, a part of the current and very serious trend to end private American investment in the country. As the largest American investor in Georgia, we call on the Georgian authorities to stop attempting to suppress and expropriate American companies. "Frontera" is not the only American company that the government treats like this. In recent years, American companies that have made significant investments in the country, including Philp Morris, Georgian American Alloys, Iconia Capital LLC, Overseas Mining Group, BMCN Holdings LLC and Conti Group, have all tried to pursue a very rough, Russian-Venezuelan style of business in Georgia. As soon as the US government tries to publicly point out this issue from Washington, the Georgian authorities immediately attack them with public insults and accuse them of corruption and ignorance. In recent years, the Georgian embassy in Washington and government officials in Tbilisi have been trying to convince the public that there are 276 American companies in Georgia that have never had problems.

This is not true. An American company headquartered in the United States or with an office in the United States, which invests in Georgia, employs hundreds of people and has a significant value of 276, not less than 10, declared for the country. Frontera has been operating in Georgia since 1997. It is a great honor for us to take part in the reconstruction of this wonderful country, which started from the failed state Frontera Resources Corporation - 3040 Post Oak Blvd, Suite 1100 - Houston, Texas 77056 U.S.A. The country's aspirations for freedom, democracy, the rule of law and the market economy have been an attractive force for investing more than $ 500 million over the years, creating the prospect of Georgia's energy independence.

Posted by EkXoc on the 13th May :-

RE: Conjecture
Thank you Mole.Given what is at stake it is not at all surprising vwey little is in the public domain for all our ponderings the result will be a bolt out of the blue one way of another. I am reluctant to buy into the evil bear steals western asset line as alot of that doesn;t make sense.. Goergias realtions with the West are strengthening and I can see no reasonon why a compnay like BLOE would have obtraioned and continue obtain more prospects.. why not just give it to a russian company in the first place?
I note AJamesW commenting on BLOE Im sure he used to comment here as well..
His comment on the PSA is along my own thoughts ie the termination is about replacing it with a different PSA..
"BP are still interested in that JV deal.
Waiting on the outcome on FFR being forced to accept the same PSA details as Block is today.
An 18km delivery pipeline is very big bucks but peanuts to a Major.
However, there are two major Gas Oil prospects shared between Bk10 and Bk12. Perhaps GG will split up the block after the Gas JV kicks off in much the same way BK10 was split up."

Posted by Keysersoze on the 13th May :-

USAID Georgia 2018 article
USAID should be putting pressure on GG to follow through on the points they agreed below.

U.S. Embassy in Georgia

Global Level 4 Health Advisory: Read More...

[Skip to Content]

USAID Energy Program

Home | News & Events | USAID Energy Program

2

USAID Energy Program

USAID Energy Program (UEP) is a $7.5 million 3-year project aimed at supporting Georgia in energy market development per Georgia’s obligations under the Energy Community Treaty. The ultimate goal of this program is to enhance Georgia’s energy security through improved legal and regulatory framework and increased investments in the energy sector.

UEP will build the capacity of the Government of Georgia (GoG) and relevant institution(s) to evaluate the fiscal and long-term security impacts of regulatory changes, promote energy investments, primarily in variable renewable energy development, support integration of non-hydro renewable energy into the power system, and provide strategic advisory services to the GoG to increase Georgia’s energy security.

UEP will assist the GoG to continue to implement competitive markets in electricity and natural gas. UEP will also support the GoG in further integration of renewable energy project and will continue to promote cross-border trade in clean energy between Georgia, Armenia and Turkey.

The Project will engage in the following five distinct but interdependent areas of technical assistance expected to improve the legal basis for new investments in the power sector and improved energy security:

Energy Market Development: support to the GoG, Georgian National Energy and Water Supply Regulatory Commission (GNERC) and market participants in the development of competitive energy markets and the harmonization of Georgia’s electricity market with neighboring markets in compliance with the EU’s Energy Community Treaty;Institutional Strengthening and Capacity Building regarding Competitive Energy Markets and Cross-Border Electricity Trade: assistance to the government institutions including the Ministry of Economy and Sustainable Development of Georgia (MoESD) and GNERC;Energy Investment Optimization:establishment of enabling environment and investment promotion plans for non-hydro renewable energy plans;Grid Integration of Variable Renewable Energy (VRE): support to the wind farm developers and GSE in integrating new VRE plants into electricity grid;Strategic Advisory Assistance to the GoG Increase Energy Security: UEP will advise the GoG on energy security policy and complex energy infrastructure operations, based on detailed domestic and regional studies.

By U.S. Embassy Tbilisi | 14 February, 2018 | Topics: News, U.S. & Georgia | Tags: USAID Georgia

Posted by Looed on the 13th May :-

Article - "The EU must draw Georgia into its arms"
The USA / EU keep asking - are we sure the other side is listening?

"EU institutions must continue to ensure that pro-European countries as Georgia see the European Union as their ultimate goal, writes Paul L. Vandoren.

Dr Paul. L. Vandoren is a former EU Ambassador to Croatia and former acting EU Ambassador to the Russian Federation"

Full article - https://www.euractiv.com/section/eastern-europe/opinion/the-eu-must-draw-georgia-into-its-arms/

Article - "Coronavirus of Georgian politics"
This article discusses how the relatively successful handling of CV-19 in Georgia may boost the popularity of Georgian Dream and how the opposition is trying to counter.

Source - https://neweasterneurope.eu/2020/05/12/coronavirus-of-georgian-politics/#

Posted by Moleinahole on the 12th May :-

Ekxoc Frontera went to see the president of Georgia in 2016 when Kakadze questioned the reserves. I remember the evening well as we blew up the photos to work out what the documents were.
The problem with the CPR is that prospective resources is not reserves on the balance sheet. If they were we would not be in the situation we are in.
The drilling campaigns to date have provided gainful employment , data and helped YA make money but has left FRR with a mountain of debt and no significant revenue. Hence we find ourself where we are with outrider. In terms of exploration as of today inspire of campaigns in Tariabani, mtsare, basin edge and mirzani the only producing fields are the same ones that were there when FRR got the license.
What needed to happen was the exploration result in P1 reserves.
To date it has not. So on that basis I think one needs to be careful when critiquing the GG.
How much have FRR been blocked is hard to substantiate. However, that has a familiar ring to it as it's the same criticism that is levelled at Outrider and Hope.
The CPR I'd have liked to have seen was one that booked reserves to achievev RBL or attracted an offer. To that it has not materialised.
I also noted your asking what value is in the data. My gut feel is very little. I suspect the well logs revert to state they may already have it as remember the operating company is 50% owned by GOGC.
The US appears not to be commenting on the situation directly. I hope the company really has done a side deal but I have not seen anything tangible yet that objectively supports that. My read of the PSA is that an internal transfer did not need sign off by GG but a farm out would. Having looked in the docs and not found anything Varang related I suspect Green is equally illusive.
I tend to the view the shallower drills are not prolific in Georgia. The Tariabani well spacing has always puzzled me they are so close and the intervals small the geology must be tight or compartmentalised. If there is prolific resource it has to be in the deeper layers where the read across from Shah Denis comes into play. As I say I would not be surprised at anything here due to the unusual politics and we could yet get a surprise. If we do it will be some turnaround.

Posted by EkXoc on the 12th May :-

If Mole is around and this hasn;t already been looked at :

https://fronteraresources.com/wp-content/uploads/2017/09/Frontera_Petroleum_Consultants_Report.pdf

he did say he was missing Geological discussion..

Posted by Welloiled on the 12th May :-

EkXoc, there was a later report dated July 1 2010 entitled 'Assessment of Gross (100 Percent) Contingent and Prospective Resources for the Shallow Fields Production Unit Located in Block 12, Georgia' by NSAI. The report runs to 131 pages but I can't find a link to it online (I've a copy). However there's some information in these links:
https://www.investegate.co.uk/Article.aspx?id=201009220700070776T
https://www.rigzone.com/news/oil_gas/a/99156/frontera_reports_resource_estimates_for_georgia_block/
http://www.lngplants.com/georgia.html

Posted by EkXoc on the 12th May :-

Thanks welloiled. Any idea why this isn't good enough for the ministry of energy or are they just being contrary?

Posted by Welloiled on the 12th May :-

I have the distinct impression that FRR have been for many years fighting forces in Georgia that have been deliberately undermining its credibility and have carrying out a programme of disinformation to question and dismiss FRR's assessment of the oil and gas resources in Block 12. You would think GG would have welcomed FRR's discoveries and would have created an environment which would have accelerated the development of the fields instead of creating obstacles. However, in my opinion, this is primarily a geopolitical issue with Georgia's neighbour to the north doing its upmost to prevent Georgia turning to the West as it wants control in the Black Sea region. A Georgia that has huge oil and gas production developed by an American company supplying Europe as a competitor is not in the interests of Georgia's neighbour.

EkXoc, have a look at this article: https://journal-neo.org/2016/02/11/georgian-energy-minister-scoffs-at-fronteras-latest-huge-gas-reserves-claim/

And this: http://georgiatoday.ge/news/1720/Ariel-Cohen%3A-Georgia-Could-Become-an-Energy-Exporter

Posted by regdik on the 12th May :-

I fully agree welloilled BP found it difficult working with the Russians and lost all their investments for a share of Rosneft a supposed partnership made in hell. I read a book a few years ago that almost mirrors what is going on in the Georgia. A fictional novel (by an ex CIA regional expert) but as this has developed I have reread it during lockdown (no need to write a book now).
Might be worth a read a fictional story explains the geopolitical influence Russia has in the region (and influencing elections).
A good read - Command Authority

Posted by EkXoc on the 12th May :-

Conjecture
Article from 2016
http://georgiatoday.ge/news/3852/Frontera-Resources%3A-Georgia%E2%80%99s-Energy-Ministry-an-Obstacle
Few points of interest:
FRR say they have invested 400 Million in the extraction area. It is my belief that FRR have two assetshere, the actual extraction resource and the data they have gathered on it. Obviously the reource itself has the greater value but in the worst case sceneraio and another entity were to take over the resource then that entity would surely be willing to purchase the data rather than spend years and millions re-running the analysis. I am not sure aMajor would be interested in doing this, they want to get in get the resource to market ASAP, that is why exploration companies like FRR exist.

Secondly this statement stands out
“Frontera reiterates that these natural gas resources have been independently verified by Netherland Sewell & Associates Inc., a highly credible international industry consultant, and have been accurately reported in accordance with its obligations as an AIM quoted company. The Company therefore advises that reliance should only be placed on official notifications made by the Company.”

Is anyone able to track down this affirmation of resource at all though it seems ot have been been confirmed according to the market satisfaction? If this could be done this would clearly prove the open lies the energy ministry are prepared to use, some people on this board seem to be taking the minstries word as gospel which I find extraordinary

Posted by Looed on the 12th May :-

More USA support for Georgia from familiar names
US Congressmen Call on Political Parties to Fully Implement March 8 Agreement

US Congressmen Adam Kinzinger and Jim Risch have responded to the statement from American and European diplomats regarding the political crisis in Georgia and the March 8 agreement between the government and the opposition, saying that the agreement consists of two parts.

Congressman Kinzinger, Co-chair of the Friends of Georgia Group in the United States Congress, shared the statement which, together with other facilitators of the political dialogue in Georgia, was released by the US Embassy Tbilisi yesterday, and posted on his Twitter page:

"Perfectly said. It is imperative to finally implement this agreement and move on."

Senator Jim Risch also calls on the Georgian political parties to fully implement the agreement signed in March.

The senator says he expects that Georgia's political parties will fully comply with the March agreement, relating both to the release of political prisoners and progress in the new electoral system.

At the same time, Jim Risch shared the statement of the US Embassy in Georgia.

Source - http://georgiatoday.ge/news/21104/US-Senators-Call-on-Political-Parties-to-Fully-Implement-March-8-Agreement

Posted by Looed on the 12th May :-

The "oil" section of the GOGC website states

"Six investor companies carry out oil production activities in Georgia, they are Ninotsminda Oil Company, Schlumberger Rustaveli Company Limited (Georgia), Frontera Resources Georgia, VPI Georgia Satskhenisi Georgia, Norio Khevi Georgia and Georgian Oil and Gas Corporation, which extracts oil with its own resources. Seven investor companies carry out only exploration works, they are GOG Limited, Elenito, Marexin, Georgia New Ventures Inc., Norio Oil Company, West Gulf Petroleum Engineering Company and Coalition Energy Limited Company."

There is no mention of BLOE who I believe are producing a small amount, or should count as an investment company, and I thought they had recently bought out Schlumberger ?

So GOGC website has both told us more than any other entity, its also raised more questions than answers and doesn't appear to fully represent what is actually happening on the ground.

Posted by Ivyspivey on the 11th May :-

US Embassy
Joint declaration and tweeted by Kizzinger as good to move forward

https://t.co/hsSqZeEXoS

Posted by regdik on the 11th May :-

I will not repost but I think some are missing the point.
Once it goes into Arbitration then the judges rule on all the submissions and resubmission based on what is contractual law. This takes into account both sides submissions and look at the PSA and make a ruling WHICH is binding (both agree).
This ruling over rules the PSA but it seems to agrees that FRR were at fault so gave back 99% of something which is indicated as none developed area. It seemed to rule that the operational area remains with FRR. So both seem to be claiming a win. GG seem to interoperate that back in 2017 the material breach mean that they can terminate the whole of FRR licences. However if the licences are linked the judges have made a binding ruling so nothing GG can do as their ruling is binding and sits above the PSA.
If the operational licence is separate then this is subject to a different PSA so breach of one cannot impact the other. FRR still have a number of years left on the operational licence so any cancellation FRR can take this to court of Arbitration (new case).
My view is that the PSA’s are linked so the Arb judges will have known about the material breach clause during their considerations. I suspect their will be a reference to this clause in one of the 152 pages none of us have read.
The Arbitration judges DID not give GG 100% of the ruling so something is still in play IMO.

Posted by EkXoc on the 11th May :-

RE: Distilling facts from the Statements so far
This will only end with a proper statement. However I'm not sure how the Georgians can have it both ways the Arbitration told FRR to return the 99% which is the same way as saying FRR should retain 1% in which case it would be going against the Arbitration decision if they did take the 1%. The Arbitration presumably considered whether a material breach took place or no and if they considered it had stating anything further like how much should be returned would have been pointless. The Arbitration board have ruled 99% should be returned and presumably allowed the asset move which was also approved by the Georgians themselves so really anything other than handing back the 99% and retaining 1% a breach of the Arbitration decision which trumps the PSA I believe.
Mind you the PSA is no longer fit for purpose so something would presumably need to happen there.. I would have more expected it to be terminated and replaced with a new PSA.. are the Georgians just making what is happening sound more favourable to themselves?

http://www.naftogaz.com/www/3/nakweben.nsf/0/24DE3C1B1D52B136C22584E00079DA9E?OpenDocument&year=2019&month=12&nt=News&

If Naftogas/Gazprom can behave nicely why can't FRR and GOGC?

Note the US had HEAVY involvement in this, also note the periods of time.. the awares were Dec2017 / Feb2018 with the deal closing Dec2019

We need to wait

Posted by CF73 on the 11th May :-

Distilling facts from the Statements so far
We have gone over all this. But is worth revisiting as folks waiting for further news and statements but these are not likely to be frequent/ regular.

Tribunal concluded 17th April.

We are not sure of full findings but we can see both parties having referenced return of the 99%.

We received a GG notification/ Statement regarding this 21st April, stating that 99% was due back.

However, by 29th April, only 12 days after tribumal and, crucially, only 8 days after the 1st GG Statement, GG make 2nd statement that we had not returned hat 99% and that as result they had issues a contract termintaton notice.

Then on 7th May, GG say they were terninating the contract on 27th July, throwing in mention of the asset move, something that will have already been accounted for in the judgement, so by this stage materially irrelevant ruling had alreayd accounted for it and instructions to both parties were given.

The struggle, as far as I/ we can see, is about the return of the 99%, with GG saying we hadn't returned it, and FRR saying they are quite happy to.

Given the first GG statement, which stated 99% was owed, was released 21st April, their 2nd statement, only 8 days later, on the 29th April, claiming the area hadn't been returned, I find bizarre if not delievrately mischevious.

Posted by OneDayRodney1 on the 11th May :-

CF73: the way I interpret what GOGC are saying is that the tribunal conclusion, for not returning the 99% in 2017, is what is the material breach. They say on their website (29 April):
"Along with other issues, The Arbitration Tribunal ruled that “Frontera Resources Georgia Corporation” committed material breach of the contract by refusing to return the exploration area (99% of the entire licensed area) to the State, which gives the State right to terminate the contract."
So the fact that FRR have now said that they will give it back is irrelevant as the "material breach" had already occurred.
I believe what we need to know is whether the tribunal said that there had been a "material breach" or whether the GOGC are just applying the terms of the PSA to what they have construed is a material breach.

Posted by keysersoze on the 10th May :-

Part 2
Last month, Zelenskiy proposed appointing Saakashvili as deputy prime minister in charge of reform, but his candidacy was not put to a vote in parliament.

https://siteselection.com/features/2007/nov/russia/
From 2007 but note business environment much better under sakishvilli

Republics on a Roll

In the most recent "Doing Business Index" rankings of 178 countries around the world by the World Bank, the Republic of Georgia ranked No. 18 in ease of doing business, up from 35th the year before, in large part because of improvements in investor protection and business start-up.
According to an interview with Georgian President Mikheil Saakashvili published in August in The Wall Street Journal, Georgia's GDP was less than $3 billion five years ago. He said it now stands at $8 billion, and is expected to double in three years. A letter in response to the interview came from Steve Nicandros, president and CEO of Houston-based energy company Frontera Resources:
"Frontera Resources has invested more than $100 million to date in Georgia's oil and gas exploration sector and our investment plans remain very aggressive for the foreseeable future because of our confidence in the environment that continues to evolve," he wrote.
Energy projects in Kazakhstan, by contrast, have met with delays and regulatory obstacles similar to those associated with projects in Russia.

Providing we get positive result in georgia, it could be easier to get our foot in Ukraine.

https://bm.ge/en/article/ukrainian-president-offers-deputy-prime-ministers-position-to-mikheil-saakashvili-/54651/

Posted by keysersoze on the 10th May :-

Interesting Georgia politics no fan of Georgia Dream Party
https://www.google.com/amp/s/www.rferl.org/amp/georgia-summons-ambassador-to-ukraine-back-to-tbilisi-after-saakashvili-appointment/30601555.html

Georgia Summons Ambassador To Ukraine Back To Tbilisi After Saakashvili Appointment

May 08, 2020 15:34 GMT

Mikheil Saakashvili

KYIV -- Georgia summoned its ambassador to Ukraine back to Tbilisi in a sign of its displeasure over Kyiv’s decision to name Mikheil Saakashvili to a government reform body.

Georgian Foreign Minister David Zalkaliani said May 8 that the nation’s ambassador to Ukraine, Teimuraz Sharashenidze, will be recalled to Tbilisi for consultations.

The decision comes a day after Ukrainian President Volodymyr Zelenskiy named Saakashvili, the controversial former Georgian president, to head the executive committee of Ukraine’s National Reform Council.

Ukraine’s Foreign Ministry spokeswoman Kateryna Zelenko said Kyiv needs Saakashvili’s experience and called on Tbilisi not to make its reform agenda hostage to the health of their bilateral relations.

"These [reform] challenges require new approaches and new solutions from the Ukrainian government. Mikheil Saakashvili is a citizen of Ukraine. He has extensive experience and significant achievements in implementing reforms,” Zelenko told RFE/RL’s Ukrainian Service.

Ukraine’s National Reform Council was created in 2014 to carry out strategic planning and coordinate reforms. Zelenskiy campaigned last year on a reform agenda, winning the April 2019 vote by a landslide.

Saakashvili, 52, served as Georgia’s president from 2004 until 2013, during which he carried out political and economic reforms that were praised by some in the West. However, he was criticized, especially later in his two-year term, for an authoritarian style of ruling.

His party, United National Movement, was defeated in the 2012 parliamentary elections by Georgian Dream, a coalition formed by billionaire Bidzina Ivanishvili, a critic of the then-president. Saakashvili left Georgia shortly after his presidential term ended in late 2013 as some members of his party were arrested.

In January 2018, a Georgian court convicted him in absentia of covering up evidence in the case of the killing of a Georgian banker and sentenced him to three years in prison. In June 2018, another court convicted him of abuse of power and sentenced him to six years in prison.

Saakashvili has denied all the accusations and says the charges are politically motivated.

In 2015-2016, Saakashvili served as governor of Ukraine’s Odesa region. When he resigned, he accused Zelenskiy’s predecessor, Petro Poroshenko, of corruption. Poroshenko, in turn, stripped Saakashvili of his Ukrainian citizenship.

As one of his first acts as president last year, Zelenskiy restored Saakashvili’s Ukrainian citizenship, facilitating Saakashvili’s return to Ukraine.

Posted by PJOHN on the 10th May :-

Old Article
https://www.thisismoney.co.uk/money/investing/article-4809584/Frontera-Resources-tap-Georgia-s-oil-jackpot.html

Arbitration
Not sure if this has been posted yet.
http://www.messenger.com.ge/issues/4631_may_1_2020/4631_anastasia.html

Posted by erazzel on the 10th May :-

This is the interesting part form the article extract below RE: 80sqkm

Mamulaishvili admits it has been hard work over the past ten years but now it has come to the point where it has 'acreage of 80sq km with oil bearing thickness of 800 metres that responds fantastically to stimulation.

Balance sheet tidying

Frontera has also made a major effort to tidy up its finances.

Mamulaishvili has done his part. Along with former chief executive Steve Nicandros, he converted $26 million of debt into shares at 1p in April. The shares trade at 0.13p currently.

The swap helped reduced the company’s borrowing to just over $30 million.

Now it is looking at debt, convertible or yes, even more equity to give it the firepower to start work at Taribani. 'All funding options are under consideration'.

Liquidity should not be a problem, four-fifths of the company’s shares are held by retail investors with almost 70 per cent of those in the UK.

Time for payback

Mamulaishvili admits it has been hard work over the past ten years but now it has come to the point where it has 'acreage of 80sq km with oil bearing thickness of 800 metres that responds fantastically to stimulation.

'Now is the right time and right place for Frontera.'

Posted by BezzyBushFire on the 10th May :-

Will this have any bearing in our case?
http://georgiatoday.ge/news/21065/Georgia’s-Deputy-Foreign-Minister-Resigns