Member Info for Madpunter

Posted by regdik on the 4th May :-

The arbitration outcome is final
Georgia cannot change this (even in their own courts) so after 90 days if FRR re thrown off they could then go back to court (Arbitration) and seek damages which would be significant and GG could be looking also at a large fine.
FRR would have had to show the Arbitration judges that they were in a position (going concern) to meet the ruling (a point not raised). Therefore, business plans, technical data (inc flow rates) and any potential deals would have been submitted. This would explain FRR reluctance to make this public.
FRR do not have to do anything if the Arbitration leaves them with the cream of the block.
Just let the clock run down and then return to the judges and let international law take over.
This would be a disaster to the dream team just prior to the elections.

Posted by DomFok on the 4th May :-

Part 2
"Frontera" calls on the government to stop the "harmful campaign" of public relations.

"We call on the Georgian authorities to stop this false and harmful public relations campaign against Frontera and other American businesses.

We believe that now we must make every effort to help Georgia rebuild its economy in the period following the pandemic caused by COVID-19. As the largest private American investors in Georgia, "Frontera" to remain in the country dedicated corporate citizen of the aspiration of the region carried out by us in the future after the work to achieve the energy independence of the continuation of investment and create new jobs of the people s benefit, "- says" Frontera "statement.

Posted by DomFok on the 4th May :-

Frontera statement (New I think?)
https://www.interpressnews.ge/ka/article/597964-prontera-xelshekrulebis-shecqvetis-taobaze-navtobisa-da-gazis-korporaciis-mier-gavrcelebul-gancxadebas-exmaureba/
The company "Frontera" responds to the statement issued by the Oil and Gas Corporation on the termination of the contract with "Frontera".
According to Frontera, the corporation's statement is intended to deliberately continue to spread misleading and fabricated information.
The company Frontera calls on the Oil and Gas Corporation to convene a text of a joint public statement on the arbitral award.
"On April 29 this year, the Oil and Gas Corporation issued a public statement on the termination of the contract with Frontera. The statement is related to the arbitration dispute initiated by the government against our company in 2018 and has been a repeated failed attempt by the company since 2013 to systematically harass, obstruct, terminate the contract and expropriate the project.
The arbitral award shall not contain or imply termination of the Frontera contract. This statement by the corporation is intended to deliberately continue to spread inaccurate, misleading and fabricated information in order to harm and discredit our company. Simply put, they have no right to terminate the contract unilaterally, nor does the contract contain a promise to terminate the contract automatically.
It was the termination of the contract with Frontera that was the most important request of the government, accusing the company of violating a number of terms of the contract, but the court did not meet this request of the government. The court also rejected a request from the authorities to pay the Frontier about Rs 320 crore.
As for the government’s demand to return some search area, we want to clarify that this is an area where the government, represented by the former Minister of Energy, heads of the Oil and Gas Corporation and the Agency and others, has publicly stated for years that the area is completely useless and unpromising. Oil and gas In terms of potential. We will of course return this area to the state according to their wishes and the decision of the court.
We appeal to the Oil and Gas Corporation and the Agency to meet and formulate the text of the Joint Public Declaration of Arbitration, but we cannot agree to disclose the entire document containing personal, commercial, technical, proprietary and other confidential information that may weaken our position in the future. In the case of proceedings against him. We will consider and evaluate the start of such a process in the context that it will contribute to the improvement of the investment environment in Georgia for the implementation of foreign direct investment. This could send a constructive message to those who try to use the court as a weapon to attack investors and job seekers in Georgia, ”the statement said.

Posted by Looed on the 4th May :-

Article - "Time to re-think about Eastern Partnership?"
This article is about Azerbaijan - so what you may ask! You could almost take out Azerbaijan and insert Georgia. It talks about how the country was part of Western alliances but also trying to forge its own way - then along comes CV and the crash in oil prices resulting in the need to re-think and strengthen Western relationships.

I am sure all the posturing we are seeing was decided pre-crisis so lets hope the need for news partnerships is now greater than ever

Source - https://moderndiplomacy.eu/2020/05/03/time-to-re-think-about-eastern-partnership/

Ukraine v Russia (and we ain't talking football)
1- Atlantic Council puts pressure on Zelenskyy in a "nice guy, actually a real nice guy, now would you get stuff done already" kinda way
Source - https://atlanticcouncil.org/blogs/ukrainealert/zelenskyy-fails-to-deliver-on-promise-of-a-new-beginning/

2- "Comment by Ukraine's Foreign Ministry on 2 May 2014 Tragic Events in Odesa" and they don't hold back on the scorn and contempt regarding Russias interference in the area
Source - https://mfa.gov.ua/en/news/comment-ukraines-foreign-ministry-2-may-2014-tragic-events-odesa

3- "The political dimension of Russias copy war in Ukraine" talks about how Western allies help Ukraine efforts and how Russia uses the spy war for economic gain.
Source - http://euromaidanpress.com/2020/05/03/the-political-dimension-of-russias-spy-war-in-ukraine/

Ukraine Dolphin Shelf
Whilst we all wait for incoming news on Georgia, remember the above? FRR the organiser and the relevant authority stating the tender would be relaunched in early March. Seems to have 'done a Zaza' and vanished. if anyone has an update please share thanks.

Posted by Puddy on the 3rd May :-

Looed I no your a good person and we all want the same thing trust me I can only say to you that shatner is one of the best researchers I no he is like dog with a bone once he’s on something he will not let it go until he has tried every avenue to geT to the bottom off it and if you follow what he says and does you won’t go far wrong but like I said it’s not mine to tell you I’m sure it will come out in the not to distant future I hope that’s a good enough answer for you for now please let’s not fall out over it we both want the same thing

Posted by Looed on the 3rd May :-

Puddy thanks for your reply. I am sure we are all excited to see what Shatner has helped to unearth be it good or bad. Just so I am totally clear, your bit of potential news is different to what Shatner is working on - have I got that right? And your bit of news might be revealed in the not too distant future. Just making sure I read your message properly.

Posted by Gipps on the 3rd May :-

My view
Morning,
The reason Zaza has kept quiet for so long in my opinion is that anything he said to us would also be read by his "enemies" and could be used against him and us . I'm sure he would have been told by his lawyers to say nothing about anything.

There are people in this group that want the complete opposite of what the genuine holders do. To protect my and your investment somethings are best left unsaid for now.
If and it's a huge IF something is going on in the background ask yourself would you want something said at this stage that could scupper any deal no matter how small the percentage chance of it being scuppered were? Patience still...

Lose lips sink ships the saying goes....

The what's app group was not set up in secret. It was put out there for all to join. There are no secret handshakes .

It was set up for people to ask questions freely without fear of ridicule and to talk openly about the Frontera story. There are positive and negative people that are members, all genuine people I hope !

I have shared recently in the group all my contact with the reporter Luka who at face value seems decent. I made it very clear i I support Zaza 100% in my first contact with him . He was not going to get a story from me slating Zaza. It's clear that's not what he wanted as there has been contact since . I can confirm I was told Tuesday we should hear something and that he did interview Zaza Friday at length.

The new 50-50 company is old news. Thanks Chris. Dont run away with yourselves why I asked.

The only official news we have Is the PSA will run out in 90 days . Everything else is speculation.

I'm not anymore positive than what I was a week ago before the B-20 post. I certainly dismiss JRJnr.

I would like to thank Looed, Chris , Bugsy Regdik and Mole to name a few for there research.

I believe in Zaza . I believe he is aligned with us. The pressure he must have been under and is still under is immense. Hold strong for now ...

Best wishes ...

Posted by Puddy on the 3rd May :-

I have been asked not to say enything emblaze by the person who shared this with me but I will say that that was a good post by b20

Posted by Looed on the 3rd May :-

A few days ago - 30th April - a wise man wrote - "What they can do is man up and tell us the truth"

His name - Puddy!!!

And on 30th Jan you wrote - "we’re all in this together"- seems that's no longer the case.

Its pretty galling for you to roll up with a nod-nod-wink-wink when you have been a constant why-oh-why-er and lamenting the lack of comms etc. How would you feel if others made a claim like this?

If this is good news - which would be fantastic - I look forward to the day its revealed. Perhaps me and others will need to spend hours trying to find it while you sit back and relax

Posted by keysersoze on the 2nd May :-

Article from 24th April.
Article from 24th not sure if it was posted

https://oc-media.org/georgian-government-wins-arbitration-with-us-oil-and-gas-firm-frontera/

Dec 2019They (ZM) were asking us to be understanding, and that an investor would come in with a 70 million investment. They said everything would be alright and that’s why the process was taking so long’, said Moseshvili.

Posted by Shatner on the 2nd May :-

A new piece will go out
on tuesday from Netgazetti after an interview the Zaza. From what I gather there is some correlation with what B-2-0 says in relation the the arbitration area defined in the relevant PSA. I know that the Journo is airing some q's to the GOGC on Monday to clarify things.

I've never felt more of a rollercoaster in my life, some **** me off on here but i've never felt anyone has got closer since radio silence.

Posted by regdik on the 2nd May :-

Hi Guys I’m not here to comment on B-2-B credibility but if you look at anyone’s posting history on this share you will see significant changes and contradictions – none more so than mine.
When I posted my first FRR post way back and the only feed back/comment was from B2B that responded to a technical view of the B12 field. Way back when I had 100K shares (£10K worth) and Coggy had 5% of the company. How many times have we all called an end date or when happy times will arrive just for another twist in this epic crash our dreams.
All I want to point out with posting on this share that they are many, many moving parts that are out of control of one party (ask ZaZa, Hope and many more invested parties).
I now restrict to posting what little facts we can see (very few) and the one that stands out is that FRR are still here which defies any logic. High debt, no production (no revenue), Unfriendly host country, CC issues and now licence problems. So why is FRR still fighting if everything is stacked against them.
Another fact is the US see Georgia as a strategic area and hence with a little prompting (with $) influential political movers and shakers are supporting FRR and these would by course have checked the background of this company.

Money corrupts and the prospects of a lot of money in the shape of O&G riches not in the terms of few million but billion will get those in power (and crime) very interested so why let a small prospector take all of the jam. There is more in play here and some entity in the background is keeping this alive.

Once that entity gets the result they are looking for then we will see a resolution (good or bad). Do not think this will be automatically a good result for SH’s as we are just a bystander in this political game. However, the BoD are in the same boat as us smaller SH’s so they will be seeking some compensation otherwise the past 22 years have been waste of time.

No one can call this but the cards are stalled rather high on the negative side.

Posted by Looed on the 2nd May :-

Pt.2

9/11/19 - "The deal is ground breaking for FRR for many reasons. Succinctly it requires a duration of more than 7 years to payback - this is not evidentially a loan, it is a farm in or otherwise capital investment from a foreign counterpart. Most importantly is the approval for the extended period, although no duration is given it aligns with greater strategic investment and development program of the Black Sea energy alliance." AS THE CURRENT PSA IS BEING TERMINATED DO YOU MEAN THE EXTENSION IS OUTSIDE THE PSA, THE PSA IS NULL AND VOID REGARDLESS OF ANY TERMINATION?

19/11/19 - "The recent comments by zm on the extension of the psa is the most important factor of the arbitration and negotiation, the court cases are an aside and no longer are of material significance and will be dealt with. The gg terms would only allow the extension on the full scale development of B12 with major investment." AS ABOVE.

1/1/20 - "B12 split, FRR Western to hold alll currently proven assets, Eastern to be returned to Gocg ( Basin edge, shallow fields). FRR Western jointly owned by FRR/GOGC, however, FRR transferred holding to investor (BP as part of deal. 2020 the alliance is initiated)." GOGC TERMINATE FRR WESTERN - CAN YOU COMMENT ON HOW THIS WORKS IN OUR FAVOUR AS WE ARE UNSURE WHERE THE ASSET IS.

I enjoyed reading your comments but I think many here would appreciate if you could set out the situation as you see it on a simple point-by-point basis so we can better understand your perspective. Thanks in advance.

Posted by Looed on the 2nd May :-

To B-2-0 or not to B-2-0
Part 1

To B-2-0 or not to B-2-0. That is the question — Whether ’tis nobler in the mind to suffer the slings and arrows of outrageous fortune, Or to take arms against a sea of troubles, And, by opposing, end them?

Hopefully this doesn't end up a Shakespearian tragedy!

B-2-0 i took the liberty of re-reading your posts. I know you don't reply but I want to cherrypick and repost the following. Anything in CAPS is mine - and appreciate things could have twisted and turned over time.

14/1/19 - "Fid duty case and default inextricably linked due to the multiple loan veto by Hope. The signing of the term sheet while Hope suspended is the damning evidence of breach and has provided the facility to service the loan covenant. Game over for Hope"

AND SAME DATE

".....case against Hope. The evidence I have seen is overwhelming in its verdict, and has been collected over a period. There is one element which intrigues me and that is the exact financial claim of £56,280,800. Despite not knowing it's derivation, I am left in no doubt that given it's nature, that the forensic behind it will clearly support the value, otherwise Zaza and his council would not have stated the exact amount in the charge. I expect we will not get to see it and other more sensitive evidence given the implications for those implicated in Hope's attempts to take control of B12 and this will be settled ooc" IS THIS CLAIM STILL ONGOING FOR GBP56.2M?

15/1/19 - "it is now on the verge of becoming part of a transformational energy alliance for the entire region, in ultimately developing an international supply of both O&G for many years to come. As a LTH I have never been more assured as to the outcome of recent events." IS THAT STILL POSSIBLE WITH "ONLY" 1-ISH%

10/6/19 - "Fortunately the enemy and motive were identified early, and a strategy implemented with a number of escape options possible. This has been the key to winning the war, casualties are inevitable, but that is the price to pay. Hope took the bait and resigned, providing the preferred escape route," - HOW DOES THIS SIT WITH THE MORTGAGE DOC ISSUE THAT STARRAGE MENTIONED - IS THIS STILL AN ISSUE?

30/7/19 - "Asset to be transferred to Frr Georgia, Frr Texas holding company, new share capital injected from 3rd party farm in, existing share holders receive shares in Frr us. Other Frr companies liquidated and debts settled" GOGC ARE IN THE PROCESS OF TERMINATING THE PSA WITH FRR GEORGIA.

9/11/19 - "Nearly all negotiations ended positively but the crucial part is the banks are satisfied to progress with the deal - asset security threat has been removed!" FROM END JULY WAS THE ASSET ACTUALLY MOVED BACK OUT OF FRR GEORGIA?

Posted by Looed on the 2nd May :-

Morning musings from the Far East
1- StarRage mentioned that the Outrider mortgage document prohibited the moving of the asset. Can anyone offer a counter to this?

2- We believe the asset was split 95%-5% with the 95% moving to a different FRR US entity, approved by GOGC (as Sycric reminds us). B-2-0 also talks about a new entity. In addition to the new FRR US entity, we know that 1 or 2 new entities where set up in Georgia.

3- The arbitration included both FRR US and FRR Georgia. The termination applies only to FRR Georgia. Significant?

4- Bonkers maybe but nice to think the 99% undeveloped land lies with the remaining 5% under liquidation so can be taken by GOGC.

5- The new entity has the area FRR want to keep, with agreement of GOGC.

6- I recall sentiment being that though the liquidators are chasing the asset, this would need to happen via courts in Georgia thus frustrating the liquidators ability to take back the 95%

7- The termination of the PSA is part of the winding down process following agreements reached via arbitration. B-2-0 says that JRjnr is right about the 'sabre rattling'

8- The GOGC are claiming return of total area - is this because the total area refers to the 99-ish% that represents 100% remaining in the existing PSA, or is this a last minute twist to renege on any deal made?

9- Oopsi and others have highlighted the ramifications of "material breach" (bad) whilst JRjnr offers 'repudiatory breach" (less bad)

10 - Zaza hasn't agreed to release the Arbitration decision thus far. We don't know why. We know GOGC are pushing for the release. Many think this is because it is negative to FRR. Could the release be necessary to aid GOGC as they seek new partners for the undeveloped land (as B-2-0 mentions). Perhaps FRR are withholding pending final concrete agreements being put in place for the 1%

Posted by Looed on the 2nd May :-

Support for Georgia continues
Article - NATO to Ramp Up Georgia’s Security Against ‘Aggressive’ Russia: Official

snippet - “This implies protection from the methods and means that Russia uses against other countries, for example, cyberattacks or misinformation, energy blockade, covert intelligence or military activity,” Appathurai said."

Source -https://www.themoscowtimes.com/2020/05/01/nato-to-ramp-up-georgias-security-against-aggressive-russia-official-a70158

Posted by Sycric on the 1st May :-

RE: FRR transferred it's share
I did mention prior to some individuals, read the PSA it states:

"Frontera Georgia may transfer all or part of its rights and obligations under the Block 12 PSA to a
third party provided, firstly, that such third party has the requisite technical and financial ability and
accepts the terms of the Block 12 PSA and, secondly, that GOGC has given its prior written consent
to such assignment (such consent not to be unreasonably withheld or delayed)."

Posted by Coggy on the 1st May :-

RE: Puddy
First he's a positiveer. Then he's a negativeer. Now he's a positiveer again.

More faces than the Town Hall clock.

LMOA

Posted by B-2-0 on the 1st May :-

FRR Transferred it's share
late here now but go on...when the OOCS was signed and the controlling entity setup FRR transferred their share to an undisclosed investor (and it's not GOGC because they own 50% of the company), this settlement is with respect to the unused areas which the resident SM's is no doubt interested in given the geology - GOGC have got the opportunity to take the majority of the undeveloped assets to market - synergies are very prospective. JR is right just sabre rattling, hands shaken and Georgia moves on to be part of the alliance in bringing energy independence to the region and Europe. Stay safe all B20

Posted by ThaiSmile on the 1st May :-

B-2-0's last post was at 19:08 and it started with 'late here now but go on....'

That would be 22:08 in Georgia. Interesting.

Posted by EkXoc on the 1st May :-

The word threat is used there.. it makes sense if it takes 3 months to affect you would issue it immediately so you have the choice fo using it if required but you can change your mind at any time.
What was all that guff about 49/51 split and a new company about if not splitting up the area that has yielded fruit. I also don't blame the Georgians for playing hardball to get a decent return on thier resources.. however FRR certainly deserve a decent payoff as well, theres definatly something up so don;t spend the weekend down in the dumps

Posted by JRjnr on the 1st May :-

Yes - finally a few are actually cottoning on...
49/51 split - $10bn deal in the wings.

Years of experience in oil and gas... Everyone wants a deal and there is no confidence that the ruskies will honour nor pay.
There is a lot of sabre rattling but we are very close.

Nov 2020...

Posted by B-2-0 on the 1st May :-

Goodwill Agreement Honoured by Arb
10 months ago ZM signed a goodwill agreement as part of the OOCS, a separate company was created to manage the OOCS contract, the goodwill agreement is part of the OOCS and honours the outstanding claims being made by the GOGC against FRR, and to be explicitly excluded from the OOCS and protect the contract stakeholders. The Arb has settled those claims, and particularly in relation to the significant $100m claim which has been rejected. The payment to be made is for the outstanding taxes $200k and for the reimbursement to the GOGC for FRR's portion of the costs - split 50/50 as the GOGC paid the fees upfront. FRR have acknowledged the handing back of the unused land and as part of proceedings and withdrawn their counterclaims and bringing proceedings to a close. GOGC are threatening to terminate the PSA relating to the land in question and request that FRR honour the Arb resolution. GOGC will no doubt be seeking certain resident SM's to engage in negotiation of their newly acquired land I am sure. Most importantly I trust everyone is safe and well in these very challenging times, stay safe B20

Posted by Ghris572 on the 1st May :-

On Facebook 7 hours ago
? Vazha Khidasheli: Frontera will have to leave the entire contract area in Georgia from July 27

???? From July 27, the oil and gas company Frontera will have to leave the entire contract area in Georgia, - the message about the termination of the contract, which was sent by the State Oil and Gas Agency to the company.

"The Arbitration Tribunal assessed as a substantial breach of contract the fact that Frontera Research Georgia Corporation refused to return the search area (99% of the entire licensed area) to the state. . The company received the appropriate notification on April 27 and, in fact, has until July 27 to resolve all issues provided by law, ”Vazha Khidasheli, advisor to the Oil and Gas Corporation, told Business Partner.

It is also unclear to Vazha Khidasheli why the company announced its resumption of operations in Georgia today, when the notice of termination of the contract had already been received.

In a statement issued on April 29, Frontera's management said, "Frontera remains a loyal corporate citizen of Georgia, committed to helping the country rebuild its economy and achieve energy independence as a result of our work in the Kakheti region."

Vazha Khidasheli says that the statement of the company "Frontera" spread by the media distorts the facts, does not correspond to the reality and should be aimed at misleading the public regarding the results of the process.

According to the corporation, the arbitral tribunal shared in the final decision the agency and the corporation's vision for the interpretation of the contract norms and, among other things, found that the search-and-search area (99% of the entire license area is a contract with Georgia) , Which gives the state the right to terminate the contract.

According to the decision, the defendants were instructed to reimburse the amount of the fee for the use of natural resources paid by JSC Georgian Oil and Gas Corporation and also the expenses incurred by the plaintiffs in connection with the arbitration proceedings.

The Arbitration Tribunal also granted the motion of the Frontera Riverside Georgia Corporation and the Frontier to withdraw the claims filed by the United States and terminated the proceedings in connection with these claims. The decision of the arbitral tribunal is final.

Source: https://business-partner.ge/ Vazha-Khidasheli-Frontera /

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