Member Info for Moleinahole

The problem with claiming large numbers or reserves is firstly FRR have no reserves on the balance sheet even for taribani after 20 years of drilling!

Secondly, I must say I find it baffling how a company with such grand numbers has been unable to attract a partner or a loan even say schlumberger across from block 10 even as they have had no issues operating in Georgia that anyone has reported? It defies logic that the board of FRR has recklessly risked that amount of money over a $30m loan note and default on the first $4m interest payment due in cash and instead risk it all with a dangerous and in my opinion poorly prepared campaign of litigation combined with a trail of non payment of bills. The arbitration litigation was equally poorly executed and presented from day 1.

Its also almost incomprehenible that you would do that and not address your shareholders or follow any of the normal practices of a business including failing to maintain your basic company registrations for 2 years.

I'm all for being optimistic but as of today BLOE has at least managed to secure a working arrangement with Schlumberger on a field with bookable reserves. They have been fortunate to land on their feet after coming up short due to the Geology and old soviet wells same as FRR. FRR have never been so lucky and instead tend to land flat on their back calling on bondholders and shareholders to bail them out - which has happened in 2005, 2011, 2017 and likely 2021.

Bedex I think what we are finally seeing is someone taking seriously the role of doing the basic administration of running a group of companies. Its scandalous in my opinion what is going on here and reflects about as well on US international credibility as the US election both have descended into a dangerous mix of farce and litigation. I don't think this is playing games of brinkmanship I think its a sign of how dysfunctional the company has become. But yes allowing any of the companies to strike off on administrative grounds both risks whatever residual assets there may be and also risks folding all the litigation. So for the sake of a few thousand dollars and some paperwork it should never have been allowed to happen.

You are correct also in that when you are claiming breach of duty against a fellow director you would look pretty stupid in court having allowed the company to strike off. They may already have damaged their image already with this episode. In my opinion their continued failure to engage shareholders in line with the spirit and in some cases the words of the company articles does the same damage.

It is however a start to get the companies back properly registered. How about formally addressing shareholders next?

From here we have several months pre trial for anout of court mediated settlement (like 2016) to take place as long as FTI continue to sit on the side and don't aggressively try and pursue the New York case. The Texas case on the guarantees is a bit of a sideshow to the main California case and in my opinion aimed at both needling Steve and applying pressure as even aquiring the shares gives some leverage to vote in due course if a restructure deal comes back. The YA action for their $2m is interesting as that implies the 1bn shares are still in treasury and not used. So one option might be Steve drawing from them for Outrider to replace hos and Zaza's shares once they hand them over.

Nothing has changed here since 2018 in reality - every 5 years FRR do a major capital restructure to keep going the main ones have been in 2005, 2010/11 and 2016/17. They arrive when the ever compound growing loan notes fall due.

They have something to work with on the 1% of block 12 but only if they can persuade new investment or a farm in partner the geology can yield a return. The inability of the board to produce a full CPR booking reserves in my opinion has been the single biggest operational and strategic mistake they have made. The $300k to update the CPR was less than they spent on legal costs and lobby costs. Gee I'm sure we would all have done a crowd fund on Primary bid to pay for it.

The question to my mind is what will equity holders be left with in any restructure that does not involve someone else walking away with the 1% as a result of the loan defaults and can they end the litigation and at what cost?

Bezzy / ODR I am sure you are probably correct - else there would be yet more paper trails generated.

But has anyone independently verified that the Cayman gazette entry never took effect and the deficiency was cured by paying the fees and sending the documents rather than relying on Bryce emails alone?

The most likely explanation remains that HL have seen the gazette entry but not checked the actual final register for the strike - that may not appear in the gazette (the loss of registrar is the first part of the email and separate). I hope that is the case (else Bryce client will have no standing in the other litigation and the red line will be crossed for us to look at options of our own).

As I've posted before that does not explain the key Texas FRR US entry which also seems to be not in good order either or maybe the assets moved again and we must seek and find further legal submissions to find out what has happened to the company assets. But maybe that's all part of the big reveal to fill all these pipelines in competition with Azer and Russia gas.

MP - the offer they were trying to arrange was before Varang. Varang was Steve and Zaza alternative mystery play - it s been so secret we have never been able to find who they were! With hindsight now any offer would have been gratefully taken by anyone unfortunate enough to have lived through the past 5 years of FRR corporate existence. 1 Year of 2 heavy dilutions, 1 year of near silence during a liquidation battle followed by a heavy dilution to fund 1 year of drilling, good communications and optimism leading up to suspension, arbitration and 2 years of silence. 3.3bn to 15bn+ shares says it all.

Of the holy trinity involved in the restructure in 2017 of YA, Outrider and the FRR board only YA have managed to extract most of their wealth. That has been achieved by sucking in PI holders who have picked up most of the equity based on the information provided.

Outrider have likely always wanted a debt for equity swap to gain either a controlling position or a tidy profit on a sale or interest that's how they operate. They are here because they saw an opportunity to reprise Madagascar oil on a larger asset.

Hope was clearly as surprised as us with the name dropping of a major in court emails from 2018. The big unknown question is how credible is it then and now - that olive branch is what so many of the optimistic posters hang theories off.

But I don't think he's that interested in the equity now since 2017 he had secured against the asset and was after interest in cash at $4m a year (1 year recovered his investment) or a default. The Texas cases seem to me to be for leverage and out of personal animus as they seem to not like each other! The shares in FRR are useless without block 12.

Whats pretty clear is that the collective of them have run the company into the ground to the detriment of the financial and mental well being of the PI shareholders and employees of the company.

MP unfortunately I have to say from all I have seen and read that is not quite true.

Outrider first attempt was to engineer a sell on at 5p per share. Not take the shares - sell the business on that was in @2015 I think Per Steve Nicandros evidence to court when we had alot less shares. Had that happened most of us would have been happy with anything between 1p and 5p!

The second started in 2018 as the company finances tightened and the debt ballooned and post the debt restructure after the mysterious Varang farm out simply dissappeared leaving us to fund the 2015 to 2017 drilling at great cost. By then on the board he wanted again to try and sell the asset to settle creditors. Before that Outrider rolled the debt interest several times. FRR board wanted to press on hence the arguments about veto on funding and security. Arguably that might have wiped us (but we don't know that) out due to the high amount of debt but that again is a consequence of several years of failed exploration. Its too easy to blame Hope and Outrider in my opinion and it should not be used to excuse the FRR Board and how they have run the company and agreed to the 2017 restructure including securing the debt and the interest (too high a rate) that was changed 3 times and never appeared in RNS or accounts. It should also be noted Hope agreed to take shares as security - so he wasn't after our shares he was looking to get his interest paid in shares from Steve and Zaza.

The fiduciary case is for 2021 now and FRR better have some new and better evidence than they came up with in Nov 2018. Don't get me wrong Outrider are a dangerous stakeholder to have holding loan notes - in future I will pay more attention in other investments but that is what they do for a living. FRR needed to pay them off in 2016. They didn't and a large reason for that was the failure to farm out again after Varang left.

Over time here I've come to the view that the decent folk are the small mostly hard working shareholders who invested in good faith and based on the information provided. The rest increasingly looks like a rogues gallery. I'm 100% convinced we are aligned to Steve and Zaza as shareholders but that in this case is no good if they can't keep the company solvent. Its all about debt at the moment. It should be about drilling and exploration/exploitation. The 2011 and 2016 restructure solved nothing which is why we are stuck with debt. It should have been converted or written off in 2011 but was not because Steve held alot of it one suspects. They could only carry that debt so long and needed to refinance or farm out (post a successful drill). That could yet happen...maybe.

They can't issue certs as they have no registry. They stopped paying the firm running the register in 2019. That is why nominees post delist have been frozen. No one can buy, sell or transfer shares on the register. Its not some clever ploy to lock shorters in - in my opinion its another example of what happens when you don't pay your bills or only pay bills that you choose to conserve cash - website - don't pay down it goes and so on.... That is the one area I suspect they have crossed a line in the articles however:

49. The registration of transfers of shares may be suspended at such times and for such periods as the Directors may, in their absolute discretion, from time to time determine, provided always that (i) such registration shall not be suspended for more than 45 days in any year, and (ii) the Directors may not suspend the registration of transfers of any participating security without the consent of the operator of the Relevant System or without having given prior written notice to any such depositary as may be appointed by the Company from time to time.

However, it probably matters little I'm really not sure how you bring these guys to account. They don't seem to worry about due process. People here in the past seem to think it doesn't matter as the big picture is all important. Again I fundamentally disagree on that the biggest failure for shareholders is when even your basic rights per the articles are not protected. Election of officers, AGM, annual accounts and the share registry are fundamental to how a company legally works. None are operating for FRR shareholders. The Board are running the company with no accountability or checks or balances to their conduct.

The non payment of bills to my mind ties in with the bank account freeze blamed on the Georgian govt but which to my mind makes more sense as a creditor or FTI as liquidator. That in turn may be why employees have no been paid. You then have banks in Georgia and the tax authorites with charges on the assets as well.

Combined with us seeming not to have a known company secretary or any obvious staff doing general administration (resulting in I believe company registrations being allowed to lapse) its hard to be optimistic.

RB40 - In terms of avenues of culpability Steve and Zaza already have a queue forming where they gave personal guarantees - LGiusti seems to just vote as he's told and has shown no independence of thought for shareholders. The other director resigned in fear in 2018. But Hope was on the board when the inaccurate and incomplete accounts and RNS were issued and stood to benefit most. YA likewise were able to clear what was unsecured debt through preference share conversions during a period when there was arguably a false market that short traders were also able to benefit. Before you move onto PWC and Cairn. There is now a treasure trove of documents from court cases and arbitration that can be easily cross referenced now to RNS.

No matter what I post there is a clear divide here between those who think the answer and its solution lies mainly in Georgia and those like myself who think the problems are largely financial and legal and the Georgian side is less important.

If you think its political you will focus on Georgia. My view is that whats left of the asset will now be lost or won in court in USA. Once that is done you can start to worry about whether Bloe is bigger or smaller than FRR. As of today FRR are in court in Texas, New York, London and California over debt and unpaid bills and with the employees in Georgia (what happened to that case on 31st Oct?). Since they delisted they have not communicated to shareholders but over past few months have engaged with the media on a broadly political agenda. That may obfuscate whats going on but it will matter little in the end as they will have to settle or win in court in the USA to even have a chance of returning to Georgia to progress the 1% we have left.

Finally, Schlumberger investment since 2017 dwarfs FRR spend. If its so bad in Georgia why are they looking at the adjacent block and why are they handing over the other block to BLOE but keeping an economic interest. When there is a CPR confirming the reserves then we can all rejoice. As of today there isn't one - as a result BLOE will have reserves on their balance sheet and FRR won't. But then we have not had a set of accounts in over 2 years to report the assets and liabilities so you never know. FRR is a small western operator by any definition. Leaving FRR on block 12 almost guarantees at the moment no development until the litigation is complete.

The problem I have is that the circumstantial evidence points less to a problem with Georgia and instead to a problem with debt. And the root to that is production from drilling. The 2018 campaign should have left FRR able to service the Outrider debt. It clearly didn't. So when combined with the UD2 outcome its hard to place much weight on prospective CPR when actual drilling comes up so short and even Steve as recently as the summer touted the need for yet more progressive drilling to unlock the basin.

You can never rule out something left field with FRR in Block 12 - but I find it hard to believe anything get sorted out until they find a way to end the US litigation and secure unequivocal title to whats left.

Guys its frustrating. Actually its beyond frustrating but thats where we are.

My observation is that Zaza media round started as a result of the Outrider attempt to go direct to the GG and the perhaps coincidental arrival of the strike off due to not paying the 2020 fees on same day. He was approached by media. That date was predetermined by the Cayman registration cycle and I'm more convinced than ever its due to either lack of funds or administrative oversight following loss of so many staff.

The last few weeks pose a couple of key questions. The texas case said Zaza was no longer a director. What capacity is he now acting (is he is acting for FRR at all) - is he a director or not and which companies? Second Bryce quite out of the blue decided to start conversing with some unknown bulletin board posters. What capacity is he acting - is he now effectively company secretary or company attorney? If so what is most troubling is why would he do that and then the "company" continue to ignore reasonable communication from a well constituted group of shareholders many of whom the company have met face to face and know?

The Cayman strike has been cured but the status of the texas entity remains a puzzle as that is where the assets were transferred.

The politics is being increasingly in my opinion to be shown as a total red herring. Block RNS this morning and the previous entry of Schlumberger had to my mind long ago brought into question the excuses around interference - they to me have always been in the dog ate my homework type excuse.

What however is pretty clear is the company has got itself into a fight over debt. As shareholders that is bad as we rank at the bottom in preference.

YA continuing to chase its $2m also points to no rescue on the horizon and no juicy inside info on shorting at others have pinned hope onto. They rank above us but below Outrider. This is now all about how the Outrider debt situation is resolved. And yes we have been left out of critical information at key points in the 2015 to 2018 period. But we have been put in an impossible position here by the company.

The question on legal representation will keep coming up. The question is exactly who do you intend to litigate against and with what objective? Action would cross a line and result in all future communication being on a legal footing and I suspect you would hear no more than now but likely seriously jeopardise the total mess that is the YA and Outrider cases and any settlement (and its impact on us) that may emerge. That's just my opinion.

It is an impossible situation really hence the frustration and justified thoughts of lashing out in various directions to get some answers. That frustration will grow if the company continues its current behavior and a tipping point will arrive.

Well first best wishes to Mark. I hope they can find a replacement of similar calibre with the technical experience to fill that role. Most of the work well underway for phase 1 so probably a good time to step back. Big chance for someone to step in take up the baton.

Ive posted my views on this a few times.
I think there are a few factors.
First the shares are tightly held by a combination of sticky PI holders who stayed through the LOG and fundraise and institutions. Neither trade or sell. LOG admin with their 30% are also sitting as they need north of 19p.
There has been no drama on phase 1 core it's progressing. The upward trajectory was dented by Harvey. The drill result was not what was hoped and CalE have sat on their hands on that prospect and there has been no real sign of where the partnership goes next. The re-evaluation post drill now is a potential near term catalyst.
LOG I think are still a factor - I think they make IOG a very conservative operation as they want no risk. That's good in many respects but take the DELT situation (which as I suspected has gone backwards with no drill in sight - IOG will be in production before they have a drill) they could not afford to offer a high price and so I think that tempered any discussion involving silly prices). So they may be holding IOG back from the next steps as LOG are not a long term investor.
You then have a general market uncertainty with Brexit, covid and in fossil fuel alot of funds are moving away from the sector.
The big risks are forward gas pricng and I agree drill risk to an extent but I think if execution goes to plan it's shallow so should be ok but can never be ignored. Competent contractors and careful planning minimise the risks.
The company has funds in the tank so unlike alot if companies can whether this storm.
I'm happy to hold there is very little trading in the shares so this is unusual we all know it's worth more than current level. So as 2021 progresses and they get phase 1 on stream the value gap should close. You won't be able to buy much unless LOG or an institution offload. The biggest danger is LOG and Lombard selling out to someone before we benefit from phase 1. We will have to hope that does not happen.

Steady as she goes. Its hard to fathom why this share has such thin trading - but the shares remain tightly held by both PI (seems to attract the more stoic/patient PI holder!) and institutions (also just sitting and waiting - interesting to see Deltic institutions selling today including Lombard who are the biggest non LOG holder here).

You can't fault the execution so far - fingers crossed once the drilling actually gets underway.

Trells LOG are a bit of a conundrum and I think one of the main reason why we hold this level. They are no longer bound by the orderly lock in - but at this price they can't offload at a value to meet their expectations. So they are stuck for moment. Institutions know that. Don't think LOG can say much - there most likely strategy is to sell to a pre-agreed buyer in future. The risk for us is while we sit down at 12p they ultimately sell low or to a predator - but they must have known the likely timeline here - but maybe expected a bit of a move north by now. From here you would think they will now wait to first gas or a sharp move in share price in the run up to it in 2021.

So while the share price continues to go sideways we will have to remain encouraged by the progress on the engineering front. Next news re-evaluation/interpretation of the results? A boost in numbers there would be good.

I did note the bit "The contract also includes extension options to drill up to two further wells on favourable terms, at IOG's election." Where might they be drilled?

Welloiled someone better email Bryce and tell him to sort that out as well given that is where the assets were last spotted.

It would be funny if it wasn't so serious. I doubt its cat and mouse game - more likely a consequence of losing your Cayman legal representation, Chief Counsel and Company Secretary (Levan) and your admin staff.

Zen - yes but its not that straight forward they would REDOMICILE BY WAY OF MERGER and as I've said before for that they need a shareholder vote. It one of the few areas where they would need to come back to us. They can shun assets about but not beyond the control of the group company we own. However, if the company is staying put there is no need to move it.

I'm now interested again in what making FRR US which is wholly owned by FRC status of Forfeit means given that was the last location of the block 12 asset they tried to move.

At some point here either the company or a liquidator will tell us what is going on. I think i've been consistent since 2018 on this the company have to either beat Outrider, pay them off or accommodate them in a debt for equity restructure. If Outrider can't prise the asset away the later is what will happen and the other court actions will all be folded as a result of the mediated settlement. As I keep saying this is where we were in 2016, 2017 and 2018. If Outrider can prise the asset away we are left ruined.

The bit you want I think is:

2. THE COMPANY AND ITS SUBSIDIARIES
2.1 The Company was incorporated under the Cayman Islands Companies Law, as an exempted company with limited liability on 17 May 2011 and is registered in the Cayman Islands with number 256380. The principal legislation under which the Company operates is the Cayman Islands Companies Law.
2.2 The Company’s registered office is located at the offices of Walkers Corporate Services Limited, Walker House, 87 Mary Street, George Town, Grand Cayman KY1-9005, Cayman Islands (telephone:+1 345 949 0100). Upon Admission, the Group’s principal places of business will be located at 3040 Post Oak Boulevard, Suite 1100 Houston, Texas 77056, United States (telephone: + 1 713 585 3200); and 12 Paliashvili Street, Tbilisi 0179, Georgia (telephone
+ 995 322 25 24 12).
2.3 As at the date of this document, the Company has no subsidiaries. Upon the Merger becoming effective (prior to Admission), Frontera Cayman will replace Frontera Delaware as the ultimate holding company of the Group, which comprises the following subsidiaries, all of which (save as disclosed below) will be wholly owned either directly or indirectly by Frontera Cayman and over which Frontera Cayman will be able to exercise 100 per cent. voting control:

Name Country Principal activity shares held
Frontera Resources Holdings, LLC Delaware, USA Issuer of the 2016 Notes 100 per cent.
Frontera International Corporation Cayman Islands 100 per cent.
Frontera Resources Caucasus Cayman Islands 100 per cent.
Corporation
Frontera Resources Georgia Cayman Islands 100 per cent.
Corporation
Frontera Eastern Georgia Limited(1) Georgia Group operating company 50 per cent.
(1) The state owned national oil company, Georgian Oil and Gas Company owns the remaining 50 per cent. of the shares in Frontera Eastern Georgia Limited, a pass-through entity that exists for operational and execution purposes only and
operates on a no profit/no loss basis. Details of the profit sharing arrangements in respect of Block 12 are set out in
paragraph 1.6 of Part VI of this document.

Find the strand hanson aim admission document from 2011 on web (I keep a local copy in my reference docs):

"Frontera Resources Corporation, a Cayman Islands exempted company (“Frontera Cayman”), is a newly
incorporated company that was established for the purpose of merging with, and into, Frontera Resources
Corporation, a Delaware corporation (“Frontera Delaware”).
As at the date of this document, Frontera Delaware is the parent company of the Group, which is involved
in independent oil and gas exploration, development and production. Upon the Merger becoming effective,
Frontera Cayman will become the parent company of the Group. Details of the corporate structure of the
Group as at Admission, following the Merger having become effective, are set out in Part VII of this
document."

"Frontera Delaware is, and following the Merger Frontera Cayman will be, a holding company that carries
out its activities through its subsidiaries. The Group’s interest in Block 12 is held through its wholly owned
subsidiary Frontera Resources Georgia Corporation (“Frontera Georgia”). Operations in Block 12 are
conducted through an operating company, Frontera Eastern Georgia Limited (the “Operating Company”),
which is jointly owned by Frontera Georgia and the Georgian state-owned national oil company, Georgian
Oil and Gas Corporation (“GOGC”). The Group has its principal offices in Houston, Texas, United States
and Tbilisi, Georgia. Core operations of the Group are currently in the country of Georgia, where the Group
has operated since 1997."

Welloiled there is more in the appendix - the "merger and recapitalisation" like that is how I expect them to do it in reverse if we leave Cayman.

If true that is a small relief. Much as I'm interested in Welloiled theory I don't think they can easily move the company like that without a redomicile of the company and that needs shareholder approval. Presumably either they have paid the fees or the strike off has been blocked for some technical reason or objection. Makes sense as to do so now makes no sense at all if you are still proceeding with litigation and have creditors left right and centre.
The bumpy off road excursion goes on.

Pyro I am pretty much 100% sure this is not any sort of scam. However, the two largest corporate stakeholders being a distressed debt investor and a bucket shop lender tells its own story that FRR have ended up at the bottom end of the credit market rather than securing support and funding from the top table that they were able to do up to 2011. They came to AIM and the Caymans listing in 2011 for a reason. They have carried 220 employees and provided employment o service companies for over 20 years but in spite of $500m spent they have not put any reserves on the balance sheet but instead extracted $60m from what were existing discovered fields. As I say they may yet surprise us all but its an odd way to go about your affairs.
I'm remain very conscious of all the decent folk here and Steve and Zaza in my opinion have a moral as much as a fiduciary duty to explain to people what has happened and given their intention to strike off the company tomorrow continued silence and hiding is really not acceptable. To not do so does indeed make it look like something that it may not be.

Pyro in short they can't just move assets out of the group especially in an insolvency situation. And whether some people here care to believe it or not it is the battle over the loan notes with Outrider that is what you need to watch. Our board as a price of the 2016 restructure were forced to convert their own debt to equity and enable YA to get out in large part during 2017 to 2018. Unfortunately Outrider exit strategy required either a default to get the asset now secured or get exorbitant interest payments from the compounded loan notes of $4m a year having only paid $5m for them originally.
The problem occurs if the way out is some sort of management involved buy out either with or without Outrider. A restructure then could be forced on us pretty much wiping us out and you enter a much greyer area of valuing the asset and settling the debts. That has always been the most likely outcome unless they found a way to deal with the debt through successfully monetising the investment we kept throwing at exploration (or wiped Outrider out through litigation or fought them to a standstill).
For whatever reasons the real failure here has been in monetising block 12 by establishing commercial production and having actual not prospective reserves on the balance sheet to bring back the cost recovery pool as an asset to offset the cost of the exploration represented by the debt. It is that failure that has brought us to the brink here. Whatever you think of the Georgians they did not choose the locations or execute the drills.
We are going to have to wait and see if there is any substance behind the restructure talk but short of there being a surprise third party farm in, sale or debt funding then we are in a poor position.
We were lucky in my opinion to have been left with the 1% post arbitration - but that 1% is meaningless unless FRR can unequivably secure title to it by resolving the standoff with FTI and Outrider. We have already lost 2 years and the impasse has to end - Outrider notes matured last August and we can't carry on like this - hence the concern that the strike offs and forfeited companies heralds a restructure of a different kind to the one some people eagerly anticipate. The fact is we simply don't know hence my irritation that a situation such as this can be allowed to occur and carry on for 2 years and counting.
The reason I suspect this is such a mess is because the attempt to enforce the mortgage and the arbitration and its outcome has become intertwined. The Georgian election may go some way to help but it will not resolve the issues here which to me remain in the main about finally sorting out the loan notes themselves a legacy of failures pre and post 2011 when they were issued.
Nothing has really changed since 2016, 2017 or 2018. Its the same old problem.

rambling sid the block 12 assets we have some evidence unfortunately my own trail of investigating gets to FRR US whose 1000 units were owned by FRC and so subject to strikeof if not moved. Beyond that I can't find a paper trail.

And yes if they let it strike off having not moved them who knows where that would leave everyone - but can't see FIT letting that happen either as they had a 5% royalty via FRR US or the assets if they unwound the transfer. So I suspect they have but unless the company tells us what they have done we will have to wait for the next bit to emerge in the paper trail.

Well oiled the only real asset the group has is those associated with Block 12. You can see the documents and the equivalent of the Articles for FRR US in the Deja vu docs on the Georgian site for FEGL. The move of the block 12 assets into FRR Us was also coroborated by the arbitration and FIT court documents/commentary. So as a point of reference that is the last one we had. They were never in FRC but FRC has the shares at various times in the subsidiary in which the assets were parked.

The forfeiture status of FRR US is now another complete and unexplained puzzle: https://statutes.capitol.texas.gov/Docs/TX/htm/TX.171.htm#171.251
Its possible like Cayman they may just be not doing the corporate paperwork of course but there is proof this was the vehicle they were using in 2019 for the assets!

FRR US in Georgia feels more like a candidate - they certainly have not bothered with updating the details on the registry in US for Frontera Resources Holdings LLC!

Whatever they are up too they cannot legally move the assets outside the group structure not least as FIT are watching for that. So as of tonight no one could tell you where the company assets (if we have any) are held - a totally unacceptable and extraordinary situation as a shareholder facing the strike off of the entity your shares are held under this week.