Member Info for Moleinahole

Nice report. All ticking over nicely with the dates restated to see the trajectory. They seem to be being conservative with drawing down funds and have plenty in the tank.

Agree on the license rounds - would be nice to know what they went for and whether CalE fit in to them.

That's me just bought and now on my target holding - 12 would have been a nicer price but @14.5 will have to do. No trouble buying went straight through so there is a bit of liquidity following the pull back.

Bedex the company has always had a broad political agenda since Bill White days. But that used to be to provide economic development to rebuild the former communists countries. And TSBS yes if you look at some of the Frontera originals CIA links are understandable. However, its always been a mystery how commercial the company is - Steve was the exploration front but time has shown a poor understanding of finance - a look at the board meeting packs from the court documents shows how unsophisticated they are with money!

Reg - the company based on the last unaudited accounts (current and long term liabilities exceed assets), frozen bank account, no export of oil (and low oil price even if they could export), the actual default on the loan notes (annual interest alone due in cash equal to 2018 revenue), redundant and unpaid employees, unpaid legal bills in Cayman, council backing out of cases (most likely as not being paid), unpaid deposit for arbitration, unpaid office service bills.... these are strong indications that the company is skint. why have they not lost the license yet as unable to fulfill the contract? Well politics seems to be the answer plus the GG can wait as if it falls into hands of FTI it can be sold on to someone else to settle the debt or just wound up and returned by default to GG avoiding further political fallout and undermining Zaza media campaign.

If there is any type of deal in the wings that has to be approved by GG per the PSA. That is without any doubt. The FRR US transfer was blocked even though intra company because of funding and requirement to prove technical capability to deliver program. So we know what the GG position is.

So my considered position is that GG are waiting due to political considerations and FIT (Outrider) have to move carefully and methodically to appropriate the asset without terminating the PSA or force FRR to pay the loan notes to get it back.
Its the half complete transfer that is the real mess - the transfer has been executed within FRR but the GG do not recognise FRR US as the holder of the license leaving it all in a legal limbo for everyone. There is a way out but for us to come away with anything it has to be with someone who looks favourably on us.

So I'm not surprised Zaza doesn't want to talk about the company and is interested in talking politics in the media.

Well the most likely person for us to hear is a liquidator unless they get their act together. If its not a liquidator then the first word should be sorry - followed by explaining the reason for the extended bumpy off road experience, where the dog is and where the golden age has gone. In all seriousness the only answer I want is whether they have a way forward to recapitalise the company. I'd then wait with baited breath for how much its cost me to repair the damage. The silence indicates to me that we haven't yet got an answer.

The reality here remains unless they really have a deal under wraps (which these days I find hard to believe) - the company is either insolvent or they will have to give away alot of whats left to bring in new investment to pay for development and pay creditors. But you never know they could win a court case to get some value back but even then we still owe a huge amount of other creditors and if they lose the damages would finish us off even if the legal expenses don't!

As they only have 1bn shares left - intended to settle YA - equity cant be used without them calling an AGM. So they are more likely to go down a deal which they can control.

So I would say high chance the company folds, reasonable chance we get a dillutive rescue (that helps creditors not shareholders) and low chance something left field like an offer. Based on the accounts alone it would be 100% probability of insolvency and without the political cover 100% of loss of block to government and then insolvency.

Its a total mess - I'm really puzzled how the group company is still going. They may be able to limp on a bit and hope for the best after the elections but that does not solve the financial problems which for shareholders is what really matters and which will eventually stop any company with low revenue and high debt.

At a corporate level the Outrider/Hope cases need to be resolved I think before we hear anything - that is where our delisting and silence was triggered and we won't hear anything till they have a way out of that. Outrider are debt/funding for equity swap predators so once they exhaust the insurance money to pay for litigation maybe they will come back unless they succeed in Block 12 remnants back into the insolvency pot in which case the group will be finished.

Peak we can account for most of the buying over last few weeks from a few of us here!

Its very strange how under he radar this is - but nothing to be concerned about its just a little unloved - the big institutions are sitting tight like most of the remaining PI holders so its a waiting game. With full funding in place the board need to manage the execution risks now and bring this home.

News can't be far off as they are progressing on so many streams and then we have the license round to come plus any positive news from the re-evaluation of the drilling/seismics post Harvey. Harvey could have pushed us on but didn't which has held us back a bit I think - that and the LOG dynamics. There is always the outside chance of an offer. Lanquishing here does make us vulnerable - so the quicker they get on with the programme the better and hopefully we will sneak under the radar for a while as I have cash free later this week to try and hit my target holding.

Heid - they are operating within the articles but the articles and communication are so poor for shareholders in Frontera case and advantageous to the Directors that it does not help. If I could see a clear breach I would be seriously looking at options to force them to hold a meeting. If I thought they would turn up on the anniversary at an address for the nominal prescribed meeting I'd go. But what address (Houston or Cayman and would they turn up, did they hold a nominal meeting in 2018, 19 and 20 if so how does one find out?
We don't even know who he company secretary is at the moment to write too since Levan apparently "left" in Q4 2019.

Rainbow - its not about chilling and waiting. We have chilled and waited 2 years while all kinds of bad news is uncovered inside the court actions. We will have to wait we have no choice but being "chilled" does not mean exercising blind faith.

Rainbow its not about beating each other up with sticks! I hope your right about something of substance going on out of sight. Its possible but its very puzzling the way they are going about things if so. The Frontera mantra was we don't go to court unless we will win in my opinion can be inferred on the so called obstacles to production.

Last night I carefully re-read the company articles yet again. By rights the board should all have come up for re-election very soon (last AGM was 2017 and ts 3 year terms). But it seems as only they can call a general meeting and serve until re-elected and they hold a blocking % of shares anyway even if a meeting could be called on some resolutions and they have no intention of calling a meeting then they have more in common with Ivanshvilli and Putin ideas of corporate democracy. Unless they become incapacitated or bankrupted (hence possibly the objective of the Texas lawsuits by Outrider to peel away the controlling share holding or bankrupt them if that happens we can convene a meeting to elect a board) - there is nothing we can really do unless prove of fraud - for instance appropriation of assets.

On the accounts likewise the board can decide on the accounting dates, whether to prepare a set of accounts and auditor appointment. Cayman regulations seems to allow exempt companies not to have to post a set of accounts either.

So the only protection we as shareholders had was in the listing which ensured an audited set of accounts and RNS of news.

They appear to be at will to run the company on our behalf as a dictatorship and I suspect there is nothing we as shareholders can do about it. So when I compare the way Frontera run their company with the way Georgia Dream operate in Georgia I'm not doing so without having looked at the situation very carefully.

The articles of the company have been deliberately constructed to prevent shareholders exercising any rights which when combined with a Cayman registration and the company now being unlisted is wholly unsatisfactory.
I suspect the only person who has any power here is the Registrar in Cayman and or creditors who can apply some leverage via the insolvency law (which is what is happening with the New York case with FIT if you hadn't noticed).

Having said that we are strangely aligned to Steve and Zaza through the frozen shareholding but mere passengers in any journey until they need a change in the capital structure and need a vote - which could be interesting if they ever tried that as an unregistered and apparently lacking a registrar company. In current climate they aren't going to have an AGM face to face due to covid and the current difficult situation but there is nothing that can be done.
Its morally and ethically indefensible for the company to have officially declined to engage shareholders in approaching 2 years given the gravity of the situation unfolding in that period and the events we know have occurred but have not been

Chris and there is the problem.
If there was merit in the claims they SHOULD have launched a legal challenge on the items they claim are obstructing operations be it an oil embargo or frozen bank account. That plus real pressure from US on those items seems easy to apply. Because that has not happened it doesn't add up. Yes we hear judges are Georgia dream stooges but given FRR tendancy to use litigation it's odd.
It won't go back to arbitration. I think they intend to wait. Zaza till election and GG till frontera run out of money or lose in other litigation.
They need to sort out the main items and find a way to move on. Both sides. But it's such a mess I'm not sure it's easy to sort out and time does not help resolve the financial issues.

Looed that is the right question. The why is self evident having started a political campaign then it's no surprise that it has continued given the events having embarked on this journey.

The how again raises the question of funding. If the oil and gas was blocked with presumably the Georgian bank accounts and all the revenue then how are they doing it?
An excellent question for which there are a few possibilities.
1. They accrued some money in the past to spend now. Possible but unlikely. We know from court papers they were down to $50k in the bank end of 2018 and that is the last record I know of cash. Last accounts were not swelled by production either.
So internally generated funds are unlikely.
2. Borrowed or injected money - seems the most likely. They must be getting or have got some cash in either as a result of the green transaction of which we know nothing at all of the financials or someone has extended credit. They might have mortgaged future production given the inherent risks commercial banks would be most likely not an option. Seems most likely they have got some cash from a transaction we are not privy to and the reason why the company should be presenting accounts to explain the financial position to shareholders! One could speculate why they would not publish a set of accounts at the moment.
3. Cash from Steve/Zaza. That's possible indeed FTI have asked the question who is behind the green arrangement.

So to me whoever is behind the green transaction are the obvious candidates as they have most incentive to see a result. There are other creditors who would not like to see FRR fold but would they go beyond extending credit?
The other final possibility is that cornerstone have provided the lobbying but not been paid either I suppose!
The absolute left field field is FRR draw support from some shady govt or quasi govt agents that enables them to carry on. All of which would make not paying the workers (allegedly) all the stranger.
To me the non payment of workers makes more sense as a result of something FIT have done but we know alot of them must have been contractors maybe uniserve employees who relied on the development work which has stopped since 2018.

Justbe my expectation is a slow but steady move to a producing asset in next year - but the execution phase 1 will be interesting to see unfold technically. The only way that won't happen is an offer which would have to be >20p. The exploration drilling days for IOG are over for the minute - its been costly at Skipper and Harvey. You can do your own sums on the value of the reserves. So anything between 20p and whatever discounted vale you fancy on the reserves. Once they are generating cash there is a hefty loan to repay over time. Short term the next event to watch for is the licensing round results due any time now to see what IOG and CalE went for and maybe the reevaluated Harvey drilling analysis. If you've not looked yet have a good look at the presentation from AGM on website as that is useful.

Where are the risks? Well gas pricing is still a bit of a lottery. You then always have some operational risk in the installation of the infrastructure. Hopefully the Bacton shoreline is being flood/erosion defended.

As you've seen the stock is tightly held - the move over the last two has been generated by moderate trades from PI's many of whom (like myself have bought at the low ).

Gold, Peak and BUTD stop buying your driving the price up on your own I only got an additional £5k before you lot drove it up and I'm still short of target!

Looked in again here for first time since last week.

So Zaza in one of the media items floats the prospect that they did breach the contract BUT as I've posted many times as a caveat there is a cure period to resolve - in this case probably paying the small mineral license and returning the disputed land. In which case matters would move on to settling the balances due as a result of the arbitration costs and things like the wages, unfreezing bank accounts etc and sorting out the transfer. That all requires access to funds else they block it.

If the remnant is safe for the moment because they have cured the breach then the politics makes more sense as they don't need to do anything till election - but the issues with FTI and Outrider on the title to the block and the maturing loan notes have to be sorted in parallel.

On the question of reserves - not all reserves are equal. The 2 CPR produced are not sufficient to enable booking of reserves. GG are correct no proven reserves and Zaza is correct we have 2 cpr with unproven reserves. However, the reserves are not in a form that will enable resource based lending or booking in the accounts based on international accounting standards. If the reports were proper reserve reports we would have reserves in the accounts years ago. Could someone come in and do their own analysis and something happen without an FRR CPR? Yes that is possible but less common and only likely if you had a serious player behind something like the Green transaction willing to spend the time and resources doing it from bottom up.

There is a narrow path through this mess - but I'll stand by my view the company need to find a way to regularise the running of the company sooner rather than later.

On litigation - the nomad I suspect is not straight forward. I have looked a few times at the whole question of these loan note terms. The terms were changed 3 times so its hard to be sure who knew/saw what/when but I would have seen the auditors as more on the line in the 2017 audit. Interestingly they got themselves added as an interested party in the New York litigation. Would be interesting to know if they have still been engaged as auditors or whether they have gone same way as the registrars and we have no auditor appointed at all at the moment. The 2017 accounts issued in Mid 2018 would be the final audited accounts - the H1 2018 interims were unaudited and were the accounts I was interested in the treatment of the note interest and unexplained increase in liabilities at the time and wanted to speak to Zaza post the Oct 2018 meeting but he left early that day. In terms of the accounts Hope was on the board at that point - so must have known the terms per accounts were wrong. We may get to see some more of this in the California case if it ever gets to court.

The best chance of getting money out here is for Zaza to finish what he has started but as I say I'm not impressed with what they have done.

Justbe - do a search on internet for London Oil and gas and London Capital!
https://www.energyvoice.com/other-news/205331/independent-oil-and-gas-to-repay-22-4m-debt-to-collapsed-lender-log/

Basically LOG were funded by borrowing from London Capital who then loaned to IOG. London promised investors big returns and to do this loaned to higher risk investments. The investors were apparently unaware or didn't ask how such a return was made but there was also significant commission/marketing fees creamed off by various people as part of the set-up. It was stopped by FCA.

IOG have been the unfortunate recipient of a significant amount of capital from LOG. They accumulated a mix of loans and options. When London was stopped the assets needed to be unwound to return what they could to the punters.
Unfortunately for IOG that occured at a critical point in time just as IOG were financing both a drilling campaign and the funding for phase 1.
The consequences of it was that emergency measures became necessary to bridge the funding gap. Hence long term small investors here through no fault of our own have been very heavily dilluted allowing institutions in on the cheap. Rather than enjoying the benefits of the asset ourselves with a bond dea or offtake we have now had to share it with CalE as a partner and alot of institutions who came in on the cheap.
IOG have now repaid a significant amout of the amounts to LOG but the adminstrators for LOG have retained a significant equity interest (30%). They had agreed an orderly disposal and have not to date sold any more and seem to be sitting on the equity as their best chance to recover more of the London money. They did not sell when RRE offered 20p a share for their stake and backed the board.
So the issue is that 30% of the equity is in their hands which if combined with some of the institutions that now hold alot (like Lombard) then the company is vulnerable to an offer at the right price. That seems to be north of 20p a share at least - probably alot more. They will sell or sell down the holding if they have too.
The consequence of the events has been PI holders massively dilluted and losing effectively influence over the company direction - but all the equity seems to be in sticky hands hence the low amount of trades.
The institutions are in at 10p and LOG admin min par value is probably around 17p. So inspite of the good asset the history has left a sour taste and tarred IOG unfairly in my opinion by association.
The London punters will eventually I hope come to appreciate IOG and the small shareholders who through no fault of ours have been hit here. That will be a noteworthy media event if it happens in addition to the good job the company is doing investing at this time in the UK continental shelf.

Seingrad over my professional career I have been involved in fraud and counter fraud work. So I'm of a forensic and evidence based mind set I suspect. I treat this as a total loss so not afraid to call this as I see it. I hope Zaza stops the politics and sorts it out. My considered judgement remains this at its heart is a commercial problem and that's where the solution lies.

Gipps possibly. I hate posting a contrarian view at the moment but too many things don't add up. I have to say I just don't find the highly political GD boggeyman horror stories convincing anymore - as I've posted before the journalists need to start asking the right follow up questions.

Harping back to the 2013/14 gas connection for Mtsare stories (not RNS at time either - but I do remember the constant delays on the pipeline which have entered FRR folk lore and Steve infamous missing pumps from 2015 to 17 and giving large sums to service companies in 2016 or the unannounced disappearance of the equally untraceable Varang). But the very recent unexplained block on bank accounts and oil export doesn't add up - it doesn't happen like that normally - accept when FRR were in Azer of course.

What exactly are these other obstacles? If they existed then why has the US not waded in more to remove them? If it was that bad in Georgia why only 15% budget being withheld? Why were Schlumberger allowed to drill for deep gas if its such an issue since 2017? Why were Exonn courted in 2017/18 but not a FRR consortium in 2019? We got permits for the 2017/18 campaign with no issues that the company reported.

As for financial backing with the catalogue of unpaid debts racking up across the globe from Texas to Georgia and Cayman if they are being backed its very specific purpose and impossible to validate. The very fact we don't know the current state of the profit and loss and balance sheet is exactly the sort of thing I'm talking about.

We were not told about the asset transfer to FRR US or the further Green transaction. We know this from court documents and even the FTI liquidators are scratching their heads on who the party is.

You then had a director resign in 2018 clearly due to insolvency fears (as reported in court case emails), drop off in oil flows in 2018 not reported by RNS (in court case emails) and flows of 2018 campaign finally never reported after supression as the wells were being tortured for some unnamed majors. The big breach of trust for me has been the reporting around the 2017 financial restructure where the true nature of the settlement with outrider has not been consistently or accurately reported in RNS or the accounts. You then have the arbitration request not reported on time.

If it wasn't for the history and other inconsistencies and half truths I'd probably be more comfortable with a position of let them get on with it and tell us later when done.

Gipps - we have no choice but to be aligned. However, the company exists as a legal entity owned by shareholders and he is both a shareholder and executive running it on our behalf. The company purpose should not be to pursue regime change in Georgia.

I'm pretty sure Zaza would understand my position - to me this is now becoming a matter of principle. I am an investor and while I find him both interesting and engaging he has been entrusted with the company to run it with care and diligence.

I find it at best inconsistent to criticise the Georgians over business practices and investment climate and then to totally ignore your own investors and fail to follow the norms or running your own company. Quite what people looking in at the company (specifically US interests) at the moment make of it baffles me. Issuing accounts, running a share register, holding AGM and putting yourself up for election to the board is basic company norms and that is before we look at default on employee salary and debts. You can't on one hand lay into the Georgians and then fail to follow some really quite basic rules in your own company.

While he was silent in general the position was understandable to a point. That is no longer the case and close on 2 years is now unreasonable in my opinion - others seem to be more accommodating given the unique circumstances! The last AGM was early Q4 2017 - last update meet early Q4 2018. Alot has happened and been revealed since then with no accountability.

What I'd like is a formal official update on what they are up to. It may well be short and bland and even unhelpful and align with the press interviews - I would hope it does - but at the moment we as investors have been treated worse than the employees - at least they got a meeting before being sacked. Maybe that's what the Oct 2018 meeting was! Its that sheer lack of recognition that to me is unacceptable and yet so easy to handle - the shareholder stakeholders are the only group that has not been addressed.

Gipps if he can speak to the press he can say something/anything through official/semi official channels or an RNS R even (but I doubt that will happen!). I'm fortunate in having been able to communicate for longer but my frustration with the company now simply grows. As time has gone by and with the recent splashs in the press I simply don't believe that as a credible reason nor will I make any further excuses for the company. We are currently being taken either completely for granted or fools. I don't like either prospect.

Its high stakes indeed I've never seen anything like it and I would not "invest" in anything involved in Eastern European or likely indeed anything with American connections ever again. That's how strongly I feel.

Gold yes HNR looked promising when they were drilling but then the wheels came off as the strategy changed overnight leaving me in the bizarre situation of holding a CBD stock much to the amusement of my work colleauges. My average there is better than yours as if losing on a stock will average down if I have too.

I'm here because I believe in the asset and I like the concept. That will under pin this I believe. The bond funding round, institutional investment and cale and rre attempted takeover as well as LOG administrators I hope means we have others who have validated the concept and the opportunity.
I'm comfortable enough to hold and build here I do think when this moves you won't get stock in volume unless one of the bigger beasts divests.
Yesterday was a good example I don't think there is much free float here as only strong or crazy holders stayed through the LOG shock. That and the heavy oil at skipper here have been real testers and both came from left field so no room for complacency.
Hopefully timing here is working in our favour as we can get licenses and cheap contracts having times the funding just right and first gas after covid debacle lifts.

So if the bank account is frozen in the only producing country how is Frontera operating at all and paying things like leases in Houston?

If we were down to 70 now unpaid employees that means we have lost 150 others before that as the company used to employ 220. The company can't currently have any staff.

It quite simply doesn't add up.

Simply saying the export is blocked again doesn't add up to me. Why? Is it permits to transport or technical issue with rail infrastructure/availability of wagons or again due to debts?

If the US really are involved more deeply in this you would think these two items would be very easy to resolve.

If Zaza is now really posting on Facebook I would strongly suggest he resumes talking to his shareholders to explain formally what he is doing. A simple note on the website or some official FRR social media feed associated with the company could have been done at any point in last 2 years. Why no contact? My own theory is that as things have got more difficult for the company they have totally retreated into the bunker and won't come out again till they have some good news. The problems have however escalated and deepened rather than being resolved so far.

In response to Jv post from yesterday I wont answer the bullet list as I suspect if I do this post would end up with negative counts. In politics however I would be wary about what can happen when you outlive your usefulness. Irrespective of the politics the rule of law ultimattely still applies. Why has FRR not counter sued in court over the bank accounts and export block? That is the minimum I would expect a company to do if they believed an action was unjustified.

Madpunter on the YA actvity in 2018 I would be wary about pinning alot of hope on Troy. It pretty clear now that a burst of activity between the main protagonists of the 2017 restructure occured in Q3 2018. YA knew something that triggered their attempt to get out quick that is clear. However, it could have been either developments around the arbitration, the impending default on the Outrider notes or knowledge of the drilling campaign. Something spooked them to try to get out quickly and whatever it was we were not fully in the picture. But there was information circulating as the shorters were joining in on it. Whether discovery has turned anything up remains to be seen.

How frontera is currently not wound up is a mystery that should be being explained to shareholders.

After last two RNS you have been lucky to get back in let alone at a gain! I think you've caused me to pay a tad more today as well - but as I'm still reducing my average I'm not fussed either at this level as its my third top up over last week or so. Seen you over at ZOE as well. - I hold there as a reluctant trapped investor but being tempted to cash some of that to try and hit my target here.

I have had a look at the O & G website thanks for the links very helpful and there are a few opportunities that could be tied back. But its been an interesting read of the relinquishment reports. Can't be far off an announcement. Was also looking at a report of how little drilling has happenned this year on UKCS. Should stand IOG in good place in this round.

Like others perplexed by the (lack of ) trades and current trading. But can't complain as I keep chipping away like the guy in Shawshank Redemption at my average.

Jv - you'll not be surprised that I share Jim and ODR view - I think that leaked document is likely 100% genuine or so close as not to matter. The GG side are pretty confident and consistent on it. Meanwhile I find the constant alluding to obstruction without any hard evidence provided uncompelling. Its really very similar to what is claimed in the Outrider case. But making hearsay or vague comments without hard demonstrable evidence will not survive a legal process. The heart of both cases are pretty clearly commercial to me - but Frontera have made the GG case in particular very political and the Outrider one seems to have become very personal as observed by the Cayman judge. The problem for FRR I suspect is in the arbitration commentary not the outcome or even any specific details. The broad outcome is really not in dispute - other than Zaza playing semantics around the consequences of a finding of material breach.

Well the lawyers "won" as ever in arbitration. But on balance it has certainly cost FRR very dearly and the GG have at least the 99% returned as a demonstrable outcome. If FRR are happy with the most valuable 1% then they need to get on with it and come up with some ideas as to how to move forward. I do sill suspect it has been in large part more a commercial play to jolt Frontera into action or evict them than political but the danger has always been that politics starts to change the nature of the dispute. But losing on key points most definitely put the whole license in jeopardy as it opened the door to a politically calculated response that has triggered a full scale political and media war. That needs to come to an end at some point.

The current game with the GG has the onus now on FRR to respond (and close this dispute or try and kick it down the road). The employees should be paid and I'll add the company really needs to start to re-engage its shareholders. I hope Zaza tones it down now and gets on with re-building the company and stops the politics. If he is playing for time he needs to use it well.

As for the case against Outrider time will tell on that one but again if they have evidence then obviously they now need to proceed with caution else that needs wrapping up as well but that may have gone too far for that and they want a clear outcome. The obvious target there is loss of the loan notes as punishment but if this has now spilled into 2021 then something has to be done in the interim on the notes maturity and in particular sorting out who owns what.

What has been going on here is like a series of Dallas.

Sonny they are not facts they are unsubstantiated comments.

You have to step back here and ask a couple of simple questions.

Why would you could you freeze a bank account? Well the normal reason for that is due to non payment of a debt. So why was the account frozen - well to me either FTI were involved or FRR have not paid a debt for instance the mineral license fee would suggest. That is what a decent interviewer would ask.

As for the 2 majors. Again it's puzzling. The carrot on a string of the 2 majors has been dangling since FRR defaulted on the debt to Outrider. We know about a mou with baker Hughes for the oil operations of which nothing has been heard of since even from baker hughes. Today we hear the target was the deep gas - last week I thought it was the oil but would need to cross check what Zaza is saying in these interviews. But the GOGC statement from last week implied deep gas may not be in scope of mineral license. Is that the real issue? BP name was floated in the court papers emails once. But they would not fit the sizing. The nomad had seen some documents with recognisable names in 2018. So it seems to me that at least one of the partners are not BP and BH. My initial thoughts given sizing was schlumberger. The Shah Deniz consortium are the natural fit and a puzzle why they are not all over this if it's there but too small to fit the companies.

So again I pose a simple question why would you not meet a consortium introduced by Frontera?
Is it because of malign oligarch influence per the GD are corrupt narrative?
Is it commercial for instance because the arbitration was already underway and around that time frontera had been already attempting to transfer the asset to FRR US? Why would such a consortium not then support FRR in the arbitration? FRR went into the final round of the arbitration with no legal team in place and without their company secretary.

FRR may well have potential consortium names in the wings but that is irrelevant unless they have standing to develop the asset and that requires the ownership question to be sorted out. How has loss of 99% of the block effected that one wonders?

Interesting and at times entertaining as the media shows what is needed is a plan around how you get the consortium if it exists on the ground working. What does frontera want to do that and can they back up the big talk with concrete and financed proposals.
Or are they currently now running the clock down to October and hoping for a change of govt meanwhile can they keep FTI and Outrider off their back in the other stream of litigation. Meanwhile the loan note maturity date nears.