Member Info for OneDayRodney1

Many thanks Looed. It seems the case is one of seven scheduled in that court to start at 8.30am (2.30pm our time). So I guess it's anyone's guess when it might actually happen ...

Just as a caveat to some of the positive vibes arising out of the accounts disclosure: these accounts were actually signed off on 30 June 2021, so the info is seven months out of date. But today is the first time I had seen it on the GOGC website and I have been checking it regularly.
Looed's court case updates are current.

Prodigy: this is a good question, and a taxing one ... in both senses of the word ;).
In the note to the accounts it states that the monies being reclaimed from Frontera are "mineral usage tax paid by the Company and ... costs incurred by the Company". So a combination of reimbursement of tax paid and costs incurred. In terms of the latter as they're costs, they would have already been subject to any tax relief, and in terms of the former they're tax already. So there's no tax relief to be gained if FRR don't pay.

However, there maybe tax payable by GOGC depending on Georgian tax legislation, but only if Frontera ultimately pay. If that happens, the income will be recognised in the accounts for the accounting period in which the income is received and the related tax implications addressed then.

Good morning all
I see that the GOGC final accounts for the year ended 31 December 2020 have finally been published on their website. I have been looking out for this as it includes an update on where they are with their litigation against Frontera. This appears on page 37 of the accounts. I am unable to copy and paste it (maybe someone with better IT skills than me can?), but it is almost word for word the same as the note in the previous year accounts except that it now states the amount of the costs "to be received from Frontera" and that it "expects to collect the amount in full". The amount is GEL 18,522 thousand, which equates to around £4.5m.
So what can we take away from this? Well the comment is in the notes to the accounts and so effectively it has been endorsed/confirmed by the auditors (KPMG Georgia). Therefore can be relied upon (assuming the auditors aren't bent/incompetent). So the positive for us is that GOGC expect to be paid. But they don't see the income as certain as it isn't included as a debtor in the accounts. (Although debts need to be pretty certain to be recognised as such and given the perilous financial state of Frontera, this would never happen).
Whilst the amount is large, given what went on in all the PSA shenanigans, it is considerably less than I feared. And as an accountant myself, I view the fact that it is included as a note in the accounts as positive to a degree.
The hope is that this is all washed up into a deal with the GOGC to develop the field.
GLA

He also denied Russian involvement in the Skripal poisoning ... I wouldn't believe anything he says.

Good morning all
I see that the oil price is around a 7 year high. Gas prices have also rocketed as we all know. Does this mean that actually producing nothing over the last three years, whilst we have been left in the dark, could actually mean that the asset (assuming there is one!) is more valuable now than it was when we delisted?
Against all the negatives of our position, it is encouraging to note that money is still being thrown at lobbying and at the plethora of court cases.
I still have a tiny hope that one day we will wake up to an announcement (not an RNS as that would be taking hope too far!) that a deal has been agreed between the Georgian Government, a major and ourselves and that it is full steam ahead with developing the asset.
GLA

Earsbern: you wrote "If I remember correctly, FRR are claiming $65m from H/OMF in the fiduciary case and, providing FRR win, SH/OMF will also be lumbered with FRR's costs in that trial."
Whilst not wanting to sound like the ghost of Christmas past, but failing miserably, peeps are jumping on the 'providing FRR win', to conclude that the future is rosey. Well we don't have any evidence to suggest we will win, so we could very well lose. What we do know is that unless they agree an out of court settlement, the outcome will not be in the foreseeable future.
I wonder how many of us will still be around here for the denouement, whenever that happens. (Take care mapp)!
The fact remains that the lack of communication with us, who have supported this company for many years (in my case and many others) with our hard earned, remains despicable.
GLA

To all long suffering fellow Fronterians.
Have a great day :).

Expect the court case from Haynes and Boone next then...

If anyone thinks JRjnr has any credence behind his fantasy posts then they need look no further than his posting history, either here or on any other shares, to get a serious dose of reality.
Unfortunately he knows nothing more than the rest of us but seems to have a penchant for wanting to mislead people.

jmolina: your withdrawal symptoms must be more than addressed now!

Avi8r: fair point. I shouldn't have brought up Politics as this is not the forum for that - apologies.

Anyone else think that there are similarities in terms of behaviour and lack of morals between Zaza and Boris Johnson...

Looed: many thanks again.
Would not be at all surprised if the next thing you, or one of our other amazing sleuths, digs out is a court action by Orrick against Zaza to recover costs...
GLA

RR: reading the article suggests that, in Georgia's case at least, times aren't changing alas.
It's been a while now since we had the positive comments from the minister, but the fact that the oil was repossessed recently suggests that the wheels are still (slowly) moving in the right direction ... fingers crossed.
GLA

The article is dated 21 May. It's old news.

Cymro: clicking on the link seems to just list future hearings. Do you know what the hearing you highlight was about and how the outcome affected us, assuming it was relevant?

Dulwichman: hope you're keeping well?
Wasn't the illness this just Billy's "wheeze" a while back? Not sure he has actually been ill, but happy to be corrected.
GLA

Thank you Looed.
So LSE Admin say "We are OK to talk about certain individuals so long as we refrain from making ... statements that cannot be substantiated. "
How come all of Rainbow's posts for the last five years were never removed then...?!

Good morning Arsenal: if they do manage to get any finance from somewhere, I honestly cannot see them spending any of it on a share buy back (at least for many years anyway). They'll need every cent to get producing.