Member Info for OneDayRodney1

Merlin2014: well they've known since Friday and have let Chris sleuth the news out. They didn't have the balls to tell us themselves.

Are those the claims of the liquidators being upheld?

Tsbs: It's on the GOGC website I'm afraid.

On April 17, 2020 the International Arbitration Tribunal rendered its final award as to the matters in dispute between JSC Georgian Oil and Gas Corporation and LEPL State Agency of Oil and Gas of Georgia, on the one part, and Frontera Resources Georgia Corporation and Frontera Resources US LLC, on the other part, arising out of Production Sharing Contract and Refinery Study dated 25 June 1997.

The Arbitration Tribunal has upheld the Claimants’ interpretation of the contract and satisfied a vast majority of the claims raised by JSC Georgian Oil and Gas Corporation and LEPL State Agency of Oil and Gas of Georgia. Among the issues decided by the Arbitration Tribunal, it ruled that the Respondent - Frontera Resources Georgia Corporation committed material breach of the contract by refusal to relinquish and return to the State the exploration area, which represents almost 99% of the entire contract area.

According to the award Frontera Resources Georgia Corporation and Frontera Resources US LLC are obligated to reimburse the amount of the mineral usage tax payed by JSC Georgian Oil and Gas Corporation on behalf of Frontera Resources Georgia Corporation as w ...

Well that sounds like very bad news indeed.

Earsbern: I suspect Simon102 is just another disgruntled investor who has lost his patience; there's nothing in his posting history suggests he has an ulterior motive ... despite the solicitor plug!
GLA

100% agree with Free.
Now is not the time. We know that we haven't got a pot to P I S S in so it would be pointless and also completely counterproductive imo.

Bluenotred: please explain how they will go about that ... I'm intrigued?

Indeed.
It's quite possible that negotiations are ongoing with the GG and that a deal could be struck before the arbitration is announced. In fact a deal could have already been done and at the moment Zaza is securing the super major(s) involvement. Or all parties could be waiting for the arbitration outcome. We know nothing but whilst we live on there is always the possibility that there could be hugely positive news at any time.
GLA

Just to correct SB; it was not confirmed that the liquidation proceedings were over.
GLA

Puddy, just remember that tsbs is a condemned liar.

Just another one of these newbie posters; 14 posts ...
Where do you all come from ;)?

Oh hang on, got to go and give the nurses clap!

Jonathansxx: imo it depends on the news accompanying the placing. If, having come out of the arbitration positively, they sign a jv with a super major(s) and then say that they want to raise funds to pay off the debts and fund their part of the investment then I think that would be a real positive and the market may regard the placing as a cheap way to get on board.

Awax: sound observation and deduction :).

Awax: one would like to think so as then the GG are far more unlikely to go s h a f t i n g FRR.
However the article included the following paragraph:
"Giorgi Gakharia thanked the European Union, the World Bank, the Asian Development Bank, the European Bank for Reconstruction and Development, the European Investment Bank, the German Development Bank, and the French Development Agency once again for their support of Georgia."
It wasn't completely implied that that was the source of the $3bln but that does suggest that much of it may not have come from the US.

Tsbs: business will resume once this is past us. The oil price is well of its lows and it has always been pretty volatile anyway, so fingers crossed, if there is any effect, it is purely a delay. Bwtfdik.
Let's get past the arbitration first ...
GLA

Baker Hughes released a financial update yesterday:
https://investors.bakerhughes.com/news-releases/news-release-details/baker-hughes-announces-financial-update-response-covid-19-and

Don't think so Coggy; I think you're doing Dirk a disservice; his bitterness is much more raw.

Hope those of you who have gardens are making the most of the glorious sunshine.

GLAxo

Hoping to see this Company rise from the dead soon!
A happy Easter to all Fronterians.
Stay safe.

zeps: it had already recovered 40%+ before this. I guess that oil majors understand that the oil price can be volatile so suspect short term movements won't influence their overall strategy much, if at all.
Maybe Regdik can provide a comment from a more knowledgeable standpoint?
GLA