Member Info for Phil_2018

Oh joy.

Well any idea on how we know if the company is/has been restructured?

If the company is fully liquidated, end of, what then? We know for certain that ZM stole oil in the many millions of dollars/pounds and that a judgement was made against him but enforcement was needed. That enforcement to date has not occurred. Surely though if the company was liquidated ZM would be a clear case for Shareholders to seek redress. The case has already been decided against him, it is clear that there was wrong doing there as a Director of Frontera so it's not something that needs to be proved as it already has not a case of personal argument, opinion, etc as it was found out what he had done. I personally think that he would and should be held to account for what he has done and recompense shareholders for the stolen oil money.

I think you are right Looed. However there are investors here that have invested way more than I have, in at least the six figures. I would have thought the larger investors here would have most concern over it all. It should really be them or at least a solicitor on their behalf leading the charge on this one. The more invested the more interest they should have in terms of doing something rather than sitting and hoping and seeing it all slide away.

SN/FRR hasn't communicated on the current situation so no idea if they are bothering to do anything. Theoretically we all have something to lose here, SN is already wealthy but his investment and work could go down the drain here. SH bought loan notes where he may not get a return. He seemed keen to see money from this sometime back, I recall on the original fall out he was willing to loan more money but ZM etc was concerned about it being an attempt to gain more control hmnn...

I don't know why FRR hasn't been struck off yet, if restructuring is taking place. The problem at present is that the field is up for tender. So for FRR that's a big part of it's worth. I don't know if they have put a bid in though a nearly liquidated company is obviously a peculiar notion to award a tender too.

I personally think this company may have gotten places further, faster if it had tried to resolve problems more instead of it all ending up in Court cases. I think if we had intervened earlier we could have potentially brought that about. I'm not going to lead the charge on this one as my shareholding is not significant enough for that to make sense. I am happy to suggest courses if action but I feel it is up to those with a larger shareholding and hence justification for taking any action if any they chose and be it on them.

I personally think though that if you let others call the shots, ZM, SN, SH, etc and just rely on hope then it's less certain that things will go well potentially.

One Day Rodney, we unfortunately stood on the sidelines cut out without knowing what is going on for so long, only working it out along the way. We were told not to intervene as the company/SN had it in hand and that any intervention might be counter productive.

It is clear for a long time that the company needed to be refunded. It was basically skint and no one including SN, etc wanted to put any of their money into it. I get that no one wanted to invest while there was no long term licence agreement in the table. That Frontera spent such enormous money over the years for exploration of this area in Georgia with no long term Development Agreement in hand before paying all that money to find the oil & gas is beyond me.

Surely now Frontera should be putting in a bid for the tender of the block? It has the data and are the only ones that should do. Has anyone managed to contact Frontera to see if they are putting in a tender for the block?

It is my view that long ago if not now shareholders here should have organised a shareholder committee and suggested to the company a refunding of the company through another share issue in return they step aside and the shareholder committee takes over and moves to full accountability to shareholders.

It seems to be that the company has been left to flounder through being underfunded and efforts exhausted in pointless court cases. In any case I think the next thing to find out is if Frontera has put in a bid for the tender of block 12? Any idea how long until we know if it has done so?

Now is the time for FRR to get it's act together and put in a tender. If the Liquidators see that there is the potential for value in the company then they will likely hold off.

If SH, SN, etc are not interested anymore then it could be in Shareholders interest to stump up some money to keep the company running in return for extra shares and the formation of a Shareholder Committee to run the Company.

FRR have the required field data, if the company can gain the Tender as a result then we are all the way back in business. New investment can then be found with the new license to develop the field as need and get back plus make money for shareholders. It's possible I think.

It sounds pretty bad on the face of it and unfortunately could well be. Obviously if it goes to another company then all we have left is the data, no field and a company that may no longer exist.

On the other hand the positive in this negative could be that the development license/development of the field has been in limbo for some time now and it is that which is holding everything up potentially. So it at least brings matters to a head. There is nothing to stop Frontera from bidding (apart from Liquidation) in this Tender. Although we might not be thought of in a pleasant way by the GOGC we do have the data where other companies do not. So potentially that can put us in a strong position. If we were to get the development license then together with the data Frontera would then be very investible again. Potentially the Georgian Government might be duty bound to open the Tender process up to anyone who is interested. The initial license that Frontera had as I understand it was just an exploration license. So I assume no point fully developing a field on that licence that was limited in years, etc. So this could have well have been the process anyway.

If SN, SH, etc have any hope of getting money from their investment in this then they need to get Frontera sorted out and in a good position to Tender otherwise the risk is of the whole lot being lost. However even if the tender is lost their is still the data which is worth a lot and potentially money could be gained by going into co-operation with the new party, as in we supply the data that could otherwise take them years and millions of pounds to discover themselves in return for a healthy chunk of the profits.

The main thing is to ensure that no one tries to run off with the data and tries to cash in on it individually as that data belongs to Frontera and it's shareholders even if the company no longer exists we would be due compensation from that.

I think Zaza too needs to be chased up on as again he owes Frontera shareholders many millions from the judgements against him that now just need to be enforced.

My FRR Shares are still in my Halifax Account as of this moment. When are we likely to know any more in this? Whether FRR has restructured or been completely liquidated?

I'm not convinced that FRUS being ringfenced in previous court cases necessarily means that liquidators can't get at it if that is what you are working of Looed in believing that it might/will be ringfenced in this case with regard to liquidation. I hope that I am wrong on that or that B-2-0 is right about the restructuring although I accept there is no guarantee that he meant it will happen.

I think at this stage we can only hope that there is too much there to risk losing for SN, SH, etc. Hope for one seemed very keen years back on getting something oug of this one. Let's all hope that they all see reason to proceed and make a go of this. Any luck from anyone emailing the company to get an idea of any news?

Looking back through the last few pages of posts I can see that B-2-0 replied to me that FRR may be restructuring and this was mentioned in the Creditors Report. Whether that is still true who knows? Would seem silly after all the goings on, fighting over the box - the wealth in the oil & gas in the ground that it all flop. I don't know what is at hand here if anything. I assume we will find out one way or the other soon?

Njames, according to Looed, FR US has been ringfenced from the Liquidation process. I can only assume as it's a US entity, unless that is wrong. Looed often seems to know his stuff and seemed adamant of that. There is still the data that should be worth something but that depends on the situation with the field going forward. Perhaps Looed can comment on the situation at present?

Wilsona07, there is nothing to say the shares will be removed from our accounts. It's only FRC that is being liquidated in the Caymans. FRR which are shares are listed still remains and continues in its separate entity as FR US. So are shares should remain once FRC is resolved and it would probably be supposed we need to do nothing in that regards.

If you think about it there was little point in the Creditors that applied for the liquidation to do so if it would remove any chance of them getting anything, that would be stupid. My speculation would be on them removing the FRC part so they could then get that out the way to have better scope to deal with FR US instead.

If anything we need to wait for news of FRC being wound up then see the situation we are in with FR US I assume. Hopefully some progress will come with FR US and we won't be sat around waiting on and on and on... as before.

My shares still showing in Halifax Account. Glad I went with them seem less bother than what other folks have been having here over the years. I assume the shares will remain as FRR and will cover the separate entity FRUS after FRC is dissolved.

Linandy1, how do we join/find this WhatsApp group?

Thanks B-2-0, yes that is what I am talking about that Looed referred to a number of months ago FRR US (which some I believe refer to as (Frus). It sounds like that is still going then as separate from this liquidation. I can't see them that we wouldn't also have a shareholding in that now (our shareholding transferred over if needs be) and if not something we should be actively fighting for since it's what we invested in and I assume would be illegal otherwise, fraud, etc. I think that looks like where we need to look at now and reason for hope.

Guys I very much doubt that SN, SH, etc are just going to walk of from this one and do nothing. This ain't over yet, there's a massive Oil & Gas field there worth a vast fortune. There's data floating around as to where it is and it's even been tapped into. Don't let yourself be conned or give up so easily. Do you really think any of those involved to date are?

This will all resurface somewhere and we need to be ready to fight our corner when it does and take the appropriate legal action if necessary. We shouldn't be ditched as shareholders and a liquidation stitch up happen while someone runs of with the data. If they use that data, that data belongs to FRR and wasn't paid for. That means we should be compensated for that. Beware also of cover ups with that, another company making out they have redone that work etc.

Basically I sense that we have been done over here. That it's been played along and FRR allowed to go into Liquidation. Who knows who is pulling the strings behind the scene. This company could have been a going concern with new investment, yet no attempt even to raise new investment through the stock market was made.

The prize is basically there and it looks like they want to cut us shareholders out so the top knobs can take it all. I would say keep sleuthing away to uncover what they are doing and being prepared to take legal action to fight for our fair share of the pie.

Yes Looed but what about this separate entity of FRR that was apparently ringfenced from the Liquidators that you were talking about a few months ago?

Whatever happened to the ringfenced part of FRR that SN had apparently put to one side that contained the Asset, etc that the Liquidators couldn't get their hands on that Looed was telling us about???

Looed, perhaps you would like to enlighten us on that one?

In theory the data belongs to FRR so is worth something. Even if it's not valued at anything I would assume it's still the property of FRR not SN. I think those on here are likely right though that something will surface at some point on this all again. Many unanswered questions. Then of course the block is there, full of oil & gas and worth ££££s I can't see them just leaving it be there. Like pirate's sunken gold they'll be someone after it.

So what about the separate Frontera company where the asset has supposedly been ringfenced from the Liquidators that Looed talked about?

Or are we really as shareholders sat in that cleaners cupboard with the light out still waiting and hoping that they will come back for us that I talked about. What are FRR saying now if anything? Sit tight until the game is up?

I personally don't see the point in the Creditors pushing this company to liquidation if there is nothing to be gained. A waste of their time, the Liquidators time, etc they don't get paid nor do the Liquidators. The $21 million owed to the company spoken off I assume is Zaza owing the company from the money he illegally took and the case that went against him. Yet no interest in chasing this up? I assume the Creditors, Liquidators and SN don't believe it is possible to get a court to enforce this payment? So Zaza runs of with his ill gotten gains and avoids punishment?

What about the data on the oil wells etc, what happens to that?

What about SN, he had millions of dollars but can't be bothered to dip his hand into his pocket for a company he is heavily invested in?

It would have taken just a few million dollars that SN, SH, Zaza, other investors had to get enough oil wells flowing here and all would have been good. Instead years of effort put into arguing from the above between each other and the GG, dodgy goings on, when it could have all been a lot more straightforward.

So what now? Hope seemed to have had great interest in FRR in the past, is that now gone? What about SN is he walking away and doing what about the data, etc? Starting another company? Is there another part of FRR somewhere or is this really it? All those silly court cases a big huge waste of time & money and bother.

Anything left of this situation for us Shareholders?

Chileone, I think the assumption is that what's in the ground, the big reserves of Oil & Gas is what really counts. The main issue isn't necessarily FRR developing the field but getting a new contract from the GG to develop the field with a significant enough time to reap it's rewards.

In such a case FRR would then be worth a lot of money without having to necessarily proceed to develop the field. FRR have already proved up that Oil is there apparently in abundance and have found where it is and tapped into it but not with enough wells to really bring in the money. The hold out seems to be the negotiations with the GG. I assume they want a lot as there is big money at stake and are probably acting greedily in a demanding manner as they see a potential easy big money for themselves in all of this.

So we are essentially waiting for the GG to come down and be reasonable. To date I can only assume they have been holding a line of you give into our unfair demands to be given a development license. For FRR such an unfair deal likely means a deal that is not worthwhile to them as all work no play.

I personally think that is what is really behind this all. All the rest is squabbling between concerned parties over what they eventually get when assumingly a deal is reached between FRR and the GG. Who knows how long it may take to get to that point, it could be a long time hence SN's statement a while back over how long it can take an oil exploration company to come to fruition, it's probably a regular issue when such a lucrative field is discovered. We can only hope on it not being too long but it might be a long while.

I recall the GG might have stated that they wanted FRR to sort out outstanding court cases, it's financial position and pay the unpaid workers that weren't paid. I personally doubt it's much to do with that though, most of it isn't anything that affects the GG. Probably just being used as an excuse for the GG to explain why they haven't come to terms with FRR and given them a new development contract and to try and make them dance to their tune. No telling how long we'll have to wait on this one we can only all hope not too long I think🤞

Been a little while since I checked in proper. Last impression I got was that Deloitte had just been called in by creditors to try and press FRR into action but didn't look like Deloitte would be doing anything much with FRR/the winding up process as the liquidation was unfunded - hence just a ploy to try and get FRR's rear into gear by the creditors.

I don't know if that is all correct, it's just what I read into it from comments here.

If that is the case it is much the same as we all want, us investors and probably everyone else connected with FRR. From what I see it is all down to FRR getting new finance, millions of pounds/dollars, etc to sort this one out. Otherwise nothing is going to happen. I don't think there is any getting away from anyone excepting that there needs new finance in FRR and any dilution that goes with that for anyone to get anything out of this one.

so what about the part of frontera that sn was supposed to have shifted to a subsidiary of frontera over in texas or wherever and ringfenced from deloitte?

aside from that to my mind it makes little sense the creditors going for liquidation if there is any path for them to see if there is any chance frontera can be resuscitated. they are owed money, frontera it looks doesn't have any assets of note just research data on a big oil & gas field that no one else has and a now expired license.

if i were a creditor i would be thinking, what about striking a deal with frontera. the debt is written off for shares, the debt would be written of for nothing anyway if liquidated. then you tell sn to get his **** in gear to get a new contract with the gg to work this field. remember frontera are the only ones with the necessary data so they are in a prime position. once the contract is gained then the company is worth more money again, either further finance or just sell on the company. something along those lines. sn is a wealthy man i don't believe he can't dig into his pocket to temporarily lend money to frontera to achieve more a little way down the line. i think this hold of a problem could be gotten out off if a bit of movement and action were taken.

unless of course there is another plan and sn really has hived off the asset from deloitte as above.