Member Info for Phil_2018

Guessing an investor is on board if money to pay off Hope/OMF, either that or Hope has agreed to a smaller settlement from SN/ZM. Though I can't see Hope wanting to forgo in full his loan repayments. That said I think it was noticed a while back that OMF may not have been doing so well on its other investments so possibly Hope's back was to the wall and had to just settle to get something out of FRR to avoid it all going sour.

At the moment I'm guessing that possibly an investor might have been brought on board possibly to sort things out, but on that front we haven't heard of any alteration in terms of shareholding unless it's all just in contract form deal at the moment. Quite possibly I guess could alongside it all be a deal between FRR and the GOGC to extend FRR's licence agreement pending guaranteed investment to develop the field, etc. The GG will likely be wishing the field to be developed as its own share, tax money & jobs all ride on it.

So quite possibly I'm thinking that possibly a lot of work may have given on over the past year or so. I think FRR may have communicated such over a year ago in one of the rare cases of messages we received, but that again little could be said. I for one came to doubt anything was happening as nothing seemed to be happening on the surface at least. Possibly though behind closed doors maybe goings on really were taking place. Maybe it was a case that the whole lot had to be agreed before it could commence, the main court cases, the investment agreement and the licence extension. Would make sense I would have thought. So perhaps possibly we might hear in due course on the investment & license agreement? All speculation on my part but I think possibly quite feasible.

My only hope now going forward is that there is relatively good news. That we're not going to be blind sided by any news that may come out by anything unexpected. I think with any investment we always new that they would almost certainly be wanting a large stake in the company and existing shareholding would consequently be diluted. That said the money input and the wealth of the field would offset that in terms of the shares/company being more valuable. I don't necessarily think a buyout at this stage as I think likely the investment was needed upfront to sort out the court cases and possibly licence agreement. Down the line though who knows.

In theory in a few days if not already the FRR (SN) should now be able to contact shareholders to update given that the reason for radio silence was put down to this court case. We can but hope I suppose!

Yeah that's kind of the ridiculous thing Abkaz. To be honest I only ever thought it was a fending off action by SN & ZM, moreso after I think in the Caymans was it? That the judge there seemed to not be going with it.

Whether it was necessary and whether it could have been resolved sooner by communication who knows. We now know ZM was dodgy, whether SH really was who knows. Apparently SH had taken over some other company prior in a vulture manner so was said way back on here I think. Whether SN still feels it was necessary at the end we'll have to wait to hear if he ever talks.

It's kind of ridiculous that a big sum of money was claimed by SN & ZM over it, all that legal expense then basically not pursued to court for sure. It seems to me that all three were/are playing a cat and mouse game as there's a lot of crookery going on in this game. My guess is if they don't then one may run off with it all and that's no good to them off course. My only wish now is that it has all played out and it will be played straight from here.

Kind of sucks a bit all these court cases as apart from the time I get the impression that at least some if not all of the legal fees that aren't being paid by SH are going to fall on the accounts of FRR. It's not that it's not good new that these court cases are finally going (hopefully) and we can hopefully get on with it all but apart from a lot of time being wasted surely a lot of money has been wasted on claims that ultimately have gone nowhere. I mean it wasn't shareholders that put forward these claims but SN, ZM & SH yet I assume we will have to stump up for those costs that will go down as a result of SN & ZM's claims as FRR, not up front of course but down on the books of FRR. If an investor is brought in the greater the debt of FRR the more the share dilution so are we likely to face more share dilution as a result of that?

Can't remember if SN mentioned the name of the investment company in the court battle with ZM but there no doubt was one and evidence to prove it I assume for it to be noted in court. Think it was a very sizeable investment sum that was quoted and would have to be. So if doing a standard investment into the company then they would take a shareholding proportionate to that I guess. Likely that would be a fairly large shareholding set against field value but because FRR is so lacking in funds that was kind of always going to be needed. That of course or a sell out to a SM or whatever. I kind of always got the impression that apart from an extended license a SM would want to see an at least partially developed field first probably the GG also before a SN came in but we'll see what happens I guess.

My thoughts on the actions of SN etc going forward is that he may not wish to see any more share dilution than necessary of the current shareholding including his current shareholding as he may not wish to stake too much off his wealth on a situation in a country like Georgia where the GG might not be trusted. Then of course the positions of SH & ZM on it all who may not wish for such either if their back is to the wall financially already. So mat turn out to be the enemy of our enemy is our friend quite possibly. Let's just hope it's all played straight from here.

Moving forward there was talk from SN of finance being in place ready to go I believe in the court cases against ZM if I recall rightly.

There was also talk separately I think of SN/FRR in talk with the GG over extending the licence, etc.

So quite possibly these may be co-insiding to be gin place ready to action once the court cases are resolved, the potentially being the main one.

There were protests yesterday I think it was in Georgia with the opposition stating the GG were Russian backed. That of course we've suspected for a long time. I think though that either way the GG need the economy pumping to keep things going so quite possibly a deal may not be impossible there. With Putler getting bogged down in Ukraine the grip on Georgia's GG may have weakened, after all they applied to join the EU so with a bit of luck things will work our way.

I know SN made the comment last year I think about another oil company, was it Conoco that took 25 years to reach fruition. So maybe he was pointing out that it may have taken a fair amount of time either way with FRR though of course I think time may have potentially been lost here aside from time it takes to sort out deal agreements.

Let's hope all play it straight from here to avoid any more pointless messing around.

Good News, see I said these legal types like to leave it down to the wire to get their buzz :)

I was kind of fearing though an impasse also though to be honest and if so that really would have been a 'what the f are they playing at' moment and despair that nothing will ever happen until we've all passed on.

So thank heavens they have finally agreed, as said there's always the details if we ever get to know.

I think with both paying their own legal costs probably points to neither side folding completely. Could be that both FFR have agreed to retract the Fiduciary claim in agreement to SH agreeing to other issues. So possibly in a sense they both agree to cease the battle, agree that no one will take a larger share than due and get on with getting with business, but that would be me guessing.

So hopefully, any outstanding issues will be wrapped up and some sort of deal to get some return on this all for us with a bit of luck?? :)

A lot of the time Solicitors seem to like to leave things down to the wire, the way they get their adrenaline buzz I guess lol. I too am hoping this won't be another load of carry on and stuff can really start moving on. There's little point then messing around as anyone only has so long in life and few really know how long. So the clock is ticking for all of us and that stuff is no good stuck in the ground with endless arguing is court cases. I'm hoping they have come to see that and realise we can all walk away with something decent, no need for anyone to get greedy and want the lot at the expense of others which unfortunately I feel a lot of this has been about.

Possibly the GG may see it as the EU/NATO are willing to hang them out to dry by not making them members but leaving them in the precarious state of being aligned to the EU/NATO by applying for membership but not having it. So maybe they are edging back to Russia in the hope of avoiding an invasion like Ukraine did by avoiding being in the same position.

A lot of what kicked off the trouble in Ukraine is down to aspirations of joining the EU. Back in 2014 the then Ukrainian President backing off from going down that path, his subsequent ousting and the conflict kicking off in the East of Ukraine that eventually led to today's situation. Georgia's Dream Party likely know to be wary of going down that path. That until the West (EU and/or NATO) accept them on board they will be out on their own largely in any conflict with Russia. Thus antagonising Russia isn't a good idea unless they can get on board with either the EU or NATO fast. As it is the present conflict means Russia is tied up in Ukraine so now if ever is likely to be the best time for Georgia to make a dash for it and try to join the EU (or NATO). For them though the situation isn't ideal as Ukraine & Moldova are more in focus for the EU and it's going to take them years if ever to be accepted as full members of the EU. Only then would Georgia benefit from the EU mutual defence agreement. Possibly they applied to join to try and make NATO membership easier to gain but at the moment they risk antagonising Russia and if Russia ever succeed in Ukraine & Moldova then Georgia will likely be next.

I meant there may be no smoking gun against Hope. Probably there is no smoking gun against FRR either. I think a lot of this was a lot of gameplay. Big oil & gas was discovered and so those at the top, ZM definitely, SH possibly, got greedy and went to grab all. I personally don't trust any of them. ZM shown us he certainly is not to be trusted. SH I wouldn't necessarily jump to the conclusion as him being any sort of saviour, his shown us his interest in taking what he can get. SN well I'm not sure he sees us as worthy of considering. The deal reached might however serve all interests enough mainly that all need the log jam to be cleared or all lose out us included.

I wouldn't necessarily jump to the conclusion of the deal being all good news, possibly some bad news who knows, hopefully not all bad news for us. As much as indications tend to indicate positive stuff happening possibly I would brace self for possible bad news just in case it does arise. Hopefully it won't but all I'm saying is I wouldn't get too over inflated as we all know the unhappy times we've had to endure on this share in the past few years when at times bad news came our way. That said I am hopeful this will be good news for all that would be the best outcome I think but it's still really wait and see in my opinion.

I personally believe that the whole situation between ZM and SH etc was more about a power struggle within the company. ZM had his own interests as we now know. Whether SH was really out to gain control who knows. He may have just seen it more beneficial to bring FRR to fruition. In any case I think a lot of it was more down to getting to a point where either side could come to terms. I don't think there is a smoking gun but really more a disagreement on terms which has now been resolved. I think there was always the view that a lot of the stuff FRR brought up about SH probably lacked much go in it. So a disagreement on terms is probably the situation though of course I could be wrong.

In theory looks like good news depending on the situation of course. As has been said a lot of the cases were personal ones between ZM, SN and SH so we as shareholders were all left waiting for their own tie ups to be resolved.

Pyrotech, I think for sure that a buy out of the field, etc is the way for the company to go. FRR don't have the money to develop the field and after all that's gone on may struggle to find an investor. An investor would want a huge chunk anyway and FRR are skint so not much likely to be gained by going that route plus the field would take years to develop, unless really deep pockets. So a buyer makes best sense really.

Possibly Hope may have one lined up or FRR, makes sense to make good on the investment for us shareholders too. I'm hoping this will end up a straight forward affair and that there is no sting in the tail for us shareholders. Too often it seems we've had on here some dire moments where it looked like us shareholders would be done over, I am sure hoping that we're not going to get another one of those crop up. Hoping all goes well for us from here!

I've been reading with interest recent developments. Finally at least some sort of movement is happening as it felt it would go on forever with nothing happening so hopefully now we will start to hear more. While I'm hopeful that a settlement that is advantageous to us shareholders I'm not so sure unfortunately that it may be as hoped. Unless Hope has all but folded which I'm not so sure of then it remains to hear the details on it all. From the outset to me it looked like FRR was trying to buy time from the jaws of a vulture that might devour Frontera whole but maybe that was just Zaza wanting to manoeuvre himself into taking it all? In theory of course Hope should get a return on his investment as we all should. But what deal in return for the many millions FRR owe him, exchange for shares? agreement for return t point of sale? Etc, who knows. Potentially there is scope for all sorts of deals to be done and possibly one that all might find reasonably in some way. I'm not entirely convinced we as shareholders won't be stung in this but at the same time SN etc have shares as well so in doing so they could be stung also. At the moment I think we just have to hope that the deal reached isn't doing us over. If there is more than could be had in Moldova then treating investors fairly would be in FRR's best interests. I'm personally now just looking to when we may find out the deal. I'm guessing that will be when the judge signs of on the settlement?

What about the BoD do we know who they are? I got the impression that their shares weren't involved in the guarantee. Possibly they may have interest in a new chairman if they are able? I don't see why we should have to wait it out for SN, etc and their deal with Hope, it's their deal, screw up or whatever. I think we've waited long enough. If we wait forever more for these jokers we will only be doing ourselves a disservice I feel. We shouldn't accept that we be quietly sidelined. It's our company if anything moreso than those in charge, currently apparently SN. The amount of investment put in far outstrips their investment. I can't believe that there is nothing more we can do than send emails in. Has anyone gotten any legal advice on this? I'm a small shareholder but I know some here have put in many tens even hundreds of thousands. If I had that sort of money involved I would want to get some legal advice in the situation possibly with others with a large shareholding to spread the cost of some basic legal insight into the matter.

Thanks Looed, so in other words they haven't been lobbying to get the license extended. So I'm guessing not much happening on getting the license extended.

At this point with that in mind it makes me wonder whether they are putting their interests first, SN & the rest and ours second. If as I recall their shares are at stake to Hope as they put them up a guarantee then perhaps they are holding off bothering doing anything with the field as if Hope takes their shareholding in court then they own nothing and won't care. Thus it's another issue they can hold up to Hope that he may need them to help get the license extended and hope he agrees terms. I really question whatever the case that SN is acting in the interests of the company as he should than just his own outlook.

This being a company that was listed on the London Stock Exchange and head offices in the US surely they must be some action shareholders can take to take control of this company and get it run in the interests of shareholders. Clearly it seems nothing is happening as far as SN seems concerned until his court issues are sorted out next year if we're lucky.

Thanks Monti for the overview as like you say it's gets long winded to follow. I think from your overview the company doesn't seem in a good place so unless SN has found ways to rectify this then we have a problem. Since as far as we know there is nothing going on at the moment in terms of court hearings etc now would be a good time for SN to step on some of the problems and try to sort them out. I know a lot depends on the extension as let's face it who is going to put money in if they have little time to extract anything and get it out. On that front I'm not so sure we can wait and hope matters change but instead SN I think needs to go meet the GG and find out exactly what they want. If he just waits it out we risk losing the lot to either claims from Hope and/or YA. If we can get a license agreement extension then we can get investment in, pay off Hope & YA and get the field developed or at least sell off to a SM and get some money. Odds are the GG will want more than the current agreement but something for us today is better than nothing for us ever. It would be nice for SN to communicate with shareholders on this front I think as it can't be all that much of a secret to it all. Any input Looed may have would be good to hear.

Just wondering if anyone has heard of any good news of significance on this share of recent? Or in fact any news?

Just kind of been getting the feeling that not a lot if anything is happening. Kind of like SN & the board have gone off for a snooze. I mean are they waiting for all shareholders including themselves to pass on or something? Last I heard they were having court cases in 2023 assuming they don't get pushed back which they nearly always seem to. I mean are they serious about bringing this share to fruition? We know that there is go in this share from the data, the wells drilled, tracked, etc and the fact that ZM tried to run off with it all. I just think it's ridiculous that since getting it back of him stuff has seemingly been allowed to drift.

If SN is not interested in moving things forward, we gear nothing from him and no company news in general circulation isn't there something shareholders can do? I can't believe a company that was listed in London with Offices in the US and the shareholders can't do anything. Normally my impression was that the US & UK generally have legislation in favour of shareholders. Surely this can be sorted out one way or another before we all die of old age? Thoughts anyone???

I agree jv123 its utterly ridiculous that we are left to sit and wait with no news whatsoever. I mean if FRR need an extended license and the GG aren't playing ball why doesn't SN just go to the US government and lobby them to put pressure on the GG? It worked before with the arbitration decision with the GG surely it can work the same miracle again? The western world needs oil & gas urgently, FRR are apparently sitting on a lot of the stuff and can supply it. Georgia needs the support of the US with Russia being so aggressive and threatening. So surely the US gov could intervene at the behest of FRR and tell the GG to play ball unless it wants to be left on its own against the Russian threat with an economy collapsing around its ears.

At the rate FRR seen to be moving all of this oil & gas would do us any good we'll all be too old and past it or just not around. Time FRR pulled it's finger out and sorted out the mess it's in and come good on all of this I think.

This is also stupid, we're supposed to be pumping a lot of oil and gas by now but instead we have all this court b*llocks with all the potential of the field being wasted and everyone getting old and grey.

As far as I can see the real issue here is Frontera getting a deal with the GG to extend the license. Once they extend the license then they can get investment/sell out etc. So let me guess that they are going to the GG at the moment and they are asking for too big a slice of the pie - that they are being greedy and Frontera have no choice other than to say no it's not worth are while at that. That, that is the deadlock here really and asking greedy twits to be reasonably to get the job done for all is like banging your head against the wall - their greed trump's and blocks all progress so their ignorance means no one gets nothing as they think they should pretty much get it all for being sat on their f a t a r s e doing sweet FA. Is there really any hope that we will ever be able to get away from this stupidity?

RR my view on Kherson is the same as in this recent article:

https://www.newsweek.com/ukraine-retaking-kherson-could-create-battle-similar-mariupol-1720799

Basically if they have any sense Ukraine will avoid trying to retake Kherson, by-pass it and let that be resolved in any peace deal/left till the end of the war. As the article states its just too difficult to retake without the city being destroyed in the process.

As with this share who knows, we hear of no developments other than the occasional court case update. In theory the value is what's in the ground and that has been proved up but also on what license agreement can be agreed in terms of extention. While I would wish something to come forward now it looks like we are going to have to wait till 2023 when (hopefully) the court cases are done with. Still there is no guarantee we will get anything as it depends how they go I assume. I take it they won't be put back further.

I personally think something could be done now but then I'm not in the company with an insider's view. I just get the impression that there doesn't seem to be any desire to get this to fruition soon but then I don't know what's going on if anything.

It's kind of a shame that some if the big players involved went out for themselves, well tried to and in the process dragged it all out for everyone including themselves who probably won't benefit by going out and trying to take all for themselves anyway. If everyone had worked together we would have all had a very good return on this share by now instead of everyone stood around penniless. The price of others greed and the stupidity it causes I think.