Member Info for Phil_2018

We should still have Georgia, Zaza has no right to just pick it up and walk of with it. Green Capital has no authorisation from the GOGC to the licence FRR only has that all Green Capital had was a dodgy rushed through local court deal. All of that looks like it is now rightfully being reversed. FRR shareholders have put 500 million into exploration in Georgia over many years and Zaza shouldn't be looking to deprive us of our investment. It's looking very much like I was wrong about Zaza his actions are looking like he doesn't care less if investors are left with nothing if he can walk off with everything. No point bothering with Moldova if we was to lose Georgia as the same could just happen there. Looks like the court yesterday is going through due process in examining Zaza's assertions & documents. I don't think he will get anywhere, he shouldn't from what the situation looks like as SN has shown it. Only a couple of weeks to the next hearing so looking like it is moving along quickly at least and should know more at that hearing no doubt.

Believe the main event in the Zaza Green Capital court case is happening today isn't it? Is it something that can be watched? Thought I saw it was happening by video link or something. With a bit of luck we'll hear today how it goes down, hopefully not the detriment of FRR shareholders.

"Attached to this supplemental declaration as Exhibit H is a true and correct copy of the Forward Sale and Purchase Contract between FRGC, as seller, and Green Capital, LLC (“Green Capital”), as buyer, dated April 25, 2018."

Were we not delisted at the end of 2018 hence shouldn't this have not been RNS'd if true. I would rather wonder if this was written up long after perhaps after Zaza was given the push as company Director in August 2020 and post dated. In any case I can't see how it would be in shareholders interests to sign over the asset without suitable recompense for shareholders. Even back in 2018 we knew that the asset was worth billions. So Zaza should have been acting in the interests of shareholders. It appears that the GOGC knew nothing of this move either and we know how temperamental they are with such matters.

I agree Mole, I'm rather hoping that the field has been developed at least somewhat. There obviously hasn't been the money input or agreement on some sort of a JV on a large scale. That to my mind just then comes down to the income FRR brought in from the few existing wells they drilled & pumped before delisting. The fact that they pretty much stopped paying everyone but assumingly still had the income from the wells coming in I would hope mean that they plowed the money back into the field to drill more wells. We know they were paying money in lobbying fees and representation for the arbitration, but that would unlikely come to the money they should have been coming in from the few wells that they had. We know that they were pumping most of the time because at one point a load of barrels of oil apparently went 'missing' under Zaza's watch. So if many barrels of oil were produced then they can be worth many millions over a two year period.

I just really hope that the money produced from the initial wells went back into drilling more wells and that we're not sat with the same number of wells we had two years ago with all that time wasted. Various reports have suggested that a fair bit of money is coming in from whatever wells they are but at the moment we just don't know.

If the company can now be truely sorted out and money brought in from a big development of the field then that would be the best place for everyone to be I would have thought. We can then all go away with something hopefully much more than we initially put in.

Theoretically I guess Zaza's shares in FRR could be gotten at if they have trouble recouping the money, that's if they end up worth anything of course. Hopefully they'll get their hands on any money back.

So it's looking likely to that Zaza has tried a smash & grab for a quick gain. Still got to wait to the 14th May so not long to wait to hopefully see it all fully reversed, but this looks a good initial sign. I still personally think that Zaza is a potential flight risk as that's often the case out that way when someone tries a quick grab for it, so I hope the Georgian authorities have got it covered there.

I must say I am surprised, Zaza cane across as a nice decent seeming guy in the interviews he gave. Perhaps he saw it as the only way to recoup his family fortune he put in and desperation took over, out that way poor people don't live well. Still was his choice to make the choices he did and was wrong of him to try and make a swipe for it. I too wonder if those at the top of these companies try to make it that they get out ok even if things don't go well for the company.

Patrick, in Ukraine & Russia a lot of fraud was committed post USSR. Essentially, through corruption, commandeering ex-state industry, scams, deception, etc, etc a lot of the wealth of those countries was grabbed and taken abroad, most notably in Ukraine. Anything of worth was plundered, sold and those responsible did a runner abroad with their loot to places like Cyprus, a lot of Ukrainians/Russians there. It's why places such as Ukraine continue to struggle economically. Probably it still goes on, it can become an embedded mentality in the population kind of like a grab what you can by whatever means and run sort of mentality.

So if the GG think Zaza is doing a dodgy they should ban him from travel outside Georgia and take his passport until this mess is cleared up. To me when I've seen interviews of him he has always come across as a nice, decent, genuine sort of guy. He still has to put his case forward fully on all of this but the accusations against him by SN look pretty damning. Zaza may have an entirely different explanation and take on it on and one where FRR shareholders are not being deprived and where he isn't making financial gain at our expense, at the moment though it's looking unlikely to see how.

If I were SN and confident in his accusations I would be asking the GG to ban Zaza from travel & hold his passport until the courts etc sort this out. At the moment there are many countries that will soon be on the flight list where he could run & live out with the alleged money made. At least in Georgia the know where he is and he'll be answerable there, if he shoots off abroad then it could become very difficult to get him to answer for any concieved wrong doing.

Patrick, as far as SN's statement is concerned it looks like Zaza went out for himself (and his family) if judged correctly from that. I don't think either way that Zaza is in bed with the GD, there is nothing to point to that, supposedly nothing the GD have to gain and at any rate Zaza had been at loggerheads with them.

Zaza made comments a few months ago about returning investment to shareholders, Outrider, etc apparently as General Director of Frontera (or similar) but that appears now to likely have been just these independent (phoney?) Frontera companies he apparently created. I'm not sure where he was heading with it all, it's kind of bizarre. Though of course the asset transfer etc occured much later around beginning of April just gone apparently.

Green Capital is a strange one, we don't know if they exchanged any money for the transferred asset or what the exact terms were, or if they were just given the asset. Even stranger as Zaza was apparently not employed by Frontera at the time of transfer. So might still be more to hear so have to just wait and see how FRR US corp get on in terms of getting the asset back, etc. Hopefully we'll hear in the next few days and hopefully it will be positive for us.

Strangest thing is that according to SN, Zaza was fired from all Director positions way back in August (that's what I gather from his statement anyway) yet Zaza as (I assume) a non employee of the company over half a year later is able to transfer over and sell oil, etc in a company where he is supposedly no longer a Director nor hold any official position. That is just crazy and bizzare, supposedly then virtually anyone in Georgia could go to the Public Registry and get any company assets to which they hold no position in that company transferred into a company they have set up then get the courts to back it! If that is so easy and possible to do I'm surprised if anyone will want to invest in Georgia as supposedly anyone can just take anything over there.

Pyro, part of SN's statement:

"Frontera is in the process of appealing the court’'s decision on annulment. At the same time, the court denied Frontera’'s Annulment Application, it upheld the Government’s Annulment Application and granted an injunction as to Green Capital prohibiting it from disposing of oil or other assets that were under the ownership of FRGC and further enjoined the enforcement of the court’'s decision as to Green Capital."

So the GG it seems have successfully gotten the transfer from FRR to Green Capital annulled, that's the way I read it where Frontera failed to through its annulment application. An injunction has also now been issued by the court to stop Green Capital from selling on Oil, etc.

I doubt Zaza and the GG are in bed together, the GG likely have other interests than going along with what Zaza is apparently trying to do. I've got to say if everything SN says is true then Zaza is one dodgy guy. In which case I'm not sure where he was going with it all, he seems to have done sway with the courts but that seems outweighed by the GG as might be expected. End of the day that asset belongs to Frontera and SN etc will see it in their interests (and ours) to chase down every penny that belongs to Frontera. Just a question of waiting for the proper courts, lobbying, etc to move into motion.

Looks like Zaza is trying to make off with some dosh (while not even a Director of FEG but still acting as if he was?). My guess is he probably knows the assets will all be transferred back but thinks he can run off with some money in the meantime? Which may be difficult to get back as not under US law. Then possibly claiming that this was money in lieu of time as a Director when he was not paid. Not the way to go about it if that is the case in my opinion. This is SN statement but it ties into a lot of what we know and finally tells us how Green Capital fits into the picture. For me though it is now looking like Zaza hasn't acted in a proper manner but perhaps we'll see what he has to say.

Why in these court cases do sides want to drag it out rather than get to a verdict as quickly as possible and move on. I can see why in the FRR vs Hope as if the asset is at stake then the more time to get money in from the field, find another investor or buyout even then the more likely we can find the money to pay him off assuming Outrider doesn't go bust first and who knows then. With all the rest though I wonder if it just becomes a mindset without any real need, unless of course there is a real need?

I'm at a loss to know what FRR are up to? We are supposed to have a major oil & gas field yet no super major interested in it? I now there is the point that we could get more by getting investment in so that we either continue it ourselves or get a better price selling it onto a SM. That could be true but right now we as SH are getting nothing other than a cold shoulder. In fact I'm not sure who if anyone is getting anything, seems like plenty of court cases essentially messing and doubtful on making good on the asset. We hear that the asset is churning out money but so far we haven't seen any off it. I personally think it would be better to sell this onto a SM and at least all get a bit of profit back on our shares than end up with a load of horseplay forever more and everyone risk getting nothing. I just question when are we going to see the light at the end of the tunnel on this one? The court dates go into 2022 I believe and God know what might go on between then and now to string it out further.

Interesting info Looed. My guess is that he would only do that for a reason possibly he might have had/know he will have to change the name of the Frontera companies he set up as could be misleading, trading off, etc or possibly he has had to close them down due to the Green Capital thing or ousted by them. On the FRR side maybe the removed him as Director if he still was, who knows. Looks like we might be a bit behind the ball on this one potentially so if the result of something recent we might find out in due course would be my guess.

Max, yep the Russian forces have been reported to be madding on Ukraine's border since at least the Easter weekend and likely to have been going on for some time. An invasion could take place at any time up to early May or so apparently. I think Biden is having a Summit with Putin shortly on it all. Some thing it is a ruse designed to get the west, the US etc to lift sanctions, etc and stop a new offensive by Ukraine in the Donbass, we will see I guess. Russia certainly has a fearful array of military hardware now pointed at Ukraine so it's something of grave concern for them.

I agree tabs, I've never met the guy but I've watched a few interviews and he struck me as very straight, genuine, decent and honest guy. So if I've been mistaken then he seems a very good actor to me. To date Zaza wants a court hearing where we will all see what goes down, just why SN, etc want arbitration instead I don't know. I've always seen Zaza as a shrewd businessman and that may be the case here. For all we know it may be all above board and no lose out for Shareholders. For instance the companies set up to sell the oil may be able to do so far more cost effectively than any other company that may be few off out there and charge extortionate prices for doing so for all we know.

I am confused as to why a split has seemingly opened up between Zaza and SN, etc. It could be that they see the moves of each other as improper but neither may have necessarily done anything all that wrong just a difference of opinion or the way they view it for all we know.

Green Capital I do tend to think it is more to do with Zaza's separate group of Frontera companies, I could be wrong and not sure why they popped up at all in the first place. I personally can't see that they would affect the block 12 asset at all as anything on that which wasn't above board valued on real market value would be illegal in my view.

As said I personally think political pressure will do more than court cases as it did with the Arb if it is something relevant to political interests in the US. Hopefully, some more info will come out soon that will give us a better idea of what the hell is going on here.

My guess is at present that Zaza is out in Georgia but that it's difficult to get someone in to replace him because of the virus. Has he been taking advantage? It still seems strange to me that the main parent company Frontera US. Corp was not able or did not want to remove Zaza from the Georgia entity even though they had removed him as Director from the parent company. I could be wrong on that though, has Zaza indeed been removed from the Georgia entity but set up another entity outside off the FRR group but also used the Frontera name even including 'Georgia' as well so creating a confusing situation whereby he is Director of his own separate 'Frontera...' companies that aren't controlled by Frontera US Corp and were not set up by them? I recall a few posts back someone found that there were two Frontera companies that were different but both had 'Georgia' in the title.

If this is so then to what reason? I'm not so sure that Zaza would try a fiddle but possibly they have been set up to facilitate some sort of operation with the main Frontera US Corp, selling oil has been one mentioned though the specifics who knows. So possibly Zaza is trying to get some profit for himself by creating support companies to aid Frontera in the selling off oil. As the registration docs show that have just been highlighted these companies seem to have been created while he was still Director so did he award these support Frontera companies that he 100 percent owned contracts to sell on the oil etc before he was dismissed later in the year, last year as a Director?

Possibly that may or may not be seen as a legal move, conflict if interest? Or something that reasonably aids FRR interests?

So question is then of how Green Capital became involved, was the deal with FRR's Georgia subsidiary or Zaza's Georgia company setup?

Has Zaza been speaking off his own 'Frontera' setup companies in recent interviews including the hydrocarbon development talk, etc? I would find it quite plausible.

I may be off track on all of this of course but that is my thoughts at this time. Would be interested to hear what others think on this?

So am I right in that it is looking like GC were just brought in to fund exploration in an area removed from block12? Hence were given a sub company Frontera Georgia Eastern under Frontera Resources Georgia Corporation? So they don't likely have any investment in block 12 and we're much back where we were on thinking on that one, that either Baker Hughes are helping to develop the field or FRR are doing so alone and just plowing profits back in to develop more wells, unless of course they have got another investor in.

Freescot, did you enquire what the situation would be if you put a UK address down on your account instead?

Possibly Baker Hughes ended up wanting too big a slice of the pie or decided they were getting too small a slice. Another possibility could be that the Arbitration dispute and the rest of it may have put them off or made it too difficult. If FRR had lost the lot then I guess so would BH. That or possibly FRR decided against them or whatever. Doubt they're still in the mix if GC are down as involved in Frontera Georgia, wouldn't be much point and I reckon we would be a lot richer if they had anyway near half of the 250 wells they were touting.

Another thought is that Frontera have a seven year license. Now theoretically they could drill a handful of wells and the money brought in from that pay to drill a handful more wells. That is probably what has been happening while we were in Arbitration (if we're lucky). However as a long term strategy even with a cumulative effect it may only give maybe thirty, forty, fifty, etc wells by the time the seven year license period is up. That is very probably unlikely anywhere near enough to get a renewal/extension of the license or get much money back to shareholders once the cost of drilling & erecting wells is take off. So getting in someone like GC to invest a lot of money for well drilling upfront is likely needed to see any much money out of this thing before license expires. My guess is that if Frontera can get a good enough hold on the situation with a well developed field and hydrogen etc development then they could potentially get a renewal/extension of the license also.