Member Info for Phil_2018

That's right Arsenal, I don't think they had tapped into the gas at all. They knew where it was and apparently a fair bit of it down there worth a lot of money some say more than the oil. I think the oil was cheaper and quicker to tap into was the impression I got but that the gas was on the cards as soon as FRR would be in a position to move on it or possibly a SM if things went that way.

So I've no idea if the gas was tapped into in the last 18 months. Wonderful if it had and a big game changer for Georgia. I'm thinking though that might have been a bridge too far especially with everything going on and it may still need tapping into. Possibly BH or similar might have done it for them on a similar deal to the oil deal of 5 percent of revenue to cover costs. Would be interesting if anyone could find out if any further development had been done in the area. Lots of big oil rigs can't be difficult to miss I would imagine :)

I'm thinking it could well be the case that someone like BH have developed the field with more oil wells, quite how many who knows. It's been about 18 months since we delisted, with the virus situation and a few months after delisting I reckon that would be about a year to do it in. It can take several months to do the paperwork, mobilise, agree where to place oil wells etc, so perhaps just six months or so for the actual drilling and setting up of the wells. That would leave about three months or so of actual pumping. This is all guesswork of course but I think gives an idea of a possible situation out there. I reckon FRR would probably have spent all the income from any extra wells pumping on all their costs, debt, running costs, arbitration legal costs, staff & subcontractors, etc, etc. So they were probably still fairly close to the wire. In the next few months it could be the case that they start getting their head above the water on it all. That is if the dispute with the GG can be sorted.

I personally wouldn't be keen on another shareholder action against FRR until after July. I still believe with the current dispute with the GG that Zaza being a Georgian is the best person to deal with it. After that I think Zaza needs to get back to communicating with shareholders. If not then some sort of emergency AGM called by shareholders may be the way forward.

I agree with OneDayRodney, if we had taken any action against FRR it could have stopped the asset being moved which would have meant Hope getting his greedy clutches on it. So, so far the BOD, Zaza, etc have done all of us shareholders a service. Some on here thought the company would not last this long after delisting, but here we are. Just before last Christmas I was getting frustrated at the lack of information, around October time I think and thought we might need some action as we seemed totally out of the loop. Since then more information has come forward, much of it from sleuthing on here to be fair. At this point I don't think any action would be helpful, we're in a state where come July we find we are still in business or we aren't. In fact again as with the asset transfer taking action could be detrimental to our interests as shareholders. If anything crucial is going on inside FRR we don't want to risk messing it up. To my mind Zaza being a Georgian is probably a good choice to have as CEO of FRR he should know the geopolitical terrain in Georgia and how things work. A western guy such as SN or someone else could have no idea about how to handle matters out there.

I'm still wondering if BH or similar has transformed the situation already with more Oil wells. Does anyone know if any of the workers laid off a few months back might be contactable to ask? or Journalists perhaps?

The thing is, is that in the time since delisting and radio silence we don't know how much more of the oil field got developed. Last we heard Baker Hughes was working with FRR to finish off the research and then there was some agreement as to a split of the revenue for Baker Hughes drilling rigs I believe. Anyway, before delisting I believe we had pretty much just finished the last of the research needed to satisfy Baker Hughes/possible SM/Finance, etc. Presumably we were all set for a program of oil wells to be sunk.

Then the delisting/radio silence occurred and all we eventually got wind off were court shenanigans, manoeuvres, and some evidence to suggest that FRR were hard up, possibly from all the debt and court cases. Though we know that Lawyers went unpaid, apparently workers and debt put off as in the case of Hope. YA it seems were presumably paid.

So aside from that the big question remains of whether the oil field was actually development with more oil wells? A lot more wells perhaps?

The gas we don't know much about since that presumably would take deep pockets so unless someone came in to focus heavily on that since delisting then the gas might be less likely.

Now Zaza was forecasting a year or two back that by now we would be bringing in good money from the expected development of this oil field. Did all the court stuff get in the way of that? Who knows. My thought would be that Zaza would know that the salvation of FRR would lie in further developing the oil field from the three or whatever oil rigs we had on it at delisting. So I would imagine that he would press for the development of the oil field with whoever. Sitting with just the three oil wells churning out would leave the company as a sitting duck likely to eventually succumb to debt or whatever. Only if there was no avenue open to developing the field would nothing happen.

If we can find out whether the oil field was developed as intended that could tell us a lot about the state of FRR. I'm of course hoping that work has been done and that FRR are in not so bad a position as they were. If the situation is better than we think and if this matter with the GG can be alleviated then things might be better than they seem.

I reckon that there might be a possibility that the 1 percent is being rapidly developed with oil well & possibly the gas being tapped into also. I don't say this through wishful thinking but because it could make sense with the present dispute. If the field is developed on far enough it could really screw up the value and potential of the returned 99 percent wasteland. Companies could look at the wasteland the GG were tendering and say 'it's not worth the risk off investment, we would be investing vast sums off money to find out where FFR's oil & gas are to then spend a lot more money tracking a long way over to it to an existing area that already being tapped by may oil wells, etc'. I think a lot of companies would walk at the prospect of trying to tap into another companies oil & gas that is already a developed field. Any other would not be wanting to pay much for the tender or sign up to too favourable terms for the GG. Hence why Zaza wants to hold onto the wasteland for as long as the Arbitration agreement allows. If it ends up that few companies in competition will look at it then it makes FRR all the more lucrative.

The GG I believe only issued the termination notice after FRR said their claiming victory in the Arb and statement were incorrect. I assume this along with not immediately handing back the land riled the GG, even though FRR has apparently so many weeks by the Arb to do so. I am assuming here the not giving back the land immediately was the more pressing issue.

The latest GG statement seems to just reconfirm what we already know. Confidential nature of Arb results and possible confidential documents. The GG keeping on much the same tack. I get the impression though that the GG know they will get the land back within the timeframe allowed they are just trying to put pressure on FRR to do it sooner. I also get the impression that there is something being batted around here in the background that is of significance to both parties. Whether that is just the land or possibly something else we may only find out after a bit more waiting I'm thinking.

Looed, what are your thoughts on all this political pressure on whether it will get the GG to back down on their talked of move to revoke the license from FRR?

The GG seem to be out to get FRR. Possibly FRR might have a legal recourse if it comes to it to stay the license revocation if it looks like its coming to it.

My recent thoughts on the matter is that it may be that FRR have a certain time to return the wasteland. That FRR are holding out on doing that and so the GG are talking of license revocation as they want to get hold of the land as soon as possible than wait days & weeks for it. As someone said on here if the GG can get the wasteland back, drill and track over to the oil then it could be worth a lot to them. However the more head start FRR have and the data they hold the less lucrative that land may seem to another oil company. Longer tracking of course meaning more cost to start with.

To me it's still looking like a bit more having to sit it out and wait through June & towards July for anything to happen. My guess is once Zaza hands back the wasteland before the deadline the GG will rescind the license revocation notice.

Looking back at the last RNS regarding Finance before delisting it looks like they had a Financier in the pipeline to lend them $60 million:

https://www.investegate.co.uk/frontera-resources--frr-/rns/financing-update/201812120700021694K/

Perhaps it went through? The way it is written makes it sound that they were quite firm on this. However, FRR apparently had trouble keeping the workers on, paying Lawyers, etc.

The RNS mentions that Zaza was looking to use this money to develop the field. So whether this means the field has been substantially developed already?

I'm personally annoyed the the GG are being such dicks on all of this I'm sure approx. 50 percent of the deal will be a good payer for them. All companies bare going to charge to develop the field so their going to be much the same. The sooner they let FRR get on with it the better off we'll all be.

Possibly Zaza is holding off on a court case to make sure the GG don't try termination on the 27 July is it to make sure the court case doesn't start too early so it will run to the October Elections. In October if the economy has tanked it like it is thought it will then the dream party won't be doing very well.

Beyond that it could be a case that the US may have more effect of reversing the GG stance. The GG can say all they like but end of the day there is US military and economic support at stake both of which are vital to Georgia especially at this moment in time. The GG think they an hold on to US economic & military support and dupe more foreign investors into continuing to invest. I think soon they will find they get to a moment where they have to decide to let go of attacking US companies or lose the US as a backer.

In these circumstances they'll likely be loads of Interpreters that will translate it cheaply. Many would probably charge around £15-20 an hour so I guess that would be one hour for a short TV interview. Possibly you could specify that you only want a summary of the main points to cut the price down if a long interview. I'm guessing with Google for Georgian Interpreters online or use Facebook or VK (Vkontacte - a Russian version of Facebook popular out that way) to find them.

Alternatively 'Google Translate' has an voice translator on its app which is free, if it can keep up with what is being said.

Oh, remember now other forum member was some guy called Shatner. Not sure why some are supposedly in the know while most of us aren't unless some are just jumping on the bandwagon of those that know for the fun of it. B-2-0 though I think knows stuff. We're not sure if the journalist interview was pulled/delayed or never was.

Not sure of a direct link Mole, the only whiff of anything in the public domain as far as I know was back in November at the Arb hearing. Apparently, it was reported that FRR weren't happy at the end of the hearing that it would be ongoing over to February etc time. I think that people on here at least and possibly elsewhere that this was because FRR & the GG had reached an OOCS. Rumour of that seemed to surface again towards February. There is probably news reports on it, or possibly search back in posts here around November time last year.

Then a few weeks ago B-2-0 suggested that an OOCS had indeed been done as part of the Arb agreement/process/result. JrJnr seemed to back this up and then a little later another forum member, name escapes me at the moment who seemed to think a journalist was about to do an interview with Zaza on it. Since then nothing but B-2-0 pops up with an article where it states two other Frontera names, Frontera L.C. & Frontera Rissora or something, I've not seen mention of them before.

That's about it though, no absolute solid concrete explanation of any of it anywhere. I kind of feel that B-2-0 knows more and has shown us some of it to give us an idea perhaps. Still I don't know why Zaza is holding out on any such news if true unless there is still stuff to be done on it.

Investmentboy, I don't think it's really a case of respect, Zaza just can't tell investors anything as it will let on to Hope, etc stuff that they can use against FRR. Zaza's got to play how he's got to play it he's got little other choice.

I think Whamboy & Mole could have it right in his recent post that aside from the move of assets to another Frontera entity which we already know about other investment transfers came up against problems. As Mole states the internal transfer to another part of Frontera was something the company could do by itself, so that was relatively easy. The investment transfer was probably more problematic since the GG needed to approve it.

Those different company names in the article from earlier are interesting as it sounds like something is/was happening there. Afraid I didn't get time to look into the link posted as was dealing with another problem (all sorted now).

I still find it perculiar that the GG and Zaza/FRR are having a barney when B-2-0 suggests an OOCS, deal etc has been done. Even aside from this the GG will get 50 percent as it was so I don't know why they are taking issue with FRR. 50 percent is a sizeable amount and they need someone to work the area. Maybe there are some corrupt people that want to get some revenue from the existing wells for a few months before they do a runner, lol.

I think B-2-0 may have something, the article he posted up had that info about the two different named Frontera companies. If anyone can find out anything in them, then that may help get us some answers I guess.

Sorry for the double post, computer mess up.

So is this a new company or is B-2-0 confused, is it the company Frontera transferred asset to to keep it out of Hope's grasp?

I'm sorry but there are so many company parts of Frontera I don't remember which is which, lol.

Yes this is the part as earlier stated that I think B-2-0 is referring to in the article he quoted:

Georgian Oil and Gas Corporation and Frontera are partners in another company. According to the extract from the November 2019 register, the corporation owns 50% of Frontera International Georgia Ltd, and the remaining 50% is owned by Frontera.

Frontera transferred another 50% to another company, but the public registry did not register the transfer of shares.

See details here

(In details click down box)

In April 2019, the Public Registry submitted a statement by Frontera [Frontier Rissors Georgia Corporation] to Frontera Rissoriz U.S. On the transfer of shares to LC. There was a demand that Frontera International Georgia register as a 50% owner of Frontera Research Georgia. L.C. ”, however, the registry first suspended the proceedings and finally stopped.

"The grounds for the suspension have not been eliminated, in particular, the consent of the Georgian Oil and Gas Corporation has not been provided." Obligations under the contract [[signed in 1997]], ”the registry decision states.

The registry states that the document was not submitted, which would confirm that Frontera Rissoriz Ltd. LLC has the financial and technical capacity to fulfill the obligations under the contract and Frontera Rissoriz Ltd. LLC "agrees to the terms of the contract in connection with the interest transferred to it and undertakes to fulfill them."

The Registry It also received a statement from LC and Frontier Rissors Georgia Corporation stating that these companies were affiliated individuals and had the right to transfer their shares under contract, although the registry did not share this either.

The companies also stated in the same statement that "Frontera International Georgia is a non-profit company designed and operated solely for the purposes of the contract."

Yes this is the part as earlier stated that I think B-2-0 is referring to in the article he quoted:

Georgian Oil and Gas Corporation and Frontera are partners in another company. According to the extract from the November 2019 register, the corporation owns 50% of Frontera International Georgia Ltd, and the remaining 50% is owned by Frontera.

Frontera transferred another 50% to another company, but the public registry did not register the transfer of shares.

See details here

(In details click down box)

In April 2019, the Public Registry submitted a statement by Frontera [Frontier Rissors Georgia Corporation] to Frontera Rissoriz U.S. On the transfer of shares to LC. There was a demand that Frontera International Georgia register as a 50% owner of Frontera Research Georgia. L.C. ”, however, the registry first suspended the proceedings and finally stopped.

"The grounds for the suspension have not been eliminated, in particular, the consent of the Georgian Oil and Gas Corporation has not been provided." Obligations under the contract [[signed in 1997]], ”the registry decision states.

The registry states that the document was not submitted, which would confirm that Frontera Rissoriz Ltd. LLC has the financial and technical capacity to fulfill the obligations under the contract and Frontera Rissoriz Ltd. LLC "agrees to the terms of the contract in connection with the interest transferred to it and undertakes to fulfill them."

The Registry It also received a statement from LC and Frontier Rissors Georgia Corporation stating that these companies were affiliated individuals and had the right to transfer their shares under contract, although the registry did not share this either.

The companies also stated in the same statement that "Frontera International Georgia is a non-profit company designed and operated solely for the purposes of the contract."

According to what Zaza said weeks ago the GG cannot legally take back the 1 percent as the Arb didn't allow for it. That it is just a lot of noise and harrasment from the GG. Whether the GG will try and follow through and take it illegally remains to be seen.

It seems we now have a valuable and important section of the US government getting stuck into all of this.

However we are unsure if Zaza has made any action from within FRR one month on from the arbitration decision. He is still holding back on releasing the arbitration verdict which we suspect is because there is something in there that is not in FRR's interests to do so and that seemingly remains the case. Whether that will change in the future remains to be seen.

We also don't know if Zaza has complied with the outcome of the Arb as yet as he said he would.

While Zaza said the GG won't be taking back the 1 percent will they try? According to the GG they have sent a letter as such to FRR saying they will do. Unless the GG back down can we rely on them not going through with trying to take back the 1 percent. I assume that if they don't back down in the coming month or so there is a court we can apply to, to hold them off from doing so. If FRR can at least stall it for a few weeks or months then we will be much closer to the Georgian Elections. The closer we get to those Elections the weaker the Georgian Dream become. As has just been said it could take months for them to tender out the area or do anything with it.

While the Georgian Dream are currently benefitting from their handling of the Coronavirus situation due to early lockdown that could likely all dissipate within a few weeks. Their early lockdown means that they will be suffering a long period of economic inactivity. By starving the country of foreign investment the economy is likely to be in a very bad state and that will likely become apparent in the next few weeks. The Georgian people are likely to be less interested in a falling out with US companies and far more interested in desperately trying to get any economic help whatsoever. I don't see them as being in the mood to be fussy and won't appreciate their government being so either. I also don't see the Russians helping them out either, they will have their own economic problems to deal with.

It may well be that the economic fallout from this virus situation may help to swing it in our favour in Georgia. Looks like we'll just have to sit tight a bit longer and see how things fair over the coming weeks.

If the whole company gets bought out by BP or similar then they would have the clout to check it out, see if there might be any go in Moldova. They could send in Baker Hughes or similar and then judging by the out come either develop it themselves or sell it on if possible.

If one side can publish the Arb result without consequences then why don't the GG just do so? If they are fibbing about that then they could likely be fibbing about other stuff. I'm guessing the GG know that they don't need FRR to agree to publish. Still it does also raise the question of why neither side wishes to publish. FRR are also refusing to publish and while yes it is probably to stop news getting to Hope, why the GG isn't also can only suggest to me that FRR don't want Hope to know the ins and outs of it while the GG see this and want to take it as an opportunity to falsely claim victory, otherwise if they had victory they would publish. So likely some info in their FRR would rather keep Hope in the dark over. If it is an OOCS new company tie up with the GG, similar or otherwise then neither side seem to be wanting to reveal this. If the GG wanted to damage FRR they could reveal this but that might also reveal their back of victory and might be contrary to their interests also maybe is all I can guess at.

I guess it could have been pulled for many reasons, one could be talk on this board, the stance of the GG, Hope or a change of position on releasing the news by Zaza, etc. That is assuming it was the case in the first place. To me it sounded like a reporter might have been contacted and asked 'what was the interview about' since most are likely done on the basis on both sides knowing what the topic of conversation is. Possibly Zaza put off the interview as all the adversity from the GG would overshadow it. I personally think there could be done truth in a OOCS though neither FRR or the GG seems to be officially saying such. Possibly that is involved in the arbitration that FRR don't want let out as otherwise too early knowledge of it and the ins and outs could cause noise and interjection from Hope. All that is just an unsubstantiated guess on my part. Only other people to try on the OOCS might be the GG but I doubt they will go beyond what they have already said on the Arbitration. It sounds like in any case there is something there that has some sort of confidentiality clause that means it can't be talked about unless both sides agree. For the moment it looks like it's sir tight and see what comes out in coming days/weeks I guess.