Member Info for Phil_2018

I think possibly FRR might be fairly tapped out in terms of having much of their own money behind them at the moment. I'm guessing they paid of YA recently and with the court costs, running costs and costs of work on site they might just be treading water at the moment but possibly building up the development of the field. I think in the long term that the company will pull in a lot of money maybe within the next year or so. Just my speculation at the moment, I doubt they are making a loss though, I think for all we know they could be bringing in lots of money.

Freeatlast I believe is correct. If you were involved in a personal court case against another party you wouldn't go making pronouncements on social media or whatever as to what you're doing, FRR is just in that situation with Hope.

I believe that the more time that passes the better the long term survival and potential profitability become. Six months or so ago it may have been vulnerable, but provided FRR have not been sat on their hands and it doesn't look like they have from the small we hear of here & there then I reckon there in a better place now than 6 months to a year ago.

We know that there IS oil and gas there and some wells were dug and more planned on the way after more testing. The testing sounded like it was nearing completion at time of info blackout. So my guess would be either more wells in or nearly done by now. The more further along the work is including testing the more lucrative FRR becomes.

I'm also assuming they have paid off YA which puts the company into a more stable position and would be good news.

Another way to look at this might be instead of looking at the shortest time for it to be resolved is instead to look at the longest likely time. From what I hear about the court cases the longest time is likely to be about a year. So in a year's time if not less FRR should be able to break cover and if development of the fields has progressed should be able to show us a very rosy situation I'm hoping. So if the longest likely wait is just a year till hopefully good times then it's not necessarily so bad in my view.

baggage, these questions came up earlier this year on here. They got answered that our shares are in FRR not the subsidiary FRCC. As I understand it, it is only FRCC facing liquidation from the Cayman Liquidators. I think it was confirmed by Halifax Share Dealing when they had the shares disappearing/reappearing issue a few months ago that someone asked them and they confirmed the ordinary shares were in FRR the parent company. Other sources I recall have said the same and the shares are indeed down as FRR. I don't believe anyone is out to attempt to deprive us of our shares. Other sources I recall stated it is just FRCC that is facing liquidation as Zaza, etc moved most of the assets out of FRCC to ensure Hope didn't unfairly try to obtain control of more than his due. Hopefully this matter will resolve itself now in an even handed manner and FRR will be able to progress without further issues from Hope.

I mean I'm guessing technically they don't have to pay Hope off the $20 million to still keep trading as that doesn't need paying, just the $2 million. Finding another lender to offload Hope and his $20 million would just be a bonus really, but if a deal with a Major is forthcoming that may all be academic anyway.

I'm sure it was said to be $20 million in loan notes to Hope overall plus the $2 million in loan interest and any thereafter when that becomes due. I'm don't reckon that FRR has £20 million from profit this year to pay that off. They could well have the interest money now easy enough. Hope has been out of the company a good number of months now which is good news. The $20 million loan notes they could pay off from another lender to get rid of Hope for good. Hopefully another lender that is above board and can give reasonable terms. That is what was in progress before but may have been scuppered because if Hope. There's a good chance that such a deal has gone through now, hopefully.

Last year's interviews from Zaza he was describing how FRR would be bringing in a lot of money from its operations in 2-3 years. We are now 1 year on from that so theoretically there is now only 1-2 years to being at that point of a lot of money. Also more development should have been done since last year and money come in. The court cases have all been unfortunate but the more time that passes the stronger FRR should become and be able to deal with outcomes of these court cases. Theoretically from here going towards the first and second quarter next year FRR should be getting into some pretty good shape from the further development & money coming in. It's a pain still being in the dark for that but longer, but I'm thinking we should be coming good in the coming months ahead. Would forum members here tend to agree with this? It sounds reasonable to my mind.

It's bending it a bit but I guess it could be said that FRR decided to leave the stock exchange after they found no replacement nomad which of course happens automatically. Perhaps they became not that interested in getting a replacement. One reason could be that the stock market didn't help their cause no longer. In part because of the undervaluing/shorters and in part as they would have to RNS and that wouldn't help in their legal battle with Hope.

From the statements given here it looks like FRR are not anxious to get back to relisting. I would assume from what is said stuff has been happening on the ground and perhaps big money is now starting to roll in if they have developed the operation more. It sounds like they have a good take on reserves there now so have proved up a lot of the field.

Keeping the stick delisted at least keeps any potential positive outcome to those of us that are in for the long haul and not those who jump on board at the last minute. I think we're still waiting for the fog to clear favourably to us at which point we could be in a very good position. Hopefully within a year's time :)

Sounds like between the GG arbitration and the Hope case we will be waiting a few more months minimum. Whether the GG arbitration hearing in October will be the end of that who knows, that's just over a month away now so not too much longer. If the Hope case get settled through negotiation before Christmas I think we'll be lucky. It's no doubt possible but there's probably more chance of it going back to court next year. I think it was March was it? So maybe summer next year or thereafter we unless we get lucky and they get more reasonable in negotiations.

Question is has the Georgia block 12 field now been fully explored and reserves fully quantified? If they have then it seems reasonable to assume that some sort of deal is being hashed out or has just been done and is going through the process of going through, thoughts?

Could make sense if a deal had been done with block 12, Georgia. If the Ukrainian situation is likely to be stuck in the courts for a while then that just leaves Moldova left to play with. Moldova want some stuff done with the site FRR has, if there is any worth there then it could be worth it but if it's just a random exploration then it could be money wasted. I'm guessing if a deal had been do with a major in Georgia we might hope for some money soon ? :)

That could make sense and be most welcome. Rather than FRR be bought out the money paid out as a dividend payout so FRR and it's knowhow continue on another site could fit well. Guessing tax on a big dividend payout could be a pain though.

My own thoughts on the Ukraine court case are that it likely demonstrates some positives:

1). FRR must have the money to develop the dolphin sea site. Otherwise it would be pointless taking legal action over something they would struggle to fulfill.

2). They are confident of a successful conclusion to the Hope/Outrider case. Otherwise they are doing a lot of work for the other guy which they won't benefit from.

3). They have the money to pay Lawyers (assuming they are not going to stiff them as well, lol) so FRR must be doing quite well and not near liquidation.

As someone said it may be a big Major behind it, maybe even funding the litigation. It would be better if so when they finally come forward with a takeover deal.

I can't see why both sides in the Hope/Outrider & FRR can't call it a day now. Surely FRR have been able to secure the funding to pay off Hope by now. It's to FRR's benefit to get shot of Hope and get on with the task at hand, the oil field. Hope has been thwarted in his attempt to take over FRR. If FRR pay him off he can't come back. Even if FRR prove he failed his fiduciary duties/conflict of interest I doubt they will get anywhere bear the $56 million they were after. I can't see the sense in that court case rambling on unless they haven't yet found the funding. I don't see much more reason for the info blackout either now that Hope is out of the company. It's only right us shareholders aren't kept in the dark much longer. Some sort of action as suggested at a AGM sounds reasonable if FRR are going to continue this info blackout for much longer.

As far as I know Georgia is the only active field they have. Unless they are forming these figures some perculiar way to talk it up I would guess they have advanced along a bit with Baker Hughes as was the last we heard before the info blackout. If that statement reflects progress on the ground with them then I would speculate that they will be advancing more work to develop the area more and increase profitability.

Yeah, that is a real pain, would have thought it better for both FRR & Hope/Outrider to try to settle up sooner and go their respective ways. Any plan Hope may have had to takeover FRR has been thwarted, he should be happy to settle for his interest payment & loan repayment. I don't see this long wait as great for us, might as well go off and busy ourselves elsewhere or hope a takeover offer comes forth.

Mid 2020!!! That's shocking, I mean why all the wait and the fuss. It must be pretty clear where everyone stands by now so I don't know why they just can't get to it and have it out in court for a day much sooner. It no doubt gives FRR plenty of space to deal with its finances and operations without Hope's interference. The main issue is though that we will be kept in the dark for way too long which just really isn't on. Only hope is a buyout occurring to end this all sooner, they must be fairly advanced on the ground by now surely?

Agreed Freeatlast, if FRR had waited Hope/OR would have gotten in first making out FRR had defaulted when it looks like we were stopped by Hope in securing funds to cover the due payment.

If Hope/OR had gotten in first with a default case then we could conceivably be looking at losing control of block 12 potentially. Better to risk losing a fiduciary case than losing a case where FRR are asset stripped.

In that respect Zaza, etc have done us service. They no doubt were quick on the ball and saw what was coming and got in quick before Hope played his usual hand. The wait and info blackout have been frustrating but I trust FRR now have other finance arranged to pay off Hope should needs be or will do. I also would hope that work in block 12 has commenced while all this has been going on. The 1st August court date is approaching so we may glean more info then, perhaps on the Friday or the Monday week following. While the time with Hope off the board and himself in info blackout is no doubt invaluable to FRR I as I'm sure many shareholders do wish this to conclude with FRR successfully going forward without Hope and a return to finding out where FRR currently are with their operations and as a company.

I don't know you're no doubt both right. Only upside to it going way past August is that Hope is out of the picture for much longer so should give Frontera plenty of time to get other loans etc sorted and work done to keep Hope out for good. If that is the case then looks like we are just going to have to sit it out in information blackout from Frontera for some while longer. Unless of course a Major suddenly steps in with a buyout offer.

I'm hoping the court case on the 1st August will be the end of it & Frontera can be allowed to move on without interference from Hope, etc. After that I'm hoping to hear that work has been progressing while all the court stuff has been going on and that we're now at a good stage on the ground with big things to happen in the next few months. Only at such a stage do I think a relist would be worthwhile as otherwise the share seems to get undermined by shorters if there is any doubt. That or a buyout comes forth and we all get a good pay day :)

Halifax statement doesn't say the shares are lost just not eligible to be held on the UK share registry. Fundamentally FRR still exist and are solvent and we all have an allocation of shares of the company still even if we cannot see them at present. Think as Halifax have pointed us in the direction of Frontera's website they really need to clarify for us what form our shareholding is now in?