Member Info for Phil_2018

Ok, not the Corporate Update I was envisaging from what was being said on here last night. I mean at least we got one as they said they would but it kind of leaves us with more questions than answers. Its kind of like the shares have disappeared into an unknown void of reality; they secretly exist but no one knows where or how. Halifax give no clue as to where to go other than Frontera who have yet to release any statement on this worrying situation. We surely should know where our shareholdings can be referenced?

Thanks Bigun :) that's a big relief. So sounds like it's some glitch. Hopefully the corporate action message will be sent tomorrow and things will get back on track soon.

Yeah, I'm exactly the same as Spike, with the Halifax and they've suddenly been wiped and now just shown on the previous April 2019 statement. No correspondence on corporate actions or anything. Unless we are due to hear shortly. Anyone called Halifax to ask what's happening here? I'm guessing they might just say as FRR are now a limited company they just hold the list. I've got a screen shot as asking for certs sounded like it could cause more issues.

I think it is so, the Major we are in a MOU and NDA almost certainly behind the tender bid in my opinion. Think about it if a Major is keen enough to take an interest in FRR in Georgia - meaning they are looking at some form of involvement with FRR, then it makes sense that they would be interested in Ukraine bid too. No Major had the chance to bid due to the short tender process, BUT they had FRR as a smaller company that could do the tender within the timescale required. It's both a way for a Major to get a look in and for them to catch a even bigger deal in their future involvement with Frontera. Makes straight forward enough sense I think looking at it that way.

Thanks, RR you're no doubt right. If it's a fully backed up tender then they must have some solid way of backing it up on the table. I know nine of the companies they were competing against were the big ones, so unless they all had iffy tenders, lol. If the Ukraine government agree on the FFR tender, that it was concrete enough then I'm guessing there could be a lot more behind this. I don't see FRR being able to relist and dilute down an already diluted share as being viable. I would guess they have a backer on the table that would be willing to stump up the investment. So an interesting move by FFR to tender for the Ukraine deal, makes you wonder if good things may actually be happening behind the information blackout there.

Zaza has many shares so I doubt he wants to screw himself over. I doubt FRR will relist until they have their finances sorted out so might be at least a good few months on that unfortunately. That or they get a buyout offer, in that respects at least it keeps the benefit to LTH and not guys who jump on the bandwagon at the last minute. The bidding in Ukraine is strange,neither they hope to gain a big institutional investor of the back of it or already have one in the firm of a Major or similar. They're going to look pretty foolish if they win then come up with empty pockets, lol.

I agree with you Bezzy, any of the options you list are better than a default and court action claims. I can't see FRR having a good reason for a default with them this time so better they just get it sorted one way or another. A decent reputable loan company is better than a loan shark but even exchanging one loan shark for another is better than a default and the dire straits that would put the company in. Let's hope Zaza & co are not going to do such just for the excitement of it all.

Yep, been thinking the same, wouldn't want another court case kicking off. Would be nice to know if it gets paid off but I'm very doubtful we'll hear until way later. Hope has been out of the company for a few weeks now so gives some scope for a small loan elsewhere to cover any shortfall. I'm guessing loan would ideally need to be paid by today to make sure it's processed by Monday. Would be good news if they were able to pay this one straight off to get it off their books.

I've always maintained with the number of shares Zaza has and has bought of FRR stock there is little incentive for him to see FRR go south. He's a big shareholder so in a similar position to us. It looks like his interests as such are best served by getting FRR sorted out as are ours.

I don't see that there is a likelihood of the company going into liquidation now that the statement of profitability has been made and oil revenue is coming in. My hope is that more wells are being drilled/have been drilled this year to increase that revenue stream. Failing that, that the data BH/the Major needs has been obtained or close enough to it.

Quite possibly further agreements BH etc may have been made with FRR that we are unaware of because of the info blackout and the non-disclosure agreement. We basically know that the area has a lot of potential and have only recently began to tap that potential a little bit. With that being the case a Major I would have thought would be very interested in a buyout if FRR started to fail as they know what they have is worth having. So I would have thought at the least we have that backstop to the whole situation. It's frustrating not knowing where we are on the ground/state of the company but I tend to think we are not so bad off as some fear.

Thanks Bezzy, yeah looks like they could have provision not to publish given those articles, etc.

I'm not sure how long Zaza and co are going to play the information blackout game for. If Hope is off the BoD and they have the money to pay him off then there may be little need to carry on the information blackout. I'm also not sure whether there is a real case to answer for with the court case or whether Hope was just perceived to be a threat or was just expedient to deal with Hope in the manner it's been dealt with. I'm kind of rather hoping this won't all get dragged on longer than needs be either way and FRR can get back to business in a transparent way with a clean sheet. YA seems to have been dealt with in a quick and effective manner so it would be handy to have Hope done with as well. To date it looks like Zaza & co have made some progress in favour of FRR in terms of getting Hope off the BoD, Moving the asset and Holding off the liquidators from the remainder withe statement of profitability. That's good progress in my book but we still need the endgame dealt with. On Hope's side he must now be looking at being a long way off from getting anything if he doesn't come to an out of court settlement with FRR. If the court case may go either way (which may be a date some way off) then it might be better for them to come to an agreement that suits both parties now and go their separate ways. No point them pursuing each other longer than needed I think.

Judging from last year RNS we are due full year results for the end of 2018 at the end of this month and half year results to June 2019 at the end of September this year. Those results to June 2019 due in September should surely show us if there is any loan increase on the balance sheet. I assume even trading as a Limited company Frontera are duty bound to release these full and half yearly results court case or not?

Well I would have thought they would have gathered all the data needed by now and work done with BH that the major would be interested in. I can only imagine that work on further oil wells is progressing, if finance is holding matters up then the major might as well jump in. If they know there is a good oil field there, there is no point messing around and sitting on their hands. The vast wealth the majors have means they could fund whatever needs to be done and the cost of it mean nothing to them. Possibly the Ukraine tender may be in expectation of a deal coming forward from a major on a deal in Georgia. That or we have a lot of people willing to sit around while nothing in particular happens, lol.

Isn't the final payment, the last big one, to YA due this month then we are shot of them? I can only assume everything is on place to cover this and there will be no further trouble.

Perhaps if it was to be a trial by jury anyway if one side requested it then Hope may just want to look confident. If there is some advantage in terms of playing for time while this all goes on if Frontera need further stuff to arrange without Hope on their back then chances are Frontera will play it out to trial date. After that either way I assume we will know what situation Frontera are now in and whether this can all be resolved so we can get back to business without further problems.

When's the final court appearance in the fiduciary case against Hope? Is it late July? If so perhaps we might find out in August how everything stands in the company and get some transparency. Isn't it September/October time the company accounts for the year are out & AGM? So perhaps there also?

In fairness some people on here thought we as shareholders would just be holding shares in the part of the company under threat of liquidation. That was not the case and we found that are shared are safe (as far as that goes) in the parent company. Zaza too owns many FRR shares whether bought or otherwise. My initial impression of him is that he's a straight up guy, I hope not to find otherwise. Not knowing what is happening is a pain but I understand why for the moment. We have at least have some news come out through various sources, courts and general news, etc and that is better than it was a few months back where we were totally in the dark. I'm hoping that in the time since we lost the nomad that much has been happening to improve the situation at FRR. We have had some inkling that it might including Hope no longer on the BoD. I'm hoping that within the next few months good stuff will start coming about and hopefully we will be in a good place and know what is fully going on once again also. I think Zaza and SN want to run a fully legit business as they can see that bearing fruition with Majors and the like and so potentially a lot of wealth to be made. To me it doesn't make sense for them to sit on their hands with Majors like BP showing interest in the company.

I can see how FRR have the knowledge and experience from their Georgia operation and Ukraine could be a similar situation. So if they are dealing with similar conditions, rock strata, shelf etc then it makes sense and there a good fit in that respect.

I just can't understand where they are going to get the finance from, unless they seriously think they can get the $50 million claim against Hope, lol. I guess if winning such a deal brings with it the interest of big institutional investors then it could help them out of their present predicament. I'm guessing they have some idea of happening on the finance front or they wouldn't have put in for Ukraine deal. Maybe they think it would make them look like they have more potential to institutional investors/the Majors?

I don't get why FFR are even going for the Ukraine deal when they obviously don't have the finance to do anything. Not unless they are fronting for someone like BP, i.e takeover situation. Why BP don't just do it direct though? Surely they have the clout the Ukrainians are looking for? Ukraine has also been known for being corrupt so can any investment if there truely was any be secure or just swindled later?

Generally Hope is entitled to the 2 million and presumably that will be covered by the 5 percent in the subsidiary he is liquidating. He then presumably would have no claim to anything else until another interest payment is due by which time it is hoped/thought that better finance can be secured to pay him off. Perhaps as he is no longer on the BoD he can no longer be seen as getting in the way and can't press a claim beyond the 2 million once he is paid it/liquidates so hence no reason for an injunction. The communication early seemed to make clear that the liquidation was limited to the subsidiary and that there was no claim on the parent company.

The case is about Hope breaching his fiduciary duties which it appears he did through a conflict of interest. Frontera have to prove this with decent evidence.

I think the situation with what can be arranged while Hope is out of the picture in Frontera in terms of finance, oil income any development and oil Majors could likely sway in greater in the long run. If Frontera can successfully organise a loan and/or are bringing in good income/profit then that can solve a lot of the problems with Hope. Field development and Majors ready to jump on board fully could also be significant to Frontera's chances. I assume Zaza etc are making moves on this while Hope is out the way.

Perhaps FRR already have a loan in place to pay off Hope but are waiting for the outcome of the fiduciary case. No point in paying him off when the outcome may take into account matters of Hope's loan, one way or another. It might be the case that any default is found to be null and void due to Hope getting in the way and bringing about such a situation. I can't see it being too difficult for FRR to get a loan to replace Hope now that they actually have a revenue stream from oil that is good and likely to increase.

Is the final court date set for this case yet?