Member Info for Phil_2018

I agree Fibber with the point that FRUS have to show no assets to avoid Deloitte going after them as part of the liquidation process. If there is nothing in it for Deloitte/the Creditors then there's no point in them bothering and that's more or less what they've said.

I wouldn't take it as assured that FRUS will ever be anything more than a shell. We don't know if there is any reason for hope here or not. FRUS would still have to win the tender for Block 12 from the GOGC. We could hope that things are arranged that way and while some signs may look hopeful they may be false signs with not a lot to it. We'll have to see.

My view of the shareholding is that a company has to be owned by someone. FRUS would have to be owned by someone, that was FRC, after FRC is liquidated it stands to reason in my mind that FRC shareholders would be left owning whatever subsidiaries are remaining. In this case FRUS. So I believe that we would own FRUS by default no transfer of shares needed as it was part of the same company. Presumably the name would just change to FRUS on the share register.

I'm not predicting good times on this one, it may end up a damp squid of no use, but I think there is potentially something there where before this recent news of FRUS there really was no hope.

That news actually surprises me Looed and is most welcome, thank you. As can be seen in my statement just prior to that I had written off all hope in this share. There seemed no point in hoping against all odds and I know that it was thought at one point that FRUS was not ringfenced but the news that it now is, is most welcome.

That potentially may change quite a lot. It means FRUS will likely have the data as the sole remaining part of Frontera. Potentially I assume all/most of the creditors are wiped off, at least in the immediate future. If that clears a lot of debt of Frontera's balance sheet then new investment may be possible. The tender for Block 12 I believe stated that a certain level of investment was needed to be shown so that the GOGC would be satisfied that the company would have the finance to develop the field. So getting rid of the Creditors would likely be seen as being needed in order to do that, probably in order to even begin to do any of the raising of the necessary finances required.

Fir the Creditors it may potentially help them to realise the loss on their books for tax purposes, etc. Though I am not saying that they won't come back later on that one. For us as Shareholders I still think that the shares would automatically transfer to FRUS as it was a subsidiary of FRR.

In theory, the tender might have been held up because of the liquidation process here. That would tie in and potentially some other reason given instead, maybe. I am still not confident on this one but it is looking slightly better than it was. In theory SN should know the data is worth something potentially and the GOGC might be on board with that. If he can convince them there are big investors willing to come on board, he previously spoke of a few years ago then maybe. No point I guess having FRUS if it's not worth anything, if it hasn't got a tender in and isn't going anywhere.

All I can say now is cross fingers🤞 and we shall see, but I still wouldn't get any hopes up unless something more concrete comes through.

Why are people still talking about this company? We have a company here with no money, no real assets of any worth and likely no hope of getting the tender for block 12 and is about to be liquidated!

We would surely need nothing short of a miracle to turn that around. We would need to win the tender for block 12, I doubt we even put in a tender. We would likely need some refinancing, etc. I still feel that this company could have been saved had the company concentrated more on raising money and development rather than on not coming to terms with people and silly court cases. It looks way past too late now though.

Now we are just waiting for the liquidation notice which seems certain to happen even if it is delayed, so we might as well accept that now and have that unhappy moment done with. Even if it didn't, what are we left with? A company that is broke that can't do anything and is going nowhere. I know some people have lost a stupid amount of money on this one, it unfortunately happens, but many here are past retirement age as I understand it and only have so long left anyway (in truth none of us can count on anything on that one) so they might as well live life out the best they can with however long they have left, put this to bed and go and get involved in something else.

I know it may do no harm talking about this one but I get the impression that sone people are still hoping on when hope has pretty much gone and it really is about to be over. I just think for those people that it's better to move on in their minds now.

Soss, we don't know that it was a lie exactly. After the Nomad left and all the court cases multiplied, when the company had and still has many debts there would have been little point for SN, etc to carry on if there was no salary left for them to take and no oil or gas there.

ZM went even so far as to start stealing the oil and taking the money from it, even the company. That money still hasn't been recovered.

Even if they did lie there seems to be no one willing to take action here against any of the BoD to claim for being deliberately misled, fraud, etc. I personally don't think that occurred as after all why would SH take such interest in it, the offer of a loan for greater share of the company, or later with trying to cut a deal with the GG for the field instead. I think there is definitely a sizeable amount of oil & gas in block 12.

FRR should have basically have gotten going on sinking wells right after they had proved up the resource and knew the depth to drill, etc. They had a MOU to do this and they should have considered & negotiated if needs be with the likes of SH or whoever else was willing to put money in to get that done. Some part of the cake for shareholders would have been better than none at all. Instead it descended into argument and court cases fighting over the box until the box finally could take no more and tore apart (present day).

FRR had several good years to get wells pumping and money coming in beyond the one or two, etc test wells that are there. I think FRR were probably fearful that the GG would take the lot of them at the end of the exploration contract, maybe they would, maybe not. It still would likely have returned us money though at least and a partially developed field that is developing further shows more go in it that a company that sits on it, develops relatively little, let's time drift by fight stupid court cases. It was ridiculous how many court cases was surrounding all of this. The BoD just didn't seem to get how to negotiate and progress with this. Maybe they might suggest there was more to it, who knows but from my perspective that is what I see.

So the block is now back out to tender, it will be interesting to see what amount a company will pay for it and that may be telling as to how much oil & gas is there. Remember, they also have to show sufficient money to develop the resource also. Personally I think FRR is done, it feels very sad to say that as I wish there was hope but this was one that didn't pay off for shareholders. There is unfortunately no point hoping on fir something that is probably now highly unlikely as pretty much all signs are not good.

Unless anyone thinks there is any prospect of a claim here we might as well all move on. Maybe discuss the tender of block 12 here instead when that resumes.

I agree with Ian, usually I am one for optimism when there is a glimmer to be optimistic but this one is unfortunately looking like it has had it.

If we no longer have a contract in the block, then we have a company of no value that has no way of making money and just has debt/creditors. No one is going to invest in a company that has nothing and can make nothing.

I personally just invested a few grand when it looked like FRR was about to make it big. I never really invested my life in an obsession with this one but can understand those who did who had a lot on the line. Personally I think though that whoever gets the tender for the block is worth looking at and mulling over. This one really looks like it is dead now but if the company that wins the contract for the block looks a better prospect then I wouldn't totally discount a small investment in that if it seems decent enough, just be wary.

Thanks Looed for your reply.

I think other than that stuff I stated, I think the main issue here is that the field is off to tender to someone else.

I doubt we even had a bid in.

That's one of the main problems as I see it as without the field Frontera as a company is pretty much worthless. Remember, that most of the money the company had over the very many years went on developing that field. Kind of silly that we ended up with not enough years to recoup investment before end of term.

But anyhow, it leaves Frontera with just a lot of debt, no way to repay it and nothing much of value and never likely to be. So is there any point in it not being liquidated since it looks like we won't get the contract for the field with a company in such a state and about to go to the wall.

Possibly for those who are still interested seeing who wins the tender and considering whether to invest in them might be something to think about?

I know many here won't want to know after this but let's face it Frontera didn't really have enough time or money. It could have worked if it was better led with less issues but it didn't evolve into the beast it needed to.

Perhaps Looed could offer a contribution as to whether shareholders could have a claim against ZM for acting against shareholders interests? Etc

Or if any sight of any other part of Frontera that is somehow not subject to this Liquidation?

My impression is that it's the whole lot?

My guess is that there are potentially shareholders out there that have invested a vast fortune of money, far more than me and are facing some kind of financial ruin over this?

What if anything are their decided actions or thoughts on this situation?

What to do though armoured bear, if anything?

I personally wonder if more effort could have been done by the Directors of the company. Certainly I think the focus on lots of silly court cases and not paying Creditors when I think they could have done didn't help, it exacerbated Frontera's problems. With hindsight I wonder if SN/ZM overreacted to SH and his offer of a loan and it's terms I think it was. I also think the company should have reached out to shareholders, been more transparent about it difficulties and explored if shareholders were willing to invest in another share issue if it would solve the financial woes of the company. I think the company being underfunded hampered it's chances and increased the likelihood of silly court cases where they were fighting creditors etc who rightfully wanted to be paid.

Too much time was wasted on all of that and energy diverted to negative court cases where instead the field should have been being developed, we were that close with MOU, etc. Instead too much fighting over the box and the box tore apart between all the participants. I said long ago that they should be working together to create a positive outcome and that should have included giving a bit and understanding that if ground isn't given then you risk losing it all.

I sensed that Frontera hasn't put in a tender field the next phase of the field development, I am pretty sure if that and even if they did which I would find highly doubtful they wouldn't get it particularly with the liquidation going on.

I know that many here have probably had enough of all of this but I personally think it will be interesting to know who gets the field now? And who knows maybe I will feel stupid enough to chance a small investment again in the hope of possibly it coming good hopefully in a company with a bit more competence.

As for Frontera, what is that odds of any claim by shareholders there?

I think SN will probably be able to show he acted in good faith even though I personally don't think he was competent enough due to the above failings. ZM I see as the most culpable to a claim by shareholders if shareholders so wished. He actively worked for his own interests which were against the interests of shareholders. In theory all should need investing but personally I would see ZM as the most likely source where any claim by shareholders might well get successful.

Lastly there was the Nomad suddenly dropping out that has never fully quite been explained as I understand it.

Well this seems like a disaster and all over for the company I guess and our investment.

They might as well have had SH have his way all them years back now. We might have gotten something out of it at least. Doesn't seem he has any interest in it no more, possibly might be mooching around whoever will win the tender for the block.

In any case it looks like we are done here. I still wonder about the field data, I still think that is worth a lot and I wonder where that will end up.

I'm guessing there is no other entity of Frontera that is operational that we have been shifted to that was allured to a while back?

My thoughts are here that it was my fault for investing in Frontera. Fortunately far from the biggest losses here, mine was just probably around £7-8k that went up to £15k before delisting suddenly occurred. I don't fancy checking at the moment but know it was roughly that. I hoped it to come real good like many here I guess.

Still while I would rather not lose money, it's life and it's not money that I can't get over from as it's very small stakes compared to some on here and I sympathise with your loss.

Done out of it? Well there is big money in that oil & gas field so it's possible. Company mismanaged? Maybe, ZM went out to illegally get what he could to save his own skin. I generally feel that more could have been done to pay off creditors rather than waste time, money and effort on silly legal action.

Anyhow, what are people thoughts and plans from here on? Anything much? I feel this could have been a good one but now it looks like all is finally lost. Way it goes sometimes unfortunately I guess.

I just wonder what Steven Hope thinks of all this liquidation & tender issue. At one point it looked like he was seemingly trying to cut a deal with the GG himself a few years ago. Of recent times he seems to have been awfully quiet, at least members here haven't seemingly come across anything.

So what's the deal with him, a lot of issues before delisting and shortly after seemed to be about a failing out with ZM and possibly SN over a seeming fear that SH wanted to take control by gaining a greater share of the company in exchange for a big loan to the company, etc.

Now all that fuss gone through and now SH is supposedly content enough to keep quiet with the company in liquidation and the tender up for grabs?

Supposedly he has said nothing of this situation or Frontera of late? Seems strange when so much interest earlier on and apparently I would guess deep enough pockets. Would be interested to hear other members thoughts on this.

I agree with you OneDayRodney, I would be surprised if FRR have put forward a tender, I would be floored if they was to win it. I can just see unfortunately that FRR are out of it one way or another on the tender.

So we've basically got a company with no money or assets, that owes money it can't repay, that may be reasonably guessed as out of the tender process, and who is in the process of liquidation.

Why they haven't liquidated us already who know???

There doesn't seem to be anything to go forward with. SN is a wealthy man of millions of dollars but he seems to want to risk any of it on FRR. He could have dug into his pocket long ago or even now and turned Frontera's fortunes around. But he didn't seem to want to take that risk and assumingly let it all slide.

Unless a miracle happens I don't think there is anything left in this share. SN would have to dig into his pocket to do something and he seems too risky averse with his own money even if there is a big prize that could be gained. We heard of restructuring but I am doubtful. Probably time to look elsewhere for money making ventures.

If anyone other than Frontera wins the tender then we are essentially screwed. With Frontera's track record with the GG I can't see them being favourable to us unless no other choice. I even think that Frontera may have not even bothered to put in a tender, they seem to want to fail. I wish I am wrong on this but something is telling me that it's just more sh*te that is going to hit our way.

I've got to say that I'm fairly pessimistic now on this one. At the moment the company is facing liquidation, doesn't have rights to the field anymore, and seemingly has nothing left to go with.

Why Frontera has not been listed as liquidated yet who knows. Perhaps things just take time for Deloitte to do this or perhaps there is some restructure underway. But if no rights to the field anymore then what is the point of restructuring?

I was not really ever convinced that FRR had even put forward a tender, they seem to be adverse to success lol.

Now that the tender is cancelled who knows? Has the GG gotten to a deal with FRR behind the scenes? Has the Trump Administration intervened? Are the Russians after it? Or some corrupt GG guys? Etc, etc...

There was the Data and that should have stayed owned by the company and kept private. But how useful it is who knows.

SN I believe could sort out Frontera if he dug his hand in his pocket, but I get the impression he is a royal stand back and fears losing any money he may put in. I am still pretty sure deals could have been done with the GG to get something done with Frontera. Whether this is playing hardball so as to not give away too much or just too unwilling to commit and letting the whole thing take a dive again who knows.

However given what we know as we can only see them it is looking pessimistic and I think would only look otherwise if anything new came forward with regard to restructuring and deal with the GG. At the moment that looks unlikely and fanciful thinking. Wish I could be more uplifting but its just the way it seems at the moment and I am not sure I can see much cause for hope.

Oh joy.

Well any idea on how we know if the company is/has been restructured?

If the company is fully liquidated, end of, what then? We know for certain that ZM stole oil in the many millions of dollars/pounds and that a judgement was made against him but enforcement was needed. That enforcement to date has not occurred. Surely though if the company was liquidated ZM would be a clear case for Shareholders to seek redress. The case has already been decided against him, it is clear that there was wrong doing there as a Director of Frontera so it's not something that needs to be proved as it already has not a case of personal argument, opinion, etc as it was found out what he had done. I personally think that he would and should be held to account for what he has done and recompense shareholders for the stolen oil money.

I think you are right Looed. However there are investors here that have invested way more than I have, in at least the six figures. I would have thought the larger investors here would have most concern over it all. It should really be them or at least a solicitor on their behalf leading the charge on this one. The more invested the more interest they should have in terms of doing something rather than sitting and hoping and seeing it all slide away.

SN/FRR hasn't communicated on the current situation so no idea if they are bothering to do anything. Theoretically we all have something to lose here, SN is already wealthy but his investment and work could go down the drain here. SH bought loan notes where he may not get a return. He seemed keen to see money from this sometime back, I recall on the original fall out he was willing to loan more money but ZM etc was concerned about it being an attempt to gain more control hmnn...

I don't know why FRR hasn't been struck off yet, if restructuring is taking place. The problem at present is that the field is up for tender. So for FRR that's a big part of it's worth. I don't know if they have put a bid in though a nearly liquidated company is obviously a peculiar notion to award a tender too.

I personally think this company may have gotten places further, faster if it had tried to resolve problems more instead of it all ending up in Court cases. I think if we had intervened earlier we could have potentially brought that about. I'm not going to lead the charge on this one as my shareholding is not significant enough for that to make sense. I am happy to suggest courses if action but I feel it is up to those with a larger shareholding and hence justification for taking any action if any they chose and be it on them.

I personally think though that if you let others call the shots, ZM, SN, SH, etc and just rely on hope then it's less certain that things will go well potentially.

One Day Rodney, we unfortunately stood on the sidelines cut out without knowing what is going on for so long, only working it out along the way. We were told not to intervene as the company/SN had it in hand and that any intervention might be counter productive.

It is clear for a long time that the company needed to be refunded. It was basically skint and no one including SN, etc wanted to put any of their money into it. I get that no one wanted to invest while there was no long term licence agreement in the table. That Frontera spent such enormous money over the years for exploration of this area in Georgia with no long term Development Agreement in hand before paying all that money to find the oil & gas is beyond me.

Surely now Frontera should be putting in a bid for the tender of the block? It has the data and are the only ones that should do. Has anyone managed to contact Frontera to see if they are putting in a tender for the block?

It is my view that long ago if not now shareholders here should have organised a shareholder committee and suggested to the company a refunding of the company through another share issue in return they step aside and the shareholder committee takes over and moves to full accountability to shareholders.

It seems to be that the company has been left to flounder through being underfunded and efforts exhausted in pointless court cases. In any case I think the next thing to find out is if Frontera has put in a bid for the tender of block 12? Any idea how long until we know if it has done so?

Now is the time for FRR to get it's act together and put in a tender. If the Liquidators see that there is the potential for value in the company then they will likely hold off.

If SH, SN, etc are not interested anymore then it could be in Shareholders interest to stump up some money to keep the company running in return for extra shares and the formation of a Shareholder Committee to run the Company.

FRR have the required field data, if the company can gain the Tender as a result then we are all the way back in business. New investment can then be found with the new license to develop the field as need and get back plus make money for shareholders. It's possible I think.

It sounds pretty bad on the face of it and unfortunately could well be. Obviously if it goes to another company then all we have left is the data, no field and a company that may no longer exist.

On the other hand the positive in this negative could be that the development license/development of the field has been in limbo for some time now and it is that which is holding everything up potentially. So it at least brings matters to a head. There is nothing to stop Frontera from bidding (apart from Liquidation) in this Tender. Although we might not be thought of in a pleasant way by the GOGC we do have the data where other companies do not. So potentially that can put us in a strong position. If we were to get the development license then together with the data Frontera would then be very investible again. Potentially the Georgian Government might be duty bound to open the Tender process up to anyone who is interested. The initial license that Frontera had as I understand it was just an exploration license. So I assume no point fully developing a field on that licence that was limited in years, etc. So this could have well have been the process anyway.

If SN, SH, etc have any hope of getting money from their investment in this then they need to get Frontera sorted out and in a good position to Tender otherwise the risk is of the whole lot being lost. However even if the tender is lost their is still the data which is worth a lot and potentially money could be gained by going into co-operation with the new party, as in we supply the data that could otherwise take them years and millions of pounds to discover themselves in return for a healthy chunk of the profits.

The main thing is to ensure that no one tries to run off with the data and tries to cash in on it individually as that data belongs to Frontera and it's shareholders even if the company no longer exists we would be due compensation from that.

I think Zaza too needs to be chased up on as again he owes Frontera shareholders many millions from the judgements against him that now just need to be enforced.

My FRR Shares are still in my Halifax Account as of this moment. When are we likely to know any more in this? Whether FRR has restructured or been completely liquidated?

I'm not convinced that FRUS being ringfenced in previous court cases necessarily means that liquidators can't get at it if that is what you are working of Looed in believing that it might/will be ringfenced in this case with regard to liquidation. I hope that I am wrong on that or that B-2-0 is right about the restructuring although I accept there is no guarantee that he meant it will happen.

I think at this stage we can only hope that there is too much there to risk losing for SN, SH, etc. Hope for one seemed very keen years back on getting something oug of this one. Let's all hope that they all see reason to proceed and make a go of this. Any luck from anyone emailing the company to get an idea of any news?

Looking back through the last few pages of posts I can see that B-2-0 replied to me that FRR may be restructuring and this was mentioned in the Creditors Report. Whether that is still true who knows? Would seem silly after all the goings on, fighting over the box - the wealth in the oil & gas in the ground that it all flop. I don't know what is at hand here if anything. I assume we will find out one way or the other soon?