Member Info for Phil_2018

It always kind of cheesed me off that FRR didn't pay YA. They had a payment plan but I believe missed the biggest and final payment. My impression that this was Zaza messing about. There was wells dug, oil pumping and probably the ability to get the money from somewhere. In the great scheme of things it's wasn't all that much. It would have better to get shot of YA and push forward with the operation in my opinion. Perhaps there was more at play or the Directors thought there was but who knows.

I notice the verdict is appealable. I don't know if FRR will or just simply settle up somehow.

My guess is that all the value of the site will tend to push those with the most to lose to sort out the situation as there could be way too much for them to lose. The movements over the next few days or so could be telling.

So we're waiting out to roughly October, about a month's time to hear on the YA court one? Unless of course they come to an agreement first.

My guess is that it's going to go to the court dates and then the parties will work from there on whatever judgement there is. That tends to be the impression I get.

My hope is that FRR is moving towards something eventually positive here?

Just before delisting my shareholding doubled in value over what it was when I bought it. Things were looking very bright then. Then the delisting and all the bad news. A lot of that has been worked through now but we haven't yet resurfaced. Wouldn't it be good to have those times of looking ever upwards back!

They might be legit on their reasons for not communicating much. After all they could just say nothing entirely if they wanted too. So that they are saying anything at all albeit limited might be seen as a good sign.

End of the day either way we are still shareholders so it's probably no big deal for them to say the limited stuff they do or say more (we hope) when the big main litigation is out the way.

If this YA thing can be resolved by October and other stuff is sorted then maybe somewhere out that direction.

Little point in arguing. We're in the situation were in whatever now. It annoys me that they couldn't get it together more quickly. Still we are waiting, in theory possibly some progress but we don't really know until (if) this comes good. To me it looks like we are down to YA and coming to terms with them before the court date, then getting a new license agreement from the GOGC. Preferably the sooner the better. My guess is though we've probably got a good two months to wait for the YA thing at least and will just have to see from there. At the moment at least not too long to wait on that I guess.

I very much doubt FRR have paid any of the $5.7m if they have then it's likely from the GOGC working the field. I'm not sure if the GOGC is actively working the field in any big way if at all. Even if they are then they will be running costs and they will likely be holding onto and monetary gain would be my thought on it. If the GOGC was running the field and FRR benefiting then that could be a plus for us.

My guess is that potentially we're looking at a significant sum, possibly the $5.7m to pay the GOGC plus more to show we can invest a significant sum to develop the field. That is probably not going to thrill an investor. Aside from that settling with YA. Again an offer of shares may be their and our best best there.

I'm thinking possibly Hope decided to settle as he may saw that there's little to gain from a company that's financially knackered out. I don't think FRR had much if any hope in our claims against him. So both sides may have seen the need to just try and get FRR moving instead of drifting if at all possible. I think there is still a chance but it could well take a bit.

So October is not far away for the YA court date, just a little over 2 months. Are we really sure some sort of agreement is going to be hammered out in that time and it's not going to end up being decided in court?

At the moment apart from SN, SH etc wadding in with money that I'm not sure they would want to do only as a last resort. The only other thought I e gir is possible FRR might offer YA shares instead of payment so that on the hope that this comes good they would gain a bit more than the $2.5 million they are after. That to my mind would be the easiest thing to do and presumably would remove the last obstacle to getting a licence extension negotiated and signed off.

Other issue is that if FRR are found in default and/or agree on receiver with YA, what's the chances of a return on this by that route. Am I right in thinking that the appointed receiver is duty bound to get the best price for whatever remains of the company in all or in different parts sold off? So in our case the tail end of the licence agreement, some wells & equipment on site but most importantly the oil & gas data, it's location, etc. After all no point in YA bothering to go after FRR and have a receiver (eventually) appointment unless it thinks it can get at least somewhere near the $2 million it is owed or even near $1 million, half a million, etc. So it must have some idea that one way or another it can extract the money from FRR otherwise a pointless action on its behalf bothering pursuing the case.

So if for argument sake YA believe they can reclaim some money towards its $2 million if not the whole sum, then odds are a buyer is going to be willing to pay a fair bit for FRR. While not anywhere near the money if we had a licence extension then still quite a lot mainly based on the data and the opportunity to then get a license extension from the GG. So my guess is potentially enough for us investors to see our money returned with some profit perhaps??? Could this end up our way out of this mess, perhaps the only way with the GG unwilling to grant a licence extension to FRR given its history with FRR if that is the case.

Great to hear YA can't appoint receivers before the case is heard. Thanks once again for the info Looed.

That YA wanted to appoint receivers so readily does make me wonder if they really are after taking control of FRR rather than a desire to push FRR to a deal. For us this means FRR have until this October at present to get something sorted out. It seems pretty clear to me that FRR defaulted on the debt so I can't see it winning the case. I doubt FRR have any money in the bank from operations as they have all ceased now and for a number of years as far as we know.

So where is FRR to get the money from? Possibly around $2millon.

If it has an investor onboard it might get it from that if they have already invested and might be why YA is pursuing the case. I am not so sure as my guess is any investment would be held back until a new license is agreed and then we would hear particularly of stuff happening in the ground so no no news on that front means no investor with money actually paid in but possibly one waiting in the wings if a new license extension is agreed.

So I can't see an investor waiting in the wings stepping in to save FRR from YA as without money put in already it could just walk off. So then who to save YA?

To my mind it just brings us down to SN, SH and possibly us. SH I don't think would be too eager to invest further although he offered a loan way back that ZM (possibly wrongly) took as an attempt to rest control of the company. He's invested so many stand to lose big if he doesn't stump up at least some of the money, if he still has money to do so.

SN apparently has money so could stump up some or all of the money also. It seems that he has plentiful money to cover the debt from what we here so is he prepared to loan FRR the money with no guarantee of a license extension, i.e getting his money back. Like SN he is invested, he has shares and could make big if FRR came good. Usually business thinking is not to be suckered into using your own money to support a business where return is far from certain. So he may look elsewhere possibly to SN to take that risk which is what Outrider is all about, high risk but possibly high gain investment. Possibly SN might go halves with SH, one mil each or find another investor/venture capitalist? to fund it.

Lastly, us shareholders, we're already invested so have interest in not seeing our investment go south. That said do many of us want to risk throwing good money potentially after bad. Again with no license agreement up front as far as we know. Most here are fed up and reluctant to invest further after already feeling being had and largely cut out of the loop by FRR needless to say with little power to act. So I wonder if they would struggle to raise the money here with a further share issue to shareholders on something that might prove next to worthless with no license extension. My guess is that FRR won't turn to shareholders only as a last resort.

Perhaps the case is FRR trying to recover the money from the oil that ZM took illegally. Possibly there might be a criminal case on that it I'm guessing that FRR may have to go the civil case route in order to reclaim the money, possibly.

Could of course be anything so guess will have to wait and see for sure.

All comes down to whether FRR can get an extended license agreement from what I can see. They don't want to develop the field just for it to be taken over in a year or so time when the present agreement expires & the GG say 'thanks for that'. FRR have the data on the field so theoretically could still be in play. SN I'm guessing doesn't want to pay off FRR's problems by loaning it sone of his plentiful money as until FRR gets a license extension it could all be money lost.

The question is where are they at with this license extension? That might be a question worth emailing the company though I doubt if we would get much in the way of a response. My guess is that we would know fairly quickly once one was signed as the company would be worth a lot overnight and it would be all systems go. That apart from court cases being wrapped up that we are not seeing that at least not yet makes me skeptical.

The GG of course will want a big share likely a bigger share than they presently have but if nothing gets done then that does not help them. Backhanders may be punted forward also who knows. All I get the impression so far is that they are at loggerheads possibly with the GG being so greedy that it would not be worth FRR's while going forward signing up to an unprofitable deal for them. Hence possibly SN alluring to how long it took Conoco a number of months ago. In such a scenario it's not really wanting to wait but having no choice. That situation may take some savvy negotiation to get to a deal of its even possible at the moment. If we had any further idea on what the specific situation is the license deal extension it would be something I guess.

Thanks Looed, sounds like the YA case is likely the most pressing and could likely be up next month. My guess is that is something that needs to be resolved at some point was their $2 million debt they were owed as I recall.

To me it looks like FRR might have struck some sort of a deal with regard to inward investment & possibly license agreement where if they clean up their company legal situations then new investment & license extension deal gets enacted. That's just speculation on my part but would tend to see that as otherwise not sure why parties are coming to terms with each other. I know some do ahead of court cases but think the Hope stuff still had a little more time it could have run if I recall rightly.

My concern at the moment is that YA don't ruin the party by getting some judgement in their favour next month that messes stuff up for FRR. I assume though that SN & SH have enough vested interest to cough up the dough if pressed.

Thanks Looed for clearing that one up, you're right I vaguely recalled it but gir the cases mixed up. Sorry I didn't reply back sooner, stuff kind of came up but all ok. You did a good summary there of where we are at, at present. Hopefully the remaining cases will be resolved as it looks like FRR/SN are moving in that direction, probably tired now of an abundance of cases that were likely never going nowhere.

Tabs, I doubt MO have dropped the case/agreed to dismiss for no reason. If it went the distance my guess is MO would have won as they rendered services and were due payment. So that would force FRR's hand and they would have to pay up or the company go under. SN, SH, etc don't want the company to go under as there is great wealth there so they're not going to let that happen.

So it looks like a settlement has been reached early rather than right before trial and that is telling of a deal being done in my opinion. That it comes hot on the heals of the SH motions to dismiss that I think is even more telling of something happening, finally!

I see no other reason for them to bother otherwise as unless FRR is able to come to fruition it's something they could have left till later before the

final court date cases.

I don't want to get anyone over excited in this that I agree with as we all know with this share 'don't get your hopes up' too much. But so far things look better so I'm willing to hope.

I think MO were solicitors that FRC hadn't paid weren't they?

If so or similar then I'm guessing a settlement has now been reached my guess being that FRC (FRR) put forward some money (or something instead) to sort the situation. I can't see solicitors being happy with being unpaid otherwise.

So maybe this is all due to some pending deal in the pipeline? I can't think of any other reason for all this to be happening. Even if FRR was going to the wall I don't think both parties would be going for motions to dismiss, they would likely just leave the case. We know there is value in the oil & gas field so I can only think maybe, just maybe they are finally wanting to get at it.

i would tend to agree ****nal but my guess is that neither sn, hope or anyone else wants to pay off ya with their own money until they are assured of getting payback and that only comes with a renewed license, etc. they've personally likely got the money it seems but don't want to risk losing it needlessly. i get it as wealthy people only stay wealthy by preserving their wealth. on the other hand if push came to shove and ya looked likely to take frr and frr still looked like it could do it, i reckon either or both would likely step in to protect their investment to date and future potential return.

I agree with jv123 it's as frustrating as hell that they can't just get on with it. Sure I get that people get vested interests when a lot of money is at stake but SN I believe should have gotten a lot of this rubbish out the way and made a straight up development of the site. Perhaps that me not in tune with how things work but it just seems that we are waiting on without much seemingly happening.

Thanks Looed for the latest though, it is appreciated. If anything of interest I would wonder at FRR wanting a delay to August due to 'holidaying'. Does that possibly suggest that FRR are going to get to done significant development by July? A development that might mean progress at FRR?

To date the big block on progress was Hope and also a license extension. Hope as far as we know has now been resolved we think. So I can only assume that meant other matters could move forward and that Hope came to an agreement with FRR for that reason.

Otherwise I see no reason to push for a month's extension to the YA court date if there is nothing to be gained by FRR for the extra time.

Looking on the bright side here with Hope now back onboard (I assume) he won't be wanting to let the whole lot slide to YA so my guess is that if it came down to it he would stump up the Dosh whether it was by loan to the company or whatever. Even SN is pretty well loaded if I recall rightly so he too has a vested interest. Possibly they could go 50/50 to cover it lol.

I recall FRR said they were in talks with the Georgian Government last year if I remember rightly and seemed hopeful of done progress. So don't know if a deal has already been done, in the pipeline, dependant on FRR showing they have got their act together, or still outstanding. As we've heard nothing from the GG I fear still outstanding but possibly such matters are not always announced to the media.

I can only hope the Georgian Government is eager to get it's economy pumping and is ready to do a deal if not already done so. Other oil fields seem to be making progress from what I hear so why not ours?

Now is the ideal time for the Georgians to break away from being under Russia's thumb and to do so they need to be economically strong. Development of the country's oil & gas fields can do that for them.

I'm not sure what the next development we are now looking for from FRR is? Presumably it is about licence agreement, investment, etc. Hopefully no bad news in the form of any more court cases that is the last thing we need as we hopefully seem to be getting through that, we hope.

My guess is that while the last correspondence from the company was about tying up legal loose ends and perhaps there was some truth in that there was possibly also a breathing room situation to it also. My guess is that other matters might still need to be resolved. SN statement a few months or so ago that it took Conoco 25 years to come to fruition might be a signal that things aren't going easy. Difficult to say, Hope seems to have been willing to come to an agreement so perhaps there is reason for him to do so in terms of a brighter situation emerging at FRR.

I don't know about other shareholders here but I'm just keen to learn what the state of play actually now is.

ODR, my guess is that the GG may not care who has the field so long as they get a good cut off it all. After all they didn't accept Hope's offer and know that FRR has US lobbying power on its side. Most of all though are the corrupt individuals in the GG that will want their own personal cut of it all. I don't like saying this but it's how business is done out that way and is likely something we may have to swallow just to get anything done or risk nothing/losing the lot.

I don't know if we get to hear any public statement from the GOGC/GG about any new license extension being granted or if it will just be FRR, eventually.

Kind of annoying that they can't all get a push along with all of this stuff and get it done, it's what we're all here for after all. I would have thought that SN, etc would have enough industry knowledge to have an idea about how to go about it all get a deal done and get some return on all of this for us all. I don't see why it needs to be a long drawn out affair we surely want something done at some point soon.

Zaza stole oil from FRR through fraudulent means so rightly FRR will want that back. I don't know whether this is the case that deals with that but it's a possibility as cymro points out.

Interesting stuff Looked, many thanks. Like said UA look like they are pushing for their money. Whether there is any more reason than before who knows? Possibly they might have seen the Hope cases resolved and thinks there might be a chance that they can get their money. Hope himself I doubt can allow FRR to go t*ts up as he's invested in it. We've seen him make a play for the field with the GOGC/GG and fell flat but that told us of his continuing interest so perhaps YS wonder if by pressing FRR they may press Hope to stump up with the money.

A lot I think now depends on a renewed license with the GOGC/GG. If they haven't already gotten this (we heard they were in discussions etc last year) then I think they need to with haste. I can't see how they can get an investor on board without one as otherwise in theory that investor (along with the rest of us) could be left high and dry if no renewed license is forth coming. Present license (as was) I believe is precious little time left on it, was it expiring in 2024? That means that there is little point developing the field at all as potentially that would be putting FRR in a weaker position as the GOGC/GG or another company would take that over. The GOGC/GG need that field developed to gain wealth from their share it it themselves. All that FRR have at the moment is that field being out of reach of being put out to tender by the GOGC/GG again or being run directly by the GOGC/GG for another year till 2024. I would personally see it in FRR & our best interests to get another license agreement if they haven't already to avoid it going out to tender at all costs. Sure we have the data from the field but knowing there is now a lot of oil & gas there another company will know it is at least there and rough idea of locality so with their expertise I doubt would be all that difficult to find.

The GOGC/GG will want to make good on the field and currently FRR are not doing that. So the big risk to my mind comes if FRR sit on it without renewing the license. We know that the GOGC/GG will want a larger slice and likely certain people withing the GG getting stuff but that is how it is. We knew we had too little time left on the license when the Oil & Gas was proved up to develop the field on that license and it be worthwhile. So really we need to get that license renewed at all costs as otherwise we all risk walking away with nothing. The worth of the company and the ability to sell it on is down on the license renewal as I see it but correct me if I'm wrong.