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From Mondays RNS:

"NOTICE
24/12/2018 7:30am

TEMPORARY SUSPENSION OF TRADING ON AIM

FRONTERA RESOURCES CORPORATION

Trading on AIM for the under-mentioned securities has been temporarily suspended from 24/12/2018 7:30am, pursuant to AIM Rule 1

ORDINARY SHARES OF USD0.00004 EACH FULLY PAID (DI) (B6W45X9) (KYG368131069)

If you have any queries relating to the above, please contact The London Stock Exchange on 020 7797 4154."

From Mondays RNS...."On 18 December 2018, the Grand Court held a hearing regarding injunction granted on 11 October 2018 and, on 21 December 2018, ordered that it should be discharged, however the Company is going to appeal that decision with the appeals court. The Grand Court also ordered that the injunction should remain in force until the next hearing, which is to be listed in January 2019."

Boxing Day thoughts guys:

Regarding the 5 mil seller (since October) and I hardly dare say this, what if the seller was in fact ZM and/or SN and they had not duly reported these sales through the NOMAD (Cairn). Then via the court submissions (including those not already in the public domain) Cairn found this had been going on and therefore resigned 'with immediate effect' which then immediately caused Mondays suspension via AIM rules. That's a huge 'what if' !!

Please shoot me down guys!!

"The Grand Court also ordered that the injunction should remain in force until the next hearing, which is to be listed in January 2019." The date of the next hearing will be 'listed' in Jan 2019 i.e. the listing will give the dates of the appeal court hearings which as tonytips says could be April 2019. My view would be that if an OOC settlement is reached by the end of this year i.e. by Monday Dec 31st then the need for an appeal will be negated!

Devex:

"Have to accept that the situation - in the space of a few days (since the funding intent was announced) has turned on its head. I sincerely hope that the funding source was made aware of most of this and is working with FRR to help remove Outrider - all linked to a settlement. Hard to believe that the Term Sheet was issued without this knowledge - but who knows. The wording re the $20 million for debt replacement presumably formed part of the Term Sheet itself

Re the Nomad I think the emails are a red herring. Jo will most probably not have been aware of much of the conflicts around funding, and I suspect will have been unaware of the default risk until the last moment. I suspect some of the court papers will have been as much as a surprise to him as to us. Hence the resignation - which at least enables a suspension whilst this is all worked through

Like others my concern now is the ability to get another Nomad on board even if the court case makes progress - although the two in theory should be inter-dependent . I can only assume that the injunction was regarded as a separate event to the damages claim - but will hopefully be dealt with as one in any out of court mediation. There is no doubt at all that ZM/SN will throw the lot at this - and just maybe that was their intent all along

As for us - well we are simply bystanders now and access to information will be very difficult.

Anyway - not going to let this get in the way of Xmas. I’ll nurse the bruises in the New Year."

Symore B

"I have to agree with ToT - it is probably best to suspend trading until there is some more clarity.

So, the saga continues, next episode being 28th December when Hope has to submit his statement. But you have to ask yourself, if Hope has such a strong case, why did he not lodge his defence statement by the 18th December? Surely he would go for the jugular if he felt SN/Zaza were on their knees? But there is more to this story and I am sure FRR has additional evidence against him but want him to incriminate himself first. But these are very high stakes a bit like playing Russian roulette - it is now a binary bet.

The resignation of the NOMAD is more concerning to me. But given the revelations which are coming out, I am surprised that Jo let his guard down with Hope; we do not know what else he may have shared with him. But the information we got via the Pacer (thanks to StarRage), it is at least 2 months old, so why has he resigned now and not sooner?

Nevertheless, I do feel sorry for Jo as he got played by Hope. I recollect Liz was sacked in a similar way because she disclosed information to Hope. So we now have two people becoming victim to Hope’s manipulation. But from his emails, he is very smart but there is a conflict of interest [where’s my money, where’s my money]. In addition, he is interfering with the day-to-day running of the company, acting like he is the CEO, so exceeding his responsibilities. But if he was a really, really smart guy, he should have resigned as a Director back in April; he would be on a more firm footing now.

At the end of the day, Zaza and team appear to be following a certain course of action and it appears deliberate and planned.

On the plus side, we know that both SN and Zaza are very well connected people and respected in the political circles. Plus they have too many years and too much money invested in FRR for them not to fight this. I would have been even more worried had they not closed two key agreements in the last 6 weeks (namely MoU with BHGE and the NY Financiers). This is clear indication that they were pushing ahead regardless.

The recently signed financing term sheet becomes even more crucial because that could be used to repay Hope before security is called upon - well that’s the conventional process in corporate security."

https://polaris.brighterir.com/public/frontera_resources/news/rns_widget/story/w96dz1w

This from ToT on ii

"Not feeling too well today but that cheered me up immensely as I popped in here whilst supping my hot toddy. I think we can conclude from that message that the injunction has not been lifted and therefore Stephen Hope must be on the back foot.

It’s still all there to play for folks, but when will Bobby emerge from the shower?"

.....just now!

"Just when you think you have heard it all this share adds another twist - multiple twists yesterday

I am sure that Zaza thought BH would sign up very soon after October 4th but I wonder if Hope also blocked that (eg in a conference call). Hence the affidavit/injunction became an urgent requirement and the BH MOU was as I have said before a holding announcement.

That said the US term sheet deal will have been initiated some time ago - and I think will have been in part for the matching of risk capital with BH under a joint operating agreement. If they can finesse this quickly and have it on the table in a mediation process that will be a big plus. I keep going back to a) the degree of exposure that ZM and SN have - and b) that given what we now know the $20 million to cover debt repayment will have been discussed long before it was announced. All down to how the judge reads the FRR case, the Hope defence and also the opportunity to push for pragmatism given the distance between the two camps. The data sources revealed will only show some of the evidence and arguments.

The whole process of course has revealed RNSable data - not least the BP issue - but also details around the loan note contracts and discussions. So TOTs comments are pretty sensible - and trying to RNS this lot in a few hours time would be pretty challenging.

Regarding BP and the NDA no doubt Zaza/Lev will contact them to explain the court process leak (although I think the Lev email should have carried a redacting blank). But what is done is done. In the grand scheme of things leaks happen all the time - and for BP this is hardly a big issue. For FRR of course it is very important.

Whether they stick with the NDA will depend on whether the prize is worth their time and effort - not what has just happened. Also the prime purpose of the NDA is to restrict access to technical and commercial data - and that has not changed"

"Looks like my last post before the close down so a Merry Xmas to one and all

So no RNS today - thus far - and any lifting of the injunction would clearly have had to be communicated. I think most of us would expect that the parties are engaged in behind the scenes moves to find a way forward. Any agreement will involve umpteen redrafts before everyone is happy - and they won’t communicate whilst this is in progress (at least not on that issue). Worth noting that the 2016 agreement was notified on 29th December.

Separately I try to distance a bit from this Kickmuck stuff - but it is strange and a little intriguing. The KM post before the one Wodewick quotes went as follows:

"I genuinely have no idea what’s going on actually, as has always been the case, except to say that I understand that operations on the ground continue despite the tabloid trash with Mr. Hope and our little bareback wrestle with him in the sandy Cayman shallows.

So much excitement on the ground cleaning those identified workable Taribani wells, while we plan and execute the next development phases in 2019. Scanning this chat board, such a shame that the focus is elsewhere when actually there is so much going on in the field and such compelling operational progress.

Everything else really is just noise… Just to say that I’m certain our good old FRIEND Troy (and advisors) will get lots of nice Christmas cards again this year."

So what was that last comment all about? There is a Troy investment fund in the US but based in LA, not NY. There are also quite a few people in O&G with the christian name Troy. I wonder …but best not to. And what time is that Agatha Christie film on?

Anyway - have a great break folks - and here’s to some clarity in January"

"You guys (meaning FRR team) are in a good place, so not sure why all the nail biting. We are attacking Hope & OMF on the front foot, by taking this legal action against him. He has to defend himself and his Hedge Fund against a claim of $56M; if I was him, I would be bricking it. Plus, we know that this company does not take these kind of legal actions unless they have a strong case. So with YA evidence in the bag, is it not a case of ‘snake eat snake’? Furthermore, didn’t FRR secure a discovery order, meaning they can collect all information from YA , emails and other places and submit to court? Hell yes!

We will get an update, may be by tomorrow, if a deal has been agreed in principle, that would be the best option so that US$60M financing is closed, and next year’s drilling program finalized. Wonder how T-16 rework is going."

Thanks for that Labumbashi......I'm learning fast!!

Latest from Symore B on ii

"Interesting revelations. I think these court dates should be cross-referenced against the timelines of the Company’s RNS’s. So, initially, “Discovery Order” denied by the Judge on the 8th November but just 8 days later [16th November], he granted the order. Roughly a week later [on 22/11], FRR released an RNS seeking damages of US$56M. So, to me, this tells me that this order was very important to the claim. Now, while I am no US lawyer, I believe the Discovery Order, allows FRR to submit all the information it has collected on Hope and Outrider without “breaching Hope/OMF client confidentiality”. Plus, if our presumptions are correct that FRR may have collected evidence from the likes of YA [and others as mentioned in the 2016 court papers], this guy could be in serious trouble and therefore, it would be in his interest [and his firm] to settle out of court…that is unless, FRR wants to exact retribution from all the years of torture and pain he has brought on to the Company, BoD and its shareholders. Deal or No Deal? Interesting few days coming up. But I think an out of court settlement before Tuesdays submission deadline seem highly likely but on what terms, that is the Million dollar question [or 56milion!]."

....and also from championW on ii:

"I’ve always had a feeling Hope would take this to court in the first instance.
However, just because he is prepared to state some sort of defence, does not mean he has a strong case.
There is still the possibility of an out-of-court settlement even after this hearing , which I suppose he has been advised to proceed with so as to keep all options on the table.
Hope may have the upper hand at present, because he knows that by delaying things further, FRR will not be able to proceed with a JV or get confirmation of the 60 million loan. He may be doing this to try to soften FRR’s hand, who will obviously prefer a quick settlement.
The bottom line is we don’t know a lot of the details, but Hope will understand and attempt to abuse FRR’s precarious financial situation, and he won’t be a pushover.
We can only hope that Zaza has some pretty damning dirt on Hope’s ‘dirty deeds’, but it is unlikely we will have closure on this case if no out-of-court settlement comes beforehand.
I don’t think Santa will be visiting Hope this Xmas, he’s been a rather naughty boy!!!"

This from ToT on ii:

"It makes sense for Hope to have individual representation to deal with the breach of fiduciary duties allegations (and I can’t see that he has a leg to stand on on that score). The claim against Outrider is another matter and of a different nature, so it makes sense for different lawyers to be appointed. Their fees can be offset against the fund whereas his personal stuff can not, but he is going to have a hell of a lot of explaining to do to his investors if it proceeds.

So the way it’s going to go imo is that FRR agree to drop the fiduciary duty claim in exchange for a decent settlement on the notes. If it’s sorted out beforehand and signed off in Chambers he might escape the glare of publicity (and possible disbarment and fine by the SEC) that would emerge from a full trial where the judgement would inevitably be reported. If he settles for more than the amount the fund paid for the distressed notes, he can show it in the fund’s accounts as a profit without having to put a damaging note into the accounts. Provided the amount is less than the amount owed by FRR on the notes it’s then a win win for both parties."

Largely in response to Mole:

"Thank you Starage. I do acknowledge that Mole is one of the ‘Sage Pillars’ when it comes to FRR and I do respect his opinions and comments. For me there is a ‘loose end’ on the submission of the ‘Feasibility Study’ FRR handed in, in April 2016, to declare the entire Block 12 as commercial based on the Micocene/Eldari accumulation but we never received any thing from the Georgian Govt. I could say more but best to have this discussion in private.

Anyway, what we can say is that Politics has been a pain in the backside for FRR but I do believe there is a ‘wind of change’ as evidenced by Super Majors landing in Georgia…and Georgia opening the doors to other investors (e.g. Chinese). Not to mention EU harmonisation on energy.

Strong Progress: Now we have a definite signed agreement ‘in principal’ for $60m that should provide assurance to the Georgians on funding for field development. Plus BH will partner them in the drilling activities. Plus the success achieved with the 3 oil wells (perefection of drilling techniques). Plus getting the deep gas well at Udabno flowing for the first time in the country’s history (ready for side track). Based on all this, there will be strong traction on closing the arbitration issue and declaring B12 as commercial. But probably the biggest plus could be the election of the new President, starting with a clean slate.

As for Zaza, we know he is working his socks off behind the scenes, which should also be acknowledged."

for December 18th FRR ........ https://www.judicial.ky/wp-content/uploads/courts/grand-court/GrandCourtList17thDecember2018(1).pdf ....... COURTROOM # 4 AS CHAMBERS@ 10:00 A.M. HON. JUSTICE KAWALEY
FSD 193/18(IKJ) Frontera Resources Corporation & Ors
(1/2 day) S/return date Mourant/CD&P/M&C

Bad link https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/BLOE/13903591.html

Just released......https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/BLOE/13903591.html.........Isn’t that exactly the sort of RNS that we are all waiting patiently to come from FRR!!!

"So to answer a question like what is the share price at Christmas is not something I am tempted to try and guess but I recognise its a bit of fun so will be interesting to see who is closest this year!"

Thanks for steadying the ship in these troubled times and pointing us on the straight and narrow. Patience is truly a virtue with this one!