We need a turn around and quickly
This is 10% of value it was over a year ago. A very sad state and mainly fault of management
Yes payments were an issue but lets face it the management should have had plans in place for not having all eggs in one basket. Some poor decisions been made including mine to invest in this with those who were on the BOD.
why is it that it seems they are doing quite fine anyway.
Crossed fingers for me
Yes i can
When your told say nothing it means SAY NOTHING
It does not mean be careful what you say
I would suspect that SN and Zaza are both fretting and worried as anyone, they have not only a fortune to lose, but also the dream that has inspired SN for ages.
Have mistakes been made? Yes i think so.
Is that fairly normal, yes it is.
Inherit, if as you believe, this has gone for good, why not move on and get on with your life?
I do not believe that you think its gone, your impatient and whining to get news. Your worried it has gone and i get that. the not knowing stops you from being able to put it away in a box.
We are all sat waiting for direction here, but most are waiting patiently.
I have said for years that you do not fight over an empty box and by god they are fighting over this. Even to get shares on a worthless company ? really
What direction this takes is hard to say as courts do not always go how you think, sometimes they appear to miss the points and all common sense, so risk remains.
However right now today this is a delisted company that still has lights on (but maybe nobody home)
Now who does that remind me of?
Firstly about keeping shareholders in the dark.
The biggest shareholders here are Zaza and Sn, they have as much to lose as anyone and even they may not know the actual outcome. they may well know the evidence for and against, they may even have the smoking gun. However how foolhardy would it be to share that with those they are fighting.
Then there is the "well they could tell us production or that all will be ok
Again production would give the other side info that would give a upper hand.
Then telling us all will be okay, that would be frowned upon as Court and SH.OMF would ask how can they possibly know that as fact and even if they thought it would be okay, none can say for sure.
Thats without the fact that legal teams would say nothing. Zero
YA not being paid? We do not know but YA seem content with what ever has been paid or agreed, we would soon hear if that was not the case.
FRR have committed to a court that they have ability to pay within 12 months. That means they have a deal in pipeline with a company for loan or T/O or farmin. Or they have significant production that is being increased with the profit being generated. It was said in a meeting that plan was that with cost of each well, we would snowball the increase in production and new wells opened quicker and quicker as each was put online.
This may be by FRR or even by BHGE, we do not know. Maybe we just have percentage of what others are doing on our behalf. Maybe BP are even playing with wells and data.
The one thing today is lights are still on, expect little to no news until 2020 and its prepare for worst but hope for the best.
Those angry folk on here with doom and gloom posts need to be a little more positive or move on. It is what it is a negativity will change nothing. If its all over than my share price remains same as today, if not then only way is up.
May be a problem if you did borrow shares on a long or short as you may lose out, but investors have a reasonable chance of coming out of this even or in profit. Who knows?
If and its a big if, we have a large payout and in form of dividend or shares what may the tax implications be?
Many had these in Isa or SIPP. Delisting caused them to go out of ISA etc which pretty much puts the tax man on a win / win situation.
If we had made a loss we could not claim against tax
If we profit we can not protect against tax
So can we argue these were in ISA or does Mr Tax man take 60% of profit now if this comes good.
Just in Case !
Thats exactly what i have said, that its genuine messages posted by you, we just do not know the context and reasons why they have made claims they have and reasons could be many.
here is images of sites
Ok so we have twitter messages and probably genuine to all intense purpose. I also think Hullcity is trying to be helpful.
However - there are a number of reasons why employees may be released from operations.So they would need new work.
Firstly (Glass more than half full) If operations were at a steady stable rate it may be decided to not to further drill, so FRR employees could be released. This makes some sense as we went into MOU with BH. So we could be sat with BH doing all the work and taking share of profit. BP could also be looking at what we have with their own teams to gain data.
There was a NDA with BP and this was released in Court. We were told about BH this time last year. So this is very feasible.
Then why ex employees say little oil or gas?
Several reasons this could be transmitted - firstly if an Employee is angry at being released and having to uproot to a different country, they may be angry and dismissive about previous company. Two, The employees released may have little knowledge of reservoir volumes and may have only seen oil released whilst with 3mm choke. They may even have been removed from fields so that they do not have information the company feel is of high value and whilst BP or BH investigate under secretive negotiations and investigations.
So many reasons why the info Hullcity provides may be genuine yet incorrect. There is the chance that the messages are correct but that does not explain why OMF tried hostile takeover, GOG tried to take back worthless block and now SH / OMF try to go thru a costly court case for a worthless asset that if they win, FRR could not even cover their court costs. Makes no sense. However i feel happy to say this as it makes no financial difference to folk as no way to trade anyway
Some facts for you
We are currently at zero , rock bottom and it can only get better
Either company folds and at least we are still at same value (zero) but know where we stand
It makes a comeback and and value is above zero, either is better than where we are today.
Plenty of stuff in this link from previous case with Outrider etc so please snoop about. The coordinates may be in there, if not will look later this week
Question here would therefore be
Why worry about winning the bid in Ukraine?
If FRR was bust and lost the bid for Ukraine would be pointless
If that was the case, Zaza would not be fighting for Ukraine.
The 240 employees and other stats
With media and other entities reading that including rivals, why would Zaza state facts that if not true could be exposed as not true
whichever way you want to spin this, its a positive.
Things are happening which go for us, although risk remains that we have it all stolen from under our nose by court proceedings or other unethical means.
Here is a lesson for you Inheritsfa
If you have nothing interesting, informative or useful to say
Why not just say FA
You really seem to be quite worried about something, you turned up here as the company was going to court and delisted with your opinions stating that your father had given you these shares.
So was your father helping you or leaving with paying the charges each month for those useless shares.
here is an idea for you, why not save your broker fees with who ever holds your shares by gifting them. After all they are worthless and so just costing you the monthly fees. You could gift them to a charity or failing that i will take them on for you.
Unless of course its because you took out a short and not been paid out.
Maybe it will be your assets taken by the courts for those shorts?
Another lesson in life is called Karma, be careful what you wish for others as it has a habit of coming around to bite you on the rear posterior
Hopefully your'e in school today so look forward to your reply after 3pm, unless your parents do not stop you playing truant.
I get the worry and frustration
However, you forgot that Hope and OMF tried to work a hostile takeover years ago.
For an empty box?
I suggest that the box is not empty.
The question is just .... will we ever see the rewards for what is in that box.
3.5. Pursuant to Article 96 1 1 of the same Code, "an administrative authority shall, in the course of administrative proceedings, examine all the circumstances relevant to the case and make a decision on the basis of an assessment and concurrence of those circumstances."
file: ///tmp/tomcat8-tomcat8-tmp/476e1f2c-ab9b-46f4-aaac-14c1f8d93e8b.html 1/2
5/17/2019 3 NAPR
3.6. According to Article 5 of the Law of Georgia on Entrepreneurs, the registering authority is this law
Issues determined within its competence make decisions for registration and access to information under the Law of Georgia on Public Registry.
3.7. The legal and procedural issues for keeping the register of entrepreneurs and non-profit legal entities are defined by the Instruction “On Registration of Entrepreneurs and Non-Entrepreneurial (Non-commercial) Legal Entities”, dated December 31, 2009 by the Minister of Justice of Georgia.
3.8. Pursuant to Article 18 of the said Instruction, the Agency shall make a decision on registration if there are no grounds for finding a defect, terminating the registration proceedings or refusing to register.
3.9. In accordance with the rule established by the foregoing norms, the decision-making authority is under the obligation of the registering authority to conduct a thorough, accurate, comprehensive examination of the circumstances of the case and to decide on the basis of their concurrence.
4.1. As a result of the mismatch between the facts of the case and the requirements of the law, the registration authority considers that the documentation submitted by the person concerned does not meet the registration requirements.
4.2. In order to uphold the principle of legality in the field of public administration, the National Agency of Public Registry,
1. Suspend registration.
2. To eliminate the identified defect - 30 calendars
The National Agency of Public Registry has received an application (Applicant: Giorgi Janiashvili / 01025015919 /) requesting the registration of a new entity.
Legal form: branch of a foreign enterprise
Ad title: Frontera Resources Inc. this. LLC Branch in Georgia
Latin name: Frontera Resources US LLS's Branch Office in Georgia
Additional Submitted: (10/06/2019 18:12:02)
Giorgi Janiashvili presented 01025015919: Written decision of the Management Board; statement; Statute; Consent (N 190597635) Lease Agreement and Amendments thereto N 1; N 2; N 3; N4; N 5; N6; N7; N8; N9; Extract from the Public Register;
Services: 100 + 5 * 1 + 20 GEL within 1 day
The service expires on the day following the registration of the application and ends on the expiry of the last day of the application. If the end of the registration process coincides with a holiday or holiday, then the registration process ends on the following business day.
Extract from Registry of Entrepreneurs and Non-Entrepreneurial
(Non-Commercial) Legal Entities
Serial number of the application registration, date of preparation: B19055799, 11/06/2019 14:43:50
Frontera Resources US LLC's Branch Office in Georgia Branch Of Foreign Enterprise
LEPL National Agency of Public Registry
Georgia, Tbilisi, Vake District, Paliashvili Str., 12A
The provider of the information shall be liable for the validity of the additional information
Information about Liquidation/ Reorganisation/ Insolvency Proceedings
Managers / Official Representatives
Director - Zaza Mamulaishvili, 01024002412
Frontera Resources US LLC, 802558654 /USA/, 07.10.2016
Number and Date of Registration:
Registering Authority: Legal Address:
Pledge/Leasing on Intangible or Movable Property
Decision # B19055799 / 8 (11/06/2019 14:45:53) Registration
National Agency of Public Registry has received application # B19055799 16/05/2019 17:50:35 (Applicant: Giorgi Janiashvili / 01025015919 /) requesting registration of a new entity.
Legal form: branch of a foreign enterprise
Ad title: Frontera Resources Inc. this. LLC Branch in Georgia Name in Latin: Frontera Resources US LLS's Branch Office in Georgia
In accordance with the Law of Georgia on Public Registry, a decision was made to satisfy the request.
The decision shall enter into force upon publication.
The decision may be appealed in court within 30 calendar days of its publication.
National Agency of Public Registry ::: Address: Tbilisi, str. N2 ::: www.reestri.gov.ge
Hi Mole, have you had any direct contact over the last few months?
Not sure if your saying we are likely to lose Georgia, moving on to Ukraine, That would be history repeating itself. Last time FRR found oil and gas they lost the contract and others took the huge resource onwards. Now if that happens again you would not only question the competence of the directors, but also the trust. That would look very much like stupid shareholders financing exploration whilst high politics and majors reap the rewards. Simple terms corruption.
I think it would be very hard for FRR to lose Georgia and get shareholders to pay for exploration in Ukraine. What would they say to convince people? Third time lucky?
I am glass half full, but losing Georgia would be too much and i think Shareholders will have lost the lot with more jam promised for tomorrow if they foolishly put in more money. Mistakes we may make - lemmings we are not
This is so strange. The competition being reopened by a few comments and accusations by little FRR.
This sounds like intervention by uncle SAM
This really sound like this is for someone a bit bigger than FRR, its almost like we are the smokescreen for a Major and western intervention. Maybe to keep the importance of any potential under the radar. FRR to bid and start for the big boys so the noisy neighbour (russia) sniffs around but does not bite.
Big money and big politics, but we all know what politicians are like, so does that leave us eventually with our share of the pot, or does FRR cease to exist and back handers just to the Directors.
Strange again if Shorters have been paid out, i understand if what may be owed is calculated and interest stopped. However from what people suggest it states that longs investment has been taken to zero, then transferred to Shorts accounts to profit. This would mean if we went back to market brokers would have to pay out twice as getting money back from shorters would be impossible. If we opened at 5p those brokers would be paying out a fortune and for a second time..
I am really not sure what to make of all this, the news out in Georgia and Ukraine appears to suggest a profitable company with big ego and ambition. The Brokers seem to indicate a company that is dead in the water and with confidence enough to pay out.
Anyone want to guess what next week will bring?
I am very interested in why Starage invested here.
Of all the aim companies he could invest in, he chose FRR
Even thou his research gave a few warnings, he also could see wrong doing with Zaza not making first payment (missed) yet left his money in here.
He has money in larger amounts in bonds etc but choses to chase his tail on a small punt that he suggests is a lost cause.
Whats done is done, no posting on here will change fate, what will be will be and is in hands of others.
Your posts seem less than factual and hint at biased negativity.
We do not need you to tell us the risks we face, in fact i suggest the value of mine and others holdings can only go one way from here , UP. They are rock bottom so we are already at worst case scenario. It has two options Same or UP.
What is your point
To voice anger at Zaza due to your investment failure, to blame someone else. That sounds more like someone that went all in on FRR, which although i feel for those that did such act, we all know we chose to gamble here.
I hold with 9 other shares, i rarely post on them unless i have something to say. I have been quiet on here recently for same reason. However your blatant attack on FRR and obvious support towards Hope has invited a response from me many times today. Especially where you suggest that Hope had to collusion to try to take FRR. I am sorry but history proves other wise.
Zaza may or may not have made a mistake here, but without doubt the corrupt and damaging director for FRR (IMHO) was S Hope.
Because Hope is not stupid.
The debt would get bigger due to these actions. He had to appear to be helpful as director for sometime. he also knew this would go to court and so needed to wait for the right time . You lure your prey into a position, rush it and you get it wrong.
The interest due at that point was peanuts and a court would certainly look at it very dimly if a company was being taken away due to one missed payment and in short space of time. He would also have shown all his cards if he made his move too quickly.
What happened in 2018 was FRR forced the issue. This was most likely against the timeline that Hope was planning. This would hopefully wrong foot him.
If you really believe that Stephen Hope was our guardian angel then you are delusional. Hope is a businessman who will take what he can from who he can.
He buys debt cheap ( quite legal) then squeezes the company owing the debt.
Please answer these
Do you think Stephen Hope has interests of shareholders as a director of FRR?
Do you think Hope acted in interest of shareholders or OMF during board meetings?
Did Stephen hope ever meet shareholders ?
Did Stephen Hope orchestrate a hostile takeover attempt in 2016/2017?
Would the only method Hope offered company, lead to default down the line?
Lastly, would Hope and OMF be doing this if no value in block 12?
If answer states value in block 12, then should he have allowed that to come to fruition therefore looking after both shareholders first and OMF secondary?
The only thing that makes me smile on this, is the action has allowed FRR to remove Hope from the board. I believe that is a rope that was around our neck being removed. I also think that Hope realises that he has lost battle with FRR in that what he may win will be a small insufficient piece, that he has in fact snookered himself, and that may be the reasoning on him attempting to now chase directors.
Its a strategic game of chess, Zaza and Steve may well have out foxed the fox, so now the lawyers look at another way to get what they want, which is probably something that Zaza and SN did not forsee. So they play for time whilst they put their house in order, preparing any rebuttal and securing personnel assets.
I do feel you are strongly defending Hope and although Zaza and FRR have to take some blame i am not sure why you see Hope as some form of good guy .strange
Starage, You have proclaimed that there was no evidence that Hope was attempting a takeover.
I think what Hope has done previously with FRR and to some extent Madagascar Oil is relevant in that discussion. That is another company that OMF got delisted in 2016.
9th January 2017
MADAGASCAR OIL LIMITED
("Madagascar Oil" or the "Company") Result of Annual General Meeting
Madagascar Oil announces the results of the Company's Annual General Meeting ("AGM") held at 11am on 30 December 2016, as follows:
1 To re-elect Andrew James Morris Passed
2. To re-elect Stephen McCaughan Hope Passed
Mr Hope is the kiss of death for a company as far as shareholders are concerned, although the companies go on to prosper.
There is no doubt to the attempt Mr Hope tried on FRR to gain control previously, do you really think that changed afterwards?
This is why historic activity indicates the likelihood of intentions and when you look at them clearly you can see what the method and intention was.
I think many people here underestimate Hope, he is not the fool many credit him as. He is an educated shrewd businessman that takes unethical methods to gain from others. Its morally wrong and illegal, however in the dog eat dog world of business and big money its pretty much the norm. Greed and achievement is contagious in this world.
It is more likely that this was another attempt by Hope to take over a company than not.
The evidence supports this, although he was clever in his correspondence.
Historically we can see his unethical methods and also his corrupt means of getting what he wants.
Let me finish by saying you do not fight over an empty box, if that box was empty then Hope would not fight for it, he would instead work with FRR to fleece shareholders with placings and false promises. It would be so easy to say that they needed to increase shares and get it voted though due to needing pipeline or even to clear debt due to requirements to improve discussions in NDA. Hope would even be better getting 5m back that way, than taking us to court for a worthless block.
What does it tell us, ? It says that block has value. pure and simple.
Question is can we sail this storm and keep hold of it