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Where we all thought we had radio silence, Zaza was communicating with us by faking the case against Hope / OMF for $56m.
This was a clue that we were selling for 5.6B and that BP would be selling an asset to pay that amount to keep BP shareholders happy.
SOLD lock stock and barrow.
We just could not understand the message
Sorry but would that be nice
Would it not be a case if late stage discussions were to be going on with any major in regards of T/O Farm in etc, that FRR would limit the information but say they have method to pay all debts.
It certainly could be argued that the company releasing the intimate details could harm the deals and company.
I would see it a suicidal if the company have lied to the court about prospect of paying off the debt, it would seriously damage our case.
It is possible, however unlikely that the source of paying off debts by FRR has been confirmed where when pushed it is if and when they win case against OMF for 56 million. That of course is not guaranteed and i would be very worried if the case.
I am in hope that this will be proved with a sale of rights, company or farm in with a major and of course increase in production and profit.
The positive is what has kept the lights on, when we closed on LSE, the finances looked like they would require a boost within months unless the production and profit from revenue increased and fairly rapidly. So can we assume that a cash injection or production has increased hugely since news blackout.?
I would say, unless the company has stopped all production, then yes something significant has happened over in Georgia financially. Even without production and so no spending, the company would shirley have been doomed by June.
I take this as a huge positive
I still feel we will come out of this okay, but no idea how long before we see the light
A good post pophead and it sounds reasonable and feasible.
Maybe we can look at a further 12 months of insecurity as this plays out. I have asked Yorkville to confirm if they have been paid, if a new deal struck or if FRR have defaulted. So far no reply but as a shareholder this info should be available.
I struggle to find any info on rigs used by BHGE in Georgia, i have found nothing to confirm or deny they are currently operating with us. Without listing the company have no requirement to keep us informed.
I do wonder if they are more involved in workovers and new techniques on current wells - this radio silence is so hard to live with.
Anyway off to enjoy the sunshine so just wish you all a good long weekend
Anyone find it strange that Baker Hughes rig Count in 2019 has gone from zero to 91 in Ukraine
https://rigcount.bhge.com/intl-rig-count
what rumours fella?
Sorry i have been away
What are the rumours, where from and how reliable?
Back from holidays and nothing has changed
Surprised? No.
Anyway some discussion points
1 Not paying lawyers.
Now is this can not pay or a dispute, when you consider how lawyers got it very wrong in Cali courts by withholding info from the Cayman Courts. Genuine mistake or not its does smell of incompetence. So if FRR are angry about this i can understand reluctance to pay extended bill for a case thats been extended and pretty much damaged by those highly paid lawyers. So question is why have they not been paid , can't or won't?
2. YA Global Have they been paid or agreement made to roll over debt? Again very important to know if finances have allowed us to pay this on time or not.
3. Loans :- Did we sign the deal , is it ongoing or dead in the water?
4 BHGE Are they still working with us and in what capacity? BP is NDA still in place, are they still interested and any progress.
5. Whats keeping the lights on? Operations ongoing? on stop? increased? are we financially stable from increased operations.
6 Is any deals on the table? Buy out? Farm in?
7 Lastly i do feel its time for at least limited communication.
It could be as simple as the text below and i urge YJ to push for this ASAP
" We would like to thank our shareholders for their patience through this challenging period. Although we can not give full disclosure we can confirm that operations are continuing and that the company is making profit. We can confirm efforts to sign off a hedge fun loan are continuing and and we aim to complete in last quarter of 2019. The legal issues are continuing and we can not comment further than that. We are confident that all our investment will be secure and we have plans to ensure that is covered from many different scenarios. We hope to hold a shareholder meeting in late 2019 or early 2020 in London. We can confirm that the court have excepted that we are still a financially viable company and that we are able to pay our debts. We can confirm that Yorkville have been paid in full and our obligation to them has now ceased. "
They could change bits to what ever is the fact and include any other information.
Zaza some shareholders may be angry, but standing in front of them and sharing where we are will at least show integrity and help explain why and how we are where we are today.
May be just a select few to attend, those you know from previous meeting so that we do not have any bad apples trying to cause trouble. Some you have met in Georgia and some like me who you met many times in London. We need to evaluate where we are honestly and professionally - I urge FRR to arrange a small scale meeting
Ahh Coggy you need get rid of Kodi and get the new apps on there, easier to use and updatable send to me when im back after 15th.
I wondered why you were so grumpy lol
pt 2
Its lights on nobody home
Fear is driving people for info that is often just not available.
Some say they have written this off, and i would suggest thats a pretty good attitude. Prepare for the worst but plan for the best. One bonus i have is i know what i may have lost, shorters have no idea what they could lose.
Many come on here and quietly read comments a few times a week, i am one of those. I am not going to live my life worrying about something i can not change. Either this will come good or it will remain as it is.
Meanwhile a few times a month i have a read on here and a little dig elsewhere for info.
I suspect if FRR equipment was stood idle and rusting we would know about it, If YA not dealt with we would know about it and if FRR were liquidised we again would know about it.
So right now it seems like business as usual, but without trading on LSE and without the normal communications. What is going on is unknown, is BH making good progress and are we getting a nice income from their work?
Someone get images of our wells or of tankers loading - trucking or off loading our oil and i think we will all be a bit happier.
lack of comms from Company? Maybe that has to be the case whilst things go on in background. Who knows?
Anyway good luck all those holders, SN had many ways to get his money back and he went for the jugular, i suggest because the prise was so big he wanted the lot - not just what he was owed. If we had nothing of value i am sure he would have just taken his money over next 12 months and in any way he could get it.
The only question for me is do we have the legs to fight this fight ? If we have deals or production then i suggest yes, if not then maybe we under estimated Hope / OMF and that COULD cost us.
I still stand by comments that you do not fight over an empty box.
Hope/ OMF have twice attempted a takeover
Then where gas as other hydrocarbons were classed as low in Georgia, we now have other companies finding the liquid gold and apparently thriving. So it would seem SN was always right about Georgia being hydrocarbon rich.
Now did block 12 sit in a fairly dry area and we were just in wrong place? Its possible but lets look at some facts. We have found oil and in some cases it has flowed steadily for years. Okay it was a low rate for a company spending so much, but oil was flowing in a sustained way.
We also saw technology advance and this was always thought to be the key to unlocking the treasure.
Then the gas, i think we can agree the gas is there but technical issues stopped us from releasing it for production. I think this was a huge point for FRR. It proved the gas and analysis will help prove viable for others to farm in, but it was a disappointment that this was not going to turn us around quickly.
What we do not know, is did Zaza and SN rely on this being a success, was there a viable plan B if this proved concept but failed to flow. The warning signs were there as it was a rework of a old well that was known to have casing issues. Was this an all in move, high risk high reward or was it carefully considered and the "failure " operationally and financially considered?
I say failure but Zaza was very clear that what it told them was hugely signifiant.
Was that loan really on offer? if so then some data would have to have been shown that would limit the risk of that loan to the company. Confirm that loan and it suddenly looks good.
BHGE are they still in the field and operating? Find that out and again it tells us something.
Then the big one BP being interested in a NDA, If only we knew if that was ongoing or dead in the water?
The courts can take months or even years to conclude, so thats not the quick answer, but fact FRR are still being sought by OMF via the courts tells me two things. Firstly FRR are still a company - lights are still on
Secondly that the lawyers think they will get paid by FRR, if they went into liquidation that would suggest a huge risk to anyone getting paid and almost certainly not in full. There would be a pegging order and lawyers maybe just above us. We would be unlikely to see anything.
We have the tax rebate from Georgian Govt due, so if someone assists us that could come into play.
I have always learnt that bad news flows much quicker than good news so if this completely dies, we would find out fairly quickly.
People not paid throughout 2019 and no production, possible, but unlikely. Frr would be pretty much dead in the water if no production was ongoing throughout 2019 and money running out. Did we here that financial obligations last month were missed?
YA have been quiet so either a deal done or they have been paid, we would know i suspect by now if defaulted.
Right now its
Hi all
Just to let you know i do pop in to have a read now and then.
I have a fair bit invested here as i know Mole and Devex have too
The reason i do not post much now is due to the muddy waters. I have nothing of substance to add, i see what you see and i do not want to be over enthusiastic or pessimistic.
My main thought is that Zaza and SN have a huge amount to lose if this goes wrong
I also see that Hope and OMF want FRR, so that suggests there is future value and more than what they are owed. I would suggest much more, otherwise why not just wait with the board and push for jam tomorrow promises and further funding from us to pay off the loans. No Hope wanted what we had.
Is the court case something we needed to move on/ Is it just noise? i really do not know.
This is why i sit and read but do not post much right now, i have nothing of substance to add. When i do i will post it.
I would suggest Mole Devex et al are similar, they will post if and when they have something to add that is news worthy and if they do know before us, when they can tell us without having a negative effect for company and all our investment.
Please note that does not mean any of them do know anything more than us right now.
Good Luck all. im off somewhere very hot and Sunny - no not Brighton.
Someone should translate into Ukrainian and publish so it gets picked up in Country so pressure is increased to avoid Russian interference. If locals know then that pressurise the political masters.
A bit like playing the russians at their own game as they love propaganda on social media and it works
Gibbs so your saying 10p plus in a year?
and you have info that suggests that.
you know what. if 10p in a year was guaranteed I'd be very happy to wait patiently. However I do not think you are in a loop that suggests that
I fully understand how long a takeover can take, anything from months too over a year.
Is that what you have heard thou?
I am in the email list but not heard anything for a while
So give us a few crumbs, a clue on what way this may go if what you heard is true?
No names required
You have to give more than that or say if a wind up
many have waited many many months for a glimmer of hope that our investment is safe, so if something real is happening please give some details of "what you believe it is" without mentioning names.
If a joint venture, farm in or takeover please tell us
I am not surprised at the lack of communication from the company, but i am surprised how long this fiasco has taken.
I expected a OOCS by MaY if what we heard about hope was True. I expected the new loan between April - June if that was coming. I expected to hear something from BHGE regarding their input. I also expected to hear if BP had gotten cold feet or taken the plunge.
So yes this is starting to drag on a little and even without communication from FRR i did expect we would have seen some details in court files or via the other parties named above.
I trust Zaza but has he got it wrong and ill advised on how to handle Hope.
We may have got rid of Hope from the board, but hope is also ebbing away from me too
Hi, always be closing
Contact me on throwaway email
pyrotech999@hotmail.co.uk
Its not about me, its about all of us
This is about Zaza being aligned with shareholders
Yes i am lucky to have diversified, however with 15 aim companies giving me huge loses, that includes FRR at this time, i will never ever gamble on AIM again, FCA have let this market rot and they should be closed down as they are as much use as pork sausage in a vegan BBQ.
I am gutted i ever got into shares in Aim, its caused anxiety, stress and financial loss. I have crossed fingers for FRR and at best its 50/50, but still some hope.
Meanwhile thankgod i invested elsewhere.
Zaza holds about $6m of shares
SN holds about $10m
I am sure they would firstly want a minimum of that back, and suspect they would like 10x back as a minimum for the effort they put into the company.
I am not the slightest worried about my money for two reasons
1. If i am right, then in time this will come good and i can bu more apartments in Brazil.
2 If i am wrong then firstly its beyond my reach to change the court case and secondly my property portfolio in Brazil is more than making up for loss.
Beach front apartments at $45000 that treble in price very quickly and meanwhile bring a income of 7% a year return.
My little consortiums are working wonders and i wish i had put my share money all into the Brazil properties. Thats all my different share companies cash.
I know i am lucky as with Brazil wife i have the knowledge to get thru the loop holes and laws and of course get local rates when buying - not inflated foreign rates.
I have 3 friends with one, we use like a timeshare, plus 3 friends in another that is purely investment.
If this comes good i will buy another 3 apartments, on top of the one with new consortium i am starting now, beach front with 2 bedroom apartment.
That the company counted their chicks before they hatched when providing their financial accounts.
The accounts should have been completed taking into account expenditure, revenue and assets for what we have now not what we hope to have in future.
A note can be added if after completion we suddenly finalise further deals.
Its like me submitting my finances based on winning the Euro Millions because I purchased a ticket.
protests in Georgia show that the People have no interest in Russia and arre looking WEST