Member Info for pyrotech

FG, it happened matey, i chose to vote not to strike, but majority voted strike, so i had to go with majority, no pay when on strike. So yes been there.
I do not think its just FRR fault that pay was impossible every other month, but they were paying bi-monthly whilst they sorted it out. It appears that some of the fault is with GOGC and thats most likely Russian influence.

Pawns in a political game i am afraid, not nice, but i feel they chose the wrong path that led to it being even more difficult to pay them.
Imagine you have a small building business, You have 5 employees. You finish a job, and customer does not pay the bill. You need that money to pay for your workers.

You have some cash, but much of it is for equipment for the next job.

Your choice is
1. Pay all workers fully, but then tell them no more work as you have no capital to continue.
2. Pay what you can, part wages, keeping enough for the next job and so they have on going employment.

If you do no1 its all over
if you do number 2, its a little hardship, then maybe you can make it up in the future, you may be able to claim the money owed in the courts too.
Plus you can go to the bank for a loan, but only with no2, because bank will want to see the order book to ensure the money is safe.

Sound familiar, it should do because thats how i see the situation that FRR were in.

Very busy as can be seen on the floodwarn facebook page, i was up until 4am Sunday morning. I warned at 10pm that a severe flood warning should be issued but it was not. basically it was issued after the flood had entered houses. A bit like closing stable door after the horse has bolted.
Emergency services have been amazing thou, but risk is high of further localised flooding tomorrow night.

Zaza did ask them to assist the company in the difficult time. He assured them they would get paid but the company had to make difficult decisions to keep the company alive. Lose the company and everyone loses out and that includes jobs lost permanently. It seems someone decided to lead a move that unless they paid up now, workers would stop all work and cause issues.
This move obviously would cause more harm than good. I wonder if Russian influence led these workers down a one way path instead of negotiation and cooperation.
As painful as it is to not be paid half of your salary for 2 years, (11 from 24 months) You sometimes need to look at what is reasonable and possible. Chances are they would be being paid now and some back pay coming soon, instead they went down a road that means its even harder for the Company to pay.
I think they should have assessed the consequences and perhaps used a better negotiator that could see a way forward for both sides. Its almost like someone wanted to make a poor situation worse for political propoganda.

I wonder how many wish they had stayed and at least had some money coming in rather than the zero now.
Maybe time the workers went back to Zaza, and negotiated a return with back pay in future and income now for some positive work to enable that to be realised.

I do feel for them but feel they shot them selves in the foot or rather got led like lemmings over a cliff.

Yes, and i think thats part of the issue zaza states when he says about when things start getting interesting the problems start with Govt.
I suspect BP wanted a large farm in.
I wonder if BP wanted to buy in and the 80m is what Govt want if they did as a percentage payment from the amount being offered.

Not sure where else Govt could think FRR owe 80m from
60m sales but owe more to govt
something not right there and seem to be missing part of the puzzle

Awesome post
Sounds also like Govt were stopping us from increasing production, now if we had a major wanting in, that would be a hurdle. If this arbitration goes our way, it could open the floodgates and maybe we will see one or more majors rush into Block 12, farmin or takeover.

I will take no pleasure from repeating something i have repeated many times
You do not fight over an empty box and this box sounds huge
Again Shah Deniz is mentioned and in a meeting Zaza indicated this could be of similar geology and size.

One day we will be millionaires rodney

What i find interesting is the arguments by state oil company
The emphasis is on the non payment of the workers for 11 months over a period of 2 years

Now not only can FRR argue part of reason for that is the issues GOGC are causing, but also is the management, paying of wages part of any agreement? I would suggest not.
So that comes across as clutching at straws or trying to win over public or some one else on " look how bad these are"

Unfortunately for GOGC this will be arbitrated over facts and written agreements not on morals.

Secondly the main argument seems to be over money spent, they suggest that the money spent was grossly over normal, now unclear if they are suggesting fraudulently or due to incompetence.
Now FRR could say reason for spend and little oil produced is this was exploration to determine quantity of oil in place and the best method of exploiting it.
How i would see this, would be no outright winner. I suggest it will be determined that FRR should or could have kept GOGC informed and minimised the costs by producing more oil as they grew. I might be wrong as we do not know what data FRR hold.
Both sides seem to be playing the propaganda wars.
Either we will have less of a costs used rebate against future production, or we could lose a percentage more.
I would expect the former.
Management obviously think there is something in the box worth fighting for. GOGC also must think so ( Why worry about that huge number if only a small percentage of that was ever coming out of the ground) Plus poor mr Stephen Hope who thought enough there to risk his tens of millions of dollars in threatening the company whilst on the bOd.

I suspect GOGC know a lot more now and they worry that a $b will be sold before they get a penny. In some ways you can not blame them for that. Plus with workers not paid perhaps they are worried FRR will take that much then disappear leaving them with very little.
I have a feeling something good will come out of this, but we will lose something along the way
IMHO

Few possibilities on this

1. They were owed by FRCC so without any income in that shell company no money to pay at this time.
Oil sales going into another entity, but if FRR pay them from that account then it links the two in a way that gives grounds for administrators to close in and seise. So for now its no way to pay without opening a can of worms.
If the arbitration is sorted then the loan that can be closed up with payments to those owed.

The other option is that the workers were laid off as the company become delisted, possibly with just BHGE on site taking oil and using their workers, with FRR having share of payment.
Frr MAY have suggested when sorted workers will have some pay, for time not working, when sorted. Like us the workers thought just few months, however its dragged on and some of the reason sits with GOGC. The workers wanted the extended holiday pay (what ever you want to call it) fast and FRR of course not in position yet to pay. So Zaza had no option but to threaten them by saying work with us. The workers may be making situation worse by taking action which could mean they never get paid, rather than extended period till they got paid.

The news on arbitration must be out there, did Zaza not say late January things would be sorted.
I think some communication is required to us now, the goal posts can not be moved constantly and at some time explanation will be required to at least explain moving goal posts.

GLA

My thoughts are with you and your family.
This really does put this in perspective, all the best from here in Wales

1. not on about this particular BB page, its the only share your account has EVER talked about !!
Never talk about other shares? Strange unless of course you hold no shares
2 You say you have invested in a share before. Now is that really invested or shorted?
Now lets say invested, can i assume the reason the only share you ever talk about is FRR so that means its the only share you are invested in? or do you only talk where you can not buy or sell a share? Strange!

3 Your facts : be careful with that one. Are they really facts or assumptions.
As shatner said and it is FACT....companies that de list dont come back to market....well he didnt exactly say that but a good and unfortunate example of his history in AIM...
So that shows two non facts. One your quote was not a actual quote ! Then I have been in companies that delisted and come back. The one i think about lasted just a short few years after , but exception not the rule, yes but can and occasionally does happen. The important part is why it delisted. What led to it, reasons, probably important main points are was it due to finance and the business stopped trading, was it so they could walk into sunset having fleeced investors?

Your posts are very negative, then holding or at least not ever taking about any other aim shares on LSE makes this look very suspicious.
I will tell you something. i have never held shares in a company that was delisted for longer than 12 months and still alive without re-listing in that time frame - I HAVE NOW.

Here are the facts that you like so much
1. Lights still on up until Friday 24th January
2. Fighting over assets FRR hold
3. Only asset FRR have is Block 12

We may be on life support, but the blood is still flowing supplying life. Lots of information out there that is contradicting its self. The wages being one. Its been reported this is 11 months of non payment. Its been suggested from similar sources that this is 11 months over a number of years, so not straight months. Each month now it MAY get reported 12, 13, 14 months which means nothing as its not increasing money owed just length of time owed. There are, and you surely agree, big political games going on, USA, Georgian and Russian. I take two things from that. Firstly seems something to fight over, secondly Russia and to some extent georgia can be very vocal in spreading misinformation especially on local news source and social media.

The Number 1 fact is the last paragraph.
I have nothing to lose, i can only stay same or gain. Do you agree? FACT!
The company is still surviving today - some how - FACT?
We will all have to wait to see the final outcome - FACT?
Shorter's are in a more precarious position than investors - Fact?

I believe from what i am being told, the small number of Shorts that have been paid out were just initial Short without any profit. They were closed as equal to day short opened or day company stopped trades.
best case they get their st

You do not have much to say about any other shares do you?

Have you ever invested in a share?

Lastly, can you help me identify who the fickle person who said the following is? they seem to change their tune quite often.

it is VERY rare (but not unheard of) for a company to re list having been de listed, unfortunately that is fact but in the event they do however unlikely IG will reinstate all long positions depending on which market it re lists on...

Why should i stop saying it?

There have been disruptive posters on here trying to put the fear of god into people. They have said for over 12 months that this was GONE.
Well thats was not the case then, its not the case today.
FRR is still breathing although in intensive care, whilst some have been trying posting here with what i can only refer as a strange strategy without any purpose other than to cause fear and misery for those who invested, i have tried to keep a positive but realistic feeling here.
I do not apologise for being positive and glass half full.

I have too much going on to write much
However as i have been saying for well over two years
YOU DO NOT FIGHT OVER AN EMPTY BOX

I can never say we are definitely going to be fine as shareholders, but i have tried to keep the positive vibes going here as i believe what we have is worth a fortune.
I think the latest info posted by others goes someway towards proving my fighting over boxes phrase is correct.
GLA

I think they probably are checking under every stone, they will check what assets where transferred , when and how.
The Liquidation will only effect FRCC in my opinion, however they may decide that debt needs to be paid from the assets moved.
I am not overly worried at this stage as i still believe this was a stalling tactic by FRR, and that if a loan comes they will be able to clear any issues that way. So this all still sits with the result of arbitration.

Administrators always look at accounts, where assets where sold or moved and the terms of other subsidiaries of companies. there have been many bunkrupt companies that were under the umbrella of a larger company. It does not effect the unbrella company or its other siblings. Look at Mr Phillip Green and others who have let part of their portfolio go down with out that effecting them or other parts of their business - of course some harsh words about underhand tactics etc

its obvious by this that Hope is still after Block 12, after all what else does FRR actually have in terms of any value? So again they are fighting over this very full box.

Now have FRR done this legally and cleanly? We do not know. However if i am right and this whole process was to do two things 1. Remove Hope from Board and 2. Play for time to sort the loan, then all in between will just be noise.

We wait with baited breath

Thats a very immature group of postings and quite appropriate name.

I would be quite ashamed to have written what you have today.

What does it matter to you if we post about a delisted share?
Why are you even visiting the forum?

If its over in your mind then fine, either go where you have a vested live interest or watch some TV

It sounds very much like you have a short on here, well sorry to say your on the same rollercoaster as the rest of us but where as we hope to get to the finish your wishing the coaster to crash half way around.
Think i am happier in my chair than yours.

I do not intend to be dragged into this conflict

I must however answer some of the questions
1 Whats positive?

Well the lights are still on almost 12 months after delisting
There is still hope of a recovery and settlement and so investors getting some money back.
I suggest thats positive.

There is also a great difference between realistic posters and negative posters.
Negative posters just try to highlight anything bad and enhance it without any reasonable alternatives, they do not promote the very real positive things such as the one above. This comes across as gloating or even as posting from a shorter. Occasionally a frustrated investor.

No one minds realism but someone genuine will normally speak about the good and the bad and evaluate both sides.
I am not going to stand on a soap box and say all will be good here, we do not know, but as i said earlier, there aer risks regarding PSA to start with, but also some positives.

We are stuck on this rollercoaster now. We are on it until it gets to the finish or until it crashes on the way. You all brought your ticket and got on for the ride. The only way to see if this rollercoaster is safe is to stay seated and ride it out. You can not get off this ride now its set off, You stay seated and wait. Close your eyes if it makes you feel better.

Now you can sit on your seat crying that we are going to crash and be as negative as you want, it will not make us crash or make us reach the end safely. However i prefer to sit in the seat with my glass half full and take in the ride. It keeps my heart rate lower, is less stressful and thats how i live my life. Positive attitude.

Tip : close your eyes when the ride does the loop to loop

Thoughts shared for over two years now
" You do not fight over an empty box"

So my last positive today is , i am pretty damn sure we have something very valuable in Block 12, now question is will we be sat on our seats at the end to see the reward?

Oh sorry i almost forgot

" You do not fight over an empty box"

TSBs,
I do not think Russia are at al interested in Zaza SN, Stephen Hope or OMF.
They do not want to buy anything off any of them.

They want Georgia to move back in bed with Mother Russia, then they can work with Georgia in getting any energy resources into a operational phase. At the same time this would keep Georgia from being part of the West and align Georgia with Russia in a strategic , economical and military phase.
Russia does not want further expansion of Nato on its door step, it does not want western Europe expanding eastwards and it wants to maintain a strangle hold on Europe with Energy.

Russia is not interested in Block 12 in isolation, its a very small part of the picture of what Russia wants and does not want.
A russian company running block 12 will not be enough for Russia. It gives them no power at all, they need full control.

What Russia does not want is Georgia moving towards the West, Nato and western companies like Exxon and BP taking more control of energy in the region.
Now does Georgia give the PSA and back moving more into bed with the West, or invite putin back into its bed.

I do not think Mr Hope with OMF have backing of Russians
Mr hope and OMF are funded my a small group of very rich investors.

OMF buys companies in trouble then tightens the grip until the life is snuffed out of them.
What actually happened here was another company was in trouble that held loans to FRR, so Mr Hope rescued that company buy purchasing the loan notes at a discount, huge discount.

OMF learnt something about FRR, the intial idea was just buy loan notes worth $20m for $4m
OMF tried to assist in a hostile takeover of FRR, some said at 3-5p a share
(Actually i would take that right now)

Anyway FRR realised what was going on and stopped it
Hope then forced his way on the board and began a strangle hold on us.
What happened next we all know.

So Hope will have huge bills now, but it does not matter, if he wins FRR pay them?
Or do they?
Thing is if FRR did get taken before any loan etc then what is there of value?
Block 12 is all
What if we lost Block 12 if OMF won and it went back to GG
That leaves FRR bankrupt and gone, and OMF with huge bills and no way to pay.

Now i suggest that OMF have been having some funding by investors, the same story here where investers with 10m in already at another 2m to safeguard the 10 already in. This of course can come to an end very quickly.
If thse big investors suddenly realised they are in a lose/lose situation then its game over for Hope.
Now i suggest some will be questioning the ongoing costs and chance of getting it back. getting hesitant on putting more money after the bad money, increasing losses. I suggest a few of his investors wil be quite happy with breakeven and a get out . Confidence in Stephen Hope starting to fade. The risk of not getting anything back even if they go all the way and win will play very much on their minds.

These investors will be high profile and mega rich, but they will not want to lose in this, i suspect that FRR needs improved PSA, then get loan and then pay something to OMF and everyone wipes their mouth and walks away , head high.

The risk for us, and for Hope is that GG do not play ball, which is why some pressure applied from high levels.

I am afraid that in this Hope, OMF , FRR and us lot are all in the same boat, if that boat sinks we all lose.
If we get that extension and following that the loan, all in that boat should see something for their investment.

So really is down to the GG to extend that PSA.

Now what we do not know is if some on our side are in bed with EXXON, or BP, do not discount it as this is also about securing energy for Europe without the control of Russia. If Russia get that gas they could in future hold Europe to Ransom and that will weaken the USA against Russia as it could not rely on Europe to push for any sanctions etc in future. If Europe did the Russia could turn off the gas causing the lights to go off in Europe.

The letter.
This letter is what we already know. Georgia is at a crossroads between siding with the East or West.
Influences will be coming from both sides and although many in Georgia are looking to become more adjoined to us in the West, there are still some who are looking to become more adjoined to Russia.
This is a ongoing battle and unfortunately we are right in the middle of that battle. Putin may be a dictator who rules Russia with a iron rod, but there will be those who see him as strong and a good leader.

Frontera are possibly sat on a huge resource, its very important to the future of the region who has access to this resource. In simple terms its USA V Russia or East or West.
The winner is not just about oil or gas, thats just for Frontera. We win or lose that.
The winner is East or West, in terms of Strategic energy reserves, future ransom or not on European energy supplies and the movement of borders.

The fact is who fights over an empty box? No one, this potential changes the region completely and we are the pawns in a huge game of chess.
Whilst we are seeing USA influence at high political levels, there is also influence at high political levels from Russia.
The Georgian dream party are aligned more with the Russia side. However a political party is only powerful whilst in power and to stay in power you need political support from the people. ( Unless your Putin, where you aggressively cling on to power. )

So all we can do is allow those powers to fight it out, and hope we are lucky with the side that wins.
i Am sure that if this gets sorted FRR will be very profitable , its not about if we have resources , its about will a Western company be allowed to extract those resources
Meanwhile just remember
You do not fight over an empty box

I do get the negativity, its been over a year of nothing and the future is very unclear.
Facts are:-
The lights are still on
Hope was there for the oil and gas, we need remember he was part of the rather naughty hostile takeover attempt.
Hope/ OMF could have arranged to fleece shareholders if the oil and gas prospects were not there, by taking payments slowly and assisting in adding more shares to do so.
The fact Hope decided to push the issue means he knows that he can get his money back (plus more) from what FRR has. Considering that cash was non existent,, that can only mean assets which is block 12.

People are right about BH and BP its nothing that says we should be millionaires, but remember BHGE would have been aware of the announcement of the MOU and certainly have not distanced themselves, plus BP came out in Court proceedings and so that certainly was not used to paint over cracks as it was being kept secret from shareholders.

We do not know if BHGE are drilling, producing, sat watching or moved on and for now its not worth speculating as we can not get clarity. All are possible.

I do not know where this will end up, it could be very profitable, it could be stolen from under us.
I do know " You do not fight over an empty box"

Hope wants FRR and to take it too profitable new heights for the benefit of himself and his very wealthy investors.
I would suggest Hope knew more about what we have and the future prospects than any of us on here.

Zaza and SN have alot invested here, now they may have made alot in mean time but if they thought that there was not a lot of money left in the game, they would have let the towel drop in the court fight. That was so easy to do.
WE lost in Court, sorry shareholders but thats it, goodnight !!!
However SN and Zaza aare fighting this and have been for over a year.

So these are indeed difficult and frustrating days and i have locked my tickets for FRR away in a closet, but game over it is not.
Its an all or nothing situation and i hope that the longterm holders who helped the company over the years get justly rewarded.