REMINDER: Our user survey closes on Friday, please submit your responses here.
So out of all of the 14 points raised in the arbitration award, the best KPMG can state are the mineral tax and court costs owed. .... nothing else?! Zaza announced on a live interview that the GOGC won 2 awards but failed to win the remaining 12.
Stay focussed on the main prize which is the 1% of B12 and not the unwanted waste land. The validity of terminating the whole PSA after the arb for this 1% has been covered by more knowledgeable posters than a petulant fool who states he took Carin to court.
"On 17 April 2020 the arbitration tribunal rendered its final award as to the matters in dispute. The arbitration tribunal has upheld the Company’s and SAOG`s interpretation of the PSA as it defines the parties’ respective rights and obligations. Among the issues decided by the Arbitration Tribunal, it ruled that the respondent - Frontera committed material breach of the PSA by its refusal to relinquish and return to the State the exploration area. According to the award Frontera and Frontera Resources US LLC are obligated to reimburse the amount of the mineral usage tax paid by the Company on behalf of Frontera as well as the costs incurred by the Company with regard to the arbitration proceedings. The arbitral award effectuates withdrawal of and dismissed the counterclaims that had been filed by Frontera. The arbitral award is final and binding on the parties, in accordance with its terms and the PSA."
GLA
It’s been a good few months since Star mentioned his court case with Cairn. How’s it going? Any developments?
Are you suggesting KPMG have seen the arb results ?
Houston, Texas, U.S.A. – 8 October 2015
FRONTERA RESOURCES UPGRADES GAS POTENTIAL IN GEORGIA OPERATIONS
Frontera Resources Corporation (London Stock Exchange, AIM Market – Symbol: FRR), an independent oil and gas exploration and production company (“Frontera” or the “Company”), today provided an announcement of a significant upgrade to gas resources associated with its ongoing exploration and production efforts in the country of Georgia.
The Company recently announced that it had continued to advance its natural gas focus within its eastern Georgia holdings by combining the technical focus of its Mtsare Kheve Gas Complex and Taribani Field Complex into one integrated 2,000 square kilometer geologic unit called the South Kakheti Gas Complex. In addition to gas resources previously identified for subsets of this combined area, Frontera’s ongoing work recently concluded new estimation of as much as 135 trillion cubic feet (3.8 trillion cubic meters) of gas in place from reservoir targets found between 300 metres and 5,000 metres in depth. An independent assessment of Frontera’s new internal estimates is now underway.
Earlier this year, during the month of April, Frontera announced results of a report it commissioned by the U.S.-based independent consulting firm of Netherland, Sewell & Associates that confirmed combined prospective natural gas resources of as much as 12.9 trillion cubic feet (365 billion cubic meters) of gas-in-place, with as much as 9.4 trillion cubic feet (266 billion cubic meters) of recoverable prospective natural gas resources at the Mtsare Khevi Gas Complex and Taribani Field Complex.
Did we ever get the external assessment results?
Should be:
Frontera, Its Supporters Accuse Tbilisi of Opposing Company Because It’s American
Ignore title
After the Georgian government won a case in international arbitration against a scofflaw American oil company, the company’s supporters in Congress have accused the ruling party in Tbilisi of doing Russia’s bidding, Eurasianet reports.
http://georgiatoday.ge/news/21207/Frontera%2C-Its-Supporters-Accuse-Tbilisi-of-Opposing-Company-Because-It’s-American
it makes you wonder why Zaza won't allow the arbitration result to be divulged in detail. Perhaps there is something sensitive regarding a third party ?!
I see 0746 Star's post with Zaza's old email address was removed. How's the NDA going with Cairn?
if you read the news you'll probably find the airlines have been shut down for over a month. Those that have been flying have been carrying vital cargo. Gross incompetence / negligence or ignorance?
the website is working fine.
Liliandy - I pasted what was put on this board because the paragraphs contradict each other. I suggest you remove your laces for the rest of the day and stop insulting people on the board who are trying to work things out !
The Arbitration Tribunal also upheld the claims of Frontera Riverside Georgia Corporation and Frontera USA and demanded that the proceedings be adjourned. According to the contract, the decision of the arbitral tribunal is final.
Correct me if I am wrong, but Zaza and SN have not been receiving a payday for a while. Even if they had, they have bought more shares / converted loans to shares (at a loss) than what they would have received. I'll be more than happy to donate £50 to the NHS if we don't hear from them again !
Orden stressed that “Britain is no stranger to the Caucasus and fully supports Georgia’s economic and security aspirations, including Georgia’s integration into European and Euro-Atlantic structures." He added that “a small country, 20% of which has been illegally occupied by Russia since 2008, joining the largest Western military alliance – the process is in fact well underway.”
http://georgiatoday.ge/news/20558/Former-British-MEP%3A-Georgia’s-Ascension-into-NATO-is-in-Fact-Well-Underway
On March 27, the United States, as a treaty depositary, received The Republic of North Macedonia’s instrument of accession to the North Atlantic Treaty, making North Macedonia the 30th NATO ally.
On March 30, North Macedonia’s flag will fly over NATO headquarters for the first time.
As President Trump said, the NATO Alliance has been the bulwark of international peace and security for over 70 years.
"North Macedonia’s accession to NATO today represents the culmination of many years of effort by the government and people of North Macedonia to join the North Atlantic Alliance. North Macedonia’s NATO membership will support greater integration, democratic reform, trade, security, and stability across the region. North Macedonia’s accession also reaffirms to other aspirants that NATO’s door remains open to those countries willing and able to make the reforms necessary to meet NATO’s high standards and to accept the responsibilities as well as benefits of membership," reads the official statement by Michael Pompeo, US Secretary of State.
"As NATO welcomes its 30th member, we reaffirm our commitment to collective defense under Article 5, the cornerstone of the Transatlantic Alliance".
http://georgiatoday.ge/news/20254/North-Macedonia-Joins-the-NATO-Alliance
The National Bank of Georgia sold $40 million at auction to tackle the depreciation of Georgia’s national currency amid the global economic distress.
“On March 25, the National Bank of Georgia sold 40,000.000 USD. The currency exchange rate became 3.4563,” the NBG announced after the transaction.
The NBG has carried out two monetary interventions, in total amounting to $60 million.
http://georgiatoday.ge/news/20190/The-National-Bank-of-Georgia-Sold-40-Million-USD-at-an-Auction
An old release.....
Frontera Resources Corporation has released a special statement saying that since 1997 the company has invested $ 580 million.
Frontera claims that the state has received tens of millions of dollars in taxes and employs hundreds of people.
The statement also said that the mandatory investment program of the contract between Georgia and Frontera amounted to US $ 18.5 million, but the company exceeded this obligation by about 30 times.
“Since 2013, the government has started harassment of the company, as problems have been created linked to the issuance of various types of operating permits and repeated attempts to revoke the license on oil and gas extraction.
In 2017, the State and the Georgian Oil and Gas Corporation launched an international arbitration dispute against Frontera, which significantly hampered the Company's operations and inflow of the planned investments in Georgia.
Nevertheless, the company hopes to continue implementing the multi-billion dollar oil and gas exploration project that will bring energy independence to Georgia and provide its people with greater material benefits.
It is a great honor for Frontera Resources Corporation to be part of Georgia's economic revival, "the statement reads.
Has anyone looked at the Basin Edge section of the website recently? Seems to be more wording and a change of photos since I looked before the website recently went down.
Russian president Vladimir Putin’s spending promises are under threat from falling oil prices that could hurt the savings the Kremlin is tapping to rekindle growth.
The coronavirus outbreak last week pushed Brent crude, the international oil benchmark, down 10 per cent to a year-low of close to $50 a barrel.
The fall puts prices near Russia’s break-even price of $42 a barrel, threatening to undermine the policy that has helped Moscow run a budget surplus and save $125bn in excess oil and gas revenue in a national wealth fund since 2017.
Facing a fall in living standards that pushed his approval ratings to record lows, Mr Putin pledged in January to spend Rbs4tn ($60bn) on infrastructure and social spending as part of sweeping changes that could allow him to remain in power.
The national wealth fund, squirrelled away during years of austerity, is key to those plans. Officials want to tap Rbs1tn from the fund to help pay for Mr Putin’s spending drive. The fund also plans to spend Rbs2.55tn on buying the central bank’s controlling share in Sberbank, Russia’s largest lender; most of the proceeds will be used to finance the increase in spending.
https://www.ft.com/content/1bf1f7fa-5a41-11ea-a528-dd0f971febbc
To add to reg’s post - I very much doubt FRR would have the backing of several congressman if they had not played this down the line. This is very high profile between the superpowers and the Russians and Russian sympathises would be looking at every detail to find a fault in FRRs actions, which in turn would embarrass the congressman. FRRs arbitration will be water tight compared to the GOGCs IMO