Member Info for regdik

Pyro when you post on an open BB then you invite replies and comment some you disagree with or support as this is part of the free speech country I’m glad we all live in. However, we should avoid belittling or deriding others view point as some do. JUST ignore and do not engage with them. If they tell lies or seek to openly mislead by focusing on half truths and spinning these to meet their own agenda/view I agree commenting (or reporting) on this is fair and right thing to do but do not engage in a tit for tat argument you can never win with those of a closed mind.

Back to my privileged life (as some have claimed without fact or knowledge - must have hit a nerve with someone).

Lost causes are not the remit of reputational law firms (they are always logical and low risk).
They will have done due diligence on FRR/SN/ZaZa and reviewed the history (Judgements, Court note, SH/Outrider and YA claim) – and of course Cayman and “the none payment of legal fee” to other practices.

Is this FRR clearing the deck to move this forward or create more mayhem and cost because they are barking mad (new legal team would have taken this into consideration too). Why fight on – I wish I knew but it give a little encouragement that wealthy men are spending their cash and fighting over this, Governments want it, Good all US of A are waving the flag and (for a relatively small fee) supporting FRR.

When will the dust settle I suppose like the US election when the last vote is counted but in FRR case when the last CC is settled or OM take a settlement of shares as like us they see this being kicked down the road like a tin can for the next 7 years (can’t go on longer than that). It looks like OM may like SH end up with nothing (apart from them suffering a fatally damage P&L as FRR projected debt is/was a significant item for them).

Enjoy your weekend

As l understand it a Cayman registered company the BoD has the power to complete a deal without reference to their SH's. This would fit into Moles second paragraphs thinking.

Reading with interest all of the views expressed but as with a guesses (and that’s all they are) no one over the last few years has called this correctly.
What we know is that Outrider have made a play for the licence being transferred to them due to none payment of a loan. However, this is a can of worms as they are several parties whom FRR are in debt too so how can this be managed and could this be why YA registered an interest as a potential blocker (timing of the claim is interesting) - GG lawyers would look at all aspects of this and could not take one creditor over another without a lot of investigation. In my view this is a none runner and would lead to many counter claims.
ZaZa emerging as a director (not CeO) and taking a firm line highlighting that the closure of FRR would revert the licences to GG (jewel in the crown) and that cooperation would/could be a win win.

GG and ZaZa have been silent until now which based on past history is strange as both could have scored points against the other in the past few weeks (the big one is the step down of ZaZa and news that FRR companies were due to be wound up in the Caymans) . What the GG PR team could have done with that.

It now looks like a key date is the 30th of October as the demise of FRR would by automatically revert the licence back to the GG (Arbitration would be meaningless then). A big win for GG.

ZaZa mentioning shareholder restructuring could mean so many things from a JV merger, GG partnership (a few months ago this was unearthed by our sleuths) or dilution to pay off debt (but at what price).

Looks like the end game is in play and all I can say is good luck to all SH (and the biggest “known” is ZaZa)

I think with the history of FRR in Georgia I doubt that it would be possible for this company to continue in any shape or form. The web site closing seems to corroborate that either a sale is pending of the remaining asset or a new company (JV) will emerge from the ashes. Too many bridges have ben burnt and the complexity of this mess will take either years of court cases or an agreed settlement (buy off) to close this. The players may have insurance but as we know the insurance companies will want to se an end to this and will have clause that limit any spend or duration. YA re-entering the fray is interesting as it seems anyone that has a claim of monies is staking a claim – why? Do they see a potential pay out or do they like to pay lawyers to grab a share of diddly squat – any lawyer worth his salt would have briefed their client of the risk/rewards of any claim. YA must think they can get something!

ZaZa and GG Gov silence (he is a major SH and Dream party seem to hate FRR/ZaZa) of late is interesting as this would indicate they do not to rock “the boat” when some easy point scoring would have been tempting – just have to find out what the boat is.

FRR is a shell company with a link to an asset that must be worth a lot as the amount of effort being put in is astounding – I just hope all SH’s get some return (ZaZa is a mere SH now).

Well it seems that FRR are a company in name only
No Board, no workers, no money, lots of debt, pending court cases but a possible Arbitration ruling that gives them operational rights to 1% of a field. Now they have no one in Georgia to switch the lights off so have w become a US shell of a company. So why not just roll over an and seek US bankruptcy protection.

Interesting that some one bothered 2 weeks ago to give us a heads up that ZaZa was gone. Why would a person obviously ITK let the forgotten SH’s know this (and in a slightly positive way I do recall). If there was no future then that was the moment to say – light off and wrapping up what is left is in motion.

Three possibilities SN is keeping the FRR company name to give the US Gov opportunity to comment on the political situation – but this has gone quite of late.
Second thing are being wound down and ZaZa removal was part of the closure plan but a major SH I’m sure he would have had something to say as would his “friends” in the Dream Party having a dig in the press.
Third some form of agreement in place to sell lock stock and barrel FRR’s 1% to keep Georgia happy, ZaZa quite, Outrider and debtors, US Gov and those mysterious holders and hopefully a bone for us LTH’s (as ZaZa is one of us now). This unfortunately would b the least likely outcome but you never know.

I have been away for a while so not up to date with the detail just skim read a few trusted posters not Star – once a liar always .a ..... why is he/she not spending his settlement from Cairns lol).
I would not want a letter sent that implies representation of my holding. However, as an individual SH (or a named few holder and a % of the company you/group represent) I have no problem you doing this. I would strongly advise that timing is key and that this is a volatile time in Georgia until after the elections. Looed do your own thing and not the prompting of others.
RR you are a pr*ck for you nudge nudge post why do this without giving source or chapter and verse.

Off again but thankyou and good luck to the crew of posters that share what they find.

Trying to apply logic to this is illogical.

FRR if thy are insolvent (without backing/deal) all GG have to do is call default on the LoT. FRR would have to prove funds and ability to operate the field. GG have not mentioned, covered or actioned on any of their rebuttals towards FRR - why?
What is stopping this “logical” action – I suspect something lodged in the Arb document

Outrider/Liquidators and CC are or seem to be on the back burner or not as active as you would think they would be

It is on hell of hole FRR are in (as are all SH) – high debt, no production and reluctant Government to western investments.

However, a dim light is still on despite all this negativity.

Why are US backing this looser - probably because of Gregoria’s swing to wards Putin.
But! if there is gas that could be extracted to counter Russian supply grip to the West (Turkey has found Gas under the black sea – cost billions to extract) this will be a political game changer in the region.

Outcome is not looking good but as SH’s SN and ZaZa will get no more than us (just a bigger share of nothing due to their holding size) so why are they still fighting this – not logical just illogical

Back to my bunker – just GLA to those still seeking information in the dim light.

Just a that No one know the final outcome – GG/FRR/US/SH’s (certainly no one on this BB).

If the SM’s mentioned in the Arb docs are American there are three with a Market Cap in the 20B’s (BH is 13B)
Phillips 66 – 24.87B
EOG resources – 23.47B
Valero Energy – 20B (refining) so these are not a fit

If the two add up 20B then BH and Apache oil would be my guess as both have good connections with BP.

However that was 2019 values and most now have taken a big hit on value. A lot of high $ spend projects will have been put back on the shelf and lower cost quick wins will be now being dusted off. If Georgia has the gas and BP have a route to market nearby then we can se why both sides are fighting for control of this area.

I hope the US/ZaZa pact is solid enough to pull this out of the fire and not let those with other agenda’s win.

I have not posted much as I’ve been busy with other things than sit on this board all day but when I have looked in “Mr Happy rats” has dominated the conversation with his consistent repeating his views of “it’s over”. Yet here we are 18 months later and FRR are still here and not wound up despite deep debt, GG calling them liars over Arb results, too many CC to mention and all over a piece of real-estate that has no value according to some.
I refrained from commenting on the supposed Arb document as I without all of the supporting annex’s and legal eye I would probably make the wrong assumptions.

What I see is ZaZa doing what he can (and now supported by Steve) in what can only be very difficult and worrying times. Will he come out with the operational part of B12 (this will be big win) or will the others gain from the half a billion invested by FRR (us).

All I will say is that nothing posted on this BB will influence the final outcome but may give PR opportunities to those fighting FRR.

On an other side nice to see C5 posting again like him or not he has in the past should a very good understanding of the political situation and called out the difficulties that we are seeing now a couple of years back. A poster I personally read.

As of BP they have been building cash reserves now or a couple of years that must run into the ten’s of billions. They are also trimming down (moving slowly away/diversifying from the old oil based model) and focusing of low emission energy platforms. However, I expect to see acquisitions in these areas that will produce results and help stabilise SP and increase market confidence. A portfolio with high long term low cost reserves of energy (low emission) is better than cash in the bank. Georgia if they have “any” of this would be more than attractive to BP as they have a route to market (Europe) and need to fill a rather large pipeline. So a win win – quick to market and a better bottom line and killing two birds with one investment.

Back to my other interests but good luck all.

added a few quid to the pot.
Some great posting from the team keep it up

Predicting prices is a risky game you should just set a price that you feel offers value (based on your research and a lot of gut feel) and buy based on how long you want your cash tied up (LTH/STH). Investing and trading are two different animals and the market needs both.
Most here seem to be LTH ( some locket in with a high average) others that see value (like myself) in the share. BB are littered with those offering you their expert advice this is going down (get out) this is going up (get in) so they can benefit from those they spook.
How do you spot them is that they quote a price or offer a single dimensional view on a report (there are thousands of so called experts offering there ten cents worth) and claim is fact.
DYOR as best you can look at the whole on the single view and if it looks like a pig every chance it is so don’t waste your money.

Banks are slaves to market sentiment so reflect the mood (or the pulse of the day). So do not expect flash in the pan movements but movement in line with trends.

Will this price recover look back at 2008 so the Government would not let the Banks go under so the same rule will apply. So yes the SP (in time) will recover based on that.
What is different
The Gov needs the back lending and so have underwritten most of the risk (via the BOE releasing funds available to the banks) but the banks will get an interest payment (Gov first year then the borrower). Some borrowers will go bust but lessons of 2008 will come in as the banks will take on the assets of those that default and a more managed release than the fire sale that we witnessed then.

Banks will start charging for accounts as it is costing them to hold your money.

The break up value of Lloyds far exceeds the current SP. This puts this share at risk of a potential break up or hostile bid – both of which will be good for the SP.

Enjoy the sun knowing that this share is safer than most.

Interesting prospect of a negative interest rate. This will herald the end of free back accounts and handling money will cost and this will be passed to the customer. Lloyds banking group have over 30Mil customers so this has a potential to be a good revenue stream if a monthly account charge is levied. It is something that the industry have been looking to implement and this could be the catalyst.
Would people close accounts – no as they need facility to pay contactless payments and SO/DD’s.
The world has changed and always go where the money is and the banks will be getting years of interest from the government backed loans. SP ups and down but the trend will be positive IMO.

tsbs is would make perfect sense if ZaZa was eying his next job is in politics.

He would make a great Energy minister but would need a high degree of credibility. He has the backing of the good old USA.
Would explain the almost hysteria the dream team are going after him. If they won then all FRR are saying is just noise and would be ignored as it would go away well before the elections.

Well done all on some great finds

Couple of things – A lawyer giving such a short brief on 4 points? So why not comment on the 152 page judgement?

I would like to raise a couple of observations
First FRR have said they would release the 99% but at the last possible moment (GG have forced 27Th July). Once the Arbitration started this would freeze the disputed ownership until a Judgement was made and GG won and they would ask for value of the O&G from this area and by what has been muted this seems the case. But this is the area of the old nodding donkey wells dribbling a barrel or two per day (less production costs)
The judgment ruled that FRR therefore was in breach of its contract but only awarded GG 99% and this judgement over rules the PSA
Cost are a fuzzy area and will be fully detailed in the judgement
FRR removed the counter claim prior to judgement so this is Lawyer playing to an audience.
A government has show a history of lack of cooperation towards FRR since the Dream team came to power so by definition this political

Not the fine detail I would expect from lawyer just a rehash

I fully agree welloilled BP found it difficult working with the Russians and lost all their investments for a share of Rosneft a supposed partnership made in hell. I read a book a few years ago that almost mirrors what is going on in the Georgia. A fictional novel (by an ex CIA regional expert) but as this has developed I have reread it during lockdown (no need to write a book now).
Might be worth a read a fictional story explains the geopolitical influence Russia has in the region (and influencing elections).
A good read - Command Authority

I will not repost but I think some are missing the point.
Once it goes into Arbitration then the judges rule on all the submissions and resubmission based on what is contractual law. This takes into account both sides submissions and look at the PSA and make a ruling WHICH is binding (both agree).
This ruling over rules the PSA but it seems to agrees that FRR were at fault so gave back 99% of something which is indicated as none developed area. It seemed to rule that the operational area remains with FRR. So both seem to be claiming a win. GG seem to interoperate that back in 2017 the material breach mean that they can terminate the whole of FRR licences. However if the licences are linked the judges have made a binding ruling so nothing GG can do as their ruling is binding and sits above the PSA.
If the operational licence is separate then this is subject to a different PSA so breach of one cannot impact the other. FRR still have a number of years left on the operational licence so any cancellation FRR can take this to court of Arbitration (new case).
My view is that the PSA’s are linked so the Arb judges will have known about the material breach clause during their considerations. I suspect their will be a reference to this clause in one of the 152 pages none of us have read.
The Arbitration judges DID not give GG 100% of the ruling so something is still in play IMO.

Agreed but the Judges have to be on a panel of international Arbitration approved and have the skill set on O&G contract law.
So GG could not appoint a judge and send him along (nor could FRR).
Hence a high level of independence is maintained.

A lot of ping pong posts on points of law/contract/PSA/Arbitration rulings that non of us have ben privy too.
All we know is that a 152 page judgement has ben logged with both parties that is binding.
One party once to release (GG) the other is reluctant due to certain content that they infer requires third party approval (FRR). However, FRR have proposed a joint (therefore managed) release of the document that we can assume protect sensitive commercial issues.
The Arbitration judgement sits above the PSA in law - however, may contain caveat and rules that are binding on both parties.
The Arbitration judges are independent to both parties but they can nominate one from the approved panel of judges qualified to act on this area.
The judges will look at the PSA and seek representation (interoperation) from both parties and seek clarification (which is the additional submission after both parties reviewed what the other submitted). Then the judgement was submitted.
Were the Arbitration judges required to look at the PSA for development, operation or both (if the were legally separate).
If they were legally connected then the judges would look at both and make a ruling.
If not they would only rule on the disputed claim.
This begs the question if they were separate then FRR have the legal obligation to create a separate Arbitration case (and new CC) on the land grab of the 1 or so %. They are either linked in law or sperate entities therefore, FRR have the right to appeal and create a new Arbitration case. The reason I’m stressing this if they were linked then these judges would have taken into consideration the prospect of the breach on the operation licence.

There is 152 pages of unknown here and all we see is opposing views hence we have very few facts to base any real assumptions on. But nice to see FRR are still fighting there corner (give a little hope).

I'm telling you now - if you want to make a fool of somebody - Coggy's your man.