Member Info for regdik

Just let me explain why I think the ink is dry (had a few calls on this)
If FRR did not have a “conditional” signed deal in place then there is little value of FRR keeping the Arb ruling quite. I say conditional as the Major would have inserted the clause of subject to RRR retain what they want. The deal would be pre Covid some way better terms than they could negotiate now so major would want to renegotiate due to the “new world” and not what was done last year.

I agree with CF73
If you won your case and the other side claimed differently you would not rant and rave but just let the judicial process take it course and continue to plan what you would do with the asset.
What is so important to force FRR to release the Arbitration document.
GG must see that is would damage FRR in some way. I doubt it would be flow rates or tech data as this has taken the interest of Majors. Could it be that FRR are legally bust but that would in itself cause the licence to revert to GG. The only thing is a commercial deal that is subject to an NDA. Breaking that could impact this and cause the Major to walk away. This tells me the ink is dry on a deal. They want FRR to default so they could walk in.
Remember that in previous CC with Hope that the judge agreed that certain documents could not be revealed.

Interesting to see the FRR response.

Do not underestimate greed this a the dream team and they may be Russian focused but the big money will come from the west. These guys are desperate to get hold of the whole block (the empty box). So Arbitration ruling needs to be reviewed and see who is closer to truth.
If GG are correct I would have expected to see the full document leaked (after all they won) and then play dumb of how/who leaked it........this has not been done (as yet). You could read into this that ZaZa has spoke some truth regarding the privacy required regarding the possible commercial side.
GG will find it hard to sell B12 if FRR seek a ruling on the Arbitration (Majors will want to see 100% ownership before they deal and not another CC). I doubt FRR would do this until the 90 days have elapsed and this takes it right up to the elections and will probably be a key issue (moving away from US/NATO and EU). Not a vote winner so I would expect some sort of deal unless ZaZa wants to damage the dream team.
This is Political to the core and in the hands of those who have a different agenda to SH’s.

The arbitration outcome is final
Georgia cannot change this (even in their own courts) so after 90 days if FRR re thrown off they could then go back to court (Arbitration) and seek damages which would be significant and GG could be looking also at a large fine.
FRR would have had to show the Arbitration judges that they were in a position (going concern) to meet the ruling (a point not raised). Therefore, business plans, technical data (inc flow rates) and any potential deals would have been submitted. This would explain FRR reluctance to make this public.
FRR do not have to do anything if the Arbitration leaves them with the cream of the block.
Just let the clock run down and then return to the judges and let international law take over.
This would be a disaster to the dream team just prior to the elections.

I could never count. The heady days of jam tomorrow in every RNs.

Hi Guys I’m not here to comment on B-2-B credibility but if you look at anyone’s posting history on this share you will see significant changes and contradictions – none more so than mine.
When I posted my first FRR post way back and the only feed back/comment was from B2B that responded to a technical view of the B12 field. Way back when I had 100K shares (£10K worth) and Coggy had 5% of the company. How many times have we all called an end date or when happy times will arrive just for another twist in this epic crash our dreams.
All I want to point out with posting on this share that they are many, many moving parts that are out of control of one party (ask ZaZa, Hope and many more invested parties).
I now restrict to posting what little facts we can see (very few) and the one that stands out is that FRR are still here which defies any logic. High debt, no production (no revenue), Unfriendly host country, CC issues and now licence problems. So why is FRR still fighting if everything is stacked against them.
Another fact is the US see Georgia as a strategic area and hence with a little prompting (with $) influential political movers and shakers are supporting FRR and these would by course have checked the background of this company.

Money corrupts and the prospects of a lot of money in the shape of O&G riches not in the terms of few million but billion will get those in power (and crime) very interested so why let a small prospector take all of the jam. There is more in play here and some entity in the background is keeping this alive.

Once that entity gets the result they are looking for then we will see a resolution (good or bad). Do not think this will be automatically a good result for SH’s as we are just a bystander in this political game. However, the BoD are in the same boat as us smaller SH’s so they will be seeking some compensation otherwise the past 22 years have been waste of time.

No one can call this but the cards are stalled rather high on the negative side.

Arbitration ruling is FINAL

I was a bit perplexed at GOGC revoking the licence as in my mind (only based on what they GOGC published) this goes against the Judges ruling.

The arbitration ruling was on the performance of FRR against the PSA during a set period and a judgment would be binding on both parties.
This ruling becomes in essence the master agreement due to its binding arrangement and sits above the PSA for the agreed period. The PSA may come back into play dependent on the judges ruling and caveats. So based on what GOGC have stated a 99/1% (undeveloped/developed) ruling is the outcome. THIS is the arbitration interpretation of the PSA and will include all T&C’s include the key on Mole mentioned (material breach).
In effect the old PSA has been overruled by the judgement and as I said in law sits above the old PSA (and any T&C)

In simple terms the judgement sits above the PSA for the period in question (but we need to see the detailed judgement).

What cannot be done is that one party to then invoke their own or retrospective view. If the judgment was 99/1 (undeveloped/developed) then that is the what the new start will be (this was not a 100% ruling in favour of GOGC).

Just in from our leader

Right lads its been a hard year and a bit. We have a hard time with the shorters and that Hope fella wanting his money or my precious shares using the privileged information to sab us in the back. But can’t really say that as our lawyers will go ape as the case and negotiations are at a critical point. Steve said we can duck in dive delaying the Arbitration to stop Hope claiming trying to claim but without knowing what we would have left he would have to delay. Pulled a deal or two with our GG mates moved shares around and created a new 50/50 partnership that will hold whatever is left and what they will gain but I can’t tell you that as Hope’s smart arsed lawyer will call a default (so pretend I said nowt). So what did I come on to say ah yes we will be looking to sell but GG needed a bigger slice of the cake (greedy buggers took a giant bite) but to sell at top dollar they needed the operational side (could not take that due to our operational licence) and the data of B12. Heck I can’t tell anyone that too.
So pretend that I did not write this so what I tell you er.................

Sorry just a bit of cabin fever taking hold.

For that field yes but they could not access Basin Edge for instance but area underground surrounding the block yes. If that is the prime drilling point for that field then the surround area will soak back into B12 (over time). Some of the old North Sea wells are becoming viable again due to this process.

Phil the land mass is not that critical as its only he access point to drill from. Underground is vast porous structure with oil and gas pocket and occasional lakes or pressure pockets. So as you extract from your access point (mud, water, oil and gas) the ground below back fills from the surrounding area. Look at the graphics on the web page. Companies also do horizontal drilling to maximise the area potential below ground. Technically in theory you only need a few hundred meters to access your basin. Owning the whole block stops others tapping into the lakes of O&G.

Puddy is a shorter (shortr than Coggy)

LSE are to rebrand this BB as of Monday

New name - HCA (Hotel California)
Once you enter you can never leave

Phil
I think only 3 of the operational fields in B12 would interest a Major
Taribani (2Dand 3D seismic)
MGC (2D)
Basin Edge (2D and 3D)
Shallow and Mirzaani (2D) re more oil based (low flow) and have apart from Basin Edge have the leased development.

Work has been done on all field over the years but most by a mile on Taribani (jewel in the crown)

However, to develop B12 will require billions of investment in infrastructure (pipelines, storage and drilling operational wells) so looking at a small part of the block knowing that there are other areas could be potentialy taken by competitors. Hence my thought that 1% would not warrant the investment v risk.
I think FRR will now be forced to show their hand and publish their view on the judgement or close shop. The next week or two will decide FRR's future.

Just a point
Any major would want the whole block 12 not 1% so I doubt a deal for that is in place.
Saying that if GG sell the 99% the major would want this area as the data would save them millions and this is the area thy have inspected. So GG will have to grab the other 1% as none payment but FRR could counter claim the 6Mil spent on lawyers is equal to what GG owe FRR (coincidence). The lobbying I think was to ensure that FRR would get a fair % of any sale of the whole of block 12.

Just my view of course but would explain some of the FRR actions/payments.

The only thing is FRR have either to go bust (in days) and that is the end or if thy stay open then they must expect something in excess of the large debt otherwise what is the point dragging this sorry mess any further.

Not the outcome any holder wanted but a few months back Oppsi did indicate that FRR had a poor case and change of lawyer at a critical stage was not good. FRR is a dire position and any good legal rep would have told them this. If we are left with !% or so of the developed field this is where most of the data has been gathered. Has the ongoing payment to lobbyist been aimed at GG to ensure an extension is granted (as these Lobbyist would have no impact on the arbitration). If so this will have a significant value.
Now with the looming debt repayment and now an additional 6Mil to find FRR will have to file for full bankruptcy or sell out what is left (it is the prime plot) and the data will be of value. Going alone is not now viable.
We do need the BoD to put out a statement asap.

Yawn ....is it summer yet.
I was told their was a roll call the other day but must have missed it due to my social hibernation.
Just reading a cook book by H Lecter called “You are never hungry with friends around”.
Some interesting recipes when things get desperate.

Good health to you and yours

Just to add if ZaZa has asperations in the political arena he would need deep pockets that a O&G field would bring. Plus it would not hurt if he is seen as the one who brought in the wealth that O&G would bring for the Georgian people.
Therefore, the perception he played on in his interviews that it was the GG and not FRR that caused the redundancies and delayed bring in the potential wealth – giving a perception that he was a trustworthy person. I cannot see that he would then shaft his SH’s in the process. Would not be seen as a sound move by his backers and new investors (majors).

GG for the arbitration went out and secured the best lawyers in the business and spending a significant 6Mil on their services. So in my mind they were/are serious about obtaining a favourable outcome. On the other hand FRR seemed to struggled with their team or are they using similar tactics used in the Hope/Outrider case (dropping and changing lawyers) to extend the time line so that the US political movement came into play and become an issue in this years elections. ZaZa last news release read to me that it was political and that the Dream team were hindering the progress of the country thus supporting the US view that changes have to be made or the consequences (NATO, US Investment and EU support) could be delayed for years.
A couple of points that interest me is ZaZa focusing on the sunk cost (580Mil) in both interviews as this I think relates to what has been found about the arbitration board would take into consideration the level of sunk investment that cannot be lifted and used elsewhere by FRR and would be a direct benefit to GG if they win. I would go as far as to say if GG come away with most of B12 then a level of compensation will be due to FRR for this work.
The second point is that ZaZa indicated he had access to billions to bring this home for the GG people so he either has a deal done in the background (this will be only in place if a positive outcome was expected) or he thinks he would not be called on to deliver on this promise (GG win). ZaZa is a political savvy person and will have an eye out for the future and this could provide a path into high politics (remember SN’s expertise is in this area) and ZaZa would have the full backing of Uncle Sam.
Could FRR be the sledge hammer to crack a nut and turn Putin’s Dream into a nightmare.
What will be the consequences for the SH community is still unsure but its good to see that this dog is still barking and one day might catch the car.

All quiet on the Georgian front

What a change in a few weeks from Georgian workers picketing oil shipments and being vocal in the press to there own radio silence......
Goes to prove this was planned to coincide with the final submissions.
Even our US political mates have gone silent to an extent has a deal been done or showing up Georgia as a Russian puppet state trying to influence the arbitration team to look deeper into what the background to this was all about.

If the Arbitration team accept that riches are about to be released then I would expect some recompense be given to FRR for finding and proving this (even if the rule in favour of GG).

Just waiting now for the ruling

In my view there has been changes on the structure and few more graphics (last time I looked was just over a month ago).