Member Info for regdik

As I understand it required the agreement of GG to move (reassign) the licence to another FRR trading entity. This i believe was completed just prior to the liquidation papers being issued. FCA has no powers in Cayman and Georgia as FRR is also a private company.

Sorry about the double message

I have asked around and the term is a catch all added to most documents in this sort of case. I think it is a mute point as it looks as though FRCC has been spun off from the company that is directly involve our shareholding.
We do not hold shares in FRCC – the assets of FRCC are subject to the liquidation which includes 5% of the licence. On liquidation is will automatically revert to GG as per the Licence to Operate agreement. Any value up to that point will be part of the liquidated asset.
The new holding company although registered in the US has the other 95% off shore (Georgia) and this will necessitate a legal fight in that country by the liquidator (yet again in the terms of the licence that any dispute would be subject to Georgian law (apart from Arbitration issues)). Will the liquidator fight a multi year legal case against a FRR and Georgian government I very much doubt.
I think the Cayman liquidators are looking to bring this to a close asap as they see very little that can be gained prolonging this case.
As I said this is my view based on discussion with a relative (legal profession) and without sight of any documents so I will defer to our resident experts Oppsi view.
I have asked around and the term is a catch all added to most documents in this sort of case. I think it is a mute point as it looks as though FRCC has been spun off from the company that is directly involve our shareholding.
We do not hold shares in FRCC – the assets of FRCC are subject to the liquidation which includes 5% of the licence. On liquidation is will automatically revert to GG as per the Licence to Operate agreement. Any value up to that point will be part of the liquidated asset.
The new holding company although registered in the US has the other 95% off shore (Georgia) and this will necessitate a legal fight in that country by the liquidator (yet again in the terms of the licence that any dispute would be subject to Georgian law (apart from Arbitration issues)). Will the liquidator fight a multi year legal case against a FRR and Georgian government I very much doubt.
I think the Cayman liquidators are looking to bring this to a close asap as they see very little that can be gained prolonging this case.
As I said this is my view based on discussion with a relative (legal profession) and without sight of any documents so I will defer to our resident experts Oopsi view.

Dave after a number of years of struggling it looks like a light has appeared at the end of the FRR tunnel. Will it come good and start smelling of roses I don’t know. However as legitimate SH in this private company (and a SH/pensioner in BP) I can take steps (even legal) to ensure that any deal with GG/BP would have to be made public. The US Gov. themselves are seeking transparency and fairness with any GG/USA agreements so any shenanigans would not go down too well with the powers that be. As a SH/pensioner I can ask questions as a group we have a very good relationship with Bob who attends many events. Indeed if a BP deal is announced I can ask direct questions of my old peers and obtain information.
Nil communications are never good but I suggest you look at what has happened this year and the amount of CC’s is staggering for two directors and their lawyers to manage (the changing of lawyers alone would be a full time job). To start a dialogue even “the lights are still on” would cause a natural flood of clarification requests. I don’t agree with FRR approach but they obviously have agreed a closed shop environment and they are sticking to it.
All we can do is watch and wait and we have a first class sleuths sniffing out any mention of FRR (and derivates) that will keep us informed the best they can.
If you want to blame someone look at those who made it difficult for FRR to raise funds by shorting. If their greed and pumping and dumping did not take place we would be in a different place as a company.

I think we are in a very interesting place at the moment and the end game of the arbitration phase looks or seems to look as if a settlement has been agreed and the legalities are being put in place (required if any JV/Sale of B12 is to take place). Legal ownership and licence detail is prerequisite of any 3rd party offer. Therefore, it looks as a partnership deal with GOGC is/has been put into place and licence duration should therefore not be an issue.
All this needs clarification but on the whole I’m confident that thing will move at a pace now.
I’m also glad that FRR were not swallowed up 100% in a default or the licence revoked and I’m sure SN political play must have been a major factor here.
This must have been a very complicated legal play to both delay a debt default which would have handed GG (not Hope) the licence back. Remember the liquidators would only be looking to recover the 2Mil (with interest) and costs so we could have lost the company because of peanuts unless we could come to a deal with Georgia. I think Hope trying/threating to default FRR was a bargaining chip to get his own bigger slice of the cake as he knew that any final default GG (not OMF) would gain. Hence the significant change of tack by him to go after the shares as he realised that GG had backed the licence move to a different company. He would have been advised that he would have to fight this case in Georgia and not the US with little chance of success (we now see the cost of that agreement).
This box must be very valuable as Georgia wanted a much bigger slice of the cake (and seems to have it now) and I’m pleased that this could transform their country (and hopefully our fortunes).

Shah Deniz gas through TANAP into Europe ceremony - last week was widely reported and commented upon. That is Azerjaban gas to Turkey via Georgia along the BP consortium pipeline. Interesting that a very senior BP with very strong links to Azerjaban was quoted as saying " very important milestone. Natural Gas from the Caspian to Europe". I would have thought that they would have promoted Azerbaijan (major BP investment area/partner) rather than the region unless they expected other gas to help fill the pipeline soon. These guys never say anything or publish information unscripted.

Have you not been invited to our reserve site 2Mil. It's already and waiting.

Thanks - mobile phone yes 2027 (and beyond :-))

Lets break this down
We know that FRR still have a licence until 2007 and negotiating longer period. So a deal is being worked.
We have been told that GG owe tax to FRR (in the millions and ZaZa indicated that they may pay in a different way)
We know that BoD are major SH’s and find it hard to do a deal without impacting all SH’s including themselves.
If they are paying off the companies debt then they seem to think that FRR are worth saving. Otherwise, it would be better for GG if they let GG go under (400Mil and the ability to sell the block).
I’m happy that the FRR employees are to be taking care of.
BoD’s wealth is in FRR shares that to me is a positive,

Why do the supper powers want to cosy up to Georgia (apart from the wine).
Georgia is a small country that compared with its neighbours is poor and its biggest export is wine. Around 5Mil population with a low level of disposable income.
Do they know something we do not – an economic boom in Georgia is coming.

Only ONE thing can trigger this is an abundance of Energy supply.

Do the super powers want to share in the possible coming growth that this energy could provide (just look next door) Billions could be spent building up there infrastructure (Ports, power stations, roads, retail..............)

Or they like the wine and its a good place to holiday (but mind the snakes).

Gosh what has Georgia got that Russia, China and US want to be bests mates with.

I agree tsbs. the most obvious is that is an unpaid bill due to the lack of financial staff to administrate the day to day running of the accounts. I'm sure this will be resurrected once other more important thing get sorted

I very much doubt that the end of FRR (announcement) will be the suspension of a ill used web page.
This is very minor compared to the scope of what has been going on this last year.

However it could have significance in other ways both positive and negative so reading any thing into this will need a clairvoyant help and not SH's second guessing

The most common reason is none payment if a suspension notice is posted. Interestingly the webmasters link on the page is also down.
So it looks like none payment and closure or a planned closure of the site. Whatever the reason I doubt we will find out until someone wants us to find out.

Sorry to burst another bubble but the value of the gas in the ground is a fraction of that in a producing field. No major would value the field until they have a full understanding of cost of extraction and distribution routes. So they will know their costs will be in the low billion to develop and operate a field in Georgia due to previous investments (AGT pipeline). This new development of a field is sunk cost and would be recovered prior to GG receiving any significant revenue so could account for their hard ball attitude to ensure they can optimise a deal and not wait a couple of years for revenue (it will take a couple of years to get any significant product out of the ground).
Additionally without stability (guaranteed) in the region its would be a significant risk to any major to pump in more billions of their SH monies.
So we have a situation of real progress on the US/Georgia agreements. Nato being proactive and all are saying the right things. You also have majors gearing up in territory with well and field development experience. You have a situation of many majors freeing up capitol (BP also sold/selling 5.3Bill asset).
If I were a betting man I would suspect that something is going on in the background in Georgia with all this heavyweight activity taking place.
Value of FRR (if this is in play) IMO will be spread over a few years as the boxes securers are let out.
IMO better in this than out - so I must be a gambling man.

Just to keep a balance on the board
Aye lads and lasses you’re are all deluded did you not read the mortgage document page 54 the third line down and starts with a d = d for doom I can read and pick out thing others cant see. I’ve (like my mates) have written this off and so should you. You are all cretins for not listening to me or my alter ego’s. I think I will start charging you all for my valuable time.
You all put me into a rage do you not know I’m a star and have lost a fortune like poor 2Mil who cannot remember it was his dad who bought his shares and not his money. Its all your fault because of the stress of you LTH’s finding real facts and not good points like page 56 line 8 or was it 10 – sorry I post so much as its hard to keep track.
No animals were hurt writing this rubbish but we need to balance the good work of the FRR sleuths. I think I will vote for the shorters to keep them happy - not on your life.

You wonder why some posters got to great lengths to get their views across. I’m open to reading most views (although I refrain from responding to most). Its interesting the tack they take which is to pick up a point that no one knows the definitive answer and challenges people to oppose their view (Cairns is a good example). Or take a document of many pages comment, terms and conditions and focus on a few paragraphs rather than the total document. To review and read every scrap of information on a share that they say has no value beggars belief unless they have an alternative reason. However, this has its value as others with open minds and balanced views can also read these and come to an educated view. So I hope they keep posting the links so the likes of Oppsi and others can use his trained eye to comment.

Looks like things are moving in Texas and the lawyers are taking and 12 Feb is an important date. Or should I say might be an important date or just a lawyer turning up with a settlement cheque to pay off OMF after an arbitration settlement leads to a deal (loan or sale). A lot is scheduled prior to this date. Or it could be game over as GG take back the licence from FRUS. Then the 3.5 Bil damage case really starts kicking off (FRRvGG).
One thing for sure Hope will end up with nothing from FRR and SH will be left hanging for years.
One thing that is a “true fact” - SN/ZaZa know how to duck and dive and must be guided by an expert in legal loop holes otherwise it would have been game over by now or have they not reached page 54.

Interesting those that think the shares are worth zero, obviously they have little or no experience of owning shares in a private company. These shares are not listed so have no listing value – hence the 0.00 price shown. The last closing SP should not be used as an assumption of value.
The current value of the company is unknown to us mere SH’s but ultimately will be based on their asset and in the case of FRR the value of the seismic reports and data (this alone is worth many millions to a potential operator). The licence will also have a value based on this data, time left and the sunk costs of +400M will have to be taken into account (if they sell/JV the block the new operator can recoup this). Yes they have debt in the region of 55Mil and owe wages to employees and lawyers but saying the value of FRR is zero is disingenuous.

I wish those that post inform for the consumption of this board make it clear that this is ether on personal opinion, assumptions or fact (backed with evidence). Not posting snippets or emotive headings and then wonder why others object.

Some good information on the SN submission is being drowned by some on here. Reading some of this looks positive to me but I’m looking forward to Oppsi’s and other valued posters take/thoughts.

Oh deal 2Mil - when will your dad sort out your education.
I deal in facts and never indicated GG were supporting FRR - talking yes as its documented.
Tax rebate no doubt that they may owe some but did not include it as its the amount has never been confirmed and agreed with GG. Therefore, not a fact. Twisting content as per usual.