Member Info for regdik

Facts emerging in the recient few months and I'm sure I missed load out.

FRR are still alive and talking with GG
FRR are pictured supporting Georgian exports (wine) with senior GG officials
FRR still have a claim against GG for 3.5Bi
Arbitration is still active and looking for a date that exceeds 2027
FRR have paid US based lobbyists a significant sum in the recient months/years
FRR have been supported by several senior Politian’s in recient months
FRR have not paid their employees and have made some redundant.
FRR have not paid their Cayman law firm and have moved the case to California which is under review to withdraw (with or without a lawyer)
FRR are shedding lawyers at a rate of knots and are seeking new firm which is a well known delaying tactic (as used by Trump several times).
Texas (Hopes case) is still having trouble serving papers on ZaZa and SN and are seeking court action to resolve.
US law has no authority in Georgia
US are active in supporting Georgia and are in the process of making a significant treaty law
Georgia has been subject to outside interference and cyber attacks
Georgia has been also meeting with a Chinese trade and investment delegation
FRR have moved their HO address to a new location associated with several interesting firms that deal in distressed companies retain assets.
FRR have moved 95% of B12 to FRUS
BP are ramping up in the region and the main AGT pipeline passes B12.
FRR have still not communicated with SH’s
FRR have a failed bid on the Dolphin Ukraine block and would have spent a significant sum on this

I have not included any information on court documents as these have not been tested in court so remain unproven.
I have not included any financial or production as this is speculation.

So what stands out

FRR are fighting to retain B!2 and extend the block licence past 2027 and have activity sort US political help. US have responded positively and have put into place (but not yet law) a treaty protecting Georgia’s sovereignty with full US backing. This is a big thing in Russia’s back yard. Georgia is on the silk road so of great interest to China and would not like any US influence in play. China are looking for new sources of energy.
Apart from Texas (Hope share grab) the CC seem to be slowing down with signs of negotiations going on. This has taken a year so have FRR successfully played for time protecting B12 from Hope whist the political situation and arbitration is sorted. The issues with staff indicates that a price had to be paid for this delay as FRR clearly focused funds into Political issues and not the coal face. The workers are like SH bystanders and both have been impacted.
This must be a very big box as the effort by those fighting to open it as been immense.

Outcome is unsure but the known facts indicate to me that a end may be in sight

An SM would not buy without a firm legal licence to allow full pay back - hence waiting for arbitration to end.

Speculation or Theory
Speculation based on no firm evidence
Theory based on more tangible threads of knowledge but no firm evidence

I now thing we are moving into the Theory mode as more and more threads are emerging.

Theory one
FRR are a bankrupted company that has yet to realise this point and are still racking up legal costs just for the hell of it and the BoD don’t mind getting a criminal record.

Theory two
FRR are clinging on to block12 using whatever means at their disposal and hopefully will sell the asset once firm ownership has been finalised.

What evidence support these theories

T1 – Unpaid lawyers, redundant unpaid staff and dodging court bailiffs are the most obvious.

T2 – The data on B12 was shared with SM’s. BH MoU, Ukraine bid, BP expanding operations in region, GG selling other blocks for prospecting, Block finding oil/gas, Redundant staff would indicate they are not going to carry on producing and GG still talking with the company are the most obvious.

There is also a raft of other speculation
Cayman lawyers badly advised FRR and hence their possible none payment (to date) as this seems to become a complete dogs dinner. Current lawyers filing to leave FRR (in good order) but will not divulge privileged information (only in closed session). Oppsi’s find of moving of the registered office with links to specialist asset protection/liquidation firms that have direct association with BP legal. GG still in negotiation/arbitration with FRR (proof of life). Hope going after personal redress with BoD rather than FRR seems to indicated the licence is slipping away from him.

Theories are stronger than speculation so I think this mess has moved on to either we have lost it all but BoD have yet to see this or we are crawling out of the mess and may emerge with something. Everybody bets are in place and the croupier has said NO MORE BETS (a long time ago) as the wheel slows down – will it be red or black.

Could be a po box at this location and managed by them.

Tim I did not say that but if you are connected in LinkedIn you see a persons contacts (as they see yours) and therefore their work history. I'm not connected to Mark.

Sorry to dampen your enthusiasm but Mark is in the Execute stage of the project (BP use CVP method) so it looks to me like the Pipeline and pumping station project to me which is in this phase. Plus he is not connected to Ann which I would expect.

Lots of negative news surrounding Frontera (as usual) and you can never put a positive spin on people being made redundant and having no money for several months.
If their contract were with FRCC would it not be the liquidation company doing this as they control the company. If is the case any move from the other part of FRR would show the court that if fact this is one company and not separate offshoot.
This is as clear as the mud coming up with the oil. So all we have is what we find or glean from sources that may themselves not have the full story even those that work on the coal face.
If BH are still around they would be doing their own thing and not relying on the locals.
As of every day we cannot change what is and what will be with this share.

If we have no money, no workers, no production then we have no company so why are we not seeing GG taking back the licence as it looks a slam dunk that we cannot deliver to the licence requirements. So what do they know that we do not?

ODR
No one on here could answer that question as we d not know which of he Frontera entities submitted the vat rebate request. Additionally, if the submission to move 95% of the licence away from FRCC could have also included the Tax liability issue. In essence we don’t know.

Guy’s it Saturday night go out have a pint or two maybe a meal its more than some of the workers can do.
Remember journalist are there to sell the paper and as we see every day they are prone to focus on the extreme and not the mundane. I would not trust a journalist to distribute any fund (may be tempted to use to buy a story) that may be raise but instead I suggest that one of the LTSH travel with the monies and meet with the workers reps. I would suggest someone who has been over before.
Is all this true – haven’t a clue
As an aside I was aware of the financial people no longer are with FRR (or what ever letters) as I’m on Linked-in with a few of them. George has been working for Woodcraft for the last four years whist still showing FRR on his profile. What is interesting as they are connected to me I see their contacts (some familiar names that I see on the BB – remember I used to be FoF admin) and they see mine - I did offer to introduce some of them to Ann but none responded nor have they any new contacts listed – strange that if they were looking for work Linked-in is a good place to start - none took up this offer of an introduction (my Linked-in is BP who’s who senior staffers whom I have worked with based in AZB and now one in Georgia).

Like some have indicated the oil well head taps would be closed as this need to be barrelled and stored. However, the gas directly supplies several villages in the area and GG would not allow this to be turned off so some of the workers will be obliged to continue to work and provide a service to the local community.

Big boys are NOT interested in more Oil but are in any gas find. You can be sure that all that is holding this back is an understanding of who has what and for how long as this will be prime in determining an offer price for the asset. It will take a major two years to get volume gas to market so a short licence time is not worth a major investment in plant/pipeline. Hence they are in the background and not active not only due to the LtO issue but the finalising of the US treaty which could be only weeks away.

IMO we have only a few weeks to wait and what will be the outcome ......that is in the hands of politicians so in one way I do hope the workers demonstrate outside the US embassy as this may prompt the US to ask why the GG are withholding Tax rebates that are hindering the progress of a US company to pay their Georgian employees.

Have a good night all off to my sons pub for a few (as he is paying).

IMO the arbitration has been thee main feature here and not the CC's as all hope could get from Texas was the shares or the 2Mil plus interest and considerable legal fees. However, this bought FRR time to come to an agreement with the GG around who gets what of B12. A deal could only be done with other parties when ownership is guaranteed (all or part). FRR would still look good to a major at the sunk cost could be recovered (400Mil) in time rather than go to open bid for a block that seems to have proven reserves. The Chinese are very active at the moment in Georgia and I assume this is why the rather active activities of the US.

Interesting - but what do you think these guys will be divvying out - once default/liquidation the licence in play reverts to Georgia. S your taking a few desks and a fracking fleet but these (apart from Houston) are in Georgia - out of reach of any US courts reach.

but 2Mil everything I posted is factual
You dad gave you 2 Mil
Shows what he thinks of you
Correct area that that is part of women's menstruation cycle
Erm, your education level is shown by the quality of your posting
You are the one who posted the insult (which made me smile so thanks for that).
Posting against you is like taking candy from a child - so I will stop responding as you seem to be becoming upset and I don't want your dad coming around LoL.

Pity he could not give you an education should it not be 2 words Mullerian ducts.

2Mil did your father not give you these share - shows what he thinks of you no need for 3 words.

Prospecting licence is different to a production one (hence the forthcoming PSA has to conform to set of criteria). FRR have the right to search and drill in the block and invest in finding O&G and costs can be offset against future revenue prior to the GG receiving their agreed %.
So firstly it is not a production licence but the remainder (few months) of the prospecting as I have yet to see GG accepting that B12 is a commercial field. No licences can be transferred unless in full agreement of the GG as the own it and have only licenced the block (you cant sell a lease car). GG have accepted that 95% of the licence may sit under another FFC company but remember this is still subject to Arbitration. OMF lawyers will have to win the case in Georgia as the licence says any dispute must be resolved in a Georgian court of law. This will take years and the PSA date will have passed and revert to GG by default.
So any noise around what you can, can’t do is immaterial due to tight timelines and the fact that the licence now sits away from FRCC hands.
If FRR go bust or fail to conform to licence agreements the licence reverts to GG.

Only the GG wins if Hope tries for the licence so it looks like he is only after the guarantees (SN/ZaZa). If FRR fail then the DoS fails and SN/ZaZa are in for a large fine and potential prison sentence (impacts SN more than ZaZa as he is US based).
As I posted yesterday GG have enough evidence to revoke the FRR licence without arbitration so I see the arbitration as an action only to get a better deal or release of part of the block. For this to be the case the US Gov influence has been the key.
Nothing we can do except wait until we either go bust or a deal is done.

Stand back and look at this objectively
If FRR have not been paying 60+ workers for 10 months then I’m sure that nay semblance of loyalty would be out of the window. Georgia energy demand is increasing and so has the number of prospectors looking for oil and gas. So if I were looking for experience worker first port of call would be this group.
Again why would GG bother with Arbitration FRR are worse than broke and have provided the GG with the perfect undisputable evidence that the license should be revoked.
FRR are failing the FIT and PROPER criteria that is included in all licence to operate - hence HSE reporting, duty of care to environmental and all employees. I think not paying them for 10months is all the evidence GG would need. What court or arbitration review would not back GG in revoking FRR licence. So why haven’t they months ago?

More in play than is obvious to the bystander.

Take a helicopter ride and look down at FRR.

You will see a company fighting for its life and have since December last circled the waggons and focused on one thing – keeping the licence out of others hands.
This as we now know is total lockdown of the company.
What they needed was time and money – those that think a major would chip in a mil or two knows nothing about corporate governance. Yes they have been on site. Yes they have reviewed the data and may have kept a close watch on what is going on but until they know the ownership or % ownership not a bean will be given out (same with those that would offer a loan). If FRR fail then the licence reverts to GG then the majors can move in and take a stake in the potential that is there.
I hope a deal will be agreed soon as time is running out (PSA timeline).

A lot is said about the importance of the CC’s but these are happening on another continent and enforcement will take years to reach the International courts to force Georgia to enforce any outcome. I bet a smart lawyer is advising every move (one they pay) to how to duck and weave and play for time. The important case is the one in California. Caymans have access to FRCC (5%) but the main prize seems to be out of reach. DoS failure will require the liquidator to prove that the debt will not be paid and that FRR are in default (which would mean the licence would be immediately revert to Georgia). So I bet that every $ will be going into FRCC to meet any cost/repayments. If not bye bye licence and therefore FRR.
So instead of being compliant FRR are being a right pain in the courts arse and buying time. Lawyers can say what they like but buying time hurts Outrider and adds costs as very change or missing document means a potential court reschedule.
In the end one of two things will happen – FRR goes bust and nobody (SH/Outrider) gets a dime or the GG arbitration deal is settled and funds are raised by selling their share of the block and they settle the debts.
Oppsi’s view would be good as an expert in this area.

First if this is true I would like to thank all the workers at the coal face for standing bye Frontera during this year of turmoil. To see what is coming out of the ground and having to wait for payment is a big ask. With the recent block auctions and other drilling companies their experience will be in great demand. O&G workers are at the top end of the pay scales in Georgia so to stay says a lot of the potential they see. I wonder if they have shares that would be one reason to stay.
Majors will not do a deal until ownership is decided but are still on the side-lines and waiting to see if its with FRR or GG.
So as I said yesterday we are in the critical care unit but still have a pulse.
Why the Ukraine bid without a backer
Why sharing a bottle or two with GG
Why the news around US/Georgia treaty becoming law is being greeted well in Georgia

Will it be clearer in 2 weeks as it is coming to the boil or will it be a damp squib.

LSE dose not like Russian Cyrillic - just showing off.

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