Member Info for regdik

Oopsi, if this is a claim against personal guarantees is that not like saying Hope has conceded that he may not succeed in his land grab of FRR and that his best claim is to take the half a billion shares (guarantee against payment) so that he expects that the company may be worth something now?

"If the field has been quite" was my wording and the Major I know wants gas not oil. The wells will still be dribbling oil that needs collecting and gas will be suppling the villages that they are contracted too. So you could say that is business as usual. How much only FRR know and maybe one day we might. T
BB are bad for your health and state of mind so take up a hobby put this share in a draw as I nor anybody on any BB can influence what the outcome may be but FRR are still in business and seem to be able to defy financial gravity and live off fresh air so I for one will be giving them room and time to come to a conclusion.

Fact – majors have access and reviewed the B12 data and other fields are showing signs of good hydrocarbon recovery/finds in Georgia.
Fact – GG would not sit back and let a valuable resource sit idly by and Georgian workforce being laid off. They may ask for their ball back and revoke a licence due to insolvency. But on the other hand the liquidator would seek evidence of solvency so a non active/producing field would not fit the bill. Failure to pay other liabilities (YA) would also fit into this category.
Fact – the lawyers bill must be in the millions by now and these guys would seek assurance that they will get paid (or being paid)
If the field has been quite that it may be a the behest of a major who wants to do it their way so one may have been busy tooling up, increasing resources and building a management team to take over a rich hydrocarbon field.
That may pacify a Government and convince a Liquidator that a light may be switched on at the end of a very long and dark tunnel.
Hope’s own emails confirm that the SP might be in a better place soon.
Now back in my hole and note to myself more golf and less LSE BB.

Hi Bugsy
Summer is the time that countries normally stock pile as demand is lower and prices are slightly lower than the winter/colder months. Georgia's gas storage facilities are being depleted by selling off the AZB/Russian gas to make room for a cheaper source? Pointless having expensive gas being stored when potentially a new source/s are almost ready to fill the facilities at a much better quality/price. So they are monetarising stock so they must be very confident of a new high volume source/s coming on stream soon. Even if its not FRR the knock on effect to our value will increase as we have the prime real-estate.

I have to agree with Seymore and Devex but add the following.

Step back and look at the whole and not the individual document.
By Demanding a CC by jury is Hope now accepting that FRR have out played him and locked away payment for up to 12 months by claiming solvency.
Hope in his emails indicated FRR could be in a different place SP very quickly
So is a major about to announce a buy-in/JV that would transform FRR finances.
Stepping back and looking at Outrider a small company itself shows that FRR are a significant item on their asset sheet so expected revenues that did not come (Loan or fire sale). This must be hurting as they are paying lawyers to fight this case (may in time get FRR to pay).
So Hope will get is 30M in 12 months and now see’s FRR doing a deal and now wants damages in court as FRR are soon to be in the money. He has 2 judges say that the FRR claim is poor legally so why not get a slice by claiming damages!
If not why go ahead as he could just fight the asset move and claim the lot as FRR would be a busted flush. Hope has seen what has been put before the court in full we have not. So not to unhappy at this news at it seems Hope think that FRR is going to have money soon and he needs it.

So we have a drilling, testing and production expert becoming head of country just when BP announce an expansion of off shore drilling (for gas) in AZB. Strange to remove one of your top people to a country where BP have no drilling real-estate. Pipe management/maintenance in Georgia is a step backwards for this well thought of person in BP especially when her skills are in bring well on line for production. I said in earlier posts that the region is front and centre of BP plans. Laying the new pipeline will take a couple of years but drilling a well a few months but planning and drilling a production field a couple of years that is if they had the block to do it in.
Now having an expert who understands the data and can make decisions in territory is a sensible move. Especially if that person is on a fast track development path and a big win in Georgia would do wonders for her future.

She has close working links to BH could it be that Field well development might be on the cards somewhere in Georgia.

None of my old work colleagues have ever set foot in Georgia bar one. However l do know that several specialist have been meeting FRR and they have looked at the data (as has another major). Commercially l know nothing. But l can wink well thank you.

I agree that if we are going I alone (I mean with BH support) then a lot of work/luck will be required as these are not enough production wells that will sustain the continuous flow rate required (hence the need for BH and 150M)
BP are not interested in oil only gas and IMO they or another major will get FRR out of the fix they are in for funding the gas (BUY IN or OUT). The deal can be done (or has) now that Hope is out of he picture.
All I am saying FRR cannot get out of this by going it alone they need BH and a BP type major.

Madpunter we know we have the capacity to handle up to 10Kbpd. However, I haven't seen many auctions or shipments to the refinery that indicated an increase in oil sales. Unfortunately FRR do not have good track record in hitting targets or projections. I doubt that ZaZa/SN would put their reputation (or potential freedom) on not just reaching 4000BPD but as they are not doing it now they have to ramp up even higher much higher. I estimate that 1.1M barrels need to be sold at $63pb (and that price has been falling). So would you risk it on not hitting the volume at a price that is fluctuating. .

Madpunter we know we have the capacity to handle up to 10Kbpd. However, I haven't seen many auctions or shipments to the refinery that indicated an increase in oil sales. Unfortunately FRR do not have good track record in hitting targets or projections. I doubt that ZaZa/SN would put their reputation (or potential freedom) on not just reaching 4000BPD but as they are not doing it now they have to ramp up even higher much higher. I estimate that 1.1M barrels need to be sold at $63pb (and that price has been falling). So would you risk it on not hitting the volume at a price that is fluctuating. .

TSBS look at the timeline of the evens surrounding this and hope blocking any move to finance the 2M
Durham dropped out when FRR delisted (Hope caused the Nomad to resign through his actions)
They needed to get rid of Hope and play for time. The CC has proved a sham as I said in previous posted Hope has a good case FRR had a good argument. A judge will always side with the rule of law. A jury may not.

Can FRR turn around their production and sell enough to pay their loan, staff and other services in less that a year (remembering they have to wait for 45/60 days for payment). Back of a fag packet FRR will require a steady production of 4000BPD to achieve this figure taking into account that they are in a profit share deal with BH (runs only till September) and potentially another waiting in the wing with 150M.
I doubt we are currently producing 500bpd so they will have to be a significant ramp up as well have to be drilled, tested and brought into a production state. Another 10 to 15 wells at a minimum to get anywhere near the $65/70M of turnover they would need to generate.
This is NOT POSSIBLE to achieve
So I assume the following must be in play other wise ZaZa and SN will be doing some hard prison time.
I suspect that BH (supported by BP) have been drilling a new gas well/s since the start of the year to see if production will meet expectations and undertake a flow/quality and testing for flow drop off.
This required time and keeping Hope at bay until results could be proved. That seems to be done.
For two wealthy men (even without FRR shares) to risk a criminal record (and possibly prison) they must have been sure that they could and would meet the revenues required not by production but either a buy in or a sale of the gas to a major.
All we need to see now is evidence of a major tooling up in the region ........

I have a call out to a few contacts regarding the Georgia expansion as it is more out in the open now. Regarding today's judgement lm reserving my views until reading the full transcript. One thing to note is that if the FRR resubmission is about how FRR lay the legal fees of hope then the judge thinks we are a going co concern. If not how could a company in liquidation have any money to pay someone who already owns the asset. Looking like tabs response from the liquidation company supports that the judge agrees that the debt is in a subsidiary and not the parent. If it is not about legal fees then hope is in trouble as we may lost the case/action on a technical point of law but may have shown the judge that we have a strong case in other areas.Lot more mileage in this yet.

ownership of B12 will not be an issue (GG are the owners) but the cost recovery pool will be of interest (400M) as this gives them a much better business case. FRR data got them interested and GG will have assured BP that they will recover the licence if FRR fail hence BP are now spending in country and with FRR data they will know where to drill and issues that they may get - this data is worth a fortune as each drill will be in the 10M to do properly.

interesting find regarding BP mobilising a local contractor base field workforce. I would not get hung up on location as BP engineers will have planned the optimum route based on a lot of factors (safety, disruption and ease of feed in from the optimum number of potential sources - they will not zig zag field to field).
I have said earlier that BP are tooling up in the region and we know BP have been talking and reviewing FRR's data. As this is drawing to a conclusion (CC) then BP are getting ready to proceed but will it be with FRR. So not long to wait as BP once started will progress quickly.

Some very interesting posts but those that think Hope a fool are putting their heads in the sand. He is an asset stripper and will use any method to win including withholding information from the courts (Cayman). So never underestimate the foe. I think he thought he had this in the bag with the pledge of director shares to cover the outstanding loan and their letters of resignation in his back pockets. The FRR fightback will be hurting him in his back pocket as the unexpected addition costs/time will impact his plans. Unravelling this will take time and could lead to fighting the GG in a Georgian court to claim the asset that was transferred if he gets a good outcome on Thursday.
All Hope has to do is convince the judge that Outrider has claim to FRR assets due to none payment in line with a contract plus the share and resignation letters as back up to his claim. Hence his lawyers very precise listing of the points of law in their favour to FRR submission.
FRR have to convince the judge that they are capable of paying and that Hopes actions caused delays and issues with the funding (Causing delisting, not backing a loan that had repayment built in and working against the best interest of a company he was a director). Hence their wider view of the actions of Hope as a BoD of FRR.

A few thing that FRR can argue is that they have traded since Hopes action and paid their staff and loans/bills (YA?). They had a lender that would have covered the 20M of Outriders loan until Hopes forced delisting. Not an action of a man that wanted it repaid. But now have an investor to the tune of 150M. Plus they have a borrowing limit to 200M that yet to be fully used. We have a Hope email confirming that we could be on the verge of something big but still took action to pursue a fire sale!!!!!!

One thing that has always puzzled me is that with the BoD and known shareholder holdings we can see where 50% of the company is owned – who has the other 50%.

All to play for on Thursday but I think that we need a lot of skilled arguing from our lawyer and that the judge accepts that none payment in the first place was a reasonable action by FRR. Hope has a strong case we have a strong argument.

You will have to have access to a gas processing plant as the gas from the wells will have to go into storage tanks pre or post process. So have BLOE installed a pipeline to a processing facility? I think they would have RNS'd that.
Hummmm who else has a processing plant with storage?????

Dulwich keep well and safe as it was always a pleasure to read your postings and meeting you a year or two back.
Regarding tax rebate l remember a conversation that mention not getting cash but benefit in kind and we all assume it was services such as improved access. But l have a feeling that it was for other related items bearing on what going on now.

A lot of bad blood between the companies and FRR did not have the money