Not beyond the realms of possibility to suggest Zaza and co have had the nod from the politicians to not worry about the court cases as they have had it explained to them that FRr are hamstrung by Georgia’s initiation of arbitration, meaning no financing deals can be concluded. Just a thought
I rang the company yesterday. Their IR rep is away, returning next week. My interpretation of what ltd information was given to me was the company is keen to provide an update this side of xmas, if I was a gambler I’d say next week as then the IR rep is back to field questions from investors.
So with a fair wind and a positive perspective....q1 sees conclusion of arbitration, which provides the platform to finalise lending facilities to help grow the business? If we do get access to funds that puts a relist higher up the list of probables i would think as it could be a condition of the funding agreement.
Do we know this has been updated recently? Looks to me like a previous iteration as it excludes the 3rd arbitration case.
Thanks kipper. Without getting too carried away, I’ll take that.
Good work Kipper. Can you clarify what was relayed to you? And was this from an existing FRR employee? No worries if you can’t but worth asking
Even if arbitration hasn’t gone our way there is a decent argument to be made for GOGC providing FRR with a settlement payment in recognition of the funds invested. I unless we’ve been up to some proper dodgy stuff I can’t see how FRR would walk away with nothing. So it’s plausible that the Georgian FRR team are no longer needed but alongside that a payment is made to settle the arbitration. And that, you would hope, will find it’s way to shareholders. Who knows, but colleagues moving on doesn’t have to spell disaster
So is the general consensus..... arbitration is key, the nature of arbitration means we should get something, the other court cases are noise that increasingly feels on the periphery and not critical to our future?
Or did we know this and I’ve missed it?
His cv also implies he’s left FRR?
As much as the docs don’t make pleasant reading it does still seem like we are one credit line away from being okay. We just don’t know if that credit will be forthcoming. Ironically enough the one positive i continue to refer back to is the comments from Hope about significant value enhancement - whether that was based on an offer of funding that has dropped away I don’t know, but for him to say this it at least suggests that there is some hope this will sort itself out. I do wonder if Ukraine is simply because we are done in Georgia
So license excluded from FRCC fire sale = nowt left to sell.
License included = minimum 400m$ if license goes with FRR associated ownership?
And to finish, does that mean even as the lowest on the pecking order shareholders may get a return once secured and unsecured creditors are paid back?
I’d be interested to understand how block 12 license is treated as part of any potential FTI led asset sale. If the license simply reverts to GG if it moves from FRR then one solution might be to sell the license and the part of FRR that holds said license. Would that then entitle the new owner to the sunk cost offset facility? If so the asset is hugely valuable at a basic level. If the GG can simply reclaim then what I’m not sure on is what other value exists within FRCC for the liquidators to realise?
Default - hope lodged a case against zaza and Steve calling up their personal guarantees.
Fid duties - we are now looking for a settlement but hope at this stage not interested?
Thanks mate. So nothing to worry about?
I don’t have Facebook so can someone put my mind at rest - this isn’t signposting anything serious I hope? I seem to remember someone mentioning a while back that there is a Facebook account run by FRR staff in Georgia?
Would love that to be correct but could just as likely be a follow on from Hope’s claim that FRR hadn’t paid his legal bills. We have a week to provide a response but we don’t have to, the judge will then confirm what needs settling and when? It’s another wait and see !
Thanks for your efforts Taffy. The logical conclusion has to be that revenue from oil sales picked up significantly in q4 or at least from q1. Why? I don’t understand why Durham would even be at the table if our forecasts weren’t strong, and equally why would service providers continue working if they were either not being paid, or foresaw no time in the near future of being paid? Something changed - was it T39 or the gas? Or both