Member Info for Spudsoil

I would think there are grounds to remain suspended after NOMAdD appointed. Nothwithstanding the finance related issues which may warrant us remaining suspended, we now know BP are one of the companies subject to an NDA. This is obviously material and price sensitive news now it is out on the open,I am not sure without further detail around this topic it would be prudent to resume trading as I for one would want clarity on this. Best case for me is NOMAD appointed alongside an operational and legal update, clarifying state of legalities, NDAs, due diligence progress re new loan from NY, operational plans for 2019. The rns doesn’t need to clear everything up (be great if it does) but if all shareholders can be brought up to speed with the above at least we will know enough to be able to make a decision (who could bring themselves to sell if we are told the NDA with BP is still in play?!) on our shareholding.

Having re read the recent RNSs I am now definitely of the opinion that the default issue and the FRR claim against Hope have been rolled in to one. Apologies if this is old news but with so many posts it’s tricky working out what has and hasn’t been put forward as opinions. Why am I saying that? Well the RNS detailing the news on the injunction being discharged states that FRR intend to appeal against this but I would think that due process requires them to formally do this (the RNS to me reads as FRR saying they will appeal but only if they need to). We then get told the injunction will be reapplied until the next hearing. Well if FRR didn’t lodge a formal appeal on th day then the judge would not link the reapplication of the injunction to the default appeal, as there may not be an appeal. Therefore IMO he must have linked the injunction to the FRR claim versus Hope. This leads me to conclude that the appeal process only becomes relevant if we need to use it i.e. we lose the case against Hope that we have brought. It also suggests to me that we will get a conclusion on the FRR claim reasonably soon I.e. the whole thing hasn’t been kicked down the track until April when the appeal court sits, so once Hope files his defence, if he does, then things will move quickly. If we do end up appealing it won’t be from a position of strength as it will likely mean we have not won the case against Hope. All IMO and remain optimistic of a decent outcome

Couldn’t agree more Dulwich. For anyone with a nervous disposition following the last couple of weeks, suggest reading the latest posts from Devex on the II board. Some very reasoned and rational thoughts which help to put things in to perspective whilst we wait on news

So this will give a huge boost to share price once we get through the court proceedings. Every cloud and all that

Logic suggests a company that is going through a complex and potentially game changing period in terms of bringing to market all the potential of the previous 20 years, possibly alongside industry majors, would not be spending time energy and money on a legal case they were not very confident of winning. Yes there are 2 sides to every contest but I’m on the side of Zaza and co. Whether this is the pre-cursor to something bigger with the majors adds a further intriguing aspect.

Low volume so all relative

We don’t know if it is more relevant though?

Not sure there is a huge significance to the Exxon tweet. Frr have also tweeted on bank of Georgia results and when block energy came to town. Reads to me that they are keen to promote anything to do with O&G and linked industries in Georgia. Can’t hurt in terms of PR with the Georgian authorities

I wouldn’t be surprised if it’s something pretty close to what you have there Mr Miagi. Seems realistic. Be great to think we’d get hundreds of millions upfront but reckon that’s more likely further down the track once we more proved up. Would love to be wrong though!

That’s the thing I’m most excited about. The majors (both of them) are still interested. We know they’ve had weeks with the inside track, maybe it’s months and possibly even years. But for definite we know it’s weeks, we know they (or one of them at least) think they can extract more oil for less cash, and we know they haven’t walked away. We also know there is a chance much of the arbitration related issues may be as a result of the majors showing an interest, or on their advice. But even if the legal sideshows are nothing to do with the majors it hasn’t appeared to put them off. So as much as I want a deal announced soon in some ways the longer this goes on (within reason!) surely the more confident we should get as they still have the inside track and they are still talking to us. All points to a thrilling next few weeks.

With your legal background would you support the theory that when YA lodged default claim this would automatically trigger other creditors to do something to protect their own line of debt? That something has been commenced and FRR have said hold your horses we are sorting it, so back off (outrider). If so it’s nothing more than the legal process being followed and it would rest on whether we can resolve our ‘difference’ with YA?

My view on the outrider news - the dispute with YA triggers the default notice from YA. This in turn is likely to trigger outrider commencing some form of follow up action on the advice of their legal team. FRR then go to the courts to say we will get the YA issue sorted but we need a bit of time so pleas grant us an injunction (i.e. put a halt to the outrider action) for x number of weeks/months. Suspect it’s more a legal formality than anything else but am sure there are others better qualified to give a view

1.10p please kenco

Rns states no new info

Reads like a well connected o&g expert in the US. Maybe someone who runs a fund that has invested in FRR shares and/or a o&g blogger.

Anyone else think the hedge fund is waiting for news on finalised t39 results before committing to the deeper zone investment? Whether the hedge fund is connected in some way to the major discussions or not, I’d be surprised if the NDA restricted the Niko development as surely this is our BAU, and we wouldn’t sign up to something that, if it didn’t go ahead, would leave us worst placed than before the discussions started i.e. delay Niko in the expectation that the major discussions lead to something.
I’m therefore optimistic that we will either get t39 results before Thursday and along with it, plans for Niko, or if radio silence I’ll take that as a positive that the hedge fund and major(s) are more interconnected than initially thought. Niko is huge in that it will grow the company out and generate significant revenue - I can’t see us pressing pause on that just because of the major discussions, that would be crazily naive.

I’m positive.

Timster / dirk - isn’t that the point though - and he and SN do (or at least they should!) given the amount they have invested here? So logic suggests they’d want to preserve and grow their investment. You don’t do that by staying silent when you have the opportunity to influence that investment, if you feel it needs support. They are shareholders as well as directors and will be acutely aware of share value depreciation in recent months. All points to them having facts that we don’t, which gives me some quiet confidence.

Taken in isolation I.e. without the knowledge of EWT results and any progrsss on major talks they don’t look great but we knew that would be the case unless they were able to book some of the oil sales ahead of plan.

If we are still (q3) struggling to balance the books then you’d think the BOD would use Interim results as an opportunity to promote the company to existing and potential investors in an effort to increase the level of interest in to what we are doing, thus supporting any necessary fundraise. I’m taking the positives from this in that the lack of detail we are looking for either can’t be disclosed due to NDA restrictions or the BOD don’t feel the need to because transformational news is on the horizon (strong EWT results, outcome of Niko funding, positive conclusion to major discussions). Given the small cash position reported that would suggest to me revenue has increased significantly in q3 or we would already have had a cash call to support ongoing costs.

Thanks for the confirmation.... just a bit of tongue in cheek honour to keep spirits up.....

Hoping we see similar to last sept. That was an epic ride (back to breakeven lol)