Member Info for SteveV

Further to my previous post I got to thinking, maybe it IS that fact that GOGC is objecting to how much FRR have spent to date.!! Their argument being that "we didn't ask you to spend so much" so they don't want to have wait until all the costs have been met from production revenue before they see some money coming in from production.!!?
That being said That theory doesn't tie in with the fact that they seemed to want to reclaim 99% of the block

It's frustrating not knowing what the grounds for the arbitration request was. Surely it is not the amount of money spent and effort put in by FRR ( which I would have thought is the usual grounds ).
The fact that the GOGC apparently find the HUGE amount of money spent over and above the minimum required seems irrelevant seems hard to fathom. What exactly is their problem and how can FRR have somehow failed to deliver on the terms !!??

Would a super major want to invest billions amidst a political power struggle!? I doubt it.!!

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These crazy valuations would be great, but did not Zaza say (before delisting) that the sp should be around 2p.
Is that not a more realistic valuation IF we do come back in some shape or form.

Retire at 1p dividend? You must have a lot of shares.

So how do we find out who was shorting FRR?

Don't suppose we have had this paid yet. Would would cover the back wages.

"....From the inception of operations in Georgia, theCompany has incurred certain tax expenses which per the terms of the Production Sharing Agreement with the Georgian government are subjecttoreimbursement from the state. The Company has notified the appropriate authorities and is in the process of collecting a tax refund from the Georgian government. As of June 30, 2018the amount of refund due to the Company was$6.4million.As collectabilityis uncertain, the Company has not recognized a receivable as of June 30, 2018 or 2017 for these ongoing proceedings...."

Our lovely sweet light crude is a highly desirable premium product that is EXPENSIVE compared to the sludge they put in ships.
I don't think our oil is going into ships any time soon.

A lot of ships are insatalling sulphur scrubbers so they can still use the bad stuff and comply with emissions. Others will have to use low sulphur fuel.
I did have some shares is in Quadrise fuels(and sold at a loss) who have been developing a process to add water to heavy fuel residue with a chemical additive (which is low sulphur) and which gives around a 20% cost saving.
It's all about cost saving in the marine fuel industry.

Quite, but the article says it is specifically a refinery for marine fuel. I don't think that means they will be taking in sweet light crude as the raw ingredient(otherwise it is simply a normal oil refinery and they would mainly be making petrol, diesel, with the left overs being the marine fuel as is the case in standard oil refineries)

Marine fuel oil. Thay's heavy oil isn't it? Ours is light oil. Better quality but not used in ships.

Quite, Contacts for difference(IG) and spread betting are really just gambling. You don't own the stocks or borrow them to short.
That contrasts with proper shorting that your general punter like us has no access to, where shares are borrowed so that they can be sold and bought back later at a lower price so they can be returned to the lender.

IG will have hedged their position so it matters not to them the outcome for FRR. As such I would imagine they are happy to pay out "early" to keep the market liquid. The IG shorters that have been paid will no doubt move onto another stock.

It begs the question do people like Tom Winnifrith et al use CDF or real shorts. I suspect the latter, especially in the case of FRR. The reason I say that is I remember a while ago he was offering to buy FRR on the grey market for peanuts. He would only need to so that to close a real short. If he didn't manage to get enough he will still be short, and it FRR relists will be in trouble.

As an aside. I don't really know what happens to shorts after a company delists, doesn't go bust , nor relists, but simply is bought out.

I wonder what is happening on the ground right now with all this going on.

Are the unpaid workers still working? If so what are they doing? Loading oil into tankers?

Shame we got no one there to go see.

Sound to me like Frontera haven't been paid for the oil and so couldn't pay the workers.
Why haven't Frontera been paid? We don't know. Depends on who they sell it via.

30p a share? That would make Zaza £300 million !!!

Would be lovely. BUT did not Zaza say he thought the company should be around 2p per share.
Zaza owns around 1 billion shares. If the share were worth £3.31 he would become a multiple billionaire. Is that any where near
likely/realistic?!!!

Probably why FRR are suing the Georgian government for £3.5 billion.
If arbitration hadn't come along by now we might have had a nice new finance package in place, or a JV, or farm out, or BP would have have bought us out.

Zaza did state that the arbitration request was like "a sledgehammer to crack a nut"
To me this does imply that what is at stake in the outcome is a relatively small part of of the whole, which implies that the outcome probably won't be VERY bad.
We just need it sorted and so we can move on swiftly.

Perhaps it has been simply a VERY expensive, VERY time consuming way, to get Hope off the board of directors.
Legal bills for FRR are going to be huge.
It will all be worth it if a major deal transpires. If not it could be curtains.

Anyone hazard a guess as to how long it might take getting through the senate and signed off by the white house?