Member Info for Sycric

Pretty sure that hopes agreement is with Frontera Resources International LLC.

Not with the Caymans (Head Office) or Texas (Head Office)

Pretty sure that hopes agreement is with Frontera Resources International LLC.

When this all comes to an end, i wonder if Zaza will invite us on his Billionaire yacht for a drink.
Sail in down the thames, middle fingers at the ready for the shorters as we sail past haha.

Georgians are probably not happy generally, but at the same time if FRR are still running within their agreed terms it's kind of irrelevant there opinions. Wouldn't surprise me if they don't want us to succeed, i think the deal is pretty good. 51% of oil profit is a steal to me, when everything else were exempt from.

"Under the terms of the Block 12 PSA, Frontera is exempt from all taxes imposed by the government
of Georgia, and any taxes imposed on the Company are paid by Georgian Oil on behalf of the Company from Georgian Oil’s 51% share of Profit Oil. Taxes are defined by the Block 12 PSA to mean all levies, duties, payments, fees, taxes or contributions payable to or imposed by any government agency, subdivision, municipal or local authorities within the government of Georgia. "

That's in my opinion, for example when people have an eviction from a property the creditor or owner of the property would have to go to the High Court. Hope is in theory a creditor, there is no confirmation legally that anything is his. He's not on the board so he has no say over it anymore either. Regards to the contract between the two companies the judge would have to side with Hope to give him a ounce of control.
IMO

The company that Hope has his contract with also is a LLC, not the group so that company will just liquidate worse case.

Exactly if Hope did anything to FRR it would go against him in Court. It's what ever the judge says now.

"A temporary restraining order is a temporary order of a court to preserve current conditions as they are until a hearing is held at which both parties are present. "

A hearing has started so the TRO has been terminated.
Hope wouldn't be allowed to do anything, he's stood down from the Board for a start.
The Court would have to transfer ownership to him, i cannot see any need for the TRO anymore.
IMO

If any of the assets proportion are sold off in my opinion it should be profit given in a special dividend.
Zaza and SN would probably like to do this as they are on the receiving end as much as us.
Businesses always borrow money for operations, if you use the profit you always end up with none left.

£150m loan facility, well our asset must be greater than £150m in value else how is their loan secure?

The Souls of investors haha

Back in the days of $30 a barrel oil..

I will be honest $8bn is peanuts for Block 12, world class asset? 202tcf gas?
Taribani : - Natural Gas: 4.6 TCF (OGIP) of which 3.2 TCF is recoverable alone.

The risk has always been high here, hence the rewards.

Cyprus have a new gas field that has 5-8 trillion feet of gas. valued at 30-40 billion dollars, this doesn't even appear to be onshore.

Reference:
http://bit.ly/2VP1T7A

Just for those that don't understand the structure.
http://bit.ly/2VhU0br

Hopes debt is with "International LLC" our shares will be with "Frontera Resources Corporation"

I don't think we probably have a issue with the Debt, it's just that he's not going to try and take the asset.
What are we looking like for timing, when is our next expected update in court?

"wells produced say 10,000 barrels per day at $60 per barrel, we are looking at revenues of around US$22M a year"

That would mean were only operating 36 days?

Even if that company went into liquidation, it is not actually the group. We are FRC (Frontera Resources Corporation)
The Company in which Hope has his agreement with is FRI (Frontera Resources Internation LLC).

I personally think Frontera will come out the other side, we have a pretty good lawyer. Doubt he would bother if they were already in the $hitter.

"(Partner) DeClercq was selected as a California Super Lawyer and was previously selected as a Rising Star for four years."

I've checked that a few times, it will be the PR who deal with him being removed. As the PR probably do not know 100% what is going on i imagine they haven't thought of removing him from there.

VLV exactly how i see it, moving the asset completely out of the company would not be allowed.
Hope being a creditor has his contract signed with a Limited Liability company called Frontera International. They will just move the asset out of this and put it somewhere else under the corporate umbrella, also if there is a partnership the asset cannot be taken as it's not entirely their interest.

I cannot see the shareholders remaining with just the 5%, at the end of the day SN & Zaza are shareholders too. Moving the asset out of shareholders reach doesn't gave them any ownership of it.

IMO Sycric

https://www.investopedia.com/articles/pf/08/asset-protection-business.asp

So if FRR Leave enough to settle the Claim of the Creditor being Outrider, i cannot see an issue with the asset moving.

"Corporations are a form of business organization created in accordance with state law. Legal ownership of the corporation vests in its shareholders, as evidenced by shares of stock. "

"There are several types of corporations that are used to protect assets: business or C corporation, S corporations and limited liability companies (LLCs). The appeal of corporations as an asset-protection tool lies in the limited liability provided to its officers, directors and shareholders (principals). Corporate principals have no personal liability for corporate debts, breaches of contract or personal injuries to third parties caused by the corporation, employees or agents. While the corporation may be liable or responsible, a creditor is limited to pursuing only corporate assets to satisfy a claim. The assets of the corporate principals are not susceptible to claim or seizure for corporate debts. This protection from personal liability distinguishes the corporation from other entities, such as partnerships or trusts."