Member Info for WHamBoy

The Labour Party announced today that they would increase the tax on oil companies to pay for more help to consumers. Given the government’s past record of eventually copying this type of idea, and their previous preference to allow tax write-offs for uk investment, then surely that makes a buy out of some kind of little old deltic more likely….

Dummy sell just now - offered 3.61 to sell

Any news from your friend of a friend of a friend Coggy?

Cheers Looed. I really appreciate your efforts here. Whenever I have sought your opinion, you have always been willing to try to help.
Just for my peace of mind, I hope they are able to tell us something positive soon.
My thoughts are that if we are successful then we must surely be worth at least what we were worth when we delisted, and depending on how much of the company they have had to give away to keep us afloat, potentially a whole lot more than our 0.3/0.4 pence per share from our listed days. It’s the percentage chance of success that I can’t compute with any degree of rigour. My gut tells me it’s around a 40% chance for our success, but I am missing so much of the required information to make a prediction with any degree of accuracy.

Looed
I was trying to keep my spirits up if I’m being honest. Lost so much money here otherwise.
Two questions if I may: firstly what kind of time scale would you expect before we hear something from the company?, and secondly, what does your crystal ball suggest might be our chances of success here?

The positives:
From Looed (2nd/3rd Aug):
“Under the original terms the PSA ran till 25th June and the Mineral Licence expires 27th Aug. That is before Force Majeure - (18 months ?) - and the recent request for a 5 year extension.
My read of the PSA, and the letters from FRC entered into evidence on the matter, show that the company only had to declare force majeure (obviously with good reason) and only need to keep the state agency updated regarding the time needed to remedy the issue. The down time is then added to the contract. They do not need permission providing the situation "is beyond the reasonable control" of the company.“

From Coggy 16th July:
“have heard from a friend of a friend of a friend, so it's on good authority, that work is still ongoing out in Georgia. Whether this "work" is actual operations, I dont know. But we could, yes could, still be producing our 160 barrels a day. lol”

From Jim Slade 13th July
“Contact
Thank you for your communications, as I am indeed in receipt of your emails.
We are currently in the process of continuing to advance constructive change at Frontera and will be communicating with you about the company's progress in the near future.
In the meantime, please do not hesitate to write me at the above address in the future, and we will do our best to answer when are able to do so in the context of ongoing legal proceedings. In the meantime, thank you for your patience.”

Any more? The court cases seem to be stuck in treacle at the moment so I’m not sure what’s happening there. In the US we seem to have secured the asset, but it is obviously in Georgia where this will be decided.

I’ve sent my last post to the email address in the hope that it might nudge Frontera to let us all know how we are all doing….. who knows, they may answer this one.

How many days since 24 December 2018 when we delisted? Apparently it’s 1322 days, which is quite sometime to be without any real news! I hope all the stress and worry will prove to have been worth the wait.

Bought in here with a small purchase at 3.22. Hopefully not to late to enjoy the rise.

Thanks Looed - at least they’re still there!

Thanks Looed. It would still be good to hear something from Frontera on this matter.
Are you able to confirm when you last had contact from the company, even if you are unable to reveal what was said at that time?

Thanks Looed. So if the Georgians haven’t granted the force majeure/extension then the PSA would have already run out!

Hopefully the FRC guys will let us know soon what the present state of play actually is…..

Does anyone know when the original Licence for block 12 was meant to expire. I know we have claimed approximately 18 months extension due to force majure following on from the pandemic, but I recall Looed saying we might hear about the success or otherwise of this 18 month extension sometime soon. Does anyone know the exact date though? Thanks in advance.

Great tournament and great to see us win :)

Thanks Looed. Yes I too was confused by the FRC post heading! Thanks for clearing that up and confirming my initial thoughts. What do you think about the 3 possibilities listed on my later post?

Ziggy. We need to the court docs, or someone like Looed to confirm (has he gone quiet again - perhaps he has reasons for doing so). But from memory SN&ZM did promise a very large amount of cash and/or shares which FTI could pursue at a later stage. Until now we have seen a degree of willingness to kick the can down the road from all parties but clearly something has changed.
So I think there are 3 possibilities, plus the added possibility that I have got this totally wrong!
1 - we have won in Georgia and FTI want the shares
2 - we have lost in Georgia and FTI want their money
3 - FTI and SN are still waiting and working together, but it is the judge who has lost patience with this process and therefore denied this motion.
But I agree that we need someone to view the court docs to be sure.

Keysersoze
This case is I think the one where SN and ZM put up their own shares as collateral to prove that the Caymans’ version of frontera was still a viable concern. Eventually Hope, Outrider and FTI declared that it wasn’t. By that time however the asset had been moved, putting it out of Hope’s reach. So it doesn’t really effect us at all, other than the belief that Hope, Outrider and FTI might have been working with us whilst the Georgian cases played out.

Thanks Looed

Thanks for the update and confirmation Earsbern (and also to R8)

It sounds to me like more evidence of FRR an Hope agreeing to hold fire on the legal action in the US whilst there is a chance of a deal in Georgia which will satisfy everyone. I’m sure Looed will confirm one way or the other later tonight.